FDIC's Bair to leave agency July 8th
By Ronald D. Orol, MarketWatch
Federal Deposit Insurance Corp. Chairman Sheila Bair plans to leave the agency on July 8th, according to a release on Monday. Bair had previously said she plans to depart the agency after her term expired. According to the release, Bair's final meeting will be in the first week of July.
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AIG shares hit fresh lows, threaten U.S. losses
Reuters
Shares in bailed-out insurer American International Group (AIG.N) fell to their lowest levels in nearly eight months on Monday, potentially moving them into loss-making territory for the U.S. Treasury.
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Citigroup shares face struggle post-reverse split
Reuters/Yahoo! News
Citigroup (C.N) shares face the typical uphill battle of a stock that just reverse-split its shares, a move that can be fruitful years down the road but that can be tough going at the start.
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BNP Paribas Chairman To Retire
By Scheherazade Daneshkhu, FT.com
Michel Pébereau, France’s most influential banker, is retiring as chairman of BNP Paribas, the domestic bank he helped transform over two decades into one of the world’s biggest and most profitable.
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Munich Re says $300 mln Japan cat bond a write-off
By Sarah Mortimer, Reuters
The world's biggest reinsurer, Munich Re (MUVGn.DE), said a $300 million catastrophe bond for Japanese carrier Zenkyoren will be a total loss to investors following Japan's devastating earthquake on March 11.
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UK banks: payment protection insurance
FT.com
Choose your battles. António Horta-Osório queered the pitch for his high street rivals last week by providing £3.2bn to cover the cost of compensating his bank’s customers for mis-sold payment protection insurance. And by withdrawing from an industry-led legal wrangle over PPI, Lloyds Banking Group’s chief executive has forced competitors to eat humble pie. Barclays on Monday set aside £1bn for PPI cases; HSBC, provided $440m. Royal Bank of Scotland is thinking about it.
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Why the housing market is caught in a liquidity trap
Fortune
In textbook economics, lower interest rates typically spur higher investments. Money is cheap. So the assumption is that people, banks and companies will spend more, therefore helping the economy grow.
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ECB's Trichet: Rich countries must fix finances
David Mchugh, AP
Rich countries like the U.S., Japan and Britain need to move quickly to get their deficits under control, the head of the European Central Bank said Monday. Speaking on behalf of the world's major central banks, Jean-Claude Trichet said governments' financial situation in the developed world "has to be aggressively improved."
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Fed Says U.S. Household Debt Increases 0.3% in First Quarter
By Caroline Salas, Bloomberg
U.S. households expanded their debt last quarter for the first time in more than two years as mortgage balances rose, according to a survey by the Federal Reserve Bank of New York.
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IMF Official: Inflation Threatens India Growth
BY SOURAV MISHRA, WSJ.com
India's growth and inflation outlook is vulnerable to food and energy price disruptions because of their relatively higher shares in the expenditure basket, a senior International Monetary Fund official said Monday.
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New York Fed's quarterly report on household debt, credit shows healing in consumer credit markets since last quarter
The Federal Reserve Bank of New York released the Quarterly Household Debt and Credit Report for the first quarter of 2011 today, which showed signs of healing in the consumer credit markets. Evidence of improvement includes: an increase in credit limits, by about $30 billion or 1%, for the first time since the third quarter of 2008; a steady number of open mortgage accounts, following a period of decline beginning in early 2008; continued decline of new foreclosures and new bankruptcies, down 17.7% and 13.3% respectively in the last quarter; a 15% decline of total delinquent balances, compared to a year ago; and a broad flattening of overall consumer debt balances outstanding.
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European officials to revamp Greek aid
FT.com
European officials are preparing to revamp Greece’s bail-out package after concluding that Athens would be unable to raise money in the markets early next year, as envisaged under a €110bn ($158bn) rescue plan.
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S&P Cuts Greek Debt Rating, Bondholders Face Hefty Haircut Forbes
Forbes
A new week began with a fresh reminder of the sovereign debt concerns weighing on the Eurozone, as Standard & Poor’s cut Greece’s credit rating two notches to “B” from “BB-.”
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CFTC not sure if TBTF issue fixed
Global Financial Strategy
The issue of too big to fail may not have been fixed and regulators might simply have created "sound and fury", according to Commodity Futures Trading Commission commissioner Scott O'Malia.
http://jlne.ws/jcmtpE
ELX SETS MULTIPLE VOLUME RECORDS: OVERALL EXCHANGE, COMBINED U.S. TREASURY FUTURES, 5-YEAR AND 30-YEAR FUTURES
New York, May 9, 2011 – ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today that it established multiple new end-of-day volume records on Friday, May 6, including overall exchange; combined U.S. Treasury futures contracts, 5-year note and 30-year bond.
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Batch Of Listed Credit Derivatives Traded On CBOE
By Katy Burne Of DOW JONES NEWSWIRES
A batch of listed credit derivatives was traded Friday for the first time in at least three years, according to the Chicago Board Options Exchange, where the contracts were executed. But they were the first contracts traded since the CBOE launched a new iteration of the options in March.
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Pensions win key Emir concession
eFinancial News
European pension schemes have been granted an exemption from tough new derivatives trading rules, in a critical victory for the industry first predicted by Financial News last month.
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UBS fears missing ambitious targets
By Megan Murphy and Patrick Jenkins in London - Financial Times
UBS bankers have privately conceded that the Swiss financial services group is unlikely to meet ambitious performance targets as it realigns its business in response to new rules on capital.
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Goldman paid $700 million in legal fees in 2010
Market Watch
Wall Street powerhouse Goldman Sachs said on Friday that the firm spent $700 million on legal fees in 2010, including $434 million on outside counsel.
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UBS Case Marks Widening Criminal Probe Into Municipal Bonds
BusinessWeek
A UBS AG banker wanted to win an investment deal with a Rhode Island municipality that was to be awarded to the highest bidder. Instead of offering the best price, he secretly split half of UBS's $1.4 million profit with another bank to get the rival to back off.
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Royal Bank of Scotland's Long Road to Recovery
The Motley Fool
RBS results please investors -- has the turnaround truly begun?
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Barclays Readies $1.6 Billion for Insurance Claims
By JULIA WERDIGIER, NY Times
Barclays and other British banks said Monday that they would not challenge a court ruling that forces them to compensate customers who received wrong advice when buying some personal insurance.
http://jlne.ws/lsGaqa
Muni debt set for $29bn refinancing
By Nicole Bullock and Aline van Duyn in New York - Financial Times
US states, cities and other local entities are gearing up to refinance a record $29bn of expiring bank guarantees this quarter, which have to be completed to avoid potential credit rating downgrades and defaults.
http://jlne.ws/jYQC3U
Barclays offers ultimatum to staff in Dubai: relocation or redundancy
Zawya
Barclays plans to move its Africa headquarters in Dubai back to Johannesburg, a spokesman for the bank said on Sunday, leaving more than 120 employees with the option of relocating or quitting the bank.
http://jlne.ws/iDTDYZ
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