Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Bank capital fight...

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Bank capital fight...: http://hypoventure-capital.com/2011/06/hypo-venture-capital-headlines-bank-capital-fight-spills-into-u-s-congress/ The fight by big banks...

Hypo Venture Capital Headlines: Bank capital fight spills into U.S. Congress

http://hypoventure-capital.com/2011/06/hypo-venture-capital-headlines-bank-capital-fight-spills-into-u-s-congress/

The fight by big banks against higher capital standards came to the Congress on Thursday where Republicans held a hearing to air Wall Street concerns about regulation and its impact on profits.

Little more than two years since taxpayer bailouts were needed to firm up banks’ flimsy balance sheets, governments on both sides of the Atlantic are moving to force the banks to hold more capital and be better prepared for future crises.

Banks are resisting, however, and remarks made at a U.S. House of Representatives hearing showed they have support among many Republicans and some Democrats, with the 2007-2009 credit crisis growing fainter in the rear-view mirror.

Citing concerns about international competitiveness and the availability of credit in a fragile economy, JPMorgan Chase Chief Risk Officer Barry Zubrow told lawmakers: “The regulatory pendulum clearly has now begun to swing to a point that risks hobbling our financial system and our economic growth.”

Final decisions on new global bank capital standards are still months away. The standards are being developed through the Basel III process being coordinated by the Financial Stability Board, an international body based in Switzerland.

The United States is committed to full implementation of the Basel III accords, once they are finalized, both “at home and abroad,” U.S. Treasury Undersecretary for International Affairs Lael Brainard told the House Financial Services Committee.

She added that it was important to make sure that capital rules be internationally consistent.

Similarly, Federal Reserve Governor Daniel Tarullo said the Fed is seeking alignment of the Basel III capital rules with those imposed in the United States under last year’s Dodd-Frank financial oversight law.

At a minimum, under the Basel pact, banks will have to hold top-quality capital equal to 7 percent of their risk-bearing assets. Analysts expect the largest financial institutions to have to hold additional capital of about 3 percent.

Financial industry officials also complained at the hearing that new derivatives rules under Dodd-Frank will put U.S. firms at a disadvantage because other countries have yet to implement their own strict standards.

Regulators said they are also pushing for derivatives rules to be implemented internationally. Brainard said she visited London and Frankfurt in the last two weeks to make the case for an international agreement on margin standards for derivative trades that do not go through a clearinghouse.

ECONOMIC CONCERN

John Walsh, a top U.S. banking regulator, expressed concerns at the hearing similar to those raised recently by large banks, which fear that higher capital requirements will crimp their lending and reduce their profits.

“Attempting to wring risk out of the banking system through the device of high capital requirements must be weighed against the costs … and potentially lower economic growth,” Walsh told the House hearing.

Walsh is acting U.S. Comptroller of the Currency. He said his agency supports requiring large banks to hold a “moderate” amount of additional capital.

A witness for the union movement urged regulators to resist calls to relax their stance.

“Deregulatory whipsawing of the kind recommended today by my fellow witnesses may temporarily increase some bank profits. But the price will be another cycle of economic crisis and job loss,” said Damon Silvers, associate general counsel of the AFL-CIO labor group.

The Dodd-Frank banking reforms approved last year required the Federal Reserve to come up with capital requirements for banks with more than $50 billion in assets and for other large financial firms deemed important to the smooth functioning of financial markets and tapped for stricter Fed supervision.

World regulators, as part of the Basel III process, are deciding how much of an added buffer to impose on the largest, most internationally active banks.

The Securities Industry and Financial Markets Association, an industry lobbying group, “disagrees with the discussion underway by the Financial Stability Board which would impose an additional capital charge for globally systemically important financial institutions,” said SIFMA President Tim Ryan in remarks prepared for the hearing.

BACHUS: DON’T OVER-REGULATE

“If we over-regulate and ignore the plans of the rest of the world, then I fear we will push capital, industry and jobs right out of our country,” Republican Representative Spencer Bachus, chairman of the committee, said at the hearing.

Earlier this month, Tarullo got the banks’ attention when he said the Fed might require the largest banks to hold between 8 percent to 14 percent in total capital. He backed away from that on Thursday.

Hypo Venture Capital Zurich: Bundesliga side started off their Champions League...

Hypo Venture Capital Zurich: Bundesliga side started off their Champions League...: http://hypoventure-capital.com/2011/08/hypo-venture-capital-headlines-bayern-munich-2-0-zurich-schweinsteiger-robben-strikes-down-swiss/ Ba...

Bundesliga side started off their Champions League campaign in fine form as they earned a convincing win over their Swiss visitors

http://hypoventure-capital.com/2011/08/hypo-venture-capital-headlines-bayern-munich-2-0-zurich-schweinsteiger-robben-strikes-down-swiss/
Bayern Munich gained a decisive upper hand in their quest for Champions League qualification as they earned a 2-0 win over Zurich in the first leg of their play-off tie.

Bastian Schweinsteiger nodded the Germans in front on eight minutes, and although the visitors did well to avoid having the match slip away, Arjen Robben’s curling effort on 72 minutes put the Bundesliga side well in control of the tie.

The visitors were first to attack and Amine Chermiti had a warning shot sail over the bar early on. However, Bayern showed more bite, and Schweinsteiger struck shortly thereafter. Arjen Robben whipped in a dangerous cross from the left, and after a slight deflection from Mathieu Beda, the Germany international nodded into the lower-right corner of the net.

Philipp Lahm should have made it 2-0 in the 12th minute, but Johnny Leoni made an excellent save after the full-back had surged into the left side of the penalty box. The defender turned provider not long after as he set up Mario Gomez, but the off-form striker hesitated and the chance went begging before he even had the opportunity to shoot.

Gomez again failed to take advantage on the hour mark; through on goal he was stopped in his tracks as he struggled to slip the ball onto his favoured right foot.

Possession was rare for Zurich, and even more scarce were opportunities on goal. Chermiti headed a free kick straight into Manuel Neuer’s arms, but was nonetheless called offside, and Ricardo Rodriguez had a long-ranged blast miss a couple yards wide.

Not satisfied with the result of the first 45 minutes, Bayern came out firing in the second half. Following some good lead-up play from Franck Ribery, Gomez missed an absolute sitter from the edge of the six-yard box on 51 minutes. Moments later, the France player’s drive was parried, but Leoni recovered to deny Lahm’s follow-up.

Ribery was unlucky not to make it 2-0 on the hour mark as his free kick hit the right post, but Robben eventually got the vital second goal as he struck a trademark left-footed effort into the upper-left corner.

Zurich tired late in the game as the hosts pressed mercilessly for a third. Gomez looked to finally have his goal, but Dusan Djuric cleared his effort off the line after the striker had rounded Leoni.

The visitors managed to keep the score down to two, but things nonetheless went from bad to worse late in the game. Defender Mathieu Beda received his marching orders for a second yellow card, meaning that he will miss the second leg of the tie.

Bayern will be pleased to have kept a clean sheet for the third time in four competitive matches this year, and to bring a two goal advantage into the return fixture. However, Zurich are not to be under-estimated and can head into the second leg with hope – albeit slim – of reversing the tie.

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Sony insurer sues ...

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Sony insurer sues ...: http://hypoventure-capital.com/2011/08/hypo-venture-capital-headlines-sony-insurer-sues-to-deny-data-breach-coverage/ One of Sony Corp’s ...

Hypo Venture Capital Headlines: Sony insurer sues to deny data breach coverage

http://hypoventure-capital.com/2011/08/hypo-venture-capital-headlines-sony-insurer-sues-to-deny-data-breach-coverage/

 One of Sony Corp’s insurers has asked a court to declare that it does not have to pay to defend the media and electronics conglomerate from mounting legal claims related to a massive data breach earlier this year.

The dispute comes as demand soars for “cyberinsurance,” with companies seeking to protect themselves against customer claims and associated costs for data and identity theft.

How to write such policies has become a huge subject of debate in the insurance industry.

Zurich American Insurance Co asked a New York state court in documents filed late on Wednesday to rule it does not have to defend or indemnify Sony against any claims “asserted in the class-action lawsuits, miscellaneous claims, or potential future actions instituted by any state attorney general.”

A Sony spokesman in Tokyo said his company does not comment on pending litigation.

Zurich American, a unit of Zurich Financial Services, also sued units of Mitsui Sumitomo Insurance, AIG and ACE Ltd, asking the court to clarify their responsibilities under various insurance policies they had written for Sony.

“Zurich doesn’t think there’s coverage, but to the extent there may be a duty to defend it wants to make sure all of the insurers with a potential duty to defend are contributing,” said Richard Bortnick, an attorney at Cozen O’Connor and publisher of the digital law blog CyberInquirer.

Bortnick, who is not involved in the case, said that while Sony may be able to claim there was property damage as a result of the data breach, Zurich is likely to argue that the sort of general liability insurance it wrote for Sony was never intended to cover digital attacks.

AIG declined to comment, and Mitsui Sumitomo could not immediately be reached.

In April, hackers accessed personal data for more than 100 million users of Sony’s online video games. Sony has said it could not rule out that some 12.3 million credit card numbers had been obtained during the hacking.

In May, Sony said it was looking to its insurers to help pay for its massive data breach.

Sony has said it expects the hacking to drag down operating profit by 14 billion yen ($178 million) in the current financial year, including costs for boosting security measures. The company said the figure does not include potential compensation.

Hypo Venture Capital Zurich: Hypo Venture Capital Zurich Headlines: Taliban Rel...

Hypo Venture Capital Zurich: Hypo Venture Capital Zurich Headlines: Taliban Rel...: http://hypoventure-capital.com/2011/07/hypo-venture-capital-zurich-headlines-taliban-releases-disturbing-video-showing-horrific-group-execut...

Hypo Venture Capital Zurich Headlines: Taliban Releases Disturbing Video Showing Horrific Group Execution

http://hypoventure-capital.com/2011/07/hypo-venture-capital-zurich-headlines-taliban-releases-disturbing-video-showing-horrific-group-execution-2/

The disturbing video shows the 16 men standing in a line with their hands tied behind their backs while four rebels stand in front them holding assault rifles with scarves hiding their identities.

As the 16 men stand timidly, one insurgent gives a speech before the shooting begins.

The speech which was given in a Pakistani dialect was translated by The Long War Journal, a website that specializes in reports on militancy.

The insurgent states, “These are the enemies of Islamwho originated from Pakistan…They are the Pakistani police, soldiers, and their supporters who recently lined up six kids in Swat and shot them execution-style… These Pakistanis are now our captives, and we will avenge the death of the children by doing the same to them.”

A video also surfaced last year showing men in Pakistani military uniforms killing six young men, but the Pakistani military denied the video’s authenticity.

As the Pakistan military continues to fight with insurgent groups, unrest and terror continue to bring bloodshed to the region.

Pakistani officials reported last month that hundreds of Taliban insurgents had crossed the border ofAfghanistan and attacked police precincts in Barawal, a village located in Shaltalo area of Dir. At least 28 Pakistani paramilitary soldiers were reportedly killed in two days of fighting there, while at least 45 Taliban fighters were killed.

Pakistan has asked for Afghan and US military assistance in the fight against the Taliban rebels.

Hypo Venture Capital Zurich: LulzSec is back, hacks Rupert Murdoch’s Sun tabloi...

Hypo Venture Capital Zurich: LulzSec is back, hacks Rupert Murdoch’s Sun tabloi...: http://hypoventure-capital.com/2011/07/hypo-venture-capital-zurich-headlines-lulzsec-is-back-hacks-rupert-murdochs-sun-tabloid/ LulzSec is...

LulzSec is back, hacks Rupert Murdoch’s Sun tabloid

http://hypoventure-capital.com/2011/07/hypo-venture-capital-zurich-headlines-lulzsec-is-back-hacks-rupert-murdochs-sun-tabloid/

LulzSec is back and this time they have gone after Rupert Murdoch’s embattled News Corp., hacking the website of to its British tabloid, the Sun.

The group, along with the self-proclaimed “hacktivists” Anonymous, first defaced the Sun’s website, placing a fake story about the death of Murdoch and other made-up reports, on top of the website’s actual content.

“WE HAVE JOY WE HAVE FUN, WE HAVE MESSED UP MURDOCH’S SUN,” LulzSec tweeted.

Members of the two groups then began tweeting the login information of former employees of News Corp., including that of Rebekah Brooks, who recently resigned her post as chief executive of News International, the British division of News. Corp. Others whose information was tweeted included Pete Picton, a former editor at News Corp. publications, and Bill Akass, a former editor at the now defunct News of the World, also owned by News Corp.

LulzSec and company then proceeded to have The Sun and News International’s websites redirect to its Twitter feed.

The hacking attack on News Corp. comes a day before Murdoch is set to appear before the British Parliament to be questioned about phone hackings conducted by employees of his News of the World tabloid. The scandal has resulted in the resignations of many high-ranking officials in Murdoch’s company and British law enforcement. The weekly News of the World itself was shut down.

The return of LulzSec, however, was unexpected as the group announced its retirement three weeks ago, after 50 days of hacking. Before retiring, the group banded with Anonymous to commence Operation Anti-Security, calling on hackers around the world to go after governments and large organizations to expose classified information.

“Not so fun to get hacked Mr. Murdoch, is it? u MAD?,” retweeted an account that was tweeting some of the login information.

LuzSec even went so far as to create a short comic strip about their hacking, which they shared on Twitter.

Hypo Venture Capital Zurich: Hypo Venture Capital Zurich Headlines: Taliban Rel...

Hypo Venture Capital Zurich: Hypo Venture Capital Zurich Headlines: Taliban Rel...: http://hypoventure-capital.com/2011/07/hypo-venture-capital-zurich-headlines-taliban-releases-disturbing-video-showing-horrific-group-execut...

Hypo Venture Capital Zurich Headlines: Taliban Releases Disturbing Video Showing Horrific Group Execution

http://hypoventure-capital.com/2011/07/hypo-venture-capital-zurich-headlines-taliban-releases-disturbing-video-showing-horrific-group-execution/

The notorious Taliban terror group has released a video Monday showing them brutally executing 16 Pakistani men who were captured in a raid last month.

The Taliban has claimed that the men were responsible for the deaths of six children in the Pakistan area.

The disturbing video shows the 16 men standing in a line with their hands tied behind their backs while four rebels stand in front them holding assault rifles with scarves hiding their identities.

As the 16 men stand timidly, one insurgent gives a speech before the shooting begins.

The speech which was given in a Pakistani dialect was translated by The Long War Journal, a website that specializes in reports on militancy.

The insurgent states, “These are the enemies of Islamwho originated from Pakistan…They are the Pakistani police, soldiers, and their supporters who recently lined up six kids in Swat and shot them execution-style… These Pakistanis are now our captives, and we will avenge the death of the children by doing the same to them.”

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Dvtel Receives Deb...

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Dvtel Receives Deb...: http://hypoventure-capital.com/2011/07/dvtel-receives-debt-financing-from-orix/ Nowadays, ORIX Venture Finance, a leading provider of gro...

Hypo Venture Capital Headlines: Dvtel Receives Debt Financing From ORIX

http://hypoventure-capital.com/2011/07/dvtel-receives-debt-financing-from-orix/

Nowadays, ORIX Venture Finance, a leading provider of growth capital to mid- and late-stage private companies has come to the fore, for its much hyped commitment of debt financing to DVTel. Recently, ORIX Venture has officially declared that it has closed a $12.5 million customized debt financing with DVTel, Inc., which is a multiple award-winning market leader in Smart Security Solutions for video surveillance.

This financing is not essentially meant to provide a debt relief rather it is being used to refinance the outstanding debts and to offer a financial support to the growth plans of the Ridgefield Park, N.J.-based company. Under the proficient leadership of Michael David and William Bishop, the recently-announced new Co-Heads of ORIX Venture Finance, this is the first facility closed.

DVTel

DVTel’s software solutions generally allow enterprise clients to leverage their current network infrastructure for surveillance and monitoring of physical assets and facilities, in order to increase the ROI to its customers. DVTel not only proffers a variety of security IP cameras and video encoders but also has recently launched a comprehensive mobile application which is equipped with a real-time monitoring and recording platform that is highly controllable from the field. This new apps are now available for the Apple, Android and Windows operating systems with Google Earth integration.

ORIX

ORIX Venture Finance is quite active in the Mid-Atlantic region and the DVTel financing is a result of its efforts there. According to Jeff Bede, Principal in ORIX Venture Finance’s Washington, D.C. office and the emissary of this transaction “DVTel has a compelling product offering in an exciting market,”.  He congratulated Orifoxc by saying “We are delighted to complete this financing and to have the opportunity to partner with SCP Partners, who has been instrumental in DVTel’s prior growth and success. We look forward to working with this experienced management team.” Yoav Stern, DVTel’s CE appreciated this humble gesture and added “We’re pleased that ORIX Venture Finance has demonstrated its confidence in our business model,”

Hypo Venture Capital Zurich Headlines: European Insurer Rules to Boost Volatility, Allianz, Zurich Say

http://hypoventure-capital.com/2011/07/hypo-venture-capital-zurich-headlines-european-insurer-rules-to-boost-volatility-allianz-zurich-say/

European rules being introduced in 2013 will make the insurance industry’s capital more volatile, according to Allianz SE (ALV) and Zurich Financial Services AG. (ZURN)

Allianz’s solvency ratio, a measure of financial strength, could fluctuate as much as 40 percentage points in a worst-case scenario as the new regime requires a market-based valuation for long-term guarantees offered to customers, Oliver Baete, chief financial officer of Europe’s biggest insurer, told reporters in Munich today.

“It’s unavoidable that solvency ratios will be more volatile under the new regime,” Zurich CFO Dieter Wemmer said at the same event. “Long-term life insurance products are not adequately reflected in the new framework.”

The Solvency II rules, being adopted by Allianz and other European insurers, are designed to strengthen reserves to protect policyholders against a decline in investment markets. Zurich, Switzerland’s largest insurer, is already subject to the Swiss solvency test, a similar framework introduced in January.

“We need a regulatory regime that stays as close as possible to what was tested in the recent quantitative impact study, otherwise we’ll get a system that we haven’t tested in real life,” Wemmer said. Solvency II was tested from August to November in a fifth quantitative impact study, named QIS5.

The only alternative would be another test, “which would mean a delay of the introduction of Solvency II,” said Baete.

The new rules, designed to help the industry withstand future financial crises by better aligning their capital with the risks they take on, are being developed by the European Commission and the European Insurance and Occupational Pensions Authority, or Eiopa, along with local regulators.

“We have to find a solution for the remaining open points during this summer to make Solvency II a working regime from its introduction in 2013,” Wemmer said.

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Dropbox authentica...

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Dropbox authentica...: http://hypoventure-capital.com/2011/06/hypo-venture-capital-headlines-dropbox-authentication-gaffe-exposes-users%e2%80%99-files/ Cloud st...

Hypo Venture Capital Headlines: Dropbox authentication gaffe exposes users’ files

http://hypoventure-capital.com/2011/06/hypo-venture-capital-headlines-dropbox-authentication-gaffe-exposes-users%e2%80%99-files/

Cloud storage service Dropbox accidently turned off password authentication on its service, exposing all 25 million users’ files to the world for four hours.

Online storage service Dropbox—popular for its seamless mobile and desktop client software—accidentally disabled password authentication on its service for four hours yesterday. Although Dropbox says less than one percent of its 25 million accounts were accessed during that time, the gaffe does mean that all users’ content—potentially including email, documents, photos, videos, passwords, and more—were exposed to the whole Internet until Dropbox corrected the issue.

According to Dropbox CEO Arash Ferdowsi, Dropbox began rolling out a code change just before 2PM PDT on June 20 that exposed an issue in Dropbox’s authentication system that would enable logins without a correct password. Dropbox found the problem four hours later and severed all active connections to the service, re-instating normal authentication.

“We’re conducting a thorough investigation of related activity to understand whether any accounts were improperly accessed,” Ferdowsi wrote. “If we identify any specific instances of unusual activity, we’ll immediately notify the account owner.” The company says that all accounts logged in during the period should now have received an email message with additional security information.

The gaffe follows controversial changes to Dropbox’s privacy policy and re-statement of its content encryption process, which have sparked a complaint to the Federal Trade Commission. Dropbox has characterized the complaint as meritless.

Dropbox’s authentication failure highlights some of the risks of cloud-based storage: while users appreciate the convenience and elegance of Dropbox storage and being able to access it cleanly from a number of devices and services, the bottom line is that users are trusting their data to third parties, and operational glitches seem all too common the burgeoning cloud world.

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Bank capital fight...

Hypo Venture Capital Zurich: Hypo Venture Capital Headlines: Bank capital fight...: http://hypoventure-capital.com/2011/06/hypo-venture-capital-headlines-bank-capital-fight-spills-into-u-s-congress/ The fight by big banks...

Hypo Venture Capital Headlines: Bank capital fight spills into U.S. Congress

http://hypoventure-capital.com/2011/06/hypo-venture-capital-headlines-bank-capital-fight-spills-into-u-s-congress/

The fight by big banks against higher capital standards came to the Congress on Thursday where Republicans held a hearing to air Wall Street concerns about regulation and its impact on profits.

Little more than two years since taxpayer bailouts were needed to firm up banks’ flimsy balance sheets, governments on both sides of the Atlantic are moving to force the banks to hold more capital and be better prepared for future crises.

Banks are resisting, however, and remarks made at a U.S. House of Representatives hearing showed they have support among many Republicans and some Democrats, with the 2007-2009 credit crisis growing fainter in the rear-view mirror.

Citing concerns about international competitiveness and the availability of credit in a fragile economy, JPMorgan Chase Chief Risk Officer Barry Zubrow told lawmakers: “The regulatory pendulum clearly has now begun to swing to a point that risks hobbling our financial system and our economic growth.”

Final decisions on new global bank capital standards are still months away. The standards are being developed through the Basel III process being coordinated by the Financial Stability Board, an international body based in Switzerland.

The United States is committed to full implementation of the Basel III accords, once they are finalized, both “at home and abroad,” U.S. Treasury Undersecretary for International Affairs Lael Brainard told the House Financial Services Committee.

She added that it was important to make sure that capital rules be internationally consistent.

Similarly, Federal Reserve Governor Daniel Tarullo said the Fed is seeking alignment of the Basel III capital rules with those imposed in the United States under last year’s Dodd-Frank financial oversight law.

At a minimum, under the Basel pact, banks will have to hold top-quality capital equal to 7 percent of their risk-bearing assets. Analysts expect the largest financial institutions to have to hold additional capital of about 3 percent.

Financial industry officials also complained at the hearing that new derivatives rules under Dodd-Frank will put U.S. firms at a disadvantage because other countries have yet to implement their own strict standards.

Regulators said they are also pushing for derivatives rules to be implemented internationally. Brainard said she visited London and Frankfurt in the last two weeks to make the case for an international agreement on margin standards for derivative trades that do not go through a clearinghouse.

ECONOMIC CONCERN

John Walsh, a top U.S. banking regulator, expressed concerns at the hearing similar to those raised recently by large banks, which fear that higher capital requirements will crimp their lending and reduce their profits.

“Attempting to wring risk out of the banking system through the device of high capital requirements must be weighed against the costs … and potentially lower economic growth,” Walsh told the House hearing.

Walsh is acting U.S. Comptroller of the Currency. He said his agency supports requiring large banks to hold a “moderate” amount of additional capital.

A witness for the union movement urged regulators to resist calls to relax their stance.

“Deregulatory whipsawing of the kind recommended today by my fellow witnesses may temporarily increase some bank profits. But the price will be another cycle of economic crisis and job loss,” said Damon Silvers, associate general counsel of the AFL-CIO labor group.

The Dodd-Frank banking reforms approved last year required the Federal Reserve to come up with capital requirements for banks with more than $50 billion in assets and for other large financial firms deemed important to the smooth functioning of financial markets and tapped for stricter Fed supervision.

World regulators, as part of the Basel III process, are deciding how much of an added buffer to impose on the largest, most internationally active banks.

The Securities Industry and Financial Markets Association, an industry lobbying group, “disagrees with the discussion underway by the Financial Stability Board which would impose an additional capital charge for globally systemically important financial institutions,” said SIFMA President Tim Ryan in remarks prepared for the hearing.

BACHUS: DON’T OVER-REGULATE

“If we over-regulate and ignore the plans of the rest of the world, then I fear we will push capital, industry and jobs right out of our country,” Republican Representative Spencer Bachus, chairman of the committee, said at the hearing.

Earlier this month, Tarullo got the banks’ attention when he said the Fed might require the largest banks to hold between 8 percent to 14 percent in total capital. He backed away from that on Thursday.