Something for the weekend, sir?: Difference between revisions

Something for the weekend, sir? (view source)

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 {{a|devil|{{catbox|newsletter draft}}}}Newsletter cribnotes
-==Rokos short primer===
+==Rokos short primer==
 ... Punting on interest rates
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 The JC found to his surprise and delight that his big sister reads the newsletter — normally no-one in the Contrarian clan pays him the blindest bit of attention (in this regard they are like everyone else) — and after his peroration about alternative tier one this week she had a question: does ''anyone'' understand the banking system?
-It's a good question, and anyone who has lived through the last 15 or 20 years must be wondering. For a while in the same period the incidence of air accident fatalities has consistently declined, the incidence of banking smartphones seems to be continuous.
+It’s a good question. The level of supercilious bank analyst Twitter shade-throwing — and central banker shade-throwing, for that matter — suggests weak opinions strongly held. And the financial system’s track record in the 30 odd years the JC has been involved with suggests we masters of the universe are not the lesson learning kind.
-The question has particular emergency for the the management team at UBS who has just taken on the assets and liabilities of Credit Suisse. While they appear on their face to have bagged the steal of the century, Credit Suisse is proven capability of sustaining and think of glee large losses in a short period must have giving them paws for thought. For who is to say that is not another 10 billion dollar loss buried somewhere in that balance sheet?
+For a while in the same period the incidence of air accident fatalities has consistently declined, the incidence of banking smartphones seems to be continuous.
+The question has particular urgency for the the executive suite at UBS. who has just taken on the assets and liabilities of Credit Suisse. While they appear on their face to have bagged the steal of the century, Credit Suisse is proven capability of sustaining and think of glee large losses in a short period must have giving them paws for thought. For who is to say that is not another 10 billion dollar loss buried somewhere in that balance sheet?
 Who, in other words, would be chief risk officer of a large financial institution. We know, in the case of silicon valley bank, that the answer to that question happened to be no one.