Quotes of the month
"Rehypothecation is not a four-letter word"
IMF senior economist Manmohan Singh argues that the shadow banking system is a necessary part of the monetary universe (see IMF's Singh warns of the threat of collateral drought to global liquidity)
"The only way banks can reduce their cost of borrowing is to merge. That is the antithesis of what the authorities want: they want banks to become smaller so they aren’t too big to fail"
Neil Garrod, directory of treasury at Vodafone, questions what banks can do for him when their own cost of borrowing is far higher than Vodafone’s
"We aren’t trying to turn ICBCI into a western investment bank. Our aim is unquestionably to build a global investment bank with Chinese characteristics"
Mary MacLeod, deputy CEO of ICBCI, is the foreigner trying to build a Chinese investment bank that differs from but beats its foreign competitors
"No, we think that the foreigners offer low cash"
Luiz Galvao, co-head of Bradesco BBI, counters criticisms that the Brazilian bank is fuelling its hiring spree by giving big cash bonus incentives
"I don’t want to sound like a vulture fund taking advantage of other people’s weaknesses, but you would imagine that as people have issues in their core domestic markets, they would retreat to some extent from southeast Asia"
Charon Wardini Mokhzani, CIMB’s deputy CEO, and head of the corporate and investment banking business, sees international firms being forced to reduce their operations on his home turf