The Great Crash posed one question for this country: who would bear the losses? Would it be the banks that caused the problems? The officers, directors and shareholders of those banks? Their careless counterparties? The investors who bought the fraudulent real estate mortgage-backed securities and the complex spin-offs? The owners of capital who threw money into hedge funds and other exotic investments expecting a geyser of money in return?
Italian-German bank UniCredit has warned clients that a U.K. debt pummelling is imminent. Says the bank's fixed income director Kornelius Purps: Telegraph: "I am becoming convinced that Great Britain is the next country that is goin... Read Post
The shareholders have finally spoken. In a move that rebuked Citigroup management and the board of directors, the bank's shareholders rejected the proposed $15 million pay package for CEO Vikram Pandit, as well as pay for three othe... Read Post