Hello, Viewfinders. Time for more fun with annotated afternoon links. Here you go.
Could this be another reason why the Fed didn’t taper?
Deutsche Bank's co-chief executive officer, Anshu Jain, said Germany's largest bank expects "debt sales and trading revenues in the third quarter to decline significantly from last year." Nicholas Comfort of Bloomberg News notes that "investment banks have seen a slowdown in debt trading, a key portion of their earnings, amid questions about the Federal Reserve's plans to taper economic stimulus." This month Jefferies Group said fiscal third-quarter earnings fell 83 percent, mainly due to declining bond-trading revenue. Helicopter Ben to the rescue again.
It's the final countdown, maybe
Here's Treasury Secretary Jack Lew's letter to Congress today. "Treasury now estimates that extraordinary measures will be exhausted no later than October 17," he said. At that point, it would have $30 billion. "This amount would be far short of net expenditures on certain days, which can be as high as $60 billion. If we have insufficient cash on hand, it would be impossible for the United States of America to meet all of its obligations for the first time in our history." Markets don't seem all that concerned. Washington politicians have been talking this way for years, and they always cut a last-second deal. Will it be different now? You never know, but Standard & Poor's was right about this much: This isn't the way a AAA credit is supposed to behave.
Brilliant...who needs regulators when we have Twitter?
From American Banker: "The Consumer Financial Protection Bureau was created to ensure that banks treat customers fairly, but Facebook and Twitter are even more effective at keeping banks honest, argues Fifth Third Bancorp Chief Executive Kevin Kabat." Here's a quote from a speech he gave this week: "While we embrace our regulatory compliance responsibilities with respect to all we do, the court of public opinion and market needs drive our decisions to provide attractive and fairly priced products."
The SEC makes such an easy target for journalists
Jesse Eisinger of ProPublica isn't a fan of the Securities and Exchange Commission's London Whale settlement with JPMorgan Chase & Co., as you can tell from his headline: "SEC Wins Big Fine From JPMorgan but Execs Skate Free." Is there anyone out there who believes the SEC is tougher today than it was before the 2008 financial crisis?
Here's a picture of an eagle attacking a deer
Kind of random, I know. But an amazing photo.
(Jonathan Weil is a Bloomberg View columnist. Follow him on Twitter.)