I get this report each morning from my friend Kiron Sarkar, based in London, Ireland, or India (based on his charming wife’s moods). Fairly detailed. He seems to find a nugget or two every day. I send this morning's whole report, as I sit at the Pierre in NYC (courtesy of Apollo, thank you) and drink coffee and mull the world. This jumped out: "Fitch has issued a report which suggests that 29 of the largest global banks will need to raise an additional US$566bn in new capital or reduce their balance sheets by US$5.5tr by 2018 to meet Basel 111 capital standards. Well, the markets are not going to be responsive in these markets, which suggests to me that Governments will have to cough up and/or the deadline to implement the rules is going to be extended. However, this cloud over the sector suggests to humble old me that the sector is set to underperform for quite a while..." JM here: That is $.5 trillion. About $50 billion a bank. Rots of ruck in this world, guys.