Geithner Says 'Ask The Women About IMF Culture' (Video And Text)
The Daily Bail
This is a very impressive response. We give him credit. Tim likely wants the job as IMF chief - $500K per year tax free, he could stay in D.C., he could prove all of us wrong by not going directly to Goldman - you know he wants the job. And Christine Lagarde is not looking so good now that she's facing prosecution for financial sleaze in France. When asked by Politico's Mike Allen if he knew about IMF's notorious culture of harassment against women, Geithner said you should ask the women.
http://jlne.ws/l6qMSm
Economic Soft Patch Creates Political Problems
By Kathleen Madigan, WSJ.com
Washington politicians are discovering what has been evident to consumers and economy watchers. The U.S. economy is barely growing, and hiring isn’t strong enough to bring down the jobless rate.
http://jlne.ws/kLk8Df
Trimmed Mean PCE Inflation Rate - Economic Data - FRB Dallas
The trimmed mean PCE inflation rate is an alternative measure of core inflation in the price index for personal consumption expenditures (PCE). It is calculated by staff at the Dallas Fed, using data from the Bureau of Economic Analysis (BEA).
http://jlne.ws/fdBaqC
Greece Will Have To Restructure Its Debt - Roubini
WSJ.com
Greece will be forced to restructure its debt but this will happen in an orderly manner, Nouriel Roubini, professor of economics at New York University, said Friday.
http://jlne.ws/mvVUke
Japanese Sovereign Debt Outlook Cut
GFT Forex
The Japanese yen moved lower in currency trading on the FX market today, thanks to a debt outlook cut by Fitch. The ratings agency cut the sovereign debt outlook for Japan from stable to negative. The news had the yen sinking against the greenback, but things have changed.
http://jlne.ws/jyK1oI
Sarkozy Pledges to Defend Euro
By Christian Wienberg, Bloomberg
Greece was only able to join the euro through deception and the currency bloc’s leaders have been “too polite” ever since to deploy adequate sanctions that could have averted the region’s debt crisis, former European Central Bank Chief Economist Otmar Issing said.
http://jlne.ws/kGCygf
US consumer spending up 0.4% in April
By Michael Stothard, FT.com
US pending home sales plunged 11.6 per cent in April and consumer spending rose by less than expected, providing a further sign of the mixed and sluggish nature of the economic recovery.
http://jlne.ws/mQhMvD
U.S. Michigan Consumer Sentiment Index Rose to 74.3 in May
Alex Kowalski, Bloomberg/Businessweek
U.S. consumers grew more confident in May than a month earlier as declining gasoline prices helped lift Americans’ spirits.
http://jlne.ws/mIi9Yf
Greece ‘Cheated’ to Join Euro, Former ECB Economist Otmar Issing Says
By Christian Wienberg
Greece was only able to join the euro through deception and the currency bloc’s leaders have been “too polite” ever since to deploy adequate sanctions that could have averted the region’s debt crisis, former European Central Bank Chief Economist Otmar Issing said.
http://jlne.ws/kpq6ML
Ric Battellino: Recent financial developments
BIS: Address by Mr Ric Battellino, Deputy Governor of the Reserve Bank of Australia, at the
Annual Stockbrokers Conference, Sydney, 26 May 2011.
Introduction
My talk today is about some of the changes taking place in the financing of the Australian economy. As you know, after 15 years of rapid growth, credit has been growing at a much more subdued pace over the past couple of years. In fact, for the first time since the early 1990s, banks are finding that credit is growing more slowly than deposits, with the result that they are able to repay funds previously borrowed in wholesale markets, including from offshore. These developments have been associated with a noticeable increase in national saving and a marked reduction in the current account deficit.
I would like to spend some time today going through these developments.
http://jlne.ws/mMLDyE
Greece Strives for Consensus on New Austerity Package
The New York Times
Under mounting pressure from foreign creditors to show Greece is serious about repairing its finances, the president took the rare move Friday of bringing leaders of all political parties together to try to hammer out a consensus on new austerity measures.
http://jlne.ws/jxM4Yq
ISDA Releases 2011 Operations Benchmarking Survey Results
Identifies operational processing trends in the industry. Provides individual firms with a benchmark against which to measure the promptness and accuracy of their processing of trades, confirmation procedures and settlement. It is the first industry-sponsored survey to provide detailed quantitative information on the processing of privately negotiated derivatives
http://jlne.ws/iv59XF
U.K. Treasury Rebuked on Data Release
By AINSLEY THOMSON, WSJ
LONDON—The U.K. Treasury has been rebuked over its handling of official statistics after market-sensitive inflation data were sent to 400 lawmakers and government officials prior to the public release last week. In a letter to Chancellor of the Exchequer George Osborne, the head of the U.K. Statistics Authority Thursday said the Treasury had made a "serious lapse" in its handling of the consumer price index data.
http://jlne.ws/ir0sj9
Euroclear Bank To Provide Access To Chilean Domestic Debt Securities
Press Release
Euroclear Bank announces today the launch in June of settlement, custody and related services for cross-border Chilean domestic debt transactions. Simultaneously, Depósito Central de Valores S.A. (DCV), the Chilean Central Securities Depository (CSD), will offer similar services involving foreign securities transactions for its clients through Euroclear Bank.
http://jlne.ws/iQxLUd
David Prosser: So much for banks quitting the UK
Independent
Outlook For all the talk about Barclays or HSBC turning their backs on the UK, it would appear that London is more likely to acquire a major new bank than it is to lose one. The Wall Street Journal suggested yesterday that UBS plans to split is investment bank off from its retail operation and to relocate the former out of Switzerland. London is on the shortlist of destinations.
http://jlne.ws/jUMfn3
Jayne-Anne Gadhia: the woman who wants Virgin tied to a Rock
Guardian Unlimited
Jayne-Anne Gadhia's motto is "never give up". Just as well, perhaps, as the Virgin Money boss is accustomed to setbacks – but does not stop to think about them for too long. The imposing and gregarious Midlands-born banker tried and failed to buy Northern Rock before it was nationalised in February 2008 and then missed out on 318 Royal Bank of Scotland branches last year. She is now ready to do it all again, this time with simultaneous offers for 600 Lloyds Banking Group branches plus Northern Rock.
http://jlne.ws/k0rGSp
Forget the debt ceiling and focus on debt
By Glenn Hubbard, Financial Times
On May 15, the US hit its “debt ceiling” of $14,300bn, covering publicly owned debt held by the Federal Reserve and government trust funds, and Washington is in a furore. While budget debates are often more talk than action, this one needs more talk – but of a different kind. That the US has an unsustainable fiscal trajectory is clear, but the problem is not the debt ceiling per se. My wife and I don’t vote on whether we will pay our bills. Rather, we discuss whether our spending or income needs adjustment. So too must it be for our national “family”.
http://jlne.ws/mehPvu
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