Bethany McLean pens a good article on Goldman for Vanity Fair. She gets the internal view from CEO Lloyd Blankfein and COO Gary Cohn on why Goldman’s really better than the competition and why they didn’t really need the government’s help. She’s properly critical of this. One reader passes on this telling paragraph:
Interesting item from Alison Tudor:
Japan passed into law Monday a conditional moratorium on loan repayments by small businesses and home owners, a move that opponents say may lead to an increase in bad loans on the books of the country’s banks.
From the Fed: Statement regarding reverse repurchase agreements
…in the coming weeks, as an extension of this work, the Federal Reserve Bank of New York plans to conduct a series of small-scale, real-value transactions with primary dealers. Like the earlier rounds of testing, this work is a matter of prudent advance planning by the Federal Reserve. It does not represent any change in the stance of monetary policy, and no inference should be drawn about the timing of any change in the stance of monetary policy in the future.
UAE moves to counter Dubai fallout but markets wary (Dokoupil/Kiwan, Reuters) “Case by case” help from Abu Dhabi probably isn’t what Dubai creditors were hoping for…
I’m not good at taking vacations….
FDIC published its quarterly banking profile today. Here are the latest banking industry statistics at a glance. A few interesting takeaways I’d like to highlight. First, the problem bank list grew again. And it still understates total problem assets…both Citi and Bank of American should also be on this list.