Banking, the vicechairman of blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we learned that we had too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. So that is the key take away from it all. We have also learned that this notion of letting the market be totally free, that governments really should get out of the way, that wasnt a good idea. I think what stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. I mean in some cases, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In some ways, i wish we had focused more on the capital issue, and less on all of the other things that have made it into the Regulatory Reform realm. Francine but is there
Recognized names in swiss banking, the vicechairman of blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we learned that we had too much leverage in the system without any doubt. When you have leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. I think that is the key take way from it all. We have also learned that this notion of letting the market be totally free, that governments really should get out of the way, that wasnt a good dea. I think what stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. I mean in some cases, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In fact, in some case, in some ways, i wish we have focused more on the capital issue and less on all of the other things that have made it into the Regu
We meet one of the most recognized names in swiss banking, the vicechairman of blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we learned that we had too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. So that is the key take away from it all. We have also learned that this notion of letting the market be totally free, that governments really should get out of the way, that wasnt a good idea. I think what stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. I mean in some cases, these banks were leveraged nearly 100 times. And that, to me, has always been the key takeaway. In some ways, i wish we had focused more on the capital issue, and less on all of the other things that have made it into t
Brussels after a significant defeat forcing to give parliament a vote on the final deal. We are live at the summit. Security soft where maker jim wil focus onto accelerating growth. Lmatt where less than half a note half an hour away from the open. Much Central Bank News, volatility at a low level. We do not see much direction, direction but not much size as far as futures are concerned. Down across the board but only fairly small moves with the exception of when you get into the dax. Enter frankford a drop of one third of 1 . Take a look at oil. Interesting today, everyone is focused on rates, people will be focused on currency and stocks. Do not take your eye off oil. This is a threeday trade of nymex crude here crude. We are down 2. 5 as u. S. Output has risen to a 30 year high. Eight weeks in a row of gains for oil. Watch this space. I am behind you. Lets talk about the gmm and figure out what is happening. And what has been happening in some of the equity markets. Switzerland more
Welcome to bloomberg surveillance bloomberg surveillance. Im mark barton in london. Festival of Central Banks, we have the ecb to come, the bank of england, the fed here. Down 1 5 of 1 . Uro, little change unchanged since the last ecb season, october 26. Hasnt fallen to one dollar 1587 on November November 7. Sterling up by 1 10 of 1 today. Today, but its politics thats affecting sterling today, having risen since fps last night. Theyre changing their governments planned legislation, so they guarantee they will get a meaningful vote on the final deal to leave the eu in negotiations for 2019. Coming up today on bloomberg surveillance, we will discuss markets with paul donovan, hear from the s p governor thomas jordan. But get to bloomberg first word news with Sebastian Salek sebastian the fed has raised rates by 25 basis points as widely expected. We also have a growth forecast next year, but maintaining projection of hikes 3 hikes in 2018. Saiding chair janet yellen this underlines tha