By Patrick Clark 9/28/12 7:52am

Morning Read

FSA to Announce New Libor Plan; Ex-Credit Suisse CDO Chief to Fight Extradition: Roundup

The British Financial Services Authority is wresting oversight of the London interbank lending rate from the British Bankers Association as part of an overhaul of the process by which Libor is set. The British government will take a more hands on role, and submissions will be delayed for three months, perhaps diminishing the temptation to rig rates for the purpose of managing perception of a bank’s health.

Right on time, The Wall Street Journal has an “analysis” that shows Libor doesn’t actually reflect banks’ borrowing costs.

Kareem Serageldin, the former head of Credit Suisse’s CDO business arrested in London on Wednesday, said he will fight extradition to the U.S. When Mr. Serageldin was charges in February for running a scheme to falsify trading positions, he expressed surprise over the indictment, noting through lawyers that he was cooperating with attorneys. When he was nabbed outside the U.S. embassy in London this week, he said through a lawyer that he was working on a plea deal, and that his capture was the result of “miscommunication.” Read More

By Mike Taylor 12/16/10 6:49pm

Bailouts

Tim Geithner Reckons TARP Bailout Is Pretty Cheap

Treasury Secretary Tim Geithner is just bursting with pride over the government’s bailout of the nation’s large banks during (and beyond) the 2008 financial crisis. By Mr. Geithner’s estimation, the intervention will only cost around 1 percent of U.S. GDP — pretty cheap as far as systemwide emergency procedures go. The New York Times Read More

By Mike Taylor 12/10/10 4:58pm

Yuck

Tim Geithner Has Kidney Stones

This just in from iron-stomached Associated Press reporter Martin Crutsinger:

Treasury Secretary Timothy Geithner has been admitted to a hospital where he will undergo minor surgery to deal with a kidney stone.

Treasury spokesman Steve Adamske said Geithner began experiencing severe pain from a kidney stone during the night and was admitted to George Read More

By Max Abelson 4:41am

Requiem for a Banker

There was a peculiar buzzing sound coming from somewhere inside the Credit Suisse meeting, a mildly annoying vibrating bleep. Paul Calello, the bank’s commodities and derivatives chief, checked his briefcase. The buzzes got louder.

His daughter had decided to send her Tamagotchi toy pet to work with him, and it was hungry. Mr. Calello stopped Read More

By Mike Taylor 11/22/10 1:19pm

Wall Street

Morning Roundup: Probes for the Holidays

  • The Feds are wrapping up a three-year project aimed at cracking down on insider trading. Some of the biggest names in finance (Goldman Sachs, SAC, Janus) are being bandied about, as are the following phrases: Criminal and civil; three-year investigation; bankers; hedge funds; analysts. This should be a lot of fun to watch. Read More