Goldman Sachs Rules The World (Trader interview on BBC)

September 27th, 2011, 03:41 PM

JP just needs to break up the bank and place their risky lines under a different umbrella... but then again, harder to manage losses that way...

jungian

Looks like not only Goldman rules the world... JP Morgan just schooled the Bank of Canada Governor

JPMorgan chief lashes out at Carney: report

JPMorgan chief lashes out at Carney: report

Tempers apparently were running high when global bankers met in Washington over the weekend.

According to the Financial Times, Jamie Dimon of JPMorgan Chase launched a tirade at Bank of Canada governor Mark Carney in a closed-door meeting in front of more than two dozen bankers and finance officials.

Dimon's beef was new capital rules that will force all banks to hold seven per cent core capital against risk-weighted assets, which Dimon calls "anti-American," and says discriminate against U.S. banks.

On Sunday, Carney - who is touted as a potential next head of the Financial Stability Forum - warned global bankers to hold the course on reform.

"It is hard to see how backsliding would help," he said.

Global banking regulaors have agreed on new capital and liquidity rules for banks, and plan to begin phasing them in as of 2013. Frustration has been building within some of the world's biggest banks over what executives see as "unintended" and harmful consequences of the sweeping post-crisis regulations aimed at reducing risks to the global system.

The bankers are attempting to convince regulators to ease the new rules for certain lines of business.

Jigsaw Trading · September 27th, 2011, 10:17 PM

"Dimon's beef was new capital rules that will force all banks to hold seven per cent core capital against risk-weighted assets, which Dimon calls "anti-American," and says discriminate against U.S. banks."

Aaaah - the "Anti-American" chestnut.

7 percent ain't much is it? I suspect they would prefer .000000000000000001%

I think the rule is pro-American. Sure it's not very good for those financial engineers and their whacky opinion that they can create wealth out of nothing. But at least it'll go some way to stopping them from bringing the system down again.

September 28th, 2011, 09:42 AM

Goldman Sachs bought Greece debt before Greece enter euro with a special arrangement so Greece cleaned up the balance sheet and have under 3% of GDP debt.The same happend believe it or not also with Germany.
THis was admited by the Greek prime minister who was in that period 1996-2000.

Jura · September 30th, 2011, 01:57 PM

bluemele

I almost don't think it is real. Either I am getting old, or they just popped a young kiddie on the tube who was a bit too honest for them. That was fun to watch and thank you for sharing.

sysot1t

I just watched the brief interview... and I am trying to figure out what exactly is the "big deal" about it... first, that fear rules this market is not news.. it is reflected on the volatility within the market.. that one can make money on down makets if prepared, how is that news or shocking or novel?

(...)

I just think he was being blunt and putting things into terms that simpletons could understand, and he played on the fears of everyone who is watching and knows in their guts that they are headed for another crash.. and IMO, all to make himself be known further.. after all, he has something to sell..

I already disliked that guy in the video, quite full of himself and his general manner of speaking and behaving, so it's nice to see (for my ego, how ironically

) that he's not really a "seasoned city trader" and just did the interview for the kicks he got out it, so perhaps his whole story was just to shock and get his 15 minutes of fame.

Quoting

The incongruity led to some commentators speculating Mr Rastani was a professional hoaxer. The BBC denied the allegation: "We've carried out detailed investigations and can't find any evidence to suggest that the interview with Alessio Rastani was a hoax."

However, the BBC declined to comment on what checks, if any, it had done prior to the interview.

Mr Rastani was a little more forthcoming.

"They approached me," he told The Telegraph. "I'm an attention seeker. That is the main reason I speak. That is the reason I agreed to go on the BBC. Trading is a like a hobby. It is not a business. I am a talker. I talk a lot. I love the whole idea of public speaking."

So he's more of a talker than a trader. A man who doesn't own the house he lives in, but can sum up the financial crisis in just three minutes � a knack that escapes many financial commentators.

"I agreed to go on because I'm attention seeker," he said on Tuesday. "But I meant every word I said."

Source: BBC financial expert Alessio Rastani: 'I'm an attention seeker not a trader' - Telegraph

I wonder how many serious traders would say the same thing.

(And how many sensation seekers are successful traders for that matter)

Goldman Sachs Rules The World (Trader interview on BBC)

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Goldman Sachs Rules The World (Trader interview on BBC)