Well, Fletcher isnt so young. Hes 38, his impact finally slowing. Against Green Bay in Week 2, he finished with two tackles. Against Detroit on Sunday, Perry Riley Jr. and Nick Barnett gave him an occasional breather. This is it for him. Thats what upsets me when we lose: the feeling of letting guys like Fletch down, Ryan Kerrigan said, adding he feels the same about all the defensive coaches. Thats what pains me when we lose. Its not just Fletcher, who obviously can do more himself. Its every survivor past 30 years old who has seen the worst of it here. Sometimes, when the same faces pass through the locker room year after year, people are rooting for more than teams. Fletcher, Santana Moss , Reed Doughty and Kedric Golston have 32 NFL seasons in Washington among them. They have played for three head coaches, two general managers and six coordinators.
JPMorgan fined $920 million in ‘London Whale’ trading loss
But while two of Iksil’s collegues had criminal charges filed against them last month in Federal District Court in New York, Iksil, who is cooperating with authorities, has not been charged personally. The fine money will be split among regulators, with $300 million going to the Office of the Comptroller of the Currency, $200 million going to the Securities and Exchange Commission, $200 million to the Federal Reserve and $220 million to the U.K. Financial Conduct Authority. The money paid to regulators will likely all end up in the general coffers of the U.S. Treasury and U.K. Finance Ministry and will not increase or fund regulators’ budgets. The SEC does have the ability to use some of the fine money to compensate investors who can prove they were hurt by JPMorgan’s actions. But no such trading losses have yet been established. The money-losing trade was made with JPMorgan funds, not customers’ assets. None of the bank’s customers were hurt by the trading. Related: London Whale fine excessive and political The charges JP Morgan settled were civil, not criminal, and none of its current officers were penalized by the authorities. Cornelius Hurley, director of Boston University’s Center for Finance, Law & Policy and a former counsel to the Fed, said the large civil fines are the only check on the so-called “too big to fail” banks that rarely face any kind of criminal enforcement.
Foxtons, the London bubble stock: James Saft
economy after recent indicators signaled a strengthening recovery, a survey found. Eighty-two percent of 200 investors and analysts polled expect the economy to improve over the next 12 months, up from 69 percent a year earlier, London-based Capital Spreads said today. The survey also showed that 62 percent view the recovery as sustainable and not built on an artificial housing boom. The Bank of England said last week that the recovery is taking hold and increased its growth forecast for this quarter to 0.7 percent from 0.5 percent. The nine-member Monetary Policy Committee unanimously agreed at its meeting this month that the economy currently requires no more stimulus, and policy maker Ben Broadbent said yesterday recent data has been strong. Investors are beginning to see some light at the end of what has been a very long and jet-black tunnel, said Nick Lewis, head of trading and market risk at Capital Spreads. It remains to be seen whether this is more than a housing bubble, but the City seems cautiously optimistic. Government initiatives to boost mortgage availability have drawn criticism for potentially stoking the property market too much. A gauge of house prices by the Royal Institution of Chartered Surveyors rose to the highest in almost seven years in August. In a sign that some investors remain cautious, 30 percent of those polled said the U.K. economy is a bubble based on a housing boom, though they expect it to grow for the foreseeable future. Of the 200 respondents, 6 percent forecast that the economy will weaken over the coming 12 months, down from 8 percent a year earlier. The poll was conducted by Populus from Sept.
NOT A NORMAL UNIVERSE In a normal universe you would expect it to end there – bad loans and bad policies are followed by a crash and lenders mop things up. But we don’t live in a normal universe. British and global monetary policy has been kept exceptionally loose since the crash, at least in part to support asset values. At the same time, while parts of financial services in Britain have been hard hit, a failure globally to adequately regulate the industry means it remains huge in relation to the rest of the British economy. Britain seems unable, politically or otherwise, to wean itself from its addiction to property price gains. Exhibit A is the government’s Help to Buy scheme, under which the state subsidizes mortgages by guaranteeing a portion to the bank, allowing borrowers to buy houses with as little as 5 percent down. That’s active for new properties now and will shortly be allowed for existing homes. Sound like state-sponsored subprime lending to you? Nice for banks and older property owners who can cash out, but not so good for ordinary people trying to buy ordinary houses on ordinary salaries. All this has also not been great for Britain, as is shown by the fact the economy has even now only clawed back about half the 7.2 percent of output it lost in the crash. It has however, been fantastic for London property prices, and by extension for real estate agents in general and Foxtons in specific. Prices in London are now 6 percent above their pre-crash peak and are rising at the fastest rate in nearly seven years. For Foxtons it has been a wild ride. The estate agent was partially taken over by its banks in 2010, at which point its private equity owners injected cash and kept 30 percent, with management also retaining a stake. Just two years later BC Partners bought out its banking investors in a deal which published reports said valued the company at about $400 million.