BRIC is Brazil, Russia, India, China -- the acronym coined by Goldman Sachs banker Jim O'Neill 10 years back to describe the world's biggest, fastest-growing and most important emerging markets. But according to Albert Edwards, Societe Generale's uber-bearish strategist, it also stands for Bloody Ridiculous Investment Concept. Some investors, licking their wounds due to BRIC markets' underperformance in 2011 and 2010, might be inclined to agree -- stocks in all four countries have performed worse this year than the broader emerging markets equity index, to say nothing of developed world equities.
The latest deal for Greece, including a new policy package and possible financing, does not contemplate the restructuring of its debt, but financial markets keep speculating on the possibility it may be the first of the euro-zone countries to reschedule its public debt. Who do you think may follow?
Christopher Doering found there is more to the CFTC chairman than markets.
When he’s not scaring Wall Street and big banks to make sure they follow the rules, there’s a chance the head of the U.S. Commodity Futures Trading Commission is moonlighting as a “Little Monster.”
At first glance it would appear that Congressman Barney Frank and lawmakers backed by the Tea Party movement would have little in common — one is a liberal Democrat, the others are conservative Republicans.
John Walsh has spent many years in Washington — having worked at the Senate Banking Committee, the Treasury Department, and now as acting Comptroller of the Currency — and has a bit of perspective on government reaction to crises over the years.
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By Kirstin Ridley
British bankers are not threatening to head for the Swiss hills. But that doesn’t mean they won’t pack their bags. So says Angela Knight, the head of the British Bankers Association.
Knight told the Reuters Future Face of Finance Summit that if British-based banks such as HSBC, Barclays and Standard Chartered consider whether to keep headquarters in London – given the banker bashing, punitive taxation and pay restrictions imposed here -- that is merely a fact.
Securities and Exchange Commission Chairman Mary Schapiro says her agency has its work cut out to compete with the massive amounts of money that private firms, policed by the SEC, pour into the latest technology.
It is clear that House Financial Services Committee Vice Chairman Jeb Hensarling is proud of his credentials as a fiscal conservative.
Deputy Treasury Secretary Neal Wolin is urging lawmakers not to tie the U.S. debt limit to the debate on fiscal discipline.