News and analyses worth another look this weekend …
The Economist looks at how banks worldwide are going native with their lending: “A big lesson of the crisis is that banks which are global in life are national in death. The bankruptcies of Lehman Brothers and MF Global showed regulators how assets could easily get trapped in foreign jurisdictions, leaving a bigger bill for taxpayers back home. There are signs that, in response, regulators are treating foreign assets more harshly than domestic ones.”
Sallie Krawcheck explains in Politico the reason banks should be more supportive of the Consumer Financial Protection Bureau: “Across the industry, consumer satisfaction rates probably would rise, putting the industry on more stable footing with customers. This greater trust could, in time, generate greater consumer confidence in taking out loans and taking on risks they now understand, feeding through to economic growth.”
Bloomberg details how lobbyists are regulating derivatives regulators: “It is hard to see why industry would attempt an end run around the rulemaking — save that it wants to protect one of the most lucrative and highly concentrated sectors on Wall Street. The House bills are so specific they are almost comical. It is doubtful that members even understand what they are voting on.”
William D. Cohen writes for Bloomberg on the exploits of Morgan Stanley Chairman and CEO James Gorman as he tries to reshape the culture of Wall Street: “One thing has become abundantly clear on Wall Street: Its customers and its counterparties are sick and tired of being gamed, and the firm — or firms — that first restores the trust that has been lost will be the most successful in the future.”