The US stock market has bounced this morning on Vikram Pandit’s bullishness about how the first two months of the year went at Citi.
Justin Fox notes that it could be an indication of banks getting back to decent profitability in their core lending business, which had been increasingly used as a loss leader for fees (such as those charged for packaging and distributing collateralised debt obligations). Read more
The trial of Helg Sgarbi, the Swiss banker-playboy-blackmailer, is intriguing for all sorts of reasons, including the fact that it produces sentences such as the one quoted in my post below.
The thing that strikes me is the dichotomy between the recklessness of Susanne Klatten, Germany’s richest woman, in an affair of the heart and her insight and restraint in investment matters. Read more
“I’m going to need to learn about merchant banking again and they are going to have to learn to have some old idiot like me who actually asks what they are doing.”
- Johann Rupert, the 58-year-old South African billionaire who has invested in the former Lehman Brothers private equity business. Read more