Exclusive outtakes from industry leaders
When a regulator talks, do banks listen?
Banks are returning to profitability after the financial crisis and the head of the Federal Deposit Insurance Corp is trying to nudge them into lending again.
“You can’t force them to lend,” FDIC chairman Sheila Bair says. “But I think jawboning helps.”
The U.S. banking industry reaped big profits in 2010 as the financial crisis faded further into the distance.
If all the regulator can do is try to talk them into increasing lending, why should banks listen?
Anyone who thinks the word “executive” in CEO stands for a person who actually executes decisions and strategy should think again, at least according to Technicolor CEO Frederic Rose.
“It’s very funny, you get a job as a CEO and everyone says you’ve got this absolute power,” Rose told the Reuters Global Media Summit in Paris.
Rich investors are taking more precautions than ever in their wealth, and instruments once seen as complex and exotic are becoming more commonplace in their portfolios, wealth managers said at the Reuters Private Banking Summit.
Asset classes such as foreign exchange, gold, oil and industrial commodities are beginning to have specific and identifiable hedging roles in portfolios, beyond the broad brush “diversification”.
How rich is rich? For most people, the answer is simple: ”not me.” But for private bankers keen to handle the assets of the well-heeled from Moscow to Malibu, that question is a slippery one. Sometimes a simple number won’t do, either.
Just about every executive at Reuters Global Private Banking summit in Geneva has a different standard for what those in the business call “ultra high net worth individuals”, the really rich that are the industry’s prime catch.
U.S. Senator Chris Dodd on Monday came to the defense of his old buddy, the late Senator Edward Kennedy, against new criticism by former President Jimmy Carter.
Dodd rejected Carter’s charge that Americans could have begun enjoying the benefits of sweeping healthcare long ago if Kennedy hadn’t stopped a plan by Carter in 1979.
from Shop Talk:
Check out what executives at luxury retailers around the world are saying about consumer demand.
Early feedback from the Reuters Global Luxury Summit, which gathered top executives from Asia, Europe and the United States, sounds positive. Some executives even predicted that the sector will rebound this year after suffering during the weak economy.
Phil Angelides, Financial Crisis Inquiry Commission chairman, says he’d rather see some taking of responsibility than hear another “I’m sorry.”
“Personally I don’t see my role as … to obtain apologies. What I don’t hear is a sense of responsibility and self-assessment about what occurred. There seems to be a disconnect between the practices that people undertook and the financial collapse,” he said at the Reuters Global Financial Regulation Summit.
You can call him mediator, or you can call him negotiator, but don’t call him pay czar.
Kenneth Feinberg says he doesn’t like the shorthand title that’s used to describe his role as the administration’s supervisor of compensation practices at firms that received money under the government’s Troubled Asset Relief Program.
This much is clear — Eliot Spitzer loved politics, he loved being New York governor, he loved being New York attorney general.
So will he run for public office again?
Well here it gets a little bit like watching a tennis ball going back and forth over the net.
First of all, Securities and Exchange Commission Chairman Mary Schapiro would not talk about Goldman Sachs.
There was no drawing her out. The head of the agency that filed a civil fraud lawsuit charging that Goldman misled investors would not say a word about the case.