Archive for February, 2013

Basel III #JPMorgan #Dimon #banks #bin #stagnation #rubbish #regulation

February 27, 2013 1 comment

Jamie Dimon - Caricature

Jamie Dimon – Caricature (Photo credit: DonkeyHotey)

You heard it here first on Simplesimon8 over 3 months ago and now JP Morgan CEO, Jaime Dimon has said it too… on

Dimon Says Lenders Will Have More Capital Than They Can Use
2013-02-27 05:00:06.0 GMT

By Dawn Kopecki and Zachary Tracer
Feb. 27 (Bloomberg) — Jamie Dimon, the chief executive
officer of JPMorgan Chase & Co., said banks are accumulating
more capital than they need as regulators push lenders to build
“I don’t think it’s just JPMorgan,” Dimon said yesterday
at a conference discussing the New York-based company, which
disclosed plans to eliminate as many as 19,000 jobs. “I think
all banks will have too much capital in two and a half years.
And they’re not going to know what to do with it.”
Dimon, 56, has said excessive regulation could impede
growth as international authorities and the Federal Reserve push
banks to guard capital to better withstand another financial
crisis. JPMorgan halted buybacks under pressure from regulators
last year after uncovering a trading loss at its chief
investment office that swelled to more than $6.2 billion.
The CEO, responding to analysts’ questions, dismissed the
argument that clients may switch to banks that have the highest
capital ratios. Zurich-based UBS AG is targeting a Basel III
common-equity ratio equal to 13 percent of risk-weighted assets.
“What I hear UBS saying in their presentations is, ‘If I’m
an affluent customer, I’ll feel a lot better about going to UBS
knowing that they have a 13 percent capital ratio than another
big bank with a 10 percent ratio,” said Mike Mayo, an analyst
at CLSA Ltd. “Do you agree with that or disagree?”
Dimon countered, “so you would go to UBS” rather than
“I didn’t say that,” Mayo responded. “I said that was
their argument.”

Dimon Richer

“That’s why I’m richer than you,” Dimon said, drawing
laughter from the audience.
JPMorgan said that by the end of this year its capital will
account for 9.5 percent of risk-weighted assets under rules
planned by the Basel Committee on Banking Supervision.
The lender, employing about 259,000 people at the end of
December, will cut 13,000 to 15,000 jobs in its mortgage unit
and 3,000 to 4,000 in community banking, excluding home lending,
through the end of next year, the bank said in presentations on
its website. Staff companywide will shrink by about 4,000 this
year, mainly through attrition, while some employees are
redeployed within the firm, said Kristin Lemkau, a spokeswoman.

JPMorgan fell 0.2 percent to $47.60 yesterday. The shares
climbed 8.3 percent this year, beating a 3.9 percent gain for
the 24-company KBW Bank Index.
The biggest U.S. banks are lending the smallest portion of
their deposits in five years as cash floods in from savers, a
slow economy damps demand from borrowers and regulators push
financial firms to bolster themselves against any future credit
crisis. The average loan-to-deposit ratio for the top eight
commercial banks fell to 84 percent in the fourth quarter from
87 percent a year earlier and 101 percent in 2007, according to
data compiled by Credit Suisse Group AG. JPMorgan had the lowest
ratio in the group at 61 percent.
“I don’t want to say it’s anti-American” to be held to
international standards, Dimon said, adding that the bank’s
assets include highly rated securities. “That balance sheet is
almost as liquid as you can get.”

Common sense, Basel III, just bin it before it’s too late!


Apple calendar crash in iPad #iPad #apple #fail #March2013

February 20, 2013 Leave a comment

English: Apple iPad Event

English: Apple iPad Event (Photo credit: Wikipedia)

So here’s the problem, I’m trying to read my calendar on my iPad first generation. Before you all start laughing, in the main I’ve been very pleased with my iPad since day 1.

A few years on, it’s becoming sluggish and crashes on a very regular basis. The latest issue appears to be something to do with daylight saving.

I’m trying to turn to events in March 2013. Every time I try to do this it crashes. I’ve restarted the machine, synched it etc etc. all to no avail.

So I resorted to the web and found this article.

Thanks to Cemo for the solution to my problem.

Martine McCutcheon gets £550 hair extensions days after declaring herself bankrupt | Mail Online

February 15, 2013 Leave a comment

English: Chameleon hair extensions, Smithfield...

English: Chameleon hair extensions, Smithfield Market, Winetavern Street, Belfast, Northern Ireland, January 2011 (Photo credit: Wikipedia)

Martine McCutcheon gets £550 hair extensions days after declaring herself bankrupt | Mail Online.

Commonsense, reward yourself for failure, at the expense of the ‘mug’ taxpayer!

McCutcheon is declared bankrupt #taxpayer #unfair #tax #hmrc #osbourne

February 13, 2013 Leave a comment

English: HM Revenue and Customs This is the ma...

English: HM Revenue and Customs This is the main avenue through the award winning complex of buildings that form the national headquarters of the Revenue and Customs service (Photo credit: Wikipedia)

McCutcheon is declared bankrupt – Yahoo! Finance UK.

Something wrong here, if the largest creditor is Her Majesty’s Revenue & Customs, that’s actually me again!

I am the Middle class, tax paying worker, who now has to work longer for a smaller pension, having saved up all my life and been ‘prudent’ with my spending.

I will have to pay my own care home fees in later life because I’ve been a saver not a spender.

I own a slug of RBS and Lloyds because I bailed out the greedy bankers and now I’m paying for Martine’s (bless her, I like her music) inability to pay her taxes to HMRC?

Commonsense, don’t stick to the old fashioned values that your parent’s taught you!

Republic to close high street stores UK #highstreet #economy

February 12, 2013 Leave a comment