Weil's Views on Finance, Afternoon Edition
Greetings, finance fans. Here's what I'm reading.
The U.K.'s Prudential Regulation Authority has told Barclays it won't get extra time to boost its capital ratio, according to Bloomberg News. Good going there, British authority figures. Lehman refused to raise needed capital when it had the chance -- and then found itself unable to. The Financial Times reports Barclays will raise more than 5 billion pounds. More details coming on tomorrow's earnings call.
Accounting changes magically boost economic data
Gross domestic product will now include spending on research and development, as well as some forms of entertainment. The revisions will boost the U.S. economy by around $400 billion. Naturally, we're supposed to believe this accounting change had absolutely nothing to do with trying to goose the GDP numbers.
A look at the cost of the 2007-2009 financial crisis
Staff members at the Federal Reserve Bank of Dallas crunch some numbers in a report released today: "We conservatively estimate that 40 to 90 percent of one year's output ($6 trillion to $14 trillion, the equivalent of $50,000 to $120,000 for every U.S. household) was foregone due to the 2007-09 recession." And to think that no senior Wall Street executives went to jail.
Steven Cohen throws a party
We should have known he would do this, shouldn't we? Matthew Goldstein of Reuters has the story about the scene this weekend at the hedge-fund manager's East Hampton home. Food detail: The affair "included delivery of $2,000 worth of tuna from a local fish store to Cohen's home."
Can't male Wall Street decathletes wear shirts just like real athletes?
Business Insider posted photos from this weekend's RBC Decathlon at Columbia University's Wien Stadium. What's with the dudes in the 800-meters race? Usain Bolt won his medals fully clothed. Notice, too, some of the racers' seeming lack of regard for the starting line.
(Jonathan Weil is a Bloomberg View columnist. Follow him on Twitter.)