Word: bankes
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Dates: during 2000-2009
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...Doug Elliott, a former investment banker and fellow at the Brookings Institution, says that he thinks releasing the results of the bank stress tests is the right move. "For the test to instill any additional confidence we are going to need to know the results," he says. "It is going to be very hard for these companies to raise additional capital on their own. So whatever funds they need are going to come from the taxpayer. So we should know how much that is and who it is going...
...risk controls at major financial institutions, even those that haven't failed, were much too loose. But the most surprising result from the stress tests and related discussions may be this: bankers continue to appear oblivious to the nation's insistence that regulations be put in place to keep banks from ever again putting the economy at such risk. "I just don't think they get it," the official says, referring to bankers' unwillingness to take responsibility for past behavior. "Bankers seem to have no understanding how much damage their actions have done to their and their bank's reputation...
...move that may be even more important to the long-term interests of the mainland, the China Development Bank agreed to loan Brazil's oil giant Petrobras (PBR) $10 billion for exploration projects. The South American oil company also apparently agreed to sell China-controlled oil company Sinopec (SNP) crude supplies for the balance of the year. It does not take detective work to come to the conclusion that the two arrangements were related. In late 2007, Petrobras said it had discovered new fields far off its coast that contain as much as 8 billion barrels...
...demands for the head of Citigroup (C) CEO Vikram Pandit have not ended and may rise to a crescendo again if the bank receives poor "stress test" ratings from the federal government. The drumbeat of dissatisfaction about Ken Lewis, head of Bank of America (BAC), has gone on for months. Recently, proxy advisory RiskMetrics/ISS Governance Services recommended that the financial firm's shareholders vote Lewis...
...Firing bank CEOs poses significant risk and is unlikely to help shareholders or the government. (See pictures of the Top 10 scared traders...