Europe bars Wall Street banks from government bond sales(guardian.co.uk) -- By Elena Moya --
European countries are blocking Wall Street banks from lucrative deals to sell government debt worth hundreds of billions of euros in retaliation for their role in the credit crunch.
For the first time in five years, no big US investment bank appears among the top nine sovereign bond bookrunners in Europe, according to Dealogic data compiled for the Guardian. Only Morgan Stanley ranks at number 10.
Goldman Sachs doesn't make the table. Goldman made it to number five last year and in 2006, and number eight in 2007, the data shows. JP Morgan was in the top ten last year and in 2007 and 2006 but doesn't appear this year.
"Governments do not have the confidence that the excessive risk-taking culture of the big Wall Street banks has changed and they still cannot be trusted to put the stability of the financial system before profit," said Arlene McCarthy, vice chair of the European parliament's economic and monetary affairs committee. "It is no surprise therefore that governments are reluctant to do business with banks that have failed to learn the lesson of the crisis. The banks need to acknowledge the mistakes that were made and behave in an ethical way to regain the trust and confidence of governments."
European sovereign bond league tables are now dominated by European banks such as Barclays Capital, Deutsche Bank, and Société Générale, the Dealogic table shows. Their business model is usually seen as more relationship-based, while US investment banks have traditionally been focused on immediate deal-making.
Being left out of government bond sales means missing out on one of the top fee-earning opportunities this year, given the relative drought in mergers and acquisitions and stock market flotations. Western European governments need to raise an estimated half a trillion dollars this year to refinance debts and pay for bank bailouts and rising unemployment.
The EU is also trying to curb US financial power by creating its own monetary fund – a replica of the Washington-based IMF.The need of a European fund has emerged during the Greek crisis, as European politicians have insisted financial troubles should be resolved at home...MORE...LINK
FOR LIBERTARIAN NATIONALISM: ANTI-CORPORATIST, ANTI-COMMUNIST, ANTI-GLOBALIST...PRO-SOVEREIGNTY, PRO-POPULIST, PRO-FREE ENTERPRISE
My Other Blog & Comments
News and Information Feed
-
-
-
-
-
-
-
Should Biden Bring Refugees From Gaza To The US?31 minutes ago
-
-
-
Biden Regime Plays God With Human Nature46 minutes ago
-
Biden Regime Plays God With Human Nature46 minutes ago
-
Will48 minutes ago
-
-
-
-
-
-
-
-
-
-
-
It's happening.1 hour ago
-
-
-
-
-
-
-
-
Flood the Gates: Escalate2 hours ago
-
-
-
Arthur Jensen2 hours ago
-
-
-
-
What a Dumb Idea2 hours ago
-
-
-
-
-
-
-
-
-
-
Wednesday, May 1, 20243 hours ago
-
-
-
-
-
Strategic Scarcity4 hours ago
-
-
China Is Buying US Food Supply Chain4 hours ago
-
-
-
MTG Seeks to Oust Uni-Party House Speaker5 hours ago
-
-
-
-
-
-
-
The Politics Of Failure8 hours ago
-
-
-
-
-
News Briefs – 05/01/202410 hours ago
-
-
-
'Civility' and genocide12 hours ago
-
-
Fighting Monsters13 hours ago
-
-
-
-
Scene_Is_Set_For_Martial_Law14 hours ago
-
-
Lie, Buy, and Homicide17 hours ago
-
-
-
-
-
-
Gates of Vienna News Feed 4/30/202418 hours ago
-
-
-
-
-
-
The case for polyamory22 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
TikTok Hypocrisy2 days ago
-
-
-
Important Announcement2 days ago
-
-
-
-
Month of the Leader, part 34 days ago
-
-
-
-
-
-
-
-
-
-
-
Tulsi Gabbard Left The Woke War Party3 weeks ago
-
-
-
Help Whatfinger Grow…5 weeks ago
-
-
Navigating Taxation Policy1 month ago
-
-
-
-
-
-
-
So sorry about tomorrow3 months ago
-
-
TFeed Index 20233 months ago
-
-
-
Headline 3: Of Christmas And Paganism5 months ago
-
Imagine Being This Desperate5 months ago
-
-
Hardcore7 months ago
-
Media Say ... Gloom And Doom In China7 months ago
-
-
U.S. Openly Militarizes Space8 months ago
-
-
-
-
-
-
Conversations With Cabbies10 months ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Tips1 year ago
-
-
-
-
-
-
Man, Bear, Pig Event Coming1 year ago
-
-
-
-
-
-
-
-
-
What a Wonderful Stocking Stuffer!2 years ago
-
test2 years ago
-
-
-
-
-
#273 – Marc Randolph2 years ago
-
My Farewell Announcement2 years ago
-
My Farewell Announcement2 years ago
-
-
-
-
-
-
-
-
-
-
Farewell, for now3 years ago
-
-
Audio Book Lost Colony of Hatteras3 years ago
-
-
Cancel Yourself3 years ago
-
-
Hello world!3 years ago
-
-
-
-
-
-
The Non-Jewish Origins of Krav Maga3 years ago
-
-
-
Why the Marines are dumping their tanks4 years ago
-
-
-
-
-
-
-
Voxiversity Live Stream6 years ago
-
-
Home: A Recap6 years ago
-
Big Brother’s War on Cash6 years ago
-
-
-
-
By: Osamas Pajamas9 years ago
-
Join Our Mailing List12 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Tuesday, March 09, 2010
Fed up with Wall Street bankster crooks, Europe snubs American banks for bond sales
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment