Evening Standard – Jim Chanos said that Mr Brown, while Chancellor of the Exchequer, was given a briefing that predicted banks were in dire danger – more than a year before the crisis hit last year.

Mr Chanos, who made his name correctly predicting the downfall of Enron, said that Mr Brown and other G7 finance ministers were told of the “canary in the coal mine” but chose to carry on regardless.

Read Complete Article

Tags: banks, chancellor of the exchequer, downfall, enron, g7 finance ministers, hedge fund, jim chanos

Bloomberg – The Group of 20 leaders will agree on new rules to rein in hedge funds and may more than double the resources of the International Monetary Fund, U.K. Chancellor of the Exchequer Alistair Darling said.

“There is a recognition that some hedge funds are systemically important,” Darling told Bloomberg Television in an interview today in London. “There will be an agreement there. Where you’ve got something that’s systemically important like a hedge fund, you need to know what’s going on there.”

Prime Minister Gordon Brown has struggled to allay the concerns of German Chancellor Angela Merkel and French President Nicolas Sarkozy as they press for a crackdown on traders and lenders. Darling’s comments suggest consensus is now emerging among G-20 leaders in the London talks on measures to combat the financial crisis.

Read Complete Article

Tags: alistair-darling, angela-merkel, bloomberg television, chancellor of the exchequer, chancellor-angela-merkel, consensus, crackdown, financial crisis, french president nicolas, german chancellor angela merkel, gordon-brown, international monetary fund, lenders, london talks, measures, nicolas sarkozy, prime minister gordon brown