Comments on: Quelle Surprise! US and France (Presumably Along With EU) At Odds Over Financial Reform http://www.nakedcapitalism.com/2009/09/quelle-surprise-us-and-france-presumably-eu-at-odds-over-financial-reform.html Tue, 16 Mar 2010 07:45:17 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Hugh http://www.nakedcapitalism.com/2009/09/quelle-surprise-us-and-france-presumably-eu-at-odds-over-financial-reform.html#comment-54664 Hugh Sat, 05 Sep 2009 19:01:35 +0000 http://www.nakedcapitalism.com/?p=4914#comment-54664 This is the reason that I was critical of Stiglitz's idea of moving to a non-dollar reserve currency. Individual countries or small groups of countries will pursue their own short term interests with no particular regard for and at the expense of everyone else. It takes strong, sustained, and wise leadership, essentially by us, as the world's superpower and largest economy to overcome these parochial interests. And who do we have to provide this kind of leadership? Timothy Geithner. When you have stopped laughing and remember what terrible straits we are all in financially and economically, it is really more sad than funny. I would also note that AIG still holds some $200 billion of regulatory relief CDSs written on European banks so the weakness of those banks should be a concern to us as well. This is the reason that I was critical of Stiglitz’s idea of moving to a non-dollar reserve currency. Individual countries or small groups of countries will pursue their own short term interests with no particular regard for and at the expense of everyone else. It takes strong, sustained, and wise leadership, essentially by us, as the world’s superpower and largest economy to overcome these parochial interests. And who do we have to provide this kind of leadership? Timothy Geithner. When you have stopped laughing and remember what terrible straits we are all in financially and economically, it is really more sad than funny.

I would also note that AIG still holds some $200 billion of regulatory relief CDSs written on European banks so the weakness of those banks should be a concern to us as well.

]]> By: DownSouth http://www.nakedcapitalism.com/2009/09/quelle-surprise-us-and-france-presumably-eu-at-odds-over-financial-reform.html#comment-54663 DownSouth Sat, 05 Sep 2009 18:24:21 +0000 http://www.nakedcapitalism.com/?p=4914#comment-54663 Looks like Geithner killed pay limits: "Finance ministers of the largest industrial countries...failed to agree on any firm limits on bankers’ bonuses..." "Mr. Geithner has been cool to proposals to restrict bonuses, instead emphasizing the need for higher capital requirements at banks and other broader regulatory measures..." "That was a setback for French and German ministers who had been pushing hard in recent weeks for a more concrete plan to address bonuses..." http://www.nytimes.com/2009/09/06/business/global/06ministers.html?hp Looks like Geithner killed pay limits:

“Finance ministers of the largest industrial countries…failed to agree on any firm limits on bankers’ bonuses…”

“Mr. Geithner has been cool to proposals to restrict bonuses, instead emphasizing the need for higher capital requirements at banks and other broader regulatory measures…”

“That was a setback for French and German ministers who had been pushing hard in recent weeks for a more concrete plan to address bonuses…”

http://www.nytimes.com/2009/09/06/business/global/06ministers.html?hp

]]> By: jest http://www.nakedcapitalism.com/2009/09/quelle-surprise-us-and-france-presumably-eu-at-odds-over-financial-reform.html#comment-54656 jest Sat, 05 Sep 2009 17:32:56 +0000 http://www.nakedcapitalism.com/?p=4914#comment-54656 "The EU ministers are not keen, arguing that first Basel II needs to be put into effect, then additional reforms can be implemented." What!?! Hasn't Basel II proved to be a total failure? “The EU ministers are not keen, arguing that first Basel II needs to be put into effect, then additional reforms can be implemented.”

What!?! Hasn’t Basel II proved to be a total failure?

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]]> By: The Buzz » Blog Archive » Eu Nations Agree To Take Guantanamo Detainees: Report | News http://www.nakedcapitalism.com/2009/09/quelle-surprise-us-and-france-presumably-eu-at-odds-over-financial-reform.html#comment-54619 The Buzz » Blog Archive » Eu Nations Agree To Take Guantanamo Detainees: Report | News Sat, 05 Sep 2009 06:30:50 +0000 http://www.nakedcapitalism.com/?p=4914#comment-54619 [...] Quelle Surprise! US and France (Presumably EU) At Odds Over … [...] [...] Quelle Surprise! US and France (Presumably EU) At Odds Over … [...]

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