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Opinion

Quotes of the Month

"The issue has gone unanswered for years. What is going on is simple stealing. We don’t need new laws against this, we already have them. If the Fed won’t step in, then the Department of Justice has to"
Economist Susan Trimbath explains the need to act now before fails-to-deliver bring the US treasury market to the point of collapse

(see The treasury market reaches breaking point)

"Market conditions may not improve materially for a year or longer. Prioritize access to capital as the primary objective and focus on its cost as secondary"
Alastair Borthwick, head of investment grade DCM at Bank of America, advises corporate treasurers on how to ride out the crisis

(see Why corporate refinancing is next up in the cycle of despair)

"The pace of collapse of the Bear Stearns stock price was clearly accelerated by the enormous naked short-sale activity"
Robert Shapiro, an economic adviser to presidents past and future Clinton and Obama, says a failure to stamp out naked shorting has exacerbated the financial crisis (see US equity market – Fails to deliver: The naked truth)

"If you have locked-up capital, now is the time to advertise it so that next time a distressed seller comes along you are in a good position to take advantage of that fact"
Tim Frost, director of Cairn Capital, is one of a growing band of credit funds that think there is now money to be made from depressed valuations (see Hands up: who wants to call the bottom of the market?)

"I’m the minister of finance in charge of handling this crisis, and that’s my commitment"
Indonesia’s finance minister, Mulyani Indrawati, will continue to battle at home and abroad on her country’s behalf

(see ‘I am what I am’: Indonesia’s embattled finance minister speaks out)

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