Trichet Says Interest-Rate Increase by the ECB Next Month Is a Possibility
By Christian Vits and Jana Randow, Bloomberg
European Central Bank President Jean-Claude Trichet said the ECB may raise interest rates next month for the first time in almost three years to fight mounting inflation pressures.
http://jlne.ws/gdcKT0
Personal Bankruptcy Filings Moderate
By Sara Murray, WSJ.com
Personal bankruptcy filings dropped last month, as the surge of bankruptcies spurred by the economic downturn continued to moderate. The National Bankruptcy Research Center and the American Bankruptcy Institute tallied 134,720 consumer filings in April, down nearly 6.8% from the same month a year ago. So far this year filings are 6.5% below the same period in 2010 and bankruptcy experts believe the gush of filings over the past few years is beginning to slow.
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Inflation Measurement Gives Us Food for Thought - Economic Letter, May 2011 - FRB Dallas
Global food prices are soaring. Since February 2009, the United Nations Food and Agriculture Organization world food price index has risen roughly 67 percent, surpassing the previous peak in June 2008 (Chart 1). The last food price surge, from early 2007 to mid-2008, prompted riots in many countries; the latest rise has also fueled riots and may have been a factor in political unrest sweeping through North Africa and the Middle East
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Sandler O'Neill adds veterans to fixed income group
IFR
Sandler O’Neill, a boutique investment bank that specialises in financial services firms, announced that Gregory Heher has joined the firm as a principal.
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FDIC Completes First CMBS
IDD: Asset Securitization Report
The Federal Deposit Insurance Corporation (FDIC) closed on a sale of securities as part of a securitization backed by approximately $394.3 million of performing commercial and multi-family mortgages from 13 failed banks.
http://jlne.ws/iiktxV
Frank Introduces Bill to Concentrate Fed Power in DC
By Luca Di Leo, WSJ.com
U.S. Rep. Barney Frank (D., Mass) Tuesday introduced a bill that would let interest rates be set only by Federal Reserve officials picked by the government, a new attempt to move power away from regional Fed officials chosen by the private sector.
http://jlne.ws/j4uUfH
Interest-Rate Increases Would Exacerbate Debt Challenges, BOE’s King Says
By Jim Brunsden, Bloomberg
Bank of England Governor Mervyn King said high debt levels pose “massive” economic challenges that would be exacerbated by increased long-term interest rates.
http://jlne.ws/mUtKka
ICE Announces ICE Link Connectivity to CME Clearing for CDS
Press Release
IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced today that its ICE Link platform will offer connectivity to CME Clearing for credit default swap (CDS) clearing starting in the summer of 2011.
http://jlne.ws/jOIIhD
NYSE Liffe U.S. Announces Wholesale Trader List for Block and Basis Trading in Edllr and Tsys
Press Release
In an effort to provide greater choice and liquidity for customers wishing to execute transactions in sizes that are above the published Exchange block trade minimum thresholds in Interest Rate Futures, NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced the publication of its wholesale trader list. This list contains the names and contact information for leading market participants who have expressed an interest in providing liquidity for wholesale trades, including block and basis trades, in interest rate futures contracts trading on NYSE Liffe U.S.
http://jlne.ws/jt6dNM
Jean-Claude Trichet: Short Address In Honor Of Axel Weber
Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Deutsche Bundesbank Festakt, Frankfurt am Main, 2 May 2011.
http://jlne.ws/k4qhWH
Treasury Official, Key US Republican Offer Contrasting Opinions of Dodd-Frank
By Alan Zibel and Jeffrey Sparshott, Of DOW JONES NEWSWIRES
A top Treasury Department official and a key House Republican offered sharply contrasting views Monday about whether the financial overhaul law passed last summer will wind up hurting small banks.
http://jlne.ws/jVUKY4
DOJ to Sue Deutsche Bank Over ‘Reckless Lending Practices’
By Ashby Jones, WSJ.com
This just in: According to a press release issued by the U.S. attorney’s office in Manhattan, the Justice Department will sue Deutsche Bank and its subsidiary MortgageIT for “years of reckless lending practices.”
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Deutsche Bank Unit Stuffed Mortgage Reviews in a Closet. Literally.
By Shira Ovide, Deal Journal
Among the damaging charges in the government’s civil lawsuit against Deutsche Bank over its role in allegedly defrauding a government mortgage-insurance program, this charge is a standout.
http://jlne.ws/mwjPPq
PIMCO | Investment Outlook - The Caine Mutiny
William H.Gross
The Gross household is a robe-wearing household – at least on the distaff side. Sue has a closet full of them, all white, and is thrilled each and every Christmas with a new white one under the tree. Go figure. I on the other hand am a little more casual about nighttime attire, a habit I picked up or at least observed during my Navy years in the South China Sea. But I am getting ahead of myself. Back in 1969, yours truly was a lowly ensign whose responsibility among other things was to substitute for the captain when he was sleeping. Vietnam era captains couldn’t be at the helm 24/7 so during relatively calm hours, the benchwarmers got a chance to quarterback the ship. Such was the case on a warm September evening, making 20 knots on our way home to San Diego in the middle of the vast and totally empty Pacific Ocean, 2,000 miles west of Honolulu. I was standing the dreaded “mid-watch” – midnight to 4:00 am – and under instructions to wake the captain if anything “unusual” took place; FAT chance, aside from the occasional mermaid or sea monster sightings, and no one ever woke the captain up for that.
http://jlne.ws/me7Q3G
ICE Announces ICE Link Connectivity to CME Clearing for CDS
NEW YORK, May 3, 2011 /PRNewswire/ -- IntercontinentalExchange (NYSE: ICE), a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced today that its ICE Link platform will offer connectivity to CME Clearing for credit default swap (CDS) clearing starting in the summer of 2011.
http://jlne.ws/jOIIhD
Treasury Will Act to Avoid Default
By Naftali Bendavid And Damian Paletta, WSJ
Treasury Department officials said Monday that they will begin to take extraordinary actions Friday to manage the government’s finances so the U.S. won’t default after hitting its borrowing limit on May 16. The moves come amid divisions among congressional leaders over how to raise the $14.29 trillion debt limit and avoid a default that Treasury officials say could cause another financial crisis.
http://jlne.ws/kwc6el
Treasury Making Plans to Live Under a Debt Ceiling
New York Times
Treasury officials now estimate that the emergency measures will allow the government to meet its existing commitments until the first week in August.
http://jlne.ws/l2vBZs
New Bundesbank chief takes helm
By Ralph Atkins in Frankfurt, Financial Times
Germany’s new central bank president has taken office calling for a return to “normal” monetary policy in the eurozone – a clear hint he would back further rises in European Central Bank interest rates.
http://jlne.ws/limmez
ISDA preaches safety mantra
Derivatives comment: Simon Boughey, Financial News
The International Swaps and Derivatives Association’s 26th annual meeting was, by most accounts, a great success. There were good reasons for the bullishness.
http://jlne.ws/iM5jL5
Treasury Urges Small Banks to Embrace Dodd-Frank
By BEN PROTESS, NY Times
The Obama administration has trumpeted its recent overhaul of financial rules as a stern warning to Wall Street. Community bankers, on the other hand, need not fear the new regulatory regime, the administration says.
http://jlne.ws/l0HgOC
MF Global Expands Capital Markets, Institutional Sales Initiatives
NEW YORK--(BUSINESS WIRE)--MF Global Holdings Ltd. (NYSE: MF), a broker-dealer providing trading and hedging solutions, has made substantive progress in expanding its capital markets and institutional sales teams. In the last several months, MF Global has made significant sales and trading hires, advancing the firm’s efforts to establish an integrated sales and distribution process and deliver a more complete client offering of capital markets products and services.
http://jlne.ws/jsyV7Q
Banks boost customer service in fierce market
Independent
After years of bad publicity, fines for misselling products and unrest over charges, Britain's banks have opened up an unlikely new battleground: customer service. The reasons are varied and include the need to restore their battered reputations, the renewed importance of retail depositors, increased transparency over customer complaints and competition.
http://jlne.ws/lZt7NW
Munger Says Wall Street Bankers Share Blame for European Crisis
BusinessWeek
Charles Munger, whose Berkshire Hathaway Inc. holds $5 billion of options on Goldman Sachs Group Inc. stock, said the role of investment bankers in helping to mask Greece's financial troubles was "perfectly disgusting."
http://jlne.ws/lppdVh
Lehman Seeks $500 Million From Barclays in Bonus Dispute
BusinessWeek
Lehman Brothers Holdings Inc. is claiming $500 million from Barclays Plc for allegedly failing to pay all of the bonuses the U.K. bank agreed to when it bought the defunct investment firm's North American business.
http://jlne.ws/jYi9Fo
WestPark Capital New Hire, Adam Lucks, Head of Fixed Income Trading
Business Wire
LOS ANGELES--(BUSINESS WIRE)--WestPark Capital Inc., the Los Angeles-based international investment banking firm, has hired Adam M. Lucks as Head of Fixed Income Trading. Mr. Lucks is a fixed income trader with more than 12 years of experience in the retail/institutional fixed income trading arena. Specifically, Lucks will be working with major banks, regional firms, and select institutions ...
http://jlne.ws/igZm5Q
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