Dominic is a London-based columnist covering investment banking. Prior to Breakingviews, he spent two years at moneydealer ICAP, where he brokered equity derivatives trades between investment banks, high-frequency trading firms and hedge funds. He has more than five years of financial journalism experience, including stints as news editor and investment banking editor at Financial News. He has also written for The Wall Street Journal Europe. Dominic holds an MA in Classics from Oxford University and an MSc in Development Management from the London School of Economics. Follow Dominic on Twitter @DominicElliott
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Shares in Italy’s rickety Monte dei Paschi soared on claims its main shareholder, a charitable trust, had cut its stake. But it hasn’t. With the shareholder needing to sell to support a rights issue and save MPS, the lender is stuck in limbo. This is no way to recapitalise a bank.
Brady Dougan was only lightly chastised about his firm helping Americans dodge taxes. Senator Carl Levin was at least as angry with Swiss and U.S. authorities. And investors don’t expect much more pain. To execs at Goldman and elsewhere, it must have looked like a cakewalk.
Vienna is mulling letting Hypo Alpe Adria fail after a 4.8 bln euro bailout. Bondholders should be bailed in, but most are covered by a guarantee from the local state. Haircutting them would be politically messy and a headache for Austria’s other state-supported mortgage banks.
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- Candy Crush destined to be a heartbreaker
- Bank bonus flexibility is a myth – cap or no cap
- Securitisation muzzling does more harm than good
- Commerzbank could yet boost BNP’s bland strategy
- SocGen’s dividend hike needs strategic rationale