Recent Articles
Is China really running off the rails?
One hesitates to call China “desperate” because it seems so at odds with the country’s well-earned reputation for knowing how to play the long game. Still, Continue Reading
What’s exciting the banks these days?
Banks are facing growth challenges almost everywhere they look. Two areas, however, have got them salivating. Continue Reading
Meet BofA’s new board
Bank of America is revamping its board of directors. A few of its current directors are bumping up against the retirement age of 72, so the bank has announced plans to add four new faces around the conference table to support President and CEO Brian Moynihan. The four new members are Sharon Allen, Linda Hudson, Jack Bovender and R. David Yost. What experience do they bring to the table? And are they good choices, or is BofA walking in JPMorgan’s unfortunate footsteps?
Form Pfftt
Spare a thought for the poor trees that will fall victim to the latest bit of regulatory theater. Continue Reading
Tiny Belize says “Try me”
J. Paul Getty is thought to have said, “If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” The little nation of Belize (population 356,600) appears to have taken this saying to heart. The Wall Street Journal reports:
Belize is insisting that creditors forgive 45% of what they are owed, or allow it to delay any debt payments for 15 years. Otherwise, it says it won’t make its next payment of $23.1 million due on Monday. And if Belize and its bondholders don’t reach a deal by Sept. 19, the country will default on its $543.8 million in outstanding debt—making it the first sovereign default since Greece forced creditors to take a 53.5% loss in March.
Like a callous teenager, Belize didn’t even bother to call. The bondholders’ butthurt is palpable. Continue Reading
