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RBS paying large bonuses while Commerzbank bankers get zero

Edward Harrison — Fri, 26 Feb 2010 13:52:06 +0000

Over the past few days, a number of major European banks have announced earnings results. Two of the most dismal results were registered at the British company Royal Bank of Scotland (RBS) and at Germany’s Commerzbank. However, the similarity ends there because, while Commerzbank investment bankers received no bonus, the bankers at government-controlled RBS received

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British regulators disclose terms of emergency aid during panic of 2008

Edward Harrison — Tue, 24 Nov 2009 14:28:41 +0000

The Financial Times reports that British regulators have now opened up to reveal more of the details surrounding the emergency aid banks received during the most acute periods of stress to date in the financial crisis. Meanwhile, in the U.S., the Federal Reserve continues to resist providing greater details. The sum some of Britain’s largest

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Quelle Surprise! Most Big Banks Lack Capital

Edward Harrison — Tue, 24 Nov 2009 01:49:39 +0000

My post title is an ode to Yves Smith, who likes to feign surprise when the blindingly obvious finally comes into plain view for all to see. The latest sign that underneath the surface weakness remains at large financial institutions comes courtesy of Standard & Poors. According to the Telegraph’s Ambrose Evans-Pritchard, S&P believes many

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Links: 2009-11-07

Edward Harrison — Sun, 08 Nov 2009 00:06:30 +0000

Warren Buffett And The G20 – The Baseline Scenario On dollars, commodities, China, imbalances and oligarchs A close look at the new antitrust allegations against Intel – Ars Technica Intel paid dell to limit AMD shipments. G20 maintains $1trn stimulus as Brown calls for global bail-out fund Interesting idea from Brown Labored Conditions – Up

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Links: 2009-11-06

Edward Harrison — Fri, 06 Nov 2009 20:05:40 +0000

David Michael Green: Can You Hear Us Now? We still want change. Hat tip Lavrenti. Marc Faber has short term concerns about commodities, says gold may drop to US$800 – Business Intelligence Middle East Is this rally over the top yet? Insolvencies hit record high Up 28% in Britain RBS bank reports losses of £2.2bn

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Nils Pratley: A tale of two banks at RBS and Lloyds

Edward Harrison — Tue, 03 Nov 2009 20:57:05 +0000

Nils Pratley’s piece at the Guardian on RBS and Lloyds is very good. Two quotes sum up the situation quite well. First,regarding Lloyds, Pratley says: Royal Bank of Scotland‘s shares down almost 20% in two days; Lloyds’s shares an oasis of tranquillity. Those market reactions tell the story of the banking bailout part 3, or

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News from around the web: 2009-11-03

Edward Harrison — Tue, 03 Nov 2009 14:24:21 +0000

I will be on Canada’s BNN TV at noonish talking about finance: Banks and Buffett. It will be a casual discussion with the moderators Howard Green and Andrea Mandel-Campbell and one other guest, Brian Milner of the Globe & Mail. Below are today’s links. Enjoy. Hillary’s Ill Will Tour – Patrick J. Buchanan’s website This

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Lloyds to raise 21 billion pounds in biggest rights issue ever

Edward Harrison — Tue, 03 Nov 2009 12:57:06 +0000

Lloyds are looking to avoid the embrace of government by going to existing shareholders to raise capital and sidestep the draconian break-up solution foisted upon RBS by Neelie Kroes. According to Bloomberg, this is the largest rights issue ever for a British company and equates to $34 billion. All of this must be excruciating for

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The EU driving changes in European banking

Edward Harrison — Mon, 02 Nov 2009 22:24:02 +0000

At the weekend I wrote about Alistair Darling’s about-face on breaking up to big to fail financial institutions. Apparently, this was not a case of labour changing tack and finding regulatory religion, but rather of the European Union imposing its will on the British government. The EU is also dictating policy in Germany, the Netherlands

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Links: 2009-11-02

Edward Harrison — Mon, 02 Nov 2009 12:54:36 +0000

I will be out of pocket in the early morning. Back late morning for more news. I expect to update my thoughts on the UK TBTF situation. Junk bond revival stokes credit bubble fears – Telegraph I share these fears. (My post: http://bit.ly/4oK1wR) Do Saudis have the clout to destroy NYMEX? – Telegraph Still wondering

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