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BBA Chief Warns FSB Resolution Rules Don't Go Far Enough As Systemic Risk Nears Record Highs
In her response to the Financial Stability Board's recommendations and timelines for the resolution of systemically important financial institutions (SIFIs), BBA's (yes those of LI(E)BOR) Chief Executive Angela Knight worries that the steps do not go far enough. More critically, her concerns stem from the proposals leaving too much scope for self-interest as opposed to systemic stability as a whole (whocouldanode that defection might potentially be the preferred/optimum strategy in the now brothers-in-arms European game theory neighborhood).
This is somewhat ironic given the proximity of the index of the 30 most systemically risky firms in the world to all-time highs.
The full response is here, but notable points from Knight are:
“The direction that the Financial Stability Board is taking is broadly right, but it doesn’t go far enough. It needs to be clear, consistent and authoritative with a clear and sufficient time frame to enable all countries to put in place measures similar to those that the UK has already taken.
“The FSB must act in the best interest of all markets and provide certainty for investors with a standard recovery and resolution plan. The full G20 also needs to sign up to the proposals but as they stand, they are not as clear as they need to be as they leave too much scope for some home regulators to potentially act in their own interests rather than in the interests of stability as a whole.”
Hardly encouraging - though US stocks seem to have figured out that none of this is relevant...
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Off topic? Not really. Judge for yourself, because here is the real O'Bomber http://www.youtube.com/watch?v=ZXCT7-j7HiU
Angela fired, no one wanted to be clear and list time frame
More London fires shortly. Cameron is so impotent.
... and gold is falling off a cliff in the meantime
another well-coordinated takedown. btfd
Totaly irrelevant to anyone buying and holding gold, instead of trying to 'trade' it...we've printed NO LESS fiat, and will only print far more, so gold has only 1 relevant direction, way higher up.
bob diabolina called short at 1904...give the man props
yo, b0b_d!
nice re-tooling of his handle, there, too, trav!
but he also said he was shorting it, trav. and if that is true, did he use a stop-loss? if he did, he prob'ly got stopped out in the spike "caused" by the SNB currency devalualtion announcement b4 the take down, and may have lost a few hunny
he got smacked around pretty good w/ his "call" but i didn't see anything wrong w/ what he was saying, either
Hardly encouraging - though US stocks seem to have figured out that none of this is relevant...
It's the prosac market--nothing can fall that far, because by golly there might be true price discovery. Plus, you've got an entire generation of Buffett wannabees that have institutional imperative to close their eyes to the scams and pretend there is value is assets being supported by unfunded deficit spending, by LSAP, by ZIRP, by Algo-HFT driven marfkets, and by every other "free" market discovery price point.
It's funny how "value" guys think they can analayze a company--Tislon should have his head examined, eh?--but they can't figure out looking merely at GDP is like looking at Enron's revenues without following the balance sheet, the statement of cash flows, and the accounting rules thrown out the door.
"Value" guys have become the new spokesman for TPTB without even noticing it.
but but but....I thought "the fundamentals of our economy our sound"?
Our new economic fundamentals simply consist of 'The FED will print more debt to bail out equities, so all is well', and that is all.
Our new economic fundamentals simply consist of 'The FED will print more debt to bail out equities, so all is well', and that is all
Naturally, and so with the fundamentals for Silver so brazenly obvious...why is it that no traditional "value" guy will make a case for it. Think about that one for a minute, bubba.
Feel the hair on the back of your neck standing up? It's the "sound" of fingernails on a chalkboard! Ewww!
when the EU finally comes apart at the seams...I have no doubt that the MSM will blame...Bloggers.
'U.S. stocks' figure nothing out, theyre 100% manipulated by FED central bankers.
I can hear whining Bill Murphy now.
"Orchestrated Takedown"
or "Blatant Manipulation"
or some other excuse, other than an overbought market with rabid speculators playing on margin.
you are such a clueless dickhead.
MomoChaser I can hear the dust bunnies blowing around in your cranium.
We've printed no less fiat, and will only print far more fiat, therefore gold has only 1 direction in the future and that is up.
but that future is not today, is it?
LOL, it is when you bought below $500 dollars and ounce.
"Self interest" (aka, greed)....who could have imagined?
The two are equivalent only when fear is backstopped out of the equation.
NWO nannie hype not relevant? OMG!
"Hardly encouraging - though US stocks seem to have figured out that none of this is relevant..."
it's Risk On today, BiCheZ! nothing else matters!
Wanna know one of the 'gurus' behind the mess.
http://proliberty.com/observer/20081008.htm
Then chuck in Milton Freidman (also Chicago) and that insane woman Ayn Rand, who Greenspan was/is a disciple of, along with numbers of other infamous persons.
Anyhow Leo Strauss - see link above - is a key to understanding why there is permanent war and chaos.
Hi there, I honestly like reading your posts, thank you!
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