Policing by powerpoint It’s difficult to know what to say about the Serious Fraud Office in the wake of its acknowledgement that its officers simply didn’t understand documents that patently...
Thu, 23 Feb 2012 09:35:33 +0000 Entwining bailouts and eurozone central banks Exhibit one, the Greek default.The European Central Bank will not take losses on Greece. It will not even have to do anything tricky with ‘purchase prices’ etc under...
Thu, 23 Feb 2012 09:00:44 +0000 Further reading Elsewhere on Thursday,- US corporate tax cut proposed. But WHY?!- How not having a lab affects the economic debate.- Anglo Irish wasn’t like Greece at all.- US housing...
Thu, 23 Feb 2012 08:22:38 +0000 Pink picks Comment, analysis and other offerings from Thursday’s FT,John Gapper: Wynn raises the stakes in Las VegasThe Wynn-Okada tussle is an enthralling battle of wills between two...
Thu, 23 Feb 2012 08:01:01 +0000 Snap news Breaking pre-market news on Thursday,- RBS posts £2bn loss, pays £390m in bonuses – statement. - Credit Agricole reports €3bn net loss, says does not foresee Greece...
Thu, 23 Feb 2012 07:52:08 +0000 Further further reading For the commute home,- Reactions to Obama’s corporate tax proposal.- Calculated Risk on existing home sales and inventory.- Guerrilla libraries invade Manhattan phone booths....
Wed, 22 Feb 2012 21:42:22 +0000 Double trouble in TVIX What on earth is going on with the TVIX ETN?Last week we pointed out that there has been a hugely unusual rush into the double volatility ETN — which is managed by VelocityShares...
Wed, 22 Feb 2012 18:12:42 +0000 Twist again, again? Given the recent improving economic data in the US, the consensus likelihood of getting QE3 later this year seems to have gone from probable to uncertain.Obviously it all depends...
Wed, 22 Feb 2012 18:00:54 +0000 Will the Greece CDS auction be ‘fair’? — Part 2 The use of collective action clauses in Greek bonds, as part of the country’s sovereign restructuring, seems set to trigger credit default swaps. For the $3.2bn of net notional...
Wed, 22 Feb 2012 17:39:08 +0000 Will the Greece CDS auction be ‘fair’? — Part 1 Are you feeling relieved that the whole CDS trigger debate for Greece might be over? Well, you may have been relieved too soon. There may well be a big, nasty hitch.A hitch...
Wed, 22 Feb 2012 17:11:52 +0000 Urgent sovereign action required No, not sovereign debt or something even vaguely related. We’re talking here about input from Her Majesty The Queen.Consider Lord James of Blackheath, speaking in the House...
Wed, 22 Feb 2012 13:10:58 +0000 Why MMT is like an autostereogram We’ve discussed MMT’s recent foray into the mainstream, and the confusion it has consequently courted.But that’s the funny thing about the theory. It is naturally...
Wed, 22 Feb 2012 12:45:50 +0000 Diagram du jour: How the ECB transmission mechanism is broken Courtesy of Nomura’s euro area economics and strategy team (click to enlarge):And as Nomura explains, in normal times……the level of ECB liquidity support...
Wed, 22 Feb 2012 12:15:00 +0000 Yes Virginia, there really is Modern Monetary Theory A five-page article in the Washington Post by Dylan Matthews over the weekend, finally thrust the theory of Modern Monetary Mechanics into the mainstream.This was exciting news...
Wed, 22 Feb 2012 11:30:03 +0000 Markets Live transcript 22 Feb 2012 Markets Live chat transcript for the chat ending at 12:05 on 22 Feb 2012. Participants in this chat were: Paul Murphy Bryce Elder/FT PM MorningPM Welcome to Markets Live...
Wed, 22 Feb 2012 11:00:35 +0000 A case of the mild PMIs Some mildly positive PMI data from Markit this morning (published as the Bank of England’s minutes heaped praise on the readings’ accuracy - see page 3).Flash Eurozone...
Wed, 22 Feb 2012 10:25:17 +0000 An (EFSF) credit derivative is born Anyone remember the EFSF’s ersatz CDS?They announced it back in November 2011. Another measure to eke the bailout fund’s resources out a bit more in a bad patch of the eurozone crisis....
Wed, 22 Feb 2012 09:00:50 +0000 Further reading Elsewhere on Wednesday,- USA! USA!- WA! WA!- May Greece survive long enough to tell the tale.- Although the CDS trigger looks a cert- A template for future European sovereign restructurings....
Wed, 22 Feb 2012 07:58:44 +0000 Pink picks Comment, analysis and other offerings from Wednesday’s FT, Martin Wolf: Prepare for a golden age of gasThe world is in the midst of a natural gas revolution, writes the FT’s Wolf....