Death Star Economics



Friday, #49: Hating on Hungary and hedge funds

Hungary (which already worried everyone before Christmas) is seeking financial support from the IMF. This morning, their chief negotiator Thomas Fellegi said the country is willing to implement the measures demanded by the IMF and the EU. Presumably, the reason for Hungary kissing the IMF’s ass is that the majority of government debt that is maturing in the first six months of 2012 is TO the IMF. The IMF’s and EU’s conditions include amendments to media law, central bank legislation, tax law and changes to the constitution – and those are only the really big/unusual requirements… read article

I think the average person [that knows a bit about finance] believes rating agencies and auditors serve the same purpose: surveillance, monitoring and ultimately protection. Rating agencies have lost their face in the past months, but it seems like auditors are following their lead. The FSA is charging PwC a record fine of £1.4m for misleading regulators about the separation of firm and client money of JPMorgan Securities. The Accounting and Actuarial Discipline Board (AADB) had proposed a fine of £6m, which also shouldn’t have hurt PwC too much, as its gross revenues of 2011 amounted to £29.02bnread article

The Economist’s Buttonwood blog gives us a very short history of hedge funds, or: how to make money over years to fund the loss of one dayread article

Finally someone other than an unpaid intern in a mediocre company is saying that it sucks that kids with [parents with] connections steal all the good internshipsread article

But maybe they got it all wrong, and the [upward mobile] interns at Deutsche Bank and the UN are just all economics majors… read article

So long. Have a good weekend.


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