Beobachter
Madmaxista
Estimados foreros (racionales):
Ayer os llamé la antención acerca de las informaciones de la prensa alemana a propósito de las presiones que los USAowned hacen para que los demás países asuman su "modelo" de rescate(la típica táctica de extender el marrón) y casi me lapidan los prepotentes pepero's trolls que pululan por aqui...
:
Pues bien, hoy vuelve a la carga con esto nada menos que el The New York Times en su edición online, en un artículo con el titular "los Bancos extranjeros confían en que el rescate se convierta en global.", os traduzco lo más jugoso, ahmijos:
"La administración Bush esta tratando de inclinar a los Gobiernos extranjeros a que se sumen mediante programas de rescate propios si es preciso. "Tenemos un sistema financiero global y estamos conversando muy agresivamente con otros países de todo el mundo, animándolos a hacer cosas similares, y creo que un cierto número de ellos están dispuestos·", afirmó Paulson este domingo."
El que tenga oidos para oir, que oiga... dijo El Señor...:
AQUI EL ARTICULO DE MARRAS ÍNTEGRO:
Foreign Banks Hope Bailout Will Be Global
By NELSON D. SCHWARTZ and CARTER DOUGHERTY
Published: September 21, 2008
PARIS — The financial crisis that began in the United States spread to many corners of the globe. Now, the American bailout looks as if it is going global, too, a move that could raise its cost and intensify scrutiny by Congress and critics.
The world is watching Treasury Secretary Henry Paulson Jr., fourth from left. With him at the G-7 meeting in Washington last April were, from left, James Flaherty, the finance minister of Canada; Christine Lagarde of France; Peer Steinbrueck of Germany; Tommaso Padoa-Schioppa of Italy; Fukushiro Nukaga of Japan; Alistair Darling of Britain; and Jean-Claude Juncker of Eurogroup.
Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.
On Sunday, the Treasury secretary, Henry M. Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened. “It’s a distinction without a difference whether it’s a foreign or a U.S. one,” he said in an interview with Fox News.
The prospect of being locked out of the bailout set off alarm bells among chief executives of overseas banks whose American affiliates also hold distressed mortgage-related assets, like Barclays and UBS. The original text provided access to the $700 billion bailout for any financial institution based in the United States.
As the day wore on, some raised their concerns with the Treasury Department, arguing that foreign institutions were both big employers and major players in the American capital markets. By Saturday evening, the language had been changed to allow any financial institution “having significant operations” in the United States.
While Mr. Paulson has agreed with that argument, the Bush administration is also leaning on foreign governments to pitch in with bailout programs of their own as needed. “We have a global financial system and we are talking very aggressively with other countries around the world, and encouraging them to do similar things, and I believe a number of them will,” Mr. Paulson said on Sunday.
The request is expected to be discussed during a conference call among Group of 7 finance ministries scheduled for Sunday evening, a European official said.
Allowing foreign banks to participate in the federal rescue package has not yet drawn widespread scrutiny in Congress, where a number of lawmakers, including Senator Christopher J. Dodd, Democrat of Connecticut, have acknowledged that millions of American citizens do business with UBS, the Royal Bank of Scotland, and many other foreign-based banks in the United States.
But a number of lawmakers are wary that such an extension may worsen what could ultimately turn out to be a trillion-dollar bailout for Wall Street.
“I’m skeptical of the bailout, the whole bill is only a couple of pages long,” said Representative Scott Garrett, Republican of New Jersey, who is a member of the House Financial Services Committee. As for the participation of foreign banks, Mr. Garrett said: “I have a concern with it, they probably should be treated differently, but Congress is really not getting any say.”
Christopher Whalen, a managing partner at Institutional Risk Analytics, said that Mr. Paulson needed to justify why a wider bailout was in the national interest.
“Can you imagine the Congress floating a bailout for Deutsche Bank or UBS? It is the responsibility of the German or Swiss government,” he said. “We shouldn’t be bailing them out.”
While politicians in the United States may emphasize the benefits for banks based overseas, the definition of what is a European or American bank has blurred in recent years with the growth of global giants like HSBC, Barclays and Deutsche Bank.
Deutsche Bank, for example, became a major player in the United States with its acquisition of Bankers Trust in 2001. It has written down more than $11 billion in investments linked to the subprime crisis.
Barclays, meanwhile, is on course to buy a significant portion of the North American operations of Lehman Brothers, the 158-year-old firm that filed for bankruptcy protection last week, helping to set off the global financial panic that forced Washington to act.
Gaining access to the relief was a top priority for European foreign financial institutions with banking operations in the United States, according to officials in industry and government.
They argued that the reputation of Wall Street and the United States government would suffer immensely if properly licensed foreign banks in the United States were shut out of the system.
“Who would open a bank again in the United States?” asked one executive of a major European bank who has been ***owing the discussions.
At the same time, it was unclear how much European governments would bow to the Treasury Department’s encouragement to set up national programs to deal with their own vast mortgage problems. Real estate markets in Britain, Spain and Ireland have been particularly hard-hit as their own housing market bubbles — which grew in tandem with America’s — have collapsed.
Other governments have struggled to get budget deficits under control in the last few years. The German government, for example, has discouraged talk of a stimulus package, and British officials said Sunday that they were not working on a plan like that of the United States.
Ayer os llamé la antención acerca de las informaciones de la prensa alemana a propósito de las presiones que los USAowned hacen para que los demás países asuman su "modelo" de rescate(la típica táctica de extender el marrón) y casi me lapidan los prepotentes pepero's trolls que pululan por aqui...
:Pues bien, hoy vuelve a la carga con esto nada menos que el The New York Times en su edición online, en un artículo con el titular "los Bancos extranjeros confían en que el rescate se convierta en global.", os traduzco lo más jugoso, ahmijos:
"La administración Bush esta tratando de inclinar a los Gobiernos extranjeros a que se sumen mediante programas de rescate propios si es preciso. "Tenemos un sistema financiero global y estamos conversando muy agresivamente con otros países de todo el mundo, animándolos a hacer cosas similares, y creo que un cierto número de ellos están dispuestos·", afirmó Paulson este domingo."
El que tenga oidos para oir, que oiga... dijo El Señor...
:AQUI EL ARTICULO DE MARRAS ÍNTEGRO:
Foreign Banks Hope Bailout Will Be Global
By NELSON D. SCHWARTZ and CARTER DOUGHERTY
Published: September 21, 2008
PARIS — The financial crisis that began in the United States spread to many corners of the globe. Now, the American bailout looks as if it is going global, too, a move that could raise its cost and intensify scrutiny by Congress and critics.
The world is watching Treasury Secretary Henry Paulson Jr., fourth from left. With him at the G-7 meeting in Washington last April were, from left, James Flaherty, the finance minister of Canada; Christine Lagarde of France; Peer Steinbrueck of Germany; Tommaso Padoa-Schioppa of Italy; Fukushiro Nukaga of Japan; Alistair Darling of Britain; and Jean-Claude Juncker of Eurogroup.
Foreign banks, which were initially excluded from the plan, lobbied successfully over the weekend to be able to sell the toxic American mortgage debt owned by their American units to the Treasury, getting the same treatment as United States banks.
On Sunday, the Treasury secretary, Henry M. Paulson Jr., indicated in a series of appearances on morning talk shows that an original proposal introduced on Saturday had been widened. “It’s a distinction without a difference whether it’s a foreign or a U.S. one,” he said in an interview with Fox News.
The prospect of being locked out of the bailout set off alarm bells among chief executives of overseas banks whose American affiliates also hold distressed mortgage-related assets, like Barclays and UBS. The original text provided access to the $700 billion bailout for any financial institution based in the United States.
As the day wore on, some raised their concerns with the Treasury Department, arguing that foreign institutions were both big employers and major players in the American capital markets. By Saturday evening, the language had been changed to allow any financial institution “having significant operations” in the United States.
While Mr. Paulson has agreed with that argument, the Bush administration is also leaning on foreign governments to pitch in with bailout programs of their own as needed. “We have a global financial system and we are talking very aggressively with other countries around the world, and encouraging them to do similar things, and I believe a number of them will,” Mr. Paulson said on Sunday.
The request is expected to be discussed during a conference call among Group of 7 finance ministries scheduled for Sunday evening, a European official said.
Allowing foreign banks to participate in the federal rescue package has not yet drawn widespread scrutiny in Congress, where a number of lawmakers, including Senator Christopher J. Dodd, Democrat of Connecticut, have acknowledged that millions of American citizens do business with UBS, the Royal Bank of Scotland, and many other foreign-based banks in the United States.
But a number of lawmakers are wary that such an extension may worsen what could ultimately turn out to be a trillion-dollar bailout for Wall Street.
“I’m skeptical of the bailout, the whole bill is only a couple of pages long,” said Representative Scott Garrett, Republican of New Jersey, who is a member of the House Financial Services Committee. As for the participation of foreign banks, Mr. Garrett said: “I have a concern with it, they probably should be treated differently, but Congress is really not getting any say.”
Christopher Whalen, a managing partner at Institutional Risk Analytics, said that Mr. Paulson needed to justify why a wider bailout was in the national interest.
“Can you imagine the Congress floating a bailout for Deutsche Bank or UBS? It is the responsibility of the German or Swiss government,” he said. “We shouldn’t be bailing them out.”
While politicians in the United States may emphasize the benefits for banks based overseas, the definition of what is a European or American bank has blurred in recent years with the growth of global giants like HSBC, Barclays and Deutsche Bank.
Deutsche Bank, for example, became a major player in the United States with its acquisition of Bankers Trust in 2001. It has written down more than $11 billion in investments linked to the subprime crisis.
Barclays, meanwhile, is on course to buy a significant portion of the North American operations of Lehman Brothers, the 158-year-old firm that filed for bankruptcy protection last week, helping to set off the global financial panic that forced Washington to act.
Gaining access to the relief was a top priority for European foreign financial institutions with banking operations in the United States, according to officials in industry and government.
They argued that the reputation of Wall Street and the United States government would suffer immensely if properly licensed foreign banks in the United States were shut out of the system.
“Who would open a bank again in the United States?” asked one executive of a major European bank who has been ***owing the discussions.
At the same time, it was unclear how much European governments would bow to the Treasury Department’s encouragement to set up national programs to deal with their own vast mortgage problems. Real estate markets in Britain, Spain and Ireland have been particularly hard-hit as their own housing market bubbles — which grew in tandem with America’s — have collapsed.
Other governments have struggled to get budget deficits under control in the last few years. The German government, for example, has discouraged talk of a stimulus package, and British officials said Sunday that they were not working on a plan like that of the United States.
