Wall Street Roundup: Unemployment Nobel. Complaining about Basel.
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
Unemployment Nobel. Two Americans and a Briton were announced Monday morning as the winners of the Nobel Prize in economics for their work studying labor markets and unemployment. The win is sure to generate political buzz, because one of the American winners was blocked for a seat on the Federal Reserve board by Congress.
Complaining about Basel. Over the weekend, international bankers met and complained about the new Basel III requirements for bank capital, arguing that they could slow down the economic recovery. The president of the Federal Reserve Bank in New York shot back that the banks should start by cutting back bonuses.
Uncoordinated crisis response. Pimco CEO Mohamed El-Erian gave a lecture this weekend criticizing the way in which the coordinated international response to the crisis quickly gave way to a fractured response based on narrow national politics.
Trading inside the beltway. The Wall Street Journal looks at congressional staffers who have traded stock in companies affected by policies they were working on.
-- Nathaniel Popper in New York