News Links 10/14/2011
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interfluidity » IOR caps: a new instrument of monetary policy?
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Volksbanken: Umstrukturierungen bei Österreichs Banken – Banken – Unternehmen – Handelsblatt
Die angeschlagene Österreichische Volksbanken AG steht vor einer groß angelegten Umstrukturierung – Vorbild ist die niederländische Rabobank. So sollen weitere Staatshilfen vermieden werden.
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Fitch downgrades UBS, puts other banks on review | Reuters
Fitch Ratings downgraded UBS AG (UBS.N) on Thursday and placed seven other U.S. and European banks on credit watch negative, citing challenges in the economy and financial markets, as well as the impact of new regulations.
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Did Fannie Cause the Disaster? by Jeff Madrick and Frank Partnoy | The New York Review of Books
The GSEs did generate large losses, but their bad investments in housing loans followed rather than led the crisis; most of those investments involved purchases or guarantees made well after the subprime and housing bubbles had been expanded by private loans and were almost about to burst.
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Erste faces questions over CDS accounting change – FT.com
accounting experts were still questioning generally how banks report CDS accounting and Erste’s shift in particular. “To me it sounds like they made a mistake,” said one senior bank accountant.
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Negativer Ausblick: Fitch droht Deutscher Bank – Banken – Unternehmen – Handelsblatt
Die Ratingagentur Fitch droht diversen Großbanken mit der Abstufung ihrer Kreditwürdigkeit. Unter den Banken, bei denen die Ratingagentur den Ausblick auf “Negativ” gesenkt hat, ist auch die Deutsche Bank.
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Macro and Other Market Musings: Mohamed El-Erian vs. Bruce Bartlett on the Fed
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Attempted Bank Robbery Fails Due To Poor Handwriting – The Consumerist
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Andalucia now: ‘People get all this training … then there’s nothing’ | World news | guardian.co.uk
Jon Henley is travelling through Portugal, Spain, Italy and Greece to hear the human stories behind the European debt crisis. In the industrial town of Huelva, young people talk of leaving the country to find jobs
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Slovak parliament ratifies EFSF expansion | Reuters
Slovakia’s parliament ratified a plan to bolster the euro zone’s EFSF rescue fund on Thursday, after voting to hold an early election as demanded by the opposition.
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EU banks could shrink to hit capital rules – FT.com
Leading European banks say they would rather sell assets than raise expensive new capital to meet compulsory demands from the European Union for higher capital ratios, threatening a further contraction of credit to the enfeebled eurozone economy.
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The Instability of Inequality – Nouriel Roubini – Project Syndicate
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Chanos, Gross Understand Wall Street Protest Paulson Rejects – Businessweek
Jim Chanos, founder of $6 billion hedge fund Kynikos Associates, and Bill Gross, who runs the world’s biggest bond fund, joined top asset managers in voicing understanding for anti-Wall Street protests as they spread to Manhattan’s Upper East Side, home to the city’s financiers.
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Small business employment falls – Telegraph
Government policies designed to encourage employment have so far failed to stem the reduction in small firms employing staff
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Revelations of a murder-for-hire scheme against a Saudi diplomat in Washington, DC, have heightened tensions between Iran and the United States. German commentators say President Obama will have to act — at the UN Security Council and possibly beyond.
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