Antony's Feed
Oct 3, 2011

Breakingviews-New Morgan Stanley woe is a drama lacking a crisis

By Antony Currie

NEW YORK, Oct 3 (Reuters Breakingviews) – The Wall Street
firm was facing skepticism about its turnaround even before the
third quarter turned crummy. Its latest misery, though, is
driven not by substance but by numerical confusion. It should
pass –- unless the fear driving the herd mentality turns into
outright panic.

Full view will be published shortly.

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Sep 15, 2011
via Breakingviews

Morgan Stanley misses a trick on Mack succession

By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Morgan Stanley’s board must have a strong sense of irony. It chose the third anniversary of the collapse of Lehman Brothers to reinstate one of Wall Street’s uglier traditions: combining the roles of chairman and chief executive. James Gorman will assume John Mack’s duties when he steps down as chairman at year’s end. That’s disappointing.

Sep 9, 2011
via Breakingviews

Some fiscal honesty would honor 9/11 tragedy

By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The 10th anniversary of the Sept. 11, 2001, attacks is rightly focused on the nearly 3,000 people who lost their lives — and the impact on friends, loved ones and the broader population. But there’s yet another way the tragedy could be honored: with more honesty about the economic consequences of decisions taken following the event, and calling for some shared financial sacrifice.

Aug 30, 2011

CCB sale underlines BofA’s slow road to recovery

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Antony Currie

NEW YORK (Reuters Breakingviews) – Bank of America chief executive Brian Moynihan is taking another step towards shoring up the embattled bank. Offloading around half BofA’s 10-percent stake in China Construction Bank for $8.3 billion is a double boost to capital. Alongside Warren Buffett’s $5 billion stamp of approval last week and the bank’s potential for generating future profits, it should help put BofA back on track. But a quick fix it is not.

Aug 23, 2011
via Breakingviews

BofA shareholders resigned to life on skid row

By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Bank of America’s shareholders are resigning themselves to life on skid row. Fears of a dilutive capital hike have helped send the stock down to just 30 percent of book value. The worries may prove overblown. Even so, BofA’s long-running mortgage saga has moved a seemingly endless list of litigants ahead of equity investors in the pecking order.

Aug 9, 2011

Financials investors brace for the worst

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By Antony Currie

NEW YORK, Aug 9 (Reuters Breakingviews) – Most large U.S.
financial institutions look far better prepared for a downturn
than before the last crisis. Investors don’t seem to care. The
Standard & Poor’s downgrade of Uncle Sam’s AAA credit rating
added fuel to fears the country’s anemic economic recovery will
stumble back into recession. That helped spur double-digit drops
in financials across the board.

Aug 9, 2011

Breakingviews-Financials investors brace for the worst

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By Antony Currie

NEW YORK, Aug 9 (Reuters Breakingviews) – Most large U.S.
financial institutions look far better prepared for a downturn
than before the last crisis. Investors don’t seem to care. The
Standard & Poor’s downgrade of Uncle Sam’s AAA credit rating
added fuel to fears the country’s anemic economic recovery will
stumble back into recession. That helped spur double-digit drops
in financials across the board.

Aug 4, 2011

Investors in Motown see nothing but recession

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.)

By Antony Currie

NEW YORK (Reuters Breakingviews) – Investors in Motown have been struck by a single-minded obsession: fear of recession. Considering the economy’s wobbles, they’re right to be cautious about automakers. But shareholders have wiped a combined near $50 billion off the value of Ford and General Motors since January’s highs. That’s more than either company is currently worth. Yet both look pretty solid, with GM’s $2.5 billion consensus-beating second-quarter earnings its best showing in years. The reaction looks overdone.

Aug 3, 2011
via Breakingviews

Corzine covenant smacks more of PR than protection

By Antony Currie and Agnes T. Crane
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.)

NEW YORK — Jon Corzine makes no secret of the fact that politics is his passion. Now buyers of debt in MF Global, the firm he runs, are set to get a boost if the former Democratic politico and Goldman Sachs CEO should leave the broker-dealer to decamp to Washington. They’ll get an extra one percentage point of interest on the firm’s $300 million bond deal. That might sound encouraging. After all, bondholder activism is a good thing. But this key-man clause seems to benefit Corzine’s image more than creditors.

Jul 29, 2011
via Breakingviews

Boutiques Bearing Up

By Antony Currie
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Wall Street’s M&A shops are hitting a few wobbles after a good run. Lazard missed second-quarter estimates on Thursday, if only by a penny, because of lower growth in advisory fees than peers. Evercore delivered a similar underperformance as compensation expenses more than doubled. And Greenhill has been frantically trying to calm nerves about departing executives.

    • About Antony

      "Antony Currie has more than a decade of experience as a financial journalist, having worked with Euromoney since 1996, most recently as a U.S. editor. He has worked on assignments in the major financial centers of Europe and the U.S. and written stories on capital markets, global economies and the investment banking industry. He holds a bachelor's degree in German language and literature and a master's degree in politics and international relations from the University of Bristol."
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