Wall Street's Pawnbrokers

摘要

Moneymen may be hoping for some rest as an atrocious 2008 draws to a close, but for bank treasurers the "turn" is the most fretful time of year. They are often holed up in the office, frantically trying to balance the books as their colleagues head off to New Year's Eve parties. This year is likely to be especially nerve-racking".rnLiquidity always tightens in late December, when markets are closed and banks tidy up their balance-sheets. This year they will be more determined than ever to be well-groomed when the year-end accounting snapshot is taken.rnThe reluctance to part with cash is reflected in the London Interbank Offered Rate (libor), which banks charge each other for loans. At the end of November one-month dollar libor-ie, the rate on loans that stretched into January-jumped by half a p ercentage p oint, to 1.9%, after falling steadily for weeks.