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Jan 31, 2013
via Felix Salmon

Counterparties: Deutsche’s hope and “uncomfortable change”

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Today, Europe’s biggest bank posted a $3 billion net loss, but it insists it’s embarking on “deliberate”, “uncomfortable change”. Deutsche Bank’s revenue up was up 14%, and the bank’s losses came from a €1.9 billion writedown on assets and €1 billion put aside for litigation (read: likely Libor scandal-related) costs.

Jan 29, 2013
via Felix Salmon

Counterparties: Winner winner prison dinner

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Let’s say your job is buying and selling mortgage-backed securities in a market that is generally illiquid and difficult to price. How much truth do you owe your clients, who can’t rely on any sort of public exchange to determine just how much they’re being screwed?  To Jesse Litvak, the ex-Jefferies trader who’s just been charged with defrauding clients, the answer to that question would seem to be zero.

Jan 25, 2013
via Davos Notebook

A handy guide to Davos-speak

“The impatience for growth will really take patience” — that’s Bank of America CEO Brian Moynihan in a panel on low economic growth, using the particular kind of language particular to the people who inhabit particular places like Davos. A panel called “No Growth, Easy Money — The New Normal?” (those latter three words another terrible Davos phrase) began with the moderator grimly telling the crowd: “Will we ever return to the normal, free world?” This kind of sentence is ostensibly the kind of English you and I subscribe to, but on further examination, not so much.

Are the Davos elite really worrying about their freedom? Well, no. The World Economic Forum has no shortage of silly phrases, but some of them actually do have meaning beyond the euphemistic. What Davos folks mean when they constantly call for a “growth plan” or “restoring growth” is that no one can see any particular industry that’s going to increase the pace at which they get rich. And, as a result, the rest of us will have fewer jobs.

Jan 25, 2013
via Entrepreneurial

How Davos talks about unemployment

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DAVOS – In a conversation with a fellow journalist here in Switzerland, we settled on an unofficial motto for the attendees at Davos: there’s a lot we could be doing, but we aren’t.

That’s the overriding theme at Davos about the global unemployment crisis. It’s a slower-moving crisis than the European debt problems that consumed the World Economic Forum’s annual gathering last year. Still, you can hear unemployment being regularly mentioned as a “headwind” in the comments of policymakers and executives at Davos. Several attendees even cited the latest data: Today, Spain announced that its jobless rate hit 26 percent; 60 percent of Spanish citizens under 25 are jobless. Globally, some 200 million people are unemployed, according to the International Labour Organization, with 5 million people expected to be added to the ranks of the unemployed this year.

Jan 18, 2013
via Felix Salmon

Counterparties: Federal Officially Muddled Committee

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The full transcripts of the Fed’s 2007 Open Market Committee meetings are out! To financial nerds, this is a bit like opening Christmas gifts from five years ago: some things look quaint and misguided, others seem ahead of their time.

Jan 17, 2013
via Felix Salmon

Counterparties: Growth is not enough

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Tomorrow, the world’s second-largest economy will release its economic growth figures. China’s growth, as Keith Bradsher writes, is expected to pick up again, for the first time in seven quarters.

Jan 15, 2013
via Felix Salmon

Counterparties: Prioritization nation

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House Republicans are reportedly threatening to force a government shutdown — or even a default — to get the spending cuts they want.

Jan 9, 2013
via Felix Salmon

Counterparties: America’s “wonk Zelig”

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Jack Lew, currently Obama’s chief of staff, will be put up for the top job at Treasury as early as today.

Jan 8, 2013
via Felix Salmon

Counterparties: American International Gall

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What kind of thanks does AIG owe the government that bailed it out to the tune of $182 billion? How about a $25 billion lawsuit?

Jan 7, 2013
via Felix Salmon

Counterparties: QEBasel

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The central bankers in the Basel committee have suddenly decided to make Basel III a lot less restrictive and a lot less urgent.

    • About Ryan

      "Ryan McCarthy is a Deputy Editor of Reuters.com and edits Counterparties.com with Felix Salmon. Previously, he was the Business Editor of the Huffington Post."
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