Federal Reserve Places 70% Per-Security Limit on Treasury Debt Holdings
By Liz Capo McCormick, Bloomberg
The Federal Reserve said it will limit its purchases to 70 percent of any single Treasury security as part of its plan to expand its balance sheet that’s known as quantitative easing.
http://jlne.ws/dYszcc
Deutsche Bank to pay $550 million in tax shelter case
By Blake Ellis, CNNMoney
Deutsche Bank AG agreed Tuesday to pay more than $550 million for taking part in fraudulent federal tax shelters, according to federal regulators.
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New York Fed purchases $1.619 billion in TIPS: New York Fed purchases $1.619 billion in TIPS
Federal Reserve Bank of New York
The purchase or sale of Treasury securities on an outright basis adds or drains reserves available in the banking system.
http://bit.ly/dU6jwB
Americans now use debit cards for more noncash payments than any other means
Press Release - Board of Governors, Federal Reserve System
The Federal Reserve's 2010 study of noncash payments released today revealed that in 2009 more than three-quarters of all U.S. noncash payments were made electronically, a 9.3 percent annual increase since the Federal Reserve's last study in 2007. This growth and other statistics in the study emphasize consumers' increasing adoption of electronic alternatives for payments in the United States. The 2007 study revealed that in 2006 roughly two-thirds of the payments were made electronically.
http://jlne.ws/h0bbt2
Bond Market Rejects Fed's Unconditional Love: Caroline Baum
By Caroline Baum, Bloomberg
How’s that QE2 working out for you? To answer the question, we first have to establish the goals of a second round of quantitative easing as laid out by Federal Reserve Chairman Ben Bernanke. The Fed’s purchases of U.S. Treasuries “affect the economy primarily by lowering interest rates on securities of longer maturities,” Bernanke explained in a Nov. 19 speech in Frankfurt. Lower rates equate to more “accommodative financial conditions,” he said.
http://jlne.ws/gppYua
IMF PFM Blog: Korean Institute of Public Finance Hosts International Fiscal Experts Forum
Korea Hosts International Workshop on Fiscal Policy Issues
Against the backdrop of a severe fiscal crisis in some European countries, the Korean Institute of Public Finance (KIPF) hosted an International Fiscal Experts Forum in early December 2010. A major aim was to promote an exchange of views on fiscal policy issues, countries’ responses to the crisis, and relevant issues for Korea. The workshop brought together a number of prominent speakers, scholars, and practitioners from various countries. The topics covered included: fiscal policies after the crisis, budget performance management, accrual accounting, the impact of the crisis on subnational governments, and recent issues in legal frameworks for budget systems.
http://bit.ly/h9exyB
Banks to overhaul global pay structures
By Patrick Jenkins in London - Financial Times
The world's biggest investment banks are to overhaul their pay structures to differentiate between bankers based in Europe and those who work elsewhere, after European regulators' clampdown on bonuses. Many US and Swiss banks are considering paying higher salaries and lower bonuses to top bankers based in the European Union, mostly in London, to ensure they comply with new instructions from the Committee of European Banking Supervisors (CEBS), the pan-EU regulator, limiting cash pay-outs.
http://jlne.ws/hYS8oQ
CFTC Swap Plan May Save Billions in Bank Revenue
By Matthew Leising - Bloomberg
A revised proposal by the Commodity Futures Trading Commission for how private swaps can be traded will prevent dealers from losing billions of dollars in revenue, according to Moody's Investors Service analyst Alexander Yavorsky.
http://jlne.ws/eQZ5fx
Derivatives clearing creates new battleground
By Jeremy Grant - Financial Times
Three months ago, the oldest bank in the world took a very 21st-century financial instrument and produced something new in global finance. Italy's Banca Monte dei Paschi di Siena, founded in 1472, arranged for interest rate swaps - a type of derivative used to insure against rate fluctuations - to be processed through a London clearing house. The move sounds arcane. But pushing derivatives into clearing houses is an important part of reforms initiated by the Group of 20 leading nations and now being implemented to help safeguard the system against another Lehman Brothers-style default.
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How investment banks shape up after crisis
By Megan Murphy, Justin Baer, Francesco Guerrera, Patrick Jenkins, Jeremy Grant, Martin Arnold and Sam Jones - Financial Times
In the past decade the investment banking world was hit by a virus. Known as "Goldman envy", it prompted the likes of Morgan Stanley, Merrill Lynch and UBS - and the now-defunct Lehman Brothers and Bear Stearns - to ratchet up risks to try to replicate Goldman Sachs' strong profit growth.
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Irish Banks' Credit Slashed Again
TheStreet.com
Five of Ireland's remaining banks had their credit rating downgraded on Monday. Allied Irish Banks , Bank of Ireland, EBS Building Society, Irish Life & Permanent, ICS Building Society and Irish Nationwide Building Society each had their credit rating lowered several notches by Moody's Investor Services. The downgrades were applied to several layers of the banks' ratable ...
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Bottom line on bonuses: Banks not that profitable
The Globe and Mail
The average return on equity for U.S. and European banks is barely 5 per cent
http://jlne.ws/hDQKGZ
U.K. Could Have Sought $3 Billion More for Insuring RBS Assets, NAO Finds
Bloomberg
An "exit fee" of as much as 4.4 billion pounds for the early termination of the taxpayer-funded Asset Protection Scheme could be justified, the NAO said in a report published today. Instead, RBS last year agreed to pay 2.5 billion pounds were it to exit the program.
http://jlne.ws/eHABH4
Bankers face new year uncertainty
Investors Chronicle
The global financial crisis, followed quickly by a deep recession, has already meant plenty of change for the UK's beleaguered banks. Indeed, two of them - Royal Bank of Scotland (RBS) and Lloyds - are now heavily state owned after the government took big stakes in order to recapitalise the pair.
http://jlne.ws/eRJfZl
Goldman Sachs Strategy: 'Be Goldman in More Places'
Wall Street Journal Blogs
Nomura analyst Glenn Schorr -- who was bearish on Goldman Sachs last week -- today said he's feeling a bit better about the investment bank's outlook for 2011.
http://jlne.ws/gySUoR
Goldman Sachs's Blankfein Is `Reasonably Bullish,' Nomura's Schorr Says
Bloomberg
Goldman Sachs Group Inc. 's top executives view investment banking as having the best prospects next year and expect fixed-income to pick up as well, according to Nomura Holdings Inc.
http://jlne.ws/eOTDT0
Morgan Stanley's CEO James Gorman Explains Why They're Getting All The Government's Business
Business Insider
James Gorman talked to CNBC about whats next for Morgan Stanley and why it's the government's bank of choice. He is a bundle of positivity about the market, and his bank.
http://jlne.ws/dUKPqt
Wells Fargo hires Deutsche Bank executive
San Francisco Chronicle
Wells Fargo & Co., the fourth-largest U.S. lender by assets, hired John Fowler, who has led European health care at Deutsche Bank AG, and five managing directors to expand its investment-banking division. Fowler will be...
http://jlne.ws/hRUrVt
How Deutsche kept a pension scandal firm afloat
CNN Money
A Dallas-based private equity investor will be sentenced early next year for his role in New York's public pension kickback scandal. What won't be mentioned, however, is how a major Wall Street bank may have helped keep him in business.
http://jlne.ws/hqd3IJ
Wells Fargo Securities Hires Six Senior Investment Bankers
Business Wire
Wells Fargo Securities, part of Wells Fargo & Company, today announced that six senior investment bankers are joining its Investment Banking and Capital Markets division.
http://jlne.ws/guHRXV
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