Of course, politicians are never far away from banking related matters and German Chancellor Angela Merkel said yesterday that the European Union will disclose the test results showing how individual banks would hold up to economic and market shocks, on July 23rd both in the aggregate and individual level.
When insurance and banking regulators moved in, they made matters worse by dumping huge bond holdings before a new market mechanism had been established.
As European leaders draw up plans for a banking union (see article), the third reason Cyprus matters is that it exemplifies the potential costs that would be shared in such a venture.
During our testimony we were amazed that the Senate Banking Committee was willing to allow industry insiders to claim ignorance regarding simple matters such as the cost of executing a securities trade.
To make matters worse I then learned that indeed U.S. corporate and banking interests were all along pleading with the Bush administration to do something about what was happening in Argentina, to no avail.
Richard Shelby -- one of the Senate's most knowledgeable members on intelligence and national security matters bearing on the present global conflict -- ascends to the chairmanship of the Senate Banking Committee, he will surely play a pivotal role in ensuring that Mr. Pitt's successor works to protect U.S. investors not only from corporate financial improprieties, but also from security-related material risk factors.