The Banks in Spain Fall Mainly - The Latest On Spain's Banking Disaster

http://www.businessinsider.com/sp-axed-the-ratings-of-11-spanish-banks-this-morning-2012-4

If you live in the U.S., then you probably missed one of the biggest headlines out this morning:

Standard & Poor's ratings agency took negative actions on 16 Spanish banks—downgrading 11 of them—following a sovereign downgrade last week to BBB+.

Here are the big changes:

Santander: A+ to A-
Banesto: A+ to A-
Santander Consumer Finance: A to BBB+
BBVA: A to BBB+
Banco Sabadell: BBB- to BB+
Ibercaja Banco: BBB to BBB-
Kutxabank: BBB to BBB+
Banca Civica: BBB- to BB+
Bankinter: BBB to BBB-
Confederación Española de Cajas de Ahorros (CECA): BBB to BBB-
BBSA: A to BBB+
La Caixa: BBB- (placed on creditwatch negative)
CaixaBank: BBB+ (placed on creditwatch negative)
Bankia: BBB- (placed on creditwatch negative)
Banco Financiero y de Ahorros S.A. (BFA): BB- (placed on creditwatch negative)
Banco Popular Espanol: BBB- (to remain on creditwatch negative)

Read more: http://www.businessinsider.com/sp-axed-the-ratings-of-11-spanish-banks-this-morning-2012-4#ixzz1tatt1US3

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Campaign : 'Fairer Financial Services Compensation Scheme received 1,421 signatures yesterday...'

FSA - 6th Survey of the FSA's regulatory Performace 2011.pdf Download this file

http://www.moneymarketing.co.uk/1050250.article? An open letter and petition to FSA chief executive Hector Sants and Treasury financial secretary Mark Hoban generated 678 signatures calling for urgent reform of the FSCS funding model.

Yesterday’s date was chosen for the lobbying effort as Informed Choice says this is the day most interim levies are paid.

Bamford says: “Today I will be writing to Mark Hoban with a copy of the petition and all 1,421 signatures. I will also write to Hector Sants at the FSA and Mark Neale at the FSCS, to ensure they are aware of the strength of feeling over this issue.”

Investment advisers have been hit with a £60m interim FSCS levy for 2011/12, to cover the cost of firm collapses including MF Global Keydata, CF Arch cru and Wills and Co.

The campaign is calling for better categorisation of firms within the FSCS funding model.....'

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'USS New York makes historic transit through Straight of Gibraltar...'

 

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Soros : '... weaker members EU like third world countries, over-indebted in a hard currency...'

Soros SpeechBerlin INET2012.pdf Download this file

'INET Lunch, Berlin 2012

Ever since the Crash of 2008 there has been a widespread recognition, both among economists and the general public,

that economic theory has failed. But there is no similar consensus, even among participants of this conference, on 

the nature and implications of that failure. As a sponsor of INET I am delighted because it shows that INET is open to 

widely different strands of new economic thinking. But I am not only a sponsor; I am also the proponent of an alternative 

interpretation of financial markets and today that is what I should like to talk about. 

I believe that the failure is more profound than generally recognized. It goes back to the foundations of economic 

theory. Economics tried to model itself on Newtonian physics. It sought to establish universally and timelessly...'

http://www.businessinsider.com/george-soros-on-the-eurozone-crisis-2012-4?utm_source=alerts 

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