NYT Profile of Ignazio Angeloni

The NYT has a profile of Ignazio Angeloni, a senior ECB official who is closely involved in the new SSM process: it is here.

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24 thoughts on “NYT Profile of Ignazio Angeloni”

  1. Derek Scally has picked up for the IT an important and not unrelated issue, that of the approach of the incoming Chancellor, whose approach does not differ greatly from that of the outgoing one.

    http://www.irishtimes.com/news/world/europe/merkel-aims-for-further-eu-treaty-change-in-third-term-1.1567353

    The Der Spiegel article referred to.

    http://www.spiegel.de/politik/deutschland/merkel-will-eu-vertraege-aendern-und-mehr-rechte-fuer-eu-kommission-a-928768.html#js-article-comments-box-pager

  2. Bloomberg has the latest on the fraught nature of the exercise of proving that European banks are as sound as a bell.

    http://www.bloomberg.com/news/2013-10-20/draghi-challenges-eu-bank-aid-rules-over-forced-losses.html

    The general conclusion would appear to be that if any member country of the Euro Area wishes to see the colour of German money, the pretence of budgetary rigour will not suffice, the manner in which Ireland’s budget 2014 was put together being a case in point.

  3. On Monday, October 21, 2013, The National Bank of Greece, NBG, rose strongly. Eurozone Stocks, EZU, traded unchanged at their rally highs, while the European Financials, EUFN, traded slightly lower, while the EUR/JPY carry trade, EUR/JPY, traded slightly higher at 134.33, as the Euro, FXE, closed unchanged at 135.33, and the Yen, FXY, closed lower at 99.52.

    The NYT article reports that Ignazio Angeloni is a man with a mission: “You have to supervise what banks do,” Mr. Angeloni of the ECB said. He heads the European Central Bank’s financial stability division, giving him a lead role in a task about to begin: examining the books of the 130 or so largest banks in the 17 members of the European Union who use the euro. It will be financial triage aimed at determining which banks are sound and which are not; good luck with that.

    (I comment that none of Europe’s banks are sound, as they are all loaded to the gills with nation state Treasury debt, EU, that cannot be and will not be repaid. The European Financial Institution, EUFN, are insolvent financial institutions, and the European nations, at least the PIIGS, that is the periphery nations Portugal, Italy, EWI, Ireland, EIRL, Greece, GREK, and Spain, EWP, are insolvent sovereigns. Insolvent sovereigns cannot govern, and insolvent banks cannot provide seigniorage. It is only through godsend, that is a lifesaver, that the European banks have financial life; it came through the genius of Mario Draghi, who provided the monetary policies of LTRO1, LTRO2, and OMT.

    The Euro FXE, is trading at its rally high of 135.36; its strength is not a function of free market place trading between buyers and sellers of nation state treasury debt; but rather the Euro has been given seigniorage by the sovereignty of one man, that being the ECB’s Mario Draghi.

    Not only is the strength of the Euro, FXE, the European Financials, EUFN, and nation investment in Ireland, EIRL, Italy, EWI, Greece, GREK, and Spain, EWP, an awesome thing, it is truly an epic thing, as well as a pivotal thing, and a terminal thing. Liberalism has attained peak sovereignty, peak seigniorage, and peak prosperity.)

    NYT continues: Angeloni is one of the more multifaceted lieutenants of Mario Draghi, the president of the European Central Bank. The immediate task is to prepare for the inception of a quasi-independent supervisory branch of the central bank, which will have its own chairman.

    (I comment that as Mario Draghi’s banking lieutenant, he is one of many regional nannycrats rising in power to effect regional economic governance).

    NYT continues: “The stakes are the recovery and well functioning of Europe and the euro,” Mr. Angeloni said. “Europe has this project for several decades, to not only live in peace — that’s already an important thing in itself — but also to make its economic model function and potentially — why not? — be also exported elsewhere. And it’s a good economic model, because the quality of life in Europe is very high in many ways.”

    (I comment that the European model, specifically European Socialism, and Greek Socialism, being based upon clientelism, and national laws which present structures that impede economic growth, is unsustainable; and having reached its fullest expansion, is about to implode).

    NYT continues: “You have to make the system work, you have to reform it a little bit, and what we are doing is part of this reform,” he said, adding, “Building a federation is a long process.”

    (I comment that yes, Ignazio Angeloni is a man tasked to build a Eurozone Superstate, featuring a banking union; he is a leader in establishing European regional governance.

    Liberalism featured the Banker Regime. Authoritarianism features the Beast Regime, where leaders meet in summits and workgroups to waive national sovereignty and establish regional pooled sovereignty, as The First Horseman of the Apocalypse, that is the Rider on the White Horse, who carries the bow yet without any arrows, Revelation 6:1-2, is effecting coup d’etat globally to transfer the baton of sovereignty, from liberalism’s democratic nation states, to authoritarianism’s nannycrats, as they rise to rule in public private partnerships, providing seigniorage through oversight of the factors of production, commerce, banking and trade, all for regional security, stability and sustainability.)

  4. @ tyg: Hi, there.

    “I comment that none of Europe’s banks are sound, as they are all loaded to the gills with …”

    Pure, unadulterated financial sh*te! – or a worthless currency (debt) if you prefer. And I, and many others, have to endure unctuous, patronizing sermons from folk – both near and far who are either clueless, or more likely, well informed mendacious knaves.

    Think of an archeologist excavating a site near Jerusalem. It has many, many different layers of settlements. Eventually you do get to bedrock. And you have the full picture, as it were.

    Now, our current global financial is like such a site – multiple layers of chicanery and fraud. So until folk are willing and able to excavate down to that last layer and discover that nice oak coffin with Count Dracula (our banks) inside and finish him off – you’re wasting my time.

    You exterminate a bloodsucking vampire by driving a sharp stake through its heart, not trying to persuade it to ‘be nice’ to folk. So, who is up to driving that stake home then?

  5. @ Flj

    This item by AEP is worth a read (leaving aside the usual references to the approaching apocalypse).

    http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100025877/draghi-letter-please-dont-destroy-europes-banks-yet-again/

    Europe’s banks did a pretty good job of destroying themselves. They needed little assistance. What they lacked was supervision. States will have to stand behind them again; individually, it seems, except in the circumstances where this is impossible! Countries are hardly going to willingly fall into the latter category. At least, that seems to be what the creditor countries are betting on.

  6. @theyenguy did you miss out on the recent run up in AIB,yesterday wolds most valuable bank…….
    http://ftalphaville.ft.com/2013/10/21/1673172/the-eejit-market-in-aib/
    @BWSnr you can just have NO banks at all,ever been to say Cuba or chat with any eastern europeans,they ain’t overly fond off the alternatives!
    As bad as the current system is,this chap though in fairness operated a very successful business w/o any credit,but an exception.
    “One day, when the local bank tried to seize bags of sugar at the Haribo plant because the company had been late on a loan payment, Riegel swore he would never borrow money to grow the company again.
    It’s a position he stuck to for the rest of his life. When star investor Warren Buffett came knocking on his door in 2008, Riegel sent him away…”
    http://www.spiegel.de/international/business/former-haribo-leader-hans-riegel-dies-at-90-a-928034.html

  7. Hi john: Banks, we need. Just not the sort we have ended up with*. They’re totally toxic. Unless they are completely flattened (liquidated) and a new set of olde worlde style banks (which have zero ability to emit any sort of ‘money’) are set up, we will be back here in short-order. So the game plan is to see how far the citizens can be pushed before they riot.

    @ DOCM: “What they lacked was supervision.”

    I had a really good laugh at this. I was stuck in traffic this PM beside an Adult (fantasy) Shop! They had female mannequins in the window in various interesting attires – each being equipped with a whip! Now that’s what I call supervision!

    * The Stillorgan AIB Branch (which is a very busy branch) is now equipped with several ATMs and one human teller. Basil Fawlty would be right at home. I must be that a bank would be well off without staff and even better off without riff-raff customers! Valuable my arse!

  8. @BWSnr,hi Brian say like the credit union set up…oh hold on:)
    Lots anger over here about the govt. clipping JPM and BofA,for basically stepping up and averting a total meltdown-full disclosure shareholder in both.
    But AIG did return quite a handy profit so it can be done….
    http://www.cnbc.com/id/101129906
    But you still tops at this,h/t zero hedge…
    http://www.telegraph.co.uk/news/worldnews/europe/10391238/Benefits-in-Europe-country-by-country.html

  9. @ JG: “But AIG did return quite a handy profit so it can be done….”

    AIG! In profit! How? Oh, yeah they enjoyed a private QE massage session. Terrific stuff. Dimon is a crook, leading a bunch of crooks. Have they disbanded the SEC or what?

    Please try not to believe that sh*te in the Telegraph or the NTY for that matter. Did you see to-day’s Insight piece? Its complete rubbish. But that’s what our great modern media has descended to. Printing rumour and passing it off as fact. Now remind me about that sub-prime securitization racket again! You know, the AAA stuff! Dog turds wrapped up as truffles! They never stop, do they?

    Yeah, the Credit Union. Jesus wept! He only went up Calvary once. We have to go up every day!

    See yeh!

  10. @BWSnr AIG info here,planned well executed asset disposals and good management,free money is not always the answer-ask Anglo..
    http://www.reuters.com/article/2013/08/01/us-aig-results-idUSBRE9701AC20130801
    Jamie is considered the greatest banker off his generation,JPM is NOT a bunch of crooks,SEC is doing fine.
    The Telegraph is just ‘data’ not a story at all.
    Insight piece-irish media?
    Agreed sub prime did get a little out of control,always a bad idea to lend poor people money,they have a nasty habit off not paying it back,and then when you go after the collateral mother of god its simply impossible,best not to lend to those types ever again…….
    http://www.theatlantic.com/business/archive/2013/10/jamie-dimon-s-original-sin-america-s-best-banker-was-overrated-from-the-start/280763/

  11. @jg: “Jamie is considered the greatest banker off his generation.”

    Yeah, john. And how come his company is fined, massively? – when it should have been shut down for outright fraud. Dealers under Dimon’s control gave fraudulent warranties and representations about the securities they were wholesaling. They out and out lied, john! This is not being denied. So where are the handcuffs and the orange jumpsuits? The SEC are asleep – or more likely have been told to ‘wait outside’!

    OK, Jamie must be the greatest banker of his generation, he presided over a massive swindle then successfully finessed the SEC and got a measly fine. Oh yeah, I forgot. JPM went to the Fed Discount Window, borrowed money at 0.2% and flogged it to their customers at 5%. And they made a profit! Well, golly gee on that one john.

    And john. Poor people are often the most reliable ones to repay money. They need to keep borrowing! Its the wealthy who welch!

    😎

  12. @BWSnr like in any large complex organization there will be the odd rouge employee,happens.
    The rating agencies were also somewhat irresponsible,in that if your pool did not get the rating required,it got pulled and sent elsewhere.
    Regarding,sub prime oh renting is probably a better option for a lot off people,you may find the default rate in non agency pools a lot less than in some that junk.

  13. @ jg: Re your 9:32 of the 22nd.

    The odd rogue. Sure, goes without saying – which is why we have nasty penalties available and folk who would pursue and prosecute. The penalties are still there – but the gamekeeper folk have been sent on furlough – sine die, it appears. Now that would be the Rule of Law in the trashcan. Yes?

    But, but … JPM-C?; Countrywide?; M F Global?. “OK, lets just take some time-out here!”

    Regardless of my state of mind, if I represent a financial product (or a residential property) in such a manner that it disguises or fails to disclose a significant fault, a fault which if it was disclosed would immediately result in a substantial discount on the asking price – then that’s a fraud. QED. But if there are no consequences for me, personally – well?

    Countless thousands of folk have suffered serious financial harm as a result of the many and various types of deliberate misrepresentation of the financial products they purchased – in good faith. They actually got this faith from the ratings agencies, who were willing collaborators in the frauds. So where are those cops then? On full-time coffee breaks?

    If it became known that a well endowed criminal gang in Ireland were printing and circulating thousands of Euro notes, which were initially of such exceptional quality that they were virtually indistinguishable from the real thing, how long before ordinary folk would refuse to take Irish Euro notes and demanded German or French issued ones instead? (you can tell which is which by the serial Nos. – apparently). Not long, is how.

    That’s what is happening in the global financial markets. Bunko securities being passed off as Kosher – for which the unsuspecting pay good money. And now we have trillions of Dollars of these pieces of second-hand dog turd in circulation – precisely because the Fed and other CBs are giving out ‘free’ money to ensure those turds continue to circulate. Otherwise the tide would recede awfully fast and a lot of folk would be revealed as swimming bollock naked. Now that would be a tad inconvenient. And what would the children think? Can’t have that, now can we?

    So what happens? Oh yeah! You loot depositors (not investors mind) – depositors, private property – their savings. Where are those f**king cops?

    “Time-out!”.

  14. @ JG

    “like in any large complex organization there will be the odd rouge employee,happens.”

    There shouldn’t be any commies at JPM.
    Dimon is well regarded- prior to this he steered the bank through the financial crisis without a quarterly loss but reserves for F@#$ups are equivalent to something like the last 2 years’ profits and he is one more scandal away from the door.
    His management of the tempest in a teapot was poor.

  15. @Seafoid,he’s nowhere near the door,it’s a shakedown !

    “The tentative $13 billion settlement that the Justice Department appears to be extracting from J.P. Morgan Chase JPM -1.20% needs to be understood as a watershed moment in American capitalism. Federal law enforcers are confiscating roughly half of a company’s annual earnings for no other reason than because they can and because they want to appease their left-wing populist allies.”
    http://online.wsj.com/news/articles/SB10001424052702303448104579147881111406764

  16. @ Tull: Apologies, I missed your comment. No. I reflected carefully and decided that I was ‘out of tune’ with the demands. If I constantly whine on this site about unrealistic and unsustainable gov expenditures – then my presence would have be hypocritical. Yes?

    Bye the bye. I posted a delayed response to jg’s 9:32 of 22nd. Lost in transmission? I actually posted it twice – something seemed a bit odd, and I got a response that I had posted a Duplicate? Maybe for the best.

    I do get quite tetchy about the financial chicanery and outright fraud I observe. Many, many folk are seriously harmed.

    @ JG (with the caps): Dimon is a crook! Period! His traders were crooks! They knowingly sold defective securities – whilst attesting to their AAA status. That’s fraud John. Period!

  17. @BNSnr,hi Brian,sorry to hear that,not that it will matter much but i certainly was not in any way upset/offended/annoyed in the slightest by the exchange,i always enjoy them.She who must be obeyed used an old joke on me for years in that,the second time we went anywhere was to apologize for my behavior 🙂

    quick update on JPM-ain’t capitalism grand …
    http://www.reuters.com/article/2013/10/22/us-jpmorgan-penalties-idUSBRE99L19720131022
    http://dealbook.nytimes.com/2013/10/21/considering-the-fairness-of-jpmorgans-deal/

  18. OK, lets see if I’m back on-line.

    @jg: You’re fine. It matters little. Though if the Rule of Law continues to be flouted, expect trouble.

    @Tull: No, I was not at the demo. I am opposed to these sorts of ‘entitlements’. And equally opposed to all those so-called incentives which nett out as a hidden transfer from taxpayers.

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