The New York Times - Gretchen Morgenson
The Better Banking Law take: Sadly, the ratings agencies' model of issuer pays, rather than investors, still remains a conflict of interest, still remains broken, still remains very much a hazard.
The Long Wait For A Banker Who Is Statesmanlike
The Financial Times - Opinion Piece by Robert Jenkins
The Better Banking Law take: Refreshing thoughts indeed on statesmanship by banking leaders encompassing integrity, courage, wisdom and leadership in global finance. It goes without saying we need individuals with such qualities to rise to the occasion and support, rather than resist, bank reform.
Banks Score Victory On Use of Ratings in Capital Calculations
The Financial Times - Caroline Binham and Laura Noonam
The Better Banking Law take: It is quite grim that Basel III has conceded to banks and will permit them to rely on ratings agencies to calculate risks in their portfolios. How quickly 2008 has been forgotten.
Wall St. Faces Mounting Criticism From Regulators
The New York Times - William D. Cohan
The Better Banking Law take: Cohan accurately outlines ethical issues and cultural flaws that Wall Street must address. In particular, we applaud Mark Carney's critical perspective, as he said:
“Virtue cannot be regulated ... Even the strongest supervision cannot guarantee good conduct. Essential will be the rediscovery of core values, and ultimately this is a question of personal responsibility. More than mastering options pricing, company valuation, or accounting, living the right values will be the most important challenge” for Wall Street.
UK Bank Regulators Too Need Incentives To Do The Right Thing
The Financial Times - Daniel Davies
The Better Banking Law take: Regulators must take a stand in good times, when banks are strong and regulation is unpopular, as well as bad times.
Andrew Tyrie Says UK Banks Must Be Broken Up if 'Ring-Fencing' Fails
The New York Times via Reuters - Huw Jones
The Better Banking Law take: We applaud Andrew Tyrie's tough stance on implementing the UK statute based on Sir John Vickers' ring-fencing plan. Should the UK's big banks attempt to "game" the ring-fence, the result will be full separation of the retail arm to protect taxpayers.
We Were Wrong About Universal Banking
The Financial Times - John Reed
The Better Banking Law take: We could not agree more with John Reed's sound views why "we were wrong about universal banking" and the lessons learned from the repeal of Glass-Steagall.
Sergio Ermotti on Banks' Big Shrink
The Financial Times - Patrick Jenkins
The Better Banking Law take: Sergio Ermotti once again shows his thoughtful leadership and outlines the merits of banks not being everything to everybody and a return to their DNA.
Has the World Lost Faith in Capitalism?
The Wall Street Journal - Tim Montgomerie
The Better Banking Law take: The restoration of "the American Dream" is contingent on an end to crony capitalism and a return of real capitalism, where rich can get poor and poor can get rich.
Fed’s Dudley Calls for Improved Ethical Culture on Wall Street
The Wall Street Journal - Katy Burne
The Better Banking Law take: We applaud the call by regulators William Dudley, Janet Yellen, Christine Lagarde, and Stanley Fischer for an ethical culture change within financial firms.
Tidjane Thiam Defends Investment Banking
The Financial Times - Caroline Binham
The Better Banking Law take: Sound, responsible views on investment banking and the real economy from Credit Suisse's Tidjane Thiam.
Fed Imposes New Limits on Big Banks to Reduce Bailout Risks
The Wall Street Journal - Ryan Tracy
The Better Banking Law take: We welcome the Fed's recently proposed "total loss-absorbing capacity" principles, which are similar to those the European Central Bank has put forth to avoid taxpayer bailouts.
Finance Watchdogs Need to End Roller Coaster Rulemaking
New York Times by Reuters - Reporting by Huw Jones, Editing by Jane Merriman
The Better Banking Law take: Tracey McDermott's wise, sustainable approach to end de-regulation and re-regulation cycles. History is instructive!
Bank of England to Toughen Stress Tests for Large U.K. Banks
The Wall Street Journal - Margot Patrick
The Better Banking Law take: Bank of England's tougher stress tests for top 7 UK banks are indeed a key tool to avert another financial crisis.
How the U.K’s Version of Glass-Steagall Will Hit Big Banks
The Wall Street Journal - Paul J. Davies
The Better Banking Law take: Finally! The US Financial Press covers the UK's ringfencing plan and its similarities to Glass-Steagall.
Beware of the liquidity delusion
Financial Times - Martin Wolf
The Better Banking Law take: Compelling logic on liquidity and the false complaints that bank regulation impedes it.
Top financier warns on anti-business sentiment
Financial Times - Alistair Gray
The Better Banking Law take: Capitalism can be "an engine of economic growth for all" with integrity & responsibility. Amen, John Nelson, of Lloyd's of London.
Listen to brain surgeons, not bankers, for the truth on errors
Financial Times - Lucy Kellaway
The Better Banking Law take: Great perspectives on risky practices of "mistakes" by Doctors, Silicon Valley and Bankers.
Mistakes are OK, grave errors are not, says UBS chief
Financial Times - Andrew Hill
The Better Banking Law take: Welcomed views on moderation and caveats after Sergio Ermotti's remarks on risk and "honest mistakes".