Deficit panel targets Social Security, taxes
By Jeff Mason and Donna Smith, Reuters
The co-chairmen of a presidential commission to cut the budget deficit on Wednesday proposed reducing benefits and raising the U.S. pension retirement age among an array of tax and spending changes.
http://jlne.ws/cPchmM
Zillow: Percentage of Underwater Borrowers Up WSJ
By AnnaMaria Andriotis, WSJ.com
In what could be another sign that the housing crisis is far from over, the percent of mortgage holders who are underwater on their homes continued to rise in the third quarter–and some say it could be another eight to 10 months before that trend turns around.
http://jlne.ws/b2B3yy
Goldman Sachs Said to Pull $120 Million From Falcone Hedge Fund
By Katherine Burton, Bloomberg
Goldman Sachs Group Inc. plans to pull all of its $120 million from Philip Falcone’s main hedge fund after returns lagged behind peers and Falcone disclosed he borrowed $113 million from a smaller fund that had suspended redemptions, said three people briefed on the matter.
http://jlne.ws/aE6z8E
Currency row hangs over summit of global leaders
By ELAINE KURTENBACH, AP
Intensifying friction over currencies and trade loomed Wednesday as leaders of major economies converged on Asia for back-to-back summits aimed at safeguarding the still fragile global recovery.
http://jlne.ws/csP4wX
Deficit panel leaders' plan curbs Social Security
By ANDREW TAYLOR, AP
The leaders of President Barack Obama's bipartisan deficit commission launched a daring assault on mushrooming federal deficits on Wednesday, proposing reducing annual cost-of-living increases for Social Security, gradually raising the retirement age to 69 and taking aim at popular tax breaks such as the mortgage interest deduction.
http://jlne.ws/b0r0fs
CME: New Order Limits for Eurodollar Outright and Futures Combinations
Beginning Sunday, November 21, 2010 (for trade date Monday, November 22, 2010), CME Group will increase the Maximum Order Quantity for outright Eurodollar futures and Eurodollar futures combinations.
http://jlne.ws/aIt2vD
Credit Suisse Launches Electronic Trading of Credit Default Swaps on Bloomberg
NEW YORK, Nov. 10, 2010 /PRNewswire/ -- Credit Suisse has launched electronic trading of Credit Default Swap (CDS) indices, marking a major step in the evolution of the credit derivatives market. Clients now have the ability to seamlessly execute a fully electronic trade with Credit Suisse's Credit Derivatives Desk from any Bloomberg terminal.
http://jlne.ws/ab8629
Treasury 30-Year Bonds Go At 4.320% High Yield
By Gary Siegel, The Bond Buyer
The Treasury Department today auctioned $16 billion of 30-year bonds with a 4 1/4% coupon at a 4.320% high yield, a price of 98.829162.
http://jlne.ws/9Y7zOt
FRBSF Economic Letter: Is Structural Unemployment on the Rise?
By Rob Valletta and Katherine Kuang, Federal Reserve Bank Of San Francisco
An increase in U.S. aggregate labor demand reflected in rising job vacancies has not been accompanied by a similar decline in the unemployment rate. Some analysts maintain that unemployed workers lack the skills to fill available jobs, a mismatch that contributes to an elevated level of structural unemployment. However, analysis of data on employment growth and jobless rates across industries, occupations, and states suggests only a limited increase in structural unemployment, indicating that cyclical factors account for most of the rise in the unemployment rate.
http://jlne.ws/cwPjYM
Leaders at G-20 to Back Core of U.S. Bank Rules
By DAMIAN PALETTA, WSJ.com
World leaders are expected to pledge support on Friday for central planks of the new U.S. law governing financial regulation, but officials remain far apart over how to adopt these rules globally to prevent financial crises and taxpayer bailouts in the future.
http://jlne.ws/bLyDJW
Ben Bernanke: The Chauncey Gardiner of Central Banking
In Ben Bernanke’s Washington Post elucidation of Fed policy, "What the Fed Did and Why: Supporting the Recovery and Sustaining Price Stability," the Fed chairman cut-and-pasted misleading paragraphs from earlier misleading speeches. He did not discuss the two most important aspects of his money experiment. Bernanke did not address, first, the real economy or, second, the rest of the world. It will be the first of these lapses that will be discussed below.
http://jlne.ws/anuBWF
Dollar hits highest level in a month. Data, Portuguese bond auction eyed
By Nick Godt and William L. Watts, MarketWatch
The dollar rose Wednesday to its best level against the euro since early October after a combination of better data in the U.S., a weak Portuguese bond auction and rising rates in China fueled interest in the U.S. currency.
http://jlne.ws/b2AXpA
Global banking bailout created moral hazard, Carney says
Losses incurred in future crises must be borne by the institutions themselves
Bank of Canada governor Mark Carney is backing proposed new international rules that would make banks and their shareholders and creditors -- not governments -- pay the cost of any future financial crisis like the Wall Street money crunch that triggered the recent recession.
News Investment Executive
http://jlne.ws/bACCjO
EU lawmakers spar over banning naked CDS trading
Reuters
European Union plans to curb abusive trading in naked sovereign credit default swaps should be hardened into an outright ban, a senior EU lawmaker responsible for guiding the plans through the EU assembly said on Tuesday.
http://jlne.ws/bt9ehd
BNP Paribas, Credit Agricole Face Former Traders in Paris Criminal Trial
BNP Paribas SA and Groupe Credit Agricole are confronting three former bond traders at a Paris criminal trial on claims the men orchestrated deals in the 1990s to inflate the bond prices and pocket the profits.
Bloomberg
http://jlne.ws/dkqS5q
ING Prepares U.S. Insurance Unit for Possible IPO
BusinessWeek
ING Groep NV, the largest Dutch financial-services company, said it's taking steps to prepare its U.S. insurance business for an initial public offering and reported a sixfold increase in banking profit.
http://jlne.ws/bgCL3w
Compliance: IRS pushes banks to put pressure on tax evaders [at Financial Times]
Financial Times Finance News (EU) via Yahoo! UK & Ireland Finance
After the US Department of Justice settled its case last year against UBS, the Swiss bank, for helping US citizens evade taxes, some lawyers asked which jurisdiction, or bank would be targeted next.
http://jlne.ws/a4XY2q
No let-up for Irish debt; pressure grows
Reuters
Clearing house LCH.Clearnet hiked margin requirements for Irish debt on Wednesday and Ireland's central bank said it would take a closer look at banks' residential mortgage books...
http://jlne.ws/cPcaJ8
Irish bond yields surge to record
By David Oakley and Philip Stafford in London and Peter Wise in Lisbon, FT.com
The eurozone's debt problems resurfaced on Wednesday as worries over Portugal and Ireland intensified.
http://jlne.ws/dvvt19
Tokyo Aim to launch first market for listing bonds
By Lindsay Whipp in Tokyo
FT.com / FT Trading Room
Tokyo Aim, the joint venture between the London and Tokyo stock exchanges, plans next year to establish Japan's first market for listing bonds.
http://jlne.ws/9x4PVP
HSBC Chairman: Asia More Favorable Than Europe For Bank Operations
By Kyong-Ae Choi, Dow Jones Newswires
Asia offers a more favorable business environment for banks compared with Europe due to the region's rapid economic growth, HSBC Holdings PLC (HBC: 55.28 ,-0.18 ,-0.32%) Chairman Stephen Green said Wednesday.
http://jlne.ws/d3EqIW
RBS Chairman Hampton Regrets Bank of China Stake Sale, Morning Post Says
Bloomberg
Philip Hampton, chairman of Royal Bank of Scotland Group Plc, regrets the lender's decision to sell its 4.3 percent stake in Bank of China Ltd., the South China Morning Post reported.
http://jlne.ws/coKU3l
Ambac Bankruptcy Triggered Credit Swaps, ISDA Committee Decides
Bloomberg
Ambac Financial Group Inc.'s bankruptcy filing this week triggered contracts that protect against the company's default, the committee of banks and investors that governs credit-default swaps in North America said today in an e-mailed statement.
http://jlne.ws/9a4zJC
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