Tuesday, August 4, 2015

Don Quijones: The Mother of All Storms Builds Over Catalonia’s Independence

What first appeared as reduced tensions between Madrid and Spain’s north-eastern province was merely the calm before the mother of all storms.

Reducing Risk-Taking by Regulating Bonuses: EU vs US Dodd-Frank

Bankers whinge about how much tougher their lives are in the post-crisis world. That is no small degree to central banks’ efforts to prop them up having caught up with their bottom lines

2:00PM Water Cooler 7/23/15

Today’s Water Cooler: Both parties fundraise at Akin, Gump leading indicators and national activity, Sandra Bland, fact-checking, Dr. Seuss

Mario Draghi: The ECB Has No Mandate To Ensure Checks Clear Or Credit Cards Work

By Nathan Tankus, a writer from New York City. Follow him on Twitter at @NathanTankus Last week Mario Draghi held a press conference following the decision to raise ELA a paltry 900 million dollars for Greek banks. In that press conference he said many things but I’d like to focus on one passage that has gotten […]

State Officials Try to Hide Their Private Equity Oversight Failures by Asking the SEC to Exceed Its Authority

Nothing like elected officials using letter-writing to a weak agency and asking it to exceed its powers to hide the fact that they aren’t willing to do their jobs. And this shirking of duties is particularly grating since these officials, most important of all John Chiang, the State Treasurer of California, Thomas DiNapoli, the New York State Comptroller, and Scott Stringer, the New York City Comptroller, are powerfully positioned to propose legislation to solve the problem they are trying to fob off on the SEC.

Calling All Swedish and Sweden-Connected Readers

A Swedish bleg.

Links 7/23/15

staggered_husky links

IRS Cracks Down on Private Equity Management Fee Waiver Tax Abuse

The IRS has finally decided to crack down on an not-well-known but flagrant private equity tax abuse, management fee waivers. State and local tax officials enabled this practice, which lowers Federal tax receipts and thus hasthe effect of shifting the tax burden off the 0.1% of private equity kingpins to small fry like you and me.

Once Again on the IT Challenges in Converting to the Drachma

Why the left is not doing itself, or the Greek people, any favors by minimizing the difficulties in converting to the drachma.

Gaius Publius: Goldman Sachs – Masters of the Eurozone

Goldman Sachs wields more power in the Eurozone than you think. And it’s not hard to guess who benefits.

2:00PM Water Cooler 7/22/15

Today’s Water Cooler: Trump to tour the border, Chinese volatility, “esoteric instruments,” “liquid alts,” Sandra Bland, corruption (lots).

Dan Davies: Greek Banks Were Bigger Beneficiaries of the 2010 Bailout Than French and German Banks

Even though French and German banks benefitted from the 2010 Greek bailout, Greek banks did even more so.

Wolf Richter: Private Equity Scrambles to Buy Primary Care Doctors, “Leverage” Their Patients

The new fad in private equity is to hoover up primary care practices, particularly ones that focus on Medicare, despite the lack of an economic model for increasing profits.

Links 7/22/15

red_necked_grebe links

Ugly Greek Bank Resolutions and Depositor Bail-Ins Coming Soon

Why the coming bank bail-ins in Greece are going to be far more costly in economic terms than most observers imagine.