Top Interest Rate Headlines 11-29-10: Wall Street Shrinks From Credit Default Swaps Before Rules Hit

Wall Street Shrinks From Credit Default Swaps Before Rules Hit
Shannon D. Harrington and Christine Harper, Bloomberg
Trading in credit-default swaps, Wall Street’s fastest-growing business before the credit crisis, has tumbled 40 to 60 percent from three years ago as banks prepare for new regulation of derivatives.
http://jlne.ws/e47cp9

Barclays exploited toxic debt ratings, court told 
By Nia Willams, Reuters
British bank Barclays (BARC.L) was accused on Monday of selling derivatives it knew were far riskier than the triple-A credit rating they had been given.
http://jlne.ws/hc2gs6

Treasury to Offer $25B 56-Day Cash Management Bills
By Gary Siegel, The Bond Buyer
The Treasury Department said it will auction $25 billion 56-day cash management bills on Wednesday, December 1.
http://jlne.ws/dFZJqV

Europe Backs Irish Rescue and New Rules on Bailouts
By STEPHEN CASTLE and LIZ ALDERMAN, The New York Times
Fighting to prevent an accelerating debt crisis from engulfing Portugal and Spain, Europe’s finance ministers approved an 85 billion euro bailout package for Ireland, while also agreeing for the first time to hold private investors accountable for losses in future crises, beginning in 2013.
http://jlne.ws/e08odb

Inside Treasury's nerve center
By Brady Dennis, The Washington Post
Fighting to prevent an accelerating debt crisis from engulfing Portugal and Spain, Europe’s finance ministers approved an 85 billion euro bailout package for Ireland, while also agreeing for the first time to hold private investors accountable for losses in future crises, beginning in 2013.
http://jlne.ws/i7kCcw

Fresh M&A deals bring happy Thanksgiving for bankers
Liam Vaughan, Financial News
Mergers and acquisitions bankers had much to celebrate over Thanksgiving, despite the volatile markets and it being a historically quiet time of year for the industry, after a week of high-profile announced and rumoured deals. Household names including online retailer Ocado, music publishing group Chrysalis and food company Del Monte were all linked to M&A deals in recent days, pointing to a busy Christmas period ahead for advisers. European M&A volumes on November 26 were 40% up on the same point in November last year at $51.9bn, according to Dealogic.
http://jlne.ws/hQamT0

Anglo Irish Bank's wind down will take 'years'
BBC
A strategy to wind down Anglo Irish Bank's (AIB) loan book should be ready by the end of January, the Republic of Ireland's central bank has said.
http://jlne.ws/dYmgVL

EU Bailout Boost Fades
BY MARK BROWN AND KATIE MARTIN, WSJ.com 
The Irish rescue package announced over the weekend failed to soothe currency- and bond-market worries that sovereign-debt problems might spread within the euro zone, pushing the euro lower and raising yields on the debt of fiscally weaker euro-zone countries.
http://jlne.ws/esXhcl