----- Forwarded Message -----
From: John Fullerton <[email protected]>
To: Robert Searle <[email protected]>
Sent: Monday, 2 July 2012, 23:30
Subject: Will Barclays' CEO Surprise Us?
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Will Barclays' CEO Surprise Us?
Like Lloyd Blankfein with the Abacus fiasco, and Jamie Dimon with “the whale
trade,” Barclays CEO Bob Diamond has an unparalleled opportunity to surprise us
this week during his appearance before Parliament to explain the most recent
financial scandal involving the systematic manipulation of LIBOR, the benchmark
interbank lending rate upon which hundreds of trillions of dollars of financial
transactions are priced, over several years. Will Diamond seize the opportunity
missed by both Blankfein and Dimon to emerge as the first true financial
statesman of the modern global banking crisis?
In his column this week, “Taking One for the Country,” Tom Friedman describes
how Chief Justice Roberts “surprised us” with the Supreme Court Decision on
health care reform by doing the unexpected in our current culture of toxic
partisanship and offering an example of true leadership that actually puts the
country’s interests ahead of politics.
We need a banking leader to do the same right now, to put the vital interests
of the world economy above the parochial interests of bankers and their toxic
entitlement culture. Unfortunately, Diamond’s recent letter to Member of
Parliament and Chairman of the Treasury Select Committee Andrew Tyrie suggests
there will be no such surprise.
Read more at the Future of Finance.
What Will 2052 Look Like?
The Limits to Growth co-author Jorgen Randers recently released 2052: A Global
Forecast for the Next 40 Years that attempts to project global economic and
ecological trends for the next forty years based on similar thinking to that
which underpinned the controversial Club of Rome report. Capital Institute
agrees with the scale of the challenge Randers presents. However, we take a
different tack when looking at the global political challenge: instead of
assuming failure, we believe it is our responsibility to find solutions and
advocate for their acceptance. A part of this process is our report Economics,
Finance, Governance, and Ethics for the Anthropocene now available for comment.
For more on our report, visit CapitalInstitute.org.
Summer Visits to the Capital Institute Archives
This summer we are inviting the Capital Institute community to take a fresh
look at some of our earliest postings profiling exemplary institutions working
to encourage and support a more holistic approach to investing and financing.
This week we highlight our June 2010 profile of TIAA-CREF’s Global Social and
Community Investment Group. The Group was created in 2006 after a survey
TIAA-CREF conducted indicated that the core values that guided its clients
investment decision-making were human rights, community investment, and
environmental sustainability. Since we posted our conversation with then
Director Cherie Santos-Wuest, Amy Muska O’Brien has assumed the role of
managing director. Santos-Wuest is now Principal Investment Officer for Real
Estate for the Connecticut Retirement, Pension and Trust Funds.
Read more at the Capital Institute Investment Features page. What We're Reading
Questioning neoclassical economics has recently become acceptable for a limited
few reporters and opinion-makers in major publications, but the American
financial media has (for the most part) missed this trend. Paul Ferrel broke
business media’s silence in the June 12th Wall Street Journal.
Myth of Perpetual Growth is killing America by Paul Ferrel
Comment of the Week
“We need a Carbon Tax, not Cap and Trade, and no doubt we need an FTT, not
lawyered-up Dodd Frank. Is there a pathway to either becoming viable in time to
prevent the carbon and credit bombs from detonating? Not a rhetorical question.”
- Walter Borden, Global Financial Crisis: How Many Wake-Up Calls Do We Need?
Quote of the Week
“Freedom is not worth having if it does not include the freedom to make
mistakes.”
- Mahatma Ghandi
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