FRB: Testimony--Bernanke, Statement--January 7, 2011
Chairman Ben S. Bernanke
The Economic Outlook and Monetary and Fiscal Policy
Before the Committee on the Budget, U.S. Senate, Washington, D.C.
Chairman Conrad, Senator Sessions, and other members of the Committee, thank you for this opportunity to offer my views on current economic conditions, recent monetary policy actions, and issues related to the federal budget.
The Economic Outlook
The economic recovery that began a year and a half ago is continuing, although, to date, at a pace that has been insufficient to reduce the rate of unemployment significantly...
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Dodd-Frank Repeal Proposed, Can It Be Passed?
By Penny Crosman, Bank Systems & Technology
Congresswoman Michele Bachmann, a Republican from Minnesota, has introduced legislation, H.R. 87, to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act. "Dodd-Frank grossly expanded the federal government beyond its jurisdictional boundaries," Bachmann said in a statement. "It gave Washington bureaucrats the power to interpret and enforce the legislation with little oversight.
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Champlain College Makes Financial Literacy a Priority
By Ron Lieber, The New York Times
One of the more difficult questions of the mortgage collapse was just how much blame individuals should take for signing up for loans they didn’t understand...
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With Appointments, Obama’s Economic Team Shifts to Focus on Recovery
By Jackie Calmes, The New York Times
President Obama on Friday completed the midterm makeover of his core economic team as it turned from crisis management to recovery measures, naming Gene B. Sperling as senior economic adviser in the White House.
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SNB refuses to accept Portugal bonds as security
By Haig Simonian in Zurich, FT.com
The Swiss National Bank confirmed on Friday that it had stopped accepting Portuguese government securities as collateral for repurchase (repo) agreements, adding Lisbon to Dublin among the eurozone governments on its ineligible list. The decision to exclude both countries follows steep downgrades of Portuguese and Irish debt and was based on the Swiss central bank’s strict, but highly transparent, acceptance criteria.
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Why Did the Unemployment Rate Drop?
The U.S. jobless rate dropped substantially to 9.4% in December, but the government’s broader measure of unemployment dropped at a more modest pace to 16.7%, highlighting the problem of the long-term unemployed. The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs.
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What a debt default would mean
The letter Treasury Secretary Tim Geithner sent to Congress on the debt ceiling is worth reading in full, as it does a nice job describing a danger that I'm not sure most people fully appreciate. My sense is that the mental model most people have of defaulting on the debt ceiling looks something like shutting down the government. But that's not it at all. It's more like shutting down the economy.
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Canadian pension plan funding dips in 2010
Janet Mcfarland
For five years, Scott Clausen has listened to pension funds predict interest rates have surely hit rock bottom. And for five years, they’ve been wrong. Now Mr. Clausen, a pension specialist at consulting firm Mercer, is reluctant to predict pension funds are finally turning the corner toward stronger health, despite promising signs of climbing interest rates over the past three months.
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U.S. Adds 103,000 Jobs in December, Unemployment at 9.4%
By Bob Willis, Bloomberg
Employers in the U.S. added fewer jobs than forecast in December, confirming Federal Reserve Chairman Ben S. Bernanke’s view that it will take years for the labor market to heal.
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Bernanke fears slow US recovery
BBC
The US economy is showing signs of a "self-sustaining recovery", but is not growing fast enough to reduce high jobless levels, Federal Reserve chairman Ben Bernanke has said.
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Nigerian interbank rates ease on budget disbursals
Reuters
Nigerian interbank lending rates eased to 6.0 percent in the first trading week of the year from 8.9 percent at the end of 2010, helped by inflows from government budget disbursals, traders said on Friday.
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US banks get nod for China securities
By Henny Sender in Hong Kong and Jamil Anderlini in Beijing - Financial Times
JPMorgan and Morgan Stanley have received approval to launch securities joint ventures with Chinese partners that will allow them to help local clients raise money in China's equity and debt markets. They are the first US banks in six years to gain such access.
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Sarkozy Likely to Suggest a Lesser Role for Dollar
By NATHALIE BOSCHAT And IAN TALLEY - WSJ
PARIS-French President Nicolas Sarkozy is likely to make a provocative suggestion when he visits U.S. President Barack Obama Monday: Give the dollar a less-prominent role in the world economy.
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US Constitutional Challenge Seen To 'Vague' Dodd-Frank Rules
By Jacob Bunge Of DOW JONES NEWSWIRES
One of the largest U.S. futures brokers has assailed part of the Obama administration's proposed financial reforms, mirroring criticism from incoming Republican lawmakers that the Dodd-Frank overhaul may be unconstitutional. The comments to regulators from Newedge Group come amid wider industry protests about a key provision in the legislation that gives U.S. futures watchdogs more power to crack down on reckless trading, which is seen as vague and overlapping with existing oversight.
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Obama adviser Volcker to step down: Reports
Market Watch
Former Federal Reserve Chairman Paul Volcker is expected to step down as a key economic adviser to President Barack Obama, according to reports. As head of Obama's Economic Recovery Advisory Board, Volcker authored a controversial bank reform measure dubbed the "Volcker Rule," which is intended to limit big insured banks' speculative proprietary derivatives and stock ...
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Banks' Senior Debt Holders May Face Losses in EU Plan
BusinessWeek
The European Union proposed that bank regulators be granted powers to write down lenders' senior debt and veto new products, as part of a package of measures to protect taxpayers from future financial crises.
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Nodal Exchange and LCH.Clearnet Ltd extend Real Time power offering to 100 contracts
Press Release
Nodal Exchange, LLC and LCH.Clearnet Ltd (LCH.Clearnet) announced today the addition of 72 new contracts settling against Real Time Locational Marginal Price (LMP) of electricity at 36 new hub and zone locations. This brings the total number of Nodal Exchange contracts settling against Real Time LMP to 100, complementing the over 3,600 Day Ahead LMP settled contracts.
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LCH.Clearnet appoints SwapClear Head of Sales & Marketing in the U.S
Press Release
LCH.Clearnet Ltd (LCH.Clearnet) has appointed Floyd Converse as Head of Sales and Marketing in the U.S for its market leading interest rate swap (IRS) clearing service, SwapClear.
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Citigroup seeks buyers for CitiFinancial
By Francesco Guerrera and Helen Thomas in New York - Financial Times
Citigroup is seeking buyers for CitiFinancial, the largest consumer finance company in the US, in a deal that could raise hundreds of millions of dollars and mark a milestone in the bank's efforts to break with its troubled past.
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Total ICAP Electronic Broking Volumes for EBS and BrokerTec Platforms Increase 19% in December
Press Release
London, 6th January 2011 - ICAP, the world's premier interdealer broker, announced today that total electronic broking volumes for the month of December on the BrokerTec and EBS platforms reached US$ 744.6 billion, an increase of 19% year on year.
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Goldman Sachs sued over mortgage-debt deals
Market Watch
Bond insurer ACA Financial says it was misled by the investment bank's "fraudulent'" activities and is seeking $120 million in compensation and punitive damages.
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Goldman Sued Over Paulson CDOs
TheStreet.com
ACA Financial Guaranty is suing Goldman Sachs for fraud and is seeking $30 million to $90 million in damages. The monoline bond insurer, which is operating in run off, says that Goldman misled the company over a synthetic collateralized debt obligation (CDO) called ABACUS. Goldman Sachs developed and sold the CDO in 2007 on behalf of hedge fund Paulson & Co...
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INTERVIEW: FSA Turner May Seek Powers To Block Hostile Bank Buys
Dow Jones
The U.K.'s Financial Services Authority may ask the government for the power to block hostile takeovers in the banking sector in a bid to prevent aggressive acquisitions from disrupting financial stability, FSA Chairman Lord Adair Turner told Dow Jones Newswires Thursday.
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Royal Bank of Scotland Group: HM Tresury Holds 82.81% Interest
Dow Jones
Royal Bank of Scotland Group PLC (RBS.LN), a U.K. state owned banking company announced Thursday HM Treasury currently holds 90,644,835,194 shares in the company, which represents 82.81%.
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AIG moves closer to recapitalisation
By Tom Braithwaite in Washington - Financial Times
AIG, the insurance group bailed out by the US government during the financial crisis, is on track to complete a recapitalisation as soon as next week after its board approved the next step of a restructuring plan.
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BlackRock Picked by Irish Central Bank to Evaluate Six Banks' Debt Assets
Bloomberg
BlackRock Inc. , the world's biggest asset manager, was picked by the Central Bank of Ireland to value hard-to-sell debt held by the country's banks as European regulators attempt to resolve the sovereign debt crisis.
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