Cetier1

In addition to OpenAl's deals with chipmakers, the ChatGPT maker is also eying a broad mix of financing vehicles to fund its infrastructure efforts. Friar said OpenAl is "looking for an ecosystem of banks [and] private equity" to support its ambitious plans. She also hinted at a role for the US government to "backstop, the guarantee that allows the financing to happen," but did not elaborate on how this would work. Asked for clarification, an OpenAl spokesperson said Friar was speaking in the context of the broader Al industry. There are currently no immediate plans about OpenAl pursuing a federal backstop, the spokesperson said.

Hang on, aren’t you supposed to ask for a government backstop AFTER the bubble bursts?
www.bloomberg.com/news/article...

YouTube video by Business Scholarship Podcast Business Scholarship Podcast - Ep.263 – Narine Lalafaryan on Chameleon Capital |

What happens when the lines between debt and equity blur?

Narine Lalafaryan, assistant professor of corporate law at the University of Cambridge, joins @busscholarship.bsky.social to discuss her paper “Chameleon Capital.” 1/2

Why I love the IMF global financial stability report It’s the best publication for investors — but the latest issue makes spooky reading

www.ft.com/content/fbcd...

This is a preposterously poorly reasoned final rule that will let the 36 largest U.S. banks off the hook for their management failures.

Inexplicable that two Democratic Fed appointees supported it.

Congratulations!

“Orcel has been the best at allocating capital among European banks. If it ain’t broke, don’t fix it."

We only have ourselves to blame for our once-great nation’s sorry slide into poverty Britain doesn’t just have a politician problem; it has an electorate problem

Food for thought: www.telegraph.co.uk/gift/3bb194c...

That's the right approach

Full marks for this response!

The Kanses FED study: www.kansascityfed.org/Economic%20R...

The one that keeps me wondering: unclear versus nuclear

Claude: claude.ai/share/502e92...

This will ok won't it? Asking for a few friends. Asking my auditor followers in particular.

The FT featured a nice option piece with a solution: let the de issuer buy the bonds back at a discount.

I wrote an academic article on below par buybacks, so yes I see merit in that fix.

You have my phone # happy to discuss.

In theory, this is fine as long as the bank has the intent and ability to hold the assets until maturity.

But a recent research article from one of the regional FEDs showed that these unrealized losses had various negative effects.

Oh wow, after over a decade of tilting at windmills the European Commission is finally giving up on the EU FTT #RIP

Procyclical stocks, those whose cash flows rise with expected economic growth, earn higher average returns than countercyclical stocks, from William N. Goetzmann, Akiko Watanabe, and Masahiro Watanabe www.nber.org/papers/w34402

Tom Hayes Sues UBS in US for Handing Him to Prosecutors on a ‘Silver Platter’ Tom Hayes, the former star UBS Group AG trader who became the face of the Libor rigging scandal, sued his former employer accusing it of handing him over on a “silver platter” to global prosecutors in...

Another potential hit for #UBS >> Tom Hayes, former star UBS trader and the face of the Libor rigging scandal, sued the bank for $400m accusing it of handing him over on a “silver platter” to global prosecutors www.bloomberg.com/news/article...

Bond vigilantes:

UBS Leaving Switzerland Is Edging Closer to Reality Money can’t buy you love and right now no one knows that better than UBS Group AG. Since the Swiss bank helpfully rescued its cockroach-riddled rival Credit Suisse in a state-brokered emergency takeov...

A #UBS without Switzerland? A Switzerland without UBS? One big investor says it has to happen. Misfortunes are piling up at the bank rn and leaving home might become a realistic option. Via @opinion.bloomberg.com >>
www.bloomberg.com/opinion/arti...

Size matters

How the RBNZ and Oliver Wyman use an old trick to make us believe that our banks are overcapitalised Some weeks ago, the Reserve Bank of New Zealand (RBNZ) published its consultation on bank capital with submissions closing on 3 October 2025. That's by the end of this week! To support…

🇺🇸✈️ U.S. fighter jets scrambled to intercept Russian military aircraft near Alaska. Two Russian Tu-95 strategic bombers and two Su-35 fighter jets flew in the Alaska Air Defense Identification Zone, which is international airspace bordering U.S. and Canadian airspace, — CBS News

Welcoming Dr Anna Breman: New RBNZ Governor

Capital Issues extends a warm welcome to Dr Anna Breman, who has been officially appointed as Governor of the Reserve Bank of New Zealand. Dr Breman arrives in Wellington from Sweden, where she most recently served as First Deputy Governor of Sveriges…

Why that space before the first wird. Drives me nuts!

So true!

France tries again Paris political class goes round in circles while public finances fall behind those of other countries

France tries again on.ft.com/4nqCZEy | opinion

Let the data speak

The graphs below, once seen, cannot be unseen. There's nothing special about them—they simply clarify something I didn't realize until recently, when readers prompted me to elaborate on my earlier blog post. That earlier post focused on the intense attention politicians, press,…

Neil Quigley goneburger!

How Media Helps Banks Win While Claiming to Help Borrowers

Some months ago, I attended a meeting of the Finance and Expenditure Committee’s inquiry into banking competition. MPs were questioning Antonia Watson, CEO of ANZ New Zealand. What struck me, and lingered in my memory, is that sitting just…

🤣🤣🤣

From Fortress to Mainstream: RBNZ Dials Back its Capital Ambitions

The Reserve Bank of New Zealand (RBNZ) has opened consultation on its 2025 Review of Key Capital Settings. Six years on from the 2019 Capital Review, the tone has shifted. The new proposals look less like a retreat from resilience…