A Quote by Lee Myung-bak
Talking about Korea, it has pretty high capital ratios at banks and maintains a good credit rating.
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Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
Our first benchmark is to cut the deficit more quickly to safeguard Britain’s credit rating. I know that we are taking a political gamble to set this up as a measure of success. Protecting the credit rating will not be easy The pace of fiscal consolidation will be co-ordinated with monetary policy. And we will protect Britain's credit rating and international reputation.
Before the CFPB, there was no single agency or entity within the federal government tasked with protecting Americans from predatory or negligent practices of banks, credit card companies, mortgage lenders, payday lenders, credit rating agencies and other financial service businesses.
The rating agencies historically actually did a pretty good job rating regular bonds.
We have got this Damocles' sword of Standard and Poor's hanging over us, with the commitment they have made to review Britain's credit rating in the summer of 2010 after the general election. Everybody in Britain has a vital interest in ensuring that the triple A credit rating agency is maintained.
Can you know you can have institutions that put curbs on that in various ways, and actually what the banks, you know, they have various capital ratios and that sort of thing, but the banks got around them, I mean, they set up sieves and that sort of thing just to get more leverage. People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X.
We need the government to force the banks to write down all their bad assets now and then recapitalize themselves, preferably with private capital. Those banks that cannot raise sufficient capital should be seized and their deposits sold off.
I admit that one should never underestimate the capacity of banks to destroy enormous amounts of accumulated capital and reduce, temporarily, the supply. After all, capital is the accumulated savings of mankind. And banks are great masters in destroying enormous amounts of capital with great regularity.
What the study I chaired actually said was we needed tougher regulation of cash and capital in banks, as credit was too easy. Events proved that right.
Rating systems work perfectly for players who play only in round robin closed events. I think most of them are overrated. Organizers invite same people over and over because they have the same rating and their rating stays high.
I bet Richard Fuld doesn't have an ounce of contrition. It's just megalomania. When it's like that, you need rules to prevent catastrophe. When banks are borrowing the government's credit rating, you need rules to prevent stupid things.
Separating out banks and investment banks right now under Glass-Steagall would have very big implications to the liquidity and the capital markets and banks being able to perform necessary lending.
This is the worst time to miss a bill. Pay down any large credit card or other large revolving accounts if you can, because high balances will hurt your credit rating. And avoid opening any other accounts before the loan you're pursuing is closed.
Banks and credit agencies learn continuously about the purchases we make. This is convenient and diminishes the risk of theft. It also means that banks can know more about our lifestyle than our close relatives.
People with banking experience haven't all flocked to the biggest banks; community banks and regional banks, along with smaller trading houses and credit unions, have some very talented people.
Instability mostly comes from the interface between the fact that the banks (or shadow banks) can create credit, money, and purchasing power in infinite quantities if we don't constrain them, and the fact that credit is primarily created to fund the purchase of urban real estate and land, which is somewhat fixed in supply.
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