N.Y. Fed Director’s Puerto Rico Bank Takes Loss on Nephew’s Loan
By Donal Griffin, Bloomberg
Popular Inc. (BPOP), Puerto Rico’s largest lender, amassed record losses during the credit crisis and got a $935 million injection from U.S. taxpayers. Now a loan to a real estate venture overseen by the chief executive officer’s nephew is burning a hole in the bank’s books.
http://jlne.ws/ffWa5K
British banks 'need to ringfence retail operations'
By Roland Jackson, AFP/Yahoo! News
Britain's banks need to ringfence their retail operations from investment bank activities, the Independent Commission on Banking urged Monday in a report aimed at preventing more state bailouts.
http://jlne.ws/frgC55
Bank robberies decline 7% in 2010, says FBI. Proof economy improving?
By Aaron Smith, CNNMoney
Bank theft -- primarily by robbery -- fell by 7% last year, according to the latest statistics from the Federal Bureau of Investigation. Thefts at banks and other financial institutions dropped to 5,628 in 2010 from 6,065. The FBI's figures include thefts committed against banks, credit unions, savings and loan associations and, to a much lesser extent, armored cars.
http://jlne.ws/hA6vVq
Jamie Dimon: Not as clever as lawsuit purports
Duff McDonald, Fortune
Yes, Wall Street loves to hide its moneymaking under a shroud of complexity. But an alleged scam by JPMorgan Chase through an investment vehicle called Sigma is taking it a step too far. If I were a class action lawyer, I would aim for the deepest of pockets. It only makes sense, right? On Wall Street, that means suing JPMorgan Chase or Goldman Sachs. So it's no surprise that another disgruntled set of institutional investors is suing JPMorgan for their own foolish mistakes. In this latest installment, we're treated to a theory of a diabolical scheme that supposedly includes Jamie Dimon himself. It makes for great reading, but don't kid yourselves, kids. Even Jamie Dimon isn't clever enough to try to pull off a scam like this.
http://jlne.ws/ejHdyK
Banco do Brasil in talks to buy Florida bank
Reuters
Brazilian bank Banco do Brasil (BBAS3.SA) is negotiating to buy EuroBank, a bank headquartered in Florida, Banco do Brasil said in a securities filing on Monday.
http://jlne.ws/gvD4Tl
Pimco's Gross ups bets against U.S. sovereign debt
By Min Zeng, MarketWatch
Bill Gross, founder and co-chief investment officer of Pacific Investment Management Co., has turned more bearish on the U.S. government-related bonds including Treasurys, reflecting his growing worries over the country's swelling fiscal deficit and mounting debt burden.
http://jlne.ws/fuvP9d
Stay the course on monetary policy, Fed's Yellen
By Greg Robb, MarketWatch
There is no reason for the Federal Reserve to reverse course from its current easy monetary policy stance given the spike in commodity prices, said Federal Reserve Vice Chairman Janet Yellen on Monday.
http://jlne.ws/hwNQg7
Kenya licenses second credit reference bureau
Reuters
Kenya's central bank licensed a second credit reference bureau in east Africa's biggest economy that could lead to lower commercial lending rates by improving credit information in the banking sector.
http://jlne.ws/hvKhCP
The Fed Is Playing The Most Dangerous Game On Earth
The Fed can only choose the least-worst option now: either destroy the real economy by sinking the dollar below support and unleashing the Inflation Monster, or abandon the "risk trade" stock market rally.
http://jlne.ws/fcEglP
U.S. Chamber Says Dodd-Frank Swaps Deadlines Should Be Delayed
By Silla Brush, Bloomberg
Congress should pass legislation extending the July deadline under the Dodd-Frank Act for most new derivatives regulations to be completed, 19 industry trade- associations told lawmakers.
http://jlne.ws/g8jmKR
IMF Sees Growth Slowing This Year
BY Ian Talley, WSJ.com
The International Monetary Fund highlighted new risks to the recovery and feeble efforts to tackle existing hazards but left its projection for global economic growth unchanged at 4.4% for 2011, from 5% last year.
http://jlne.ws/edI6Wa
Iceland Votes Nei In Regard To Paying Back U.K. And Netherlands For Cost Of Bailout
By Jacob Goldstein, NPR
In the heat of the financial crisis, hundreds of thousands of British and Dutch citizens lost money in savings accounts at a failed Icelandic bank. The governments of the U.K. and the Netherlands bailed them out.
http://jlne.ws/hEUels
Obama Puts Taxes on Table
By Carol E. Lee And Damian Paletta
President Barack Obama will lay out his plan for reducing the nation's deficit Wednesday, belatedly entering a fight over the nation's long-term financial future. But in addition to suggesting cuts—the current focus of debate—the White House looks set to aim its firepower on a more divisive topic: taxes.
http://jlne.ws/eXmqzn
Fisher Says Fed at ‘Tipping Point’ of Overstimulating U.S. Economic Growth
By Vivien Lou Chen - Bloomberg
Federal Reserve Bank of Dallas President Richard Fisher said the central bank faces a “significant” risk of providing record stimulus for too long and should weigh curtailing its $600 billion bond-purchase plan.
http://jlne.ws/eIb20R
US watchdogs to sue executives of failed banks
By Suzanne Kapner in New York and Paul J Davies in London - Financial Times
US regulators are expected to file up to 100 lawsuits against executives and directors of failed banks in the next two years, as they seek to hold people accountable for management failings and recover billions of dollars, industry experts said.
http://jlne.ws/fTToDE
U.S. Chamber Says Dodd-Frank Swaps Deadlines Should Be Delayed
By Silla Brush, Bloomberg
Congress should pass legislation extending the July deadline under the Dodd-Frank Act for most new derivatives regulations to be completed, 19 industry trade- associations told lawmakers.
http://jlne.ws/g8jmKR
Resolve to expand OTC rules hardens
eFinancial News
Attempts by European policymakers to reform the European over-the-counter derivatives market have sparked much controversy during the past six months. But recent moves to expand the scope of the European Market Infrastructure Regulation text are raising the stakes further.
http://jlne.ws/f7q6xy
Pensions set to win exemption from derivatives rules
eFinancial News
European pension schemes are close to winning a reprieve from new EU rules governing derivatives trading, which would have resulted in high fees, tied up assets in the form of collateral and reduced investment returns.
http://jlne.ws/gjZsGP
Soros Warns Moral Hazard 'Looms Larger' as Volcker Says Big Banks Can Fail
Bloomberg
Paul Volcker , former Federal Reserve Chairman, challenged the notion that large financial institutions wouldn't be allowed to collapse, and asked Soros whether the extra yield on Goldman Sachs Group Inc. (GS) bonds relative to Treasuries would widen if the firm gave up its bank license.
http://jlne.ws/eAEXgE
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