Incoming US presidents often face significant financial headwinds. Barack Obama is facing a force-five hurricane. The world economy has swiftly transitioned from a position of reckless financial risk-taking to a situation that may be even worse – no financial risk-taking. To add to these difficulties, the emerging challenge is deflation. By David Smick.
Institutional investors are up in arms again; this time at Deutsche Bank’s decision not to call its 2009-14 subordinated bond. “We are disappointed and concerned at this action taken by Deutsche Bank, a leading global capital markets operator with no capital or liquidity issues,” fulminates the Association of British Insurers.