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A Fight to Make Banks More Prudent
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Systemic risks from "too big to fail" and the pushback on capital reserve requirements that leave banks with lower reserves. Ewing describes the role of the president of the Swiss Central Bank, Mr Hildebrand, in setting rules for higher capital reserves for Swiss banks than that of other countries and the pushback from the banks resisting the new regulations. "He will never find another job in Switzerland," a Swiss newspaper Der Sonntag quoted one banker saying this about Mr. Hildebrand. Losses at Swiss bank UBS during the financial crisis and the $2 billion loss at a UBS trading desk in 2011 have created a new awareness of systemic risk at banks. During the financial crisis banks used an optimistic estimate of "risk weighted assets" which led to insufficient capital reserves in a crisis even as the banks were shown to be well capitalized. A sense that banks in Europe and the U.S. will continue to have insufficient capital reserves at 3-4% of assets under new rules and with the longer phase in times for the new Basel III regulations of reserves at 7% of assets to after 2016.
Expert opinion on capital cushion requirements for large banks to prevent future crises- 2011-2015
01/21/2010
In addition to Basel 3 rules for capital cushions, individual countries have come up with additional safety buffers. Britain's independent banking commission has proposed an additional 3% buffer for large banks. Swiss regulators are asking the largest Swiss banks to have an additional 9% in convertible capital as an additional safety buffer, which would also discourage excessive risk taking.
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Swiss Politicians Push for Stricter Bank Capital Rules
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Dimon in Rough Patch With the Fed
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Swiss bank UBS
05/05/2011
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UBS to Pay $160 Million to Settle Muni Bid-Rig Case
Wall Street Journal 05/05/2011
Wall Street Journal 09/17/2011
'Rogue' Trading Lasted 3 Years
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Delta Desks Emerge as Mine Fields
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UBS Rightly Puts ETFs in Spotlight
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Wall Street Journal 09/19/2011
Swiss bank UBS management
06/01/2011
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Former UBS Official Is Arrested in Tax Probe
Wall Street Journal 10/21/2013
Wall Street Journal 11/17/2013
UBS Is Surviving in Spite of Itself
New York Times 06/01/2011
Wall Street Journal 06/22/2011
Wall Street Journal 07/02/2011
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Swiss bank UBS performance
07/27/2011
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Wall Street Journal 11/17/2013
Wall Street Journal 07/27/2011
UBS Trader Charged With Fraud Appears in Court
Wall Street Journal 09/16/2011
UBS Losses Alter Regulation Debate
Wall Street Journal 09/16/2011
Wall Street Journal 09/17/2011
Delta Desks Emerge as Mine Fields
Wall Street Journal 09/17/2011
Swiss bank UBS under new CEO Sergio Ermotti
11/18/2011
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Wall Street's Giants Try 'Flow Monster' Formula
Wall Street Journal 05/20/2013
Wall Street Journal 11/17/2013
The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
UBS Scales Back Investment Bank
Wall Street Journal 11/18/2011
UBS Outlines How it Plans to Carry Out Turnaround
New York Times 11/18/2011
Chief Risk Officer Departs in UBS Shakeup
New York Times 12/02/2011
Swiss bank UBS's investment banking operations
09/21/2011
Grouped Articles
Wall Street Journal 11/17/2013
UBS Board to Focus on Postscandal Plan
Wall Street Journal 09/21/2011
Grubel Resigns at UBS After Adoboli Rogue Trading Scandal
New York Times 09/24/2011
At UBS, Itâs the Culture Thatâs Rogue
New York Times 09/23/2011
There are no rogue traders, there are only rogue banks - The Washington Post
Washington Post 09/25/2011
UBS Shareholders Push for Deeper Changes
Wall Street Journal 09/26/2011
Swiss Banks
04/20/2011
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New Swiss Tax Rules Signal Big Changes for Private Banks
New York Times 04/20/2011
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UBS and Swiss banking regulators
05/26/2011
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Former UBS Official Is Arrested in Tax Probe
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Swiss Politicians Push for Stricter Bank Capital Rules
Wall Street Journal 11/04/2013
UBS Plans to Distance a Key Unit
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UBS Trader Charged With Fraud Appears in Court
Wall Street Journal 09/16/2011
UBS Losses Alter Regulation Debate
Wall Street Journal 09/16/2011
Wall Street Journal 09/17/2011
Mervyn King on capital reserve requirements for British banks beyond 2010
01/28/2008
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Barclays Plans to Issue New Shares
Wall Street Journal 07/29/2013
Mervyn King's Threat to British Banking
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A Crisis of Faith in Mervyn King, Britain's Central Banker
New York Times 02/06/2011
British banks: Vickers in a twist
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Speed Overhaul, Banker Tells U.K.
Wall Street Journal 03/02/2011
Bank reform: Commission accomplished
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U.S. Fed governor Daniel Tarullo and new capital reserve requirements for U.S. banks in 2011-2015
10/24/2009
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Wall Street Journal 05/01/2013
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
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Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Regulator Suggests End to Bank's Self-grading
New York Times 05/08/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
Michael Gibson, new chief of the U.S. Federal Reserve's regulatory division
01/21/2010
Under Dodd-Frank legislation the Fed was given the additional task of oversight of U.S. financial institutions. Gibson would play an important role in setting up stress tests for U.S. banks, regulatory supervision of banks, and representing th U.S. on the Basel committee.
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The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
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Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Obama Presses for Action on Bank Rules
New York Times 08/19/2013
Fed Publishes 'Stress Test' Procedures
Wall Street Journal 11/10/2013
Wall Street Adapts to New Regulatory Regime
Wall Street Journal 07/22/2014
Thomas Hoenig and other experts on the "too big to fail" banking crisis that hovers over the U.S. economy
09/23/2010
Former Fed Governor of the Kansas City Federal Reserve Bank for 20 years, Thomas Hoenig, has followed Fed policy over a long period. He has maintained throughout that government backing takes away an essential element in the safe and conservative practices of financial institutions by encouraging the taking of excessive risks. The only way to ensure their safety is for creditors to know they bear serious risks and for the systemically important financial insitutions to know that not following safe financial practices can put these institutions and management out of business.
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GE Capital, AIG to Get More Government Oversight
Wall Street Journal 07/09/2013
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Soothing Words on 'Too Big to Fail' But With Little Meaning
New York Times 12/11/2013
BusinessWeek 09/23/2010
Wall Street Journal 05/01/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Banking Rules under Basel III and the global banking system
01/21/2010
Grouped Articles
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
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Wall Street Journal 09/14/2010
After Basel, the Banks Are Not Safer
BusinessWeek 09/15/2010
G-20 Endorses New Reserve Rules for Banks
New York Times 11/12/2010
The Swiss National Bank, Switzerland's central bank, and policy to preserve Swiss competitiveness
08/12/2010
The Swiss central bank is intervening in currency markets to keep the Swiss Franc at 1.20 to the euro, a peg set in Sept. 2011. The all out effort reaching the size of Swiss GDP by 2013 is designed to preserve Swiss export competitiveness.
Grouped Articles
Switzerland Takes a Loss Trying to Keep the Franc in Check
New York Times 08/12/2010
Swiss Bank Warns of $10 Billion Loss
Wall Street Journal 01/06/2014
Swiss Franc Rises Ahead of Gold Vote
Wall Street Journal 11/15/2014
Swiss Central Bank to Introduce Negative Interest Rates
Wall Street Journal 12/19/2014
Wall Street Journal 12/19/2014
Swiss National Bank to Adopt a Negative Interest Rate
New York Times 12/18/2014
Former Credit Suisse and UBS CEO, Oswald Grubel, and Swiss banking
09/24/2011
Grouped Articles
Former UBS Official Is Arrested in Tax Probe
Wall Street Journal 10/21/2013
Credit Suisse Settles Mortgage Litigation for $885 Million
Wall Street Journal 03/22/2014
Credit Suisse is Facing Double-Barreled Inquiries
New York Times 04/06/2014
Credit Suisse's CEO is Called the 'Teflon Man'
New York Times 05/19/2014
In Tax Case, Credit Suisse is Denied Milder Penalty
New York Times 05/19/2014
Wall Street Journal 05/21/2014
Swiss bank UBS lawsuits and settlements
05/04/2011
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Former UBS Official Is Arrested in Tax Probe
Wall Street Journal 10/21/2013
UBS to Pay $160 Million to Settle Muni Bid-Rig Case
Wall Street Journal 05/05/2011
UBS Settles Fraud Charges in Municipal Bond Market
New York Times 05/04/2011
UBS Is Sued for Mortgage Losses
Wall Street Journal 07/28/2011
U.S. Said to Be Ready to Sue Banks Over Mortgages
New York Times 09/01/2011
Wall Street Journal 09/17/2011
Swiss bank UBS in China
01/19/2011
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UBS Pushes Its 'Brand' in Asia
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Delta Desks Emerge as Mine Fields
Wall Street Journal 09/17/2011
UBS Rightly Puts ETFs in Spotlight
Wall Street Journal 09/17/2011
UBS Shareholders Push for Deeper Changes
Wall Street Journal 09/26/2011
A Fight to Make Banks More Prudent
New York Times 12/20/2011
Swiss bank UBS strategies
07/27/2011
Grouped Articles
Wall Street's Giants Try 'Flow Monster' Formula
Wall Street Journal 05/20/2013
Wall Street Journal 11/17/2013
Wall Street Journal 07/27/2011
Wall Street Journal 09/17/2011
Delta Desks Emerge as Mine Fields
Wall Street Journal 09/17/2011
UBS Rightly Puts ETFs in Spotlight
Wall Street Journal 09/17/2011
Swiss bank UBS's $2 billion loss in Sept 2011 from trades made at its London trading desk
09/16/2011
Kweku Adaboli 31, was a director of the Exchange Traded Funds (ETF) at UBS. He engaged in derivative trades for customers of UBS without following up with the normal hedging of risks assumed in the derivative trades. He did this for three years since 2008. He has a degree in computer science from the University of Nottingham, where he was hired by UBS. He was transferred to the trading desk after working in backoffice operations till 2008.
Grouped Articles
UBS Trader Charged With Fraud Appears in Court
Wall Street Journal 09/16/2011
UBS Losses Alter Regulation Debate
Wall Street Journal 09/16/2011
Wall Street Journal 09/17/2011
'Rogue' Trading Lasted 3 Years
Wall Street Journal 09/17/2011
Wall Street Journal 09/17/2011
Delta Desks Emerge as Mine Fields
Wall Street Journal 09/17/2011
Swiss banking and capital markets regulation
11/11/2010
Grouped Articles
Swiss Politicians Push for Stricter Bank Capital Rules
Wall Street Journal 11/04/2013
Switzerland Tightens Bank-Capital Rules
Wall Street Journal 11/11/2010
Reregulation: A dangerous embrace
Economist 05/22/2011
Economist 05/14/2011
Wall Street Journal 06/04/2011
A Fight to Make Banks More Prudent
New York Times 12/20/2011
The culture at the investment banking operations of Swiss bank UBS, Societe Generale, and other banks
02/02/2008
Grouped Articles
Former UBS Official Is Arrested in Tax Probe
Wall Street Journal 10/21/2013
How to Lose $7.2 Billion: A Trader's Tale
Wall Street Journal 02/02/2008
A Trader’s Secrets, a Bank’s Missteps
New York Times 02/05/2008
At UBS, Itâs the Culture Thatâs Rogue
New York Times 09/23/2011
There are no rogue traders, there are only rogue banks - The Washington Post
Washington Post 09/25/2011
UBS Shareholders Push for Deeper Changes
Wall Street Journal 09/26/2011
Britain, Sweden, Spain and Basel III capital reserve requirements for banks
01/21/2010
Britain, Sweden and Spain oppose the dilution of capital reserve requirements for European banks through a broad definition of what constitutes Tier 1 capital. Germany, France and some other European countries favor a loose definition of Tier 1 capital. The systemic risks of lower reserve requirements and loose definitions of Tier 1 capital in a global banking crisis and the danger to taxpayers.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
Wall Street Journal 07/13/2011
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Swiss Politicians Push for Stricter Bank Capital Rules
Wall Street Journal 11/04/2013
Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/14/2010
New Basel rules in June 2011
01/21/2010
A decision by the Basel Committee during the weekend June 25-26, 2011, to increase bank capital reserve requirements to 9.5%.
Grouped Articles
Biggest Banks Fitted for New Collar
Wall Street Journal 06/27/2011
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
Wall Street Journal 09/15/2011
Dollars to the European Rescue
Wall Street Journal 09/16/2011
UBS Losses Alter Regulation Debate
Wall Street Journal 09/16/2011
'Bucket' List: G-20 Panel Names Top Global Banks
Wall Street Journal 11/05/2011
Danel Tarullo's lone effort at the Federal Reserve- 2009-2010
10/01/2009
Daniel Tarullo steps in around September 2009, when Congress and the administration have already buckled under pressure from the lobbying by the banking industry to weaken essential regulatory reform in derivatives trading, and in other reforms. Volcker is 82, and rarely uses his Washington office (ignored?), Tarullo is looked at by staff at the Fed from the previous lax regime of regulation with skepticism. Mervyn King at the Bank of England is alone in calling for the breakup of big banks into smaller banks, and separating utility and investment banking, which Volcker supports. As it stands now bank regulation falls under the FSA in England, with the Conservatives under Osborne looking to give the Bank of England this authority. And all the time banking behaviours at investment banks and trading desks continue in a business as usual manner.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Fed Boosts Pressure on Banks Over Capital Levels
Wall Street Journal 08/20/2013
Banks Ordered to Add Capital to Limit Risks
New York Times 04/08/2014
Fed’s New Bank-Regulation Tune Should Be One Direction
Wall Street Journal 12/02/2014
Washington Strips New York Fed’s Power
Wall Street Journal 03/05/2015
U.K. Banks Face Political Upheaval
Wall Street Journal 10/27/2009
The Federal Reserve's new role under Bernanke and the Obama financial regulatory reforms.
06/24/2009
Bernanke Fed's new role after extraordinary work in extraordinary circumstances during the financial crisis of late 2008 and early 2009.
Grouped Articles
Trench Warfare: Send In the Deputies
New York Times 04/16/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
Obama Presses Regulators to Finish Financial Rules
Wall Street Journal 08/20/2013
Behind the Scenes, Fed Chief Advocates Bigger Role
New York Times 06/24/2009
Two Authorities on Fed Advise Congress Against Expanding Its Power
New York Times 07/10/2009
Bernanke Heads to Congress Battling Calls to Tame the Fed
Wall Street Journal 07/21/2009
Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
Grouped Articles
New York Times 12/27/2011
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
The Power Behind the Throne at the Federal Reserve
New York Times 07/31/2013
SEC Deals With Turnover at the Top
Wall Street Journal 08/20/2013
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
SEC 'Revolving Door' Under Review
Wall Street Journal 06/16/2010
Fears that Basel III and European Banking Authority E.U. Stress Tests may not adequately reflect the risks on banks balance sheets.
01/21/2010
The situation after bailout of Irish banks in November 2010 by the EU. The Irish banks had passed European stress tests. Portuguese and Spanish banks may face a similar situation.
Grouped Articles
Wall Street Journal 07/16/2011
Europe Fails Another Stress Test
Wall Street Journal 07/16/2011
The Battle Over Bank Rules at Basel III
BusinessWeek 05/27/2010
Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
Wall Street Journal 09/14/2010
Wall Street Journal 09/14/2010
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