BRUSSELS (AP) -- European Union finance ministers are to meet in in Brussels Tuesday to hammer out an agreement over how high banks should build their defenses against future financial shocks, with the U.K. running the risk of being isolated over who should set the height.
The EU's 27 members agree on the need to increase capital reserves of banks, following an international agreement called Basel III, which was negotiated by the world's largest economies to avoid another financial meltdown such as the one brought on by the collapse of U.S. investment bank Lehman Brothers in 2008.
But the U.K. wants national regulators to be able to set requirements significantly higher than those of the EU — a position opposed by almost all other EU members, who fear investors might then prefer UK banks and flee from those in other countries.
On his way into the meeting Tuesday morning, George Osborne, the British chancellor of the exchequer, was non-committal about the possibility of reaching an agreement.
"This is a time of considerable uncertainty in the eurozone economies," he said, referring to the 17 countries — the U.K. not among them — that use the euro currency. "And that uncertainty is undermining the entire European recovery. And I think we're reaching a point where we've got to make a decision to see the eurozone stand behind their currency. A very important part of that, of course, is strengthening the entire European banking system. And that is what we intend to do today."
Once enacted, Basel III would require lenders to increase their highest-quality capital — such as equity and cash reserves — gradually from 2 percent of the risky assets they hold to 7 percent by 2019. An additional 2.5 percent would have to be built up during good times. All members of the G-20 have agreed to implement Basel III; if the European Union succeeds, it would become the first entity to institute the new requirements.
The U.K. is arguing that, because national taxpayers have to bail out banks when they fail, national authorities should be able to set more stringent requirements to guard against such failures. A compromise proposal offered by the Danes, who hold the rotating presidency of the European Union, would allow national authorities some leeway to increase requirements beyond those called for in the Basel III agreement. That proposal has broad support — except, so far, from the U.K.
The finance ministers can approve the compromise proposal without British support, through what is known as qualified majority voting, in which member countries have different numbers of votes according to their populations. However, there is a tradition in the EU that changes that would affect an industry in a particular country — such as the banking sector in the U.K. — are not forced into effect over the objections of that country, and consensus is sought.
"I think there should be a unanimous decision on such an important issue," Swedish Finance Minister Anders Borg said on his way into the meeting.
SS&C Zoologic Launches Finance 2.0 iPad Application - Yahoo Finance
WINDSOR, Conn., May 22, 2012 (GLOBE NEWSWIRE) -- SS&C Technologies (Nasdaq:SSNC - News), a global provider of investment and financial software-enabled services and software, announced the launch of a free iPad(R) application on the iTunes App Store. The Zoologic Finance 2.0 app allows users to access accredited courses for the financial services industry from their iPad or other mobile devices.
The first course offered in the Finance 2.0 mobile app is "Introduction to Securities Markets." The course outlines the function and organization of capital markets, and describes how securities are structured, priced and sold. Users will learn about the participants in the securities markets industry, and identify and compare the types of securities being traded today. Designed for the iPad, the comprehensive course features interactive animations, glossary definitions, dynamic content and knowledge-check questions.
"We are extending our commitment to make professional education accessible in virtually every format that exists. The Finance 2.0 app is a robust and easy-to-navigate app for online learning," said Richard Shalowitz, Senior Vice President and Managing Director, SS&C Zoologic. "This application sets a new standard for how people learn on their iPad and mobile devices, delivering quality education anytime, anywhere."
A Zoologic client since 2010, David S. Krause, PhD, Director of Applied Investment Management at Marquette University said, "Portability is important when you're talking about learning and continuing education today. Marquette wants to lead the way with what these devices can do for education and the Zoologic Finance 2.0 app shows us how to create a truly mobile learning experience."
In addition to the Finance 2.0 app, Zoologic's new mobile learning (mLearning) platform uses the latest cloud-based technologies, enabling users to take Zoologic courses on virtually any mobile device, including Android phones. For frequent travelers, Zoologic courses are available in an iBook format so users can download courses for use offline. The Finance 2.0 app for the iPad is available as a free download from the Apple iTunes App Store at http://itunes.apple.com/us/app/finance-2.0/id516305026?mt=8.
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. 5,000 financial services organizations, from the world's largest to local financial services organizations, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $16 trillion in assets.
Additional information about SS&C (Nasdaq:SSNC - News) is available at www.ssctech.com.
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Money a good thing in Scott Walker recall election - Washington Times
SALT LAKE CITY, June 2, 2012 — Wisconsin voters look poised to deliver a fairly telling vote of confidence for their governor, Scott Walker.
To Democrats, whose heretofore legislatively-guaranteed political advantages have helped them to engineer the recall, Walker's probable victory only serves as proof that the Republican governor is unfairly buying the election.
Setting aside the obvious hypocrisy of the conventional wisdom that President Obama's unprecedented war chest represents the enthusiasm of millions of ordinary Americans, the idea that Governor Walker's win is tainted by the millions he has spent to run the campaign is preposterous.
Preposterous because it relies on a number of assumptions that are antithetical to American democracy.
The first of these assumptions is that voters can't discern issues for themselves, that they are simply mindless automatons who are easily hypnotized by seductive advertising.
If that is the case, perhaps President Obama's impressive victory in 2008 wasn't so impressive after all, considering that he outspent his rival many times over in the closing weeks of the presidential contest.
Closer to home, the recall effort against Walker himself was financed by those with a stake in getting him out of office. He did not ask for this election, so for liberals to complain that he is raising and spending money in an effort to make his case to voters is a bit disingenuous.
Of course it was their perfect right to dedicate their own time and resources to the recall effort. Indeed, in a participatory democracy, it should be lauded. So too, should the contributions and participation of thousands of donors who have decided to commit their resources to the governor.
John Nichols complains in the Capital Times, a left-leaning newspaper, that Walker exploited a "loophole in Wisconsin election law which removes contribution limits for officials seeking to prevent a recall election." He neglects to mention that the loophole is purposeful and consistent, since no limit exists on raising funds to mount a recall in the first place.
Nor should there be. Citizens who choose to engage in politics shouldn't be hindered by laws designed to restrict how they spend time or money. And it seems ridiculous to expect that a sitting governor should be powerless while his opponents amass their forces against him setting up a recall.
Another faulty assumption that liberals make is that money from business associations (to which they try to tie Walker) is somehow less virtuous than money from other types of associations.
The Left's preferred association is the labor union, and it was they who organized what might very well turn out to be the most colossal strategic error of the past decade. Nevertheless, the fight is almost completely over union money—whether union bosses can use the machinery of the state to forcibly extract political funds from public employees—and initially financed by union money. If anyone can be accused of trying to buy the gubernatorial seat in Wisconsin, it is the public sector unions, not the current governor who already won it less than two years ago.
A third bad assumption is that money actually moves votes.
ABC news reports that the executive director of the nonpartisan Wisconsin Democracy Campaign is skeptical.
"So far," said Mike McCabe, "the tens of millions of dollars that have been spent on ads don’t seem to have moved the needle very much. Poll numbers haven’t changed much. Walker’s approval ratings haven’t changed. So the tens of millions spent don’t seem to have changed very many minds."
On the other hand, the act of contributing is a civic act that has great importance. It is a way for people to get involved and show their support for one cause or the other. So far, Walker is winning that contest, which infuriates the Left because part of their trope is that they represent the masses.
Recall the weeks and months of large scale demonstrations at the state capitol in Madison, a sign, we were told, that the people were unhappy with the governor. Their mobilization was lauded as high-minded political participation.
Some people skip work and march. Others donate a few bucks.
Democrats regularly try to "buy" elections. Governor Walker's challenger, Tom Barrett, has frantically tried to raise money. The unions have poured in precious dollars during every phase of the foolhardy recall, from the state senatorial elections to that of the state supreme court seat held by David Prosser.
If they could raise more money, they would.
For them to claim that Scott Walker is trying to buy the election simply because he has been more successful at raising money is ignorant of the role of money in American elections, and the freedoms it represents.
Learn more about the author at Rich-Stowell.com
Rich is a teacher and a soldier. In addition to writing the "Rich Like Me" political column at the Washington Times Communities, he is the author of Nine Weeks: A Teacher’s Education in Army Basic Training; Tunnel Club; and Not Another Boring Textbook: A High School Students’ Guide to their Inner Conservative, which you can follow on Facebook.
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