U.S. bailout cop Barofsky resigns as TARP winds down
Reuters
The top government auditor for bailouts of U.S. financial firms and auto makers Monday resigned his position as the $700-billion (U.S.) Troubled Asset Relief Program winds down.
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Regional Economy Slowed in Q4, Dudley Says
By Gary Siegel, The Bond Buyer
The national economy picked up in the fourth quarter of 2010 despite a slowdown in the Northeast, which had been outpacing the nation, and “we believe that conditions are in place for such higher growth in 2011 and 2012,” according to Federal Reserve Bank of New York...
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Obama sends $3.7 trillion budget to Congress
By Robert Schroeder, MarketWatch
President Barack Obama sent Congress a $3.7 trillion budget for fiscal 2012 on Monday that includes targeted spending on infrastructure and education, but also makes cuts to other government programs in a bid to attack the deficit. Obama's budget blueprint projects that the deficit will be $1.6 trillion in fiscal 2011 before falling to $1.1 trillion in 2012. Obama's budget is facing a harsh reception from congressional Republicans, who are seeking deeper and broader cuts.
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Consumer surveys don’t predict inflation
By Cardiff Garcia, FT.com
Time to unburden ourselves of a long-withheld complaint ahead of this Thursday’s release of the January CPI numbers.
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Inflation on the march? Not in North America
By JEREMY TOROBIN, The Globe and Mail
Investors fear inflation is spinning out of control in the fastest-growing parts of the world and that central banks from China to Brazil will eventually need to hike interest rates so much to fight it that company profits in those countries will suffer.
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New York Fed purchases $1.497 billion in TIPS: New York Fed purchases $1.497 billion in TIPS
Press Release: 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://jlne.ws/earoOE
PIMCO Total Return Fund pares US gov't related debt
By Al Yoon, Reuters
PIMCO's Total Return Fund (PTTRX.O), the biggest bond fund, cut U.S. government-related debt holdings in January to its lowest in at least two years and added to cash and debt from other developed nations, the money manager's website said on Monday.
http://jlne.ws/euXtXu
Philly Fed Survey Upgrades 2011 Assessment
By Michael S. Derby, WSJ.com
A long running survey of economists saw the analysts upgrading their economic outlooks in the current quarter, although they still continued to predict modest activity gains joined with tepid hiring and continued low inflation.
http://jlne.ws/g0IsoG
U.S. bailout cop Barofsky resigns as of March 30
Reuters
The top U.S. bailout cop, Neil Barofsky, on Monday resigned his position as Special Inspector General for the Troubled Asset Relief Program effective March 30.
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Moody’s rates Irish banks as ‘junk’
By
DARA KELLY,IrishCentral.com
The credit ratings agency Moody's yesterday cut its rating of four Irish banks to junk status, citing its concerns over the imminence of new funding which was due at the end of February.
http://jlne.ws/ffC6Hz
Number of the Week: Government’s Overwhelming Role in Mortgages
By Mark Whitehouse, WSJ.com
One of the most crucial issues in safeguarding the U.S. against another financial disaster is figuring out what to do with Fannie Mae and Freddie Mac, the giant mortgage firms the government bailed out in the midst of the financial crisis. Given how deeply the government has waded into the mortgage market, it won’t be an easy task.
http://jlne.ws/eavIdn
Lagarde outlines France’s G20 hopes
By Peggy Hollinger and Scheherazade Daneshkhu in Paris - Financial Times
France is hoping to win agreement on a list of indicators to identify and reduce trade imbalances when it hosts a meeting of finance ministers from the Group of 20 leading economies.
http://jlne.ws/fCFNLu
White House Expects Deficit to Spike to $1.65 Trillion
By DAMIAN PALETTA and COREY BOLES - WSJ
WASHINGTON—The White House projected Monday that the federal deficit would spike to $1.65 trillion in the current fiscal year, the largest dollar amount ever, adding pressure on Democrats and Republicans to tackle growing levels of debt.
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Hamish McRae: Merlin's all very well, but other banking changes are set to shape all our futures
Independent
So the Government has nudged the banks into lending more to industry.
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Former F.D.I.C. Deal Maker Joins Goldman Sachs
By ERIC DASH - NY Times
Joseph Jiampietro, one of the government’s top deal makers during the financial crisis, has joined Goldman Sachs as a senior investment banker covering the financial services industry.
http://jlne.ws/eFUcz3
JPMorgan Names New Head for Mortgage Business
By ERIC DASH - NY Times
Hoping to troubleshoot some of the problems plaguing its mortgage operations, Jamie Dimon on Friday dispatched one of his top lieutenants to oversee the Chase Home Lending business.
http://jlne.ws/hwUUcz
UBS AG UK Regulatory Announcement: Change on UBS Board of Directors
Business Wire
ZURICH & BASEL, Switzerland--(BUSINESS WIRE)--Following UBS's (NYSE:UBS)(SWX:UBSN) recent announcement that Sally Bott had decided not to stand for re-election as a member of the UBS Board of Directors, she has accepted a position at another firm and accordingly has resigned with immediate effect from her functions at UBS. Helmut Panke will act as ad-interim Chairman of the Human Resources and ...
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RBS takes 'two-step' approach to bonuses
eFinancial News
Senior Royal Bank of Scotland bankers and traders could have to wait just three months to get their hands on a third of their deferred stock, according to market sources.
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Barclays said to cut bonuses by 15%
Brisbane Times
Barclays, Britain's third- largest bank, reduced bonuses for employees of its investment- banking unit, Barclays Capital, by about 15 percent on average, according to three people with knowledge of the matter.
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Barclays set to report a £5.8bn profit
Independent
Bob Diamond's highly anticipated first full-year results as Barclays' chief executive are expected to show a 9 per cent increase in the bank's profit to nearly £5.8bn.
http://jlne.ws/g3rQaK
Credit Suisse launches $6.2bn CoCos offer
By Jennifer Hughes, Senior Markets Correspondent - Financial Times
Credit Suisse has agreed a debt swap and launched a sale involving so-called contingent or “coco” bonds that will bolster its capital and provide a key test of market appetite for the new instruments.
http://jlne.ws/eO2uWI
Anglo Irish named world's dumbest bank by Fortune magazine
Irish Central
Anglo Irish Bank has been named among the world's dumbest banks by Forturne magazine. Anglo is expected to announce $24 billion in losses for 2010. This will be the fifth-biggest banking loss on record.
http://jlne.ws/fhD1bU
NCFC: Dodd-Frank Act preserves ag risk management options
Dairy Herd
As the Commodities Futures Trading Corporation (CFTC) implements provisions of the Dodd-Frank Act involving over the counter (OTC) derivatives, the Commission must ensure that farmer co-ops can continue to effectively manage risk and offer hedging tools to their farmer-owners, a representative of the National Council of Farmer Cooperatives (NCFC) said today.
http://jlne.ws/e4kSBi
Japan’s savings rate about to go negative, Goldman says
Posted by Tracy Alloway - FT Alphaville
Japan has just announced that its national savings rate rose to 5 per cent in 2009, from 2.2 per cent in 2008. But already some analysts are predicting a sharp reversal in the trend. Goldman Sachs’ Chiwoong Lee thinks the rate is about to turn negative.
http://jlne.ws/eYGQMu
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