Deutsche CEO: Worst Bank Crisis He's Seen; Commentary: Remember GOP Override of Clinton Veto?

"Worst banks crisis" says Deutsche CEO

By John O'Donnell and Philipp Halstrick
Reuters Story link

...snip...

"If you go back to the Asian crisis, the Latin American crisis, the Russian crisis, these were pretty regional," said Ackermann, who also heads global banking organization the Institute of International Finance.

"(This) is psychologically the worst crisis that I have seen in my 30 years," he told journalists at the Reuters Finance Summit.
*************************************************

Where were the Bush Administration regulators?

The head of the SEC - former Congressman Chris Cox - wrote the pro-corporate legislation in 1994 that removed a lot of that pesky reporting regulation, and then helped pass it over Clinton's veto. Called the "Private Securities Litigation Reform Act," or "PSLRA," it could be held up as an example of what GOP "tort reform" really accomplishes:

http://en.wikipedia.org/wiki/Private_Securities_Litigation_Reform_Act

http://en.wikipedia.org/wiki/Private_Securities_Litigation_Reform_Act#Legislative_History

Democrats should remind the American public that the GOP "leaders" had a direct hand in this mess, and that they acted irresponsibly - over President Clinton's veto.

- Dave

http://blogs.wsj.com/law/2007/06/26/trial-lawyers-assn-behind-identical-letters-to-the-editor/

http://www.google.com/search?hl=en&q=bush+solicitor+general+stoneridge

- Dave

http://news.google.com/news?hl=en&ned=&ie=UTF-8&q=hang+seng+percent

http://news.google.com/news?hl=en&ned=&ie=UTF-8&q=australia+stocks

http://news.google.com/news?hl=en&ned=&ie=UTF-8&q=tokyo+stocks

With today's choppy session on Wall Street, it'll be interesting to see how Asian/Australian markets react overnight.

- Dave

on gold

... for sure.

Leaving those aside, gold and gold-based derivative instruments have seen tremendous appreciation the past couple of years. With the global turmoil we've seen, that's hardly surprising (flight to safety).

- Dave

I may just retire early and take my money- I'm not watching my pension savings crash in England while Bush fuggs the planet.

... make sure your bond funds are in euros!

; )

- Dave

Thanks. Doesn't look credible but it's frightening.

... Citi's board being arrested?

Not credible.

If you're worried about your pension pounds sterling, there are smart ways you can remain invested and sleep easier at night. It might be time for a face-to-face with an independent, fee-based-only advisor.

- Dave

on both counts n/t. Euros not pounds. I made the switch from dollars I few years back.

Good for you! I hope you're young enough to really enjoy the reward in retirement.

: )

- Dave

Both Hubby and I have worked too long to lose our pension plans.
One of us will retire before this instability burns both of us.

... and happy travels during your retirement!

BTW, it's Viscount Linley.

; )

- Dave

Cisco's CEO blamed falling orders from banks and retailers for Cisco's numbers/outlook today:

"Cisco's chief executive said late on Wednesday the largest maker of computer networking equipment had suffered a dramatic drop in orders from banks and retailers, triggering concerns about Cisco's growth prospects, which relies on business spending."

http://news.google.com/news?hl=en&ned=&ie=UTF-8&q=cisco+chambers+banks

- Dave

CorpGovActivist?

Back on topic.

BushCO wants to SINK the government and its economy and,...well, start from GLOBAL scratch. Only the really big guys survive and control,...hey, the global economy, while simultaneously destroying 20th Century economic democracy that evolved in the U.S. of A.

In short, reinstating and expanding regulatory requirements that force companies to provide transparency to the investing public, whether it be on CEO pay, off-balance-sheet gimmicks, etc.

- Dave

:shrug:

I've read complaints about corporations being treated as "people" but rarely hear a word about how they are NOT treated like people. Personally, I'd love to be treated like "their" kind of people,...getting so many breaks and savings and stuff. I'd have no anxiety about my life if I were a "corporate person" rather than a real one.

: )

Wouldn't you love to call up your credit card companies, and tell them you're "taking a writedown" this quarter?

; )

- Dave

No?

Fuck!

Well,...I guess they OWN my life, then. Hmpf!!!

The more students graduate with student loans, the less money they have to boost the economy through consumer spending, which drags everybody down. Funding students through school with interest-bearing loans by private entities with government-provided insurance is a narrow-sighted investment strategy.

Then, competition could really work.