Jon Macaskill

Recent stories by Jon Macaskill

• Macaskill on markets: Einhorn judgement could lead to greater scrutiny of CDS trading

  David Einhorn’s £7.2 million ($11.3 million) fine by the UK’s Financial Services Authority for insider trading in Punch Taverns stock should make some hedge fund managers and investment bankers very afraid.

  Euromoney February 2012

• Sideways: The ‘self-effacing’ activists

  When David Einhorn was sanctioned by the UK’s Financial Services Authority at the end of January he was described in one newspaper profile as “self-effacing”, which was an odd phrase for a hedge fund manager who relishes the spotlight, at least by the standards of the industry.

  Euromoney February 2012

• Macaskill on markets: An unhappy new year for corporate activity

  Banks face tough decisions on how hard they should fight to retain sales and trading market share in different sectors, as the great deleveraging drive of 2012 gets under way.

  Euromoney January 2012

• Sideways: Trying to square the ‘truth circle’

  More coals were heaped on the head of Johnny Cameron after the details in December’s FSA report on the failure of RBS revealed how little he appeared to understand the mechanics of structured credit when he was head of global banking and markets at the firm.

  Euromoney January 2012

• Macaskill on markets: Downgraded banks face hits from additional collateral payments

  Bank of America recently issued a footnoted warning in a regulatory filing about $11.5 billion of additional collateral payments on derivatives it faces because of rating agency downgrades. At the end of September the bank was on the hook for $4.9 billion of extra collateral that it might be required to pay but had not yet posted, including $3.2 billion linked to its September 21 downgrade by Moody’s.

  Euromoney December 2011

• Sideways: Nominees try to be Wall Street smart

  The decision by Congressman Barney Frank not to seek re-election to the US House of Representatives next year could result in an unexpected financial windfall for some employees of Goldman Sachs.

  Euromoney December 2011

• Downgraded banks face hits from additional collateral payments

  Big derivatives players face forced recalculation of collateral agreements just as they are trying to slash their exposure to risk-weighted assets

  Published November 2011 euromoney.com

• Macaskill on markets: Biting off Moore than can be chewed

  When Richard Moore was leaving Citigroup after two decades at the bank, in roles including global head of foreign exchange, he told colleagues he was considering a career shift to professional poker player.

  Euromoney November 2011

• Macaskill on markets: Corzine likely to avoid crash landing with golden parachute

  MF Global’s spectacular failure could have a knock-on effect on confidence in another mid-sized firm with ambitions to join the investment banking elite: Jefferies.

  Euromoney November 2011

• Corzine likely to avoid crash landing with golden parachute

  MF Global’s spectacular failure could have a knock-on effect on confidence in another mid-sized firm with ambitions to join the investment banking elite: Jefferies.

  Published November 2011 euromoney.com

• Macaskill on markets: Morgan Stanley battered by new crisis of confidence

  The run on Morgan Stanley’s stock and credit default swaps in the final days of September had alarming similarities to the collapse in confidence in the bank during 2008.

  Euromoney October 2011

• Macaskill on markets: Self-styled King of Wall Street taints his crown

  Central bankers seem to have had just about enough of Jamie Dimon’s spittle-flecked rants about the dangers of increased regulation. The JPMorgan chief executive lambasted Federal Reserve chairman Ben Bernanke over the costs of regulation in a public debate in June, then followed up by arguing with Bank of Canada governor Mark Carney during the recent IMF/World Bank meetings in Washington. Dimon has also warned that some reforms are “anti-American”.

  Euromoney October 2011

• Macaskill on markets: Morgan Stanley battered by new crisis of confidence

  CDS spreads balloon as fears grow over potential flight of funds; Did US firm mis-time ramping up of risk in fixed income markets?

  Published October 2011 euromoney.com

• Macaskill on Markets: Buffett gets the bounty with Bank of America job

  Warren Buffett’s stick-up of Bank of America in late August was a classic piece of opportunistic investment. The $5 billion deal marked an evolution in Buffett’s signature approach of renting his reputation to troubled financial companies in return for a near-extortionate fee. Rather than waiting for a firm such as Salomon or Goldman to come to him begging for protection, Buffett this time foisted a deal on Bank of America.

  Euromoney September 2011

• Macaskill on Markets: How Warren washes over his derivatives cunning

  Warren Buffett’s record as an investor is unparalleled and his contribution to public life important, from pushing his fellow billionaires to pledge money to charity, to calling for a more equitable US tax code.

  Euromoney September 2011

• Macaskill on markets: Investors should beware of Buffett’s Bank of America bounty

  Bank of America’s acceptance of Warren Buffett’s extortionate investment terms represented at best as a gimmicky decision to pay for an endorsement and at worst a disregard for the bank’s existing shareholders

  Published August 2011 euromoney.com