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The Washington Post (June 17)

2010/ 06/ 17 by jd in Global News

BP will escrow $20 billion to fund the oil spill cleanup. The Post puts this amount in perspective. That’s enough money “to buy all the shares of the Kellogg Co. And it’s larger than the annual economic output of 90 countries.” Not many companies can make a $20 billion mistake and still survive. Fortunately, it looks like BP can.

 

The Independent (June 17)

2010/ 06/ 17 by jd in Global News

The UK will eliminate the Financial Services Authority (FSA), assigning its regulatory functions to the Bank of England (BOE). The Independent agrees the FSA was “next to useless,” with the fatal weakness of seeing “the world through the eyes of those firms it was supposed to be monitoring.” The newspaper hopes the new regulators at the BOE “will regard themselves as gamekeepers….rather than cheerleaders.”

 

The Wall Street Journal (June 17)

2010/ 06/ 17 by jd in Global News

Nationally recognized statistical ratings organizations (NRSROs) may finally be on their way out. The Journal calls it a miracle, giving much credit to Congressman Barney Frank who “is close to eliminating one of the root causes of the financial meltdown of 2008.” Not yet a done deal, it looks as if all requirements to use NRSROs will be eliminated from federal laws and regulations.

 

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