Tags: Bernanke | Bankers | Europe | lunch

Bernanke Holds Private Lunch With Top Bankers, Discusses Europe, Fortune Reports

Thursday, 05 Apr 2012 11:27 AM

Federal Reserve Chairman Ben Bernanke recently attended a closed-door lunch with the heads of big banks to urge them to do more to help ease the European debt crisis, Fortune Magazine reports.

Big names were at the lunch as well.

"Attendees included Jamie Dimon (JPMorgan Chase), Bob Diamond (Barclays), Brady Dougan (Credit Suisse), Larry Fink (Blackrock), Gerald Hassell (Bank of New York Mellon), Glenn Hutchins (Silver Lake), Colm Kelleher (Morgan Stanley), Brian Moynihan (Bank of America), Steve Schwarzman (Blackstone Group) and David Vinar (Goldman Sachs)," Fortune reports.

Editor's Note: Did Bernanke Rig Your Retirement? Shocking Video . . .

At the lunch, Bernanke discussed interest rates and other areas of monetary policy, urging big banks to pay more attention to Europe.

"Bernanke spoke at length about monetary policy, in an apparent effort to persuade attendees that they needed to take a more active role in helping to deal with the European debt crisis," Fortune adds, citing unnamed sources, without providing details.

Bernanke didn't touch on regulations such as those outlined in the Dodd-Frank financial reform bill although JPMorgan's Dimon and Blackstone's Schwarzman did raise the topic.

Such an encounter is rare.

The European debt crisis, meanwhile, is showing signs of coming out of hibernation.

The European Commission, the European Central Bank and the International Monetary Fund recently arranged rescue funding for Greece, which calmed markets.

Despite tough fiscal measures taken in Spain, yields are rising at government bond auctions in Madrid, and turnout has disappointed, fueling worries the debt crisis may be poised to end its lull.

"The auction was a little weak," says Alejandro Varela, a fund manager for Madrid brokerage Renta 4, according to the Associated Press.

While Spain is not in the dire straits that Greece was prior to its bailout, the country does bear watching.

"It's a warning sign to the government not to sit back in the process of fiscal consolidation and that although the budget has been presented it must be applied right to the end."

Editor's Note: Did Bernanke Rig Your Retirement? Shocking Video . . .



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2012-27-05
Thursday, 05 Apr 2012 11:27 AM
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