Biggest Buyer Of U.S. Treasury Debt China Boosted Its Holdings In April. First Increase After Five Straight Declines
By MARTIN CRUTSINGER, Associated Press
China, the biggest buyer of U.S. Treasury debt, boosted its holdings in April, the first increase after five straight declines.
http://jlne.ws/lIGtuk
Greek PM to form new government on Thurs
By Sue Chang, MarketWatch
Greek Prime Minister George Papandreou said in a televised address that he will form a new government on Thursday, according to media reports Wednesday. He is also expected to seek a vote of confidence from the parliament, the reports said. The announcement comes after a day of a general strike and violent protests
http://jlne.ws/jEvrCv
Shiller Sees ‘Substantial’ Probability of Recession
By Bradley Davis, WSJ.com
Noted economist Robert Shiller said Wednesday there was a “substantial” probability the U.S. could lurch again into recession. Noting weak global data — including a stubbornly depressed U.S. housing market — were flashing warning signs, the Yale University economist said the economy right now faced a “tipping point.”
http://jlne.ws/lGkfOM
D.C. Council OKs Local Tax on Non-District Munis
By Lynn Hume, The Bond Buyer
The District of Columbia Council voted 11 to 2 to approve a proposed $10.8 billion budget for fiscal 2012 that would impose a local tax on non-district municipal bonds beginning on Jan. 1, 2011.
http://jlne.ws/jSwDpS
Dodd-Frank Delays Bring ‘Temporary Relief’ for Banks
By Marian Wang, Pro Publica
There are yet more delays in implementing financial reform. The Commodity Futures Trading Commission has said it needs extra time to write a set of derivatives rules required by Dodd-Frank, and others that were scheduled to go into effect automatically next month may be deferred until the end of the year [1]—leaving the multitrillion-dollar market mostly unregulated for the time being. The agency is meeting today [2] to hammer out the details of the delay.
http://jlne.ws/j4QDK6
Ireland to call on Anglo Irish senior bond holders-state media
Reuters
Ireland's government will seek to impose losses on senior bondholders in Anglo Irish Bank [ANGIB.UL] and Irish Nationwide [IRNBS.UL], the state broadcaster RTE quoted Finance Minister Michael Noonan as saying.
http://jlne.ws/k5Y5dz
Greek PM offered to resign for unity govt-sources
Reuters
Greek Prime Minister George Papandreou told the head of the conservative opposition on Wednesday he would be willing to step down and make way for a national unity government, senior government sources said.
http://jlne.ws/iXyLNI
Greece Bailout Talks Deadlock as Pressure on Papandreou Mounts
SF Gate
Greek prospects darkened as European bickering risked delaying the next rescue payment and defections from allies weakened Prime Minister George Papandreou.
http://jlne.ws/m6Db29
NAHB: Builder Confidence Declines To Lowest Level Seen Since September of 2010
After holding at a low but steady level for the past six months, builder confidence in the market for newly built, single-family homes declined three points in June to a reading of 13 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The last time the index was this low was in September of 2010.
http://jlne.ws/lB12EP
Financial Policy Committee holds its first meeting
BBC
The Bank of England's new Financial Policy Committee (FPC) will hold its first quarterly meeting on Thursday.
http://jlne.ws/lMWzqE
King commits Bank to ‘big picture’ regulation
By Chris Giles, Brooke Masters and George Parker, FT.com
Sir Mervyn King has committed the Bank of England to focusing on big risks to the banking system when it takes charge of financial regulation at the end of next year in an attempt to lower the cost of bank regulation and reduce the burden of data collection.In his Mansion House speech to a City audience, the Bank governor called for powers for sweeping top-down regulation, rather than a return to a “light touch” approach.
http://jlne.ws/lYwN6D
CFTC Moves To Delay Some New Derivatives Rules Almost Six Months
By Jamila Trindle Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--Commodity Futures Trading Commission members are set to consider delaying certain swaps rules until as late as December 31, 2011 in order to head off confusion in the over-the-counter derivatives market as regulators miss the approaching one-year deadline set by Congress for writing the new rules.
http://jlne.ws/ijZZ3x
Bernanke hits out at debt ceiling impasse
By Robin Harding in Washington, Financial Times
Ben Bernanke has lashed out at Washington’s pitched battle over an increase in the federal debt limit, calling it the “wrong tool” to force changes in fiscal policy.
http://jlne.ws/lXWVTy
Mario Draghi Presents His Credentials As Candidate ECB President
Press Release
Mario Draghi, candidate designate for the European Central Bank presidency, told Economic and Monetary Affairs Committee MEPs on Tuesday that the ECB must not be diverted from its primary goal of price stability and that he would use the European Parliament venue to strengthen the ECB's accountability to citizens. Voluntary involvement of private investors as part of a solution to the Greek crisis is workable, he added.
http://jlne.ws/iP8byl
UK government to back separation of banks
Boston Globe
The British government intends to force banks to insulate their retail operations from their more volatile investment banking, a Treasury source confirmed Wednesday.
http://jlne.ws/kQvl5k
Faith in FinReg Low, Says Grant Thornton Poll
Forbes
The Dodd-Frank Financial Reform Act, better known as FinReg, was supposed to reign in ill-gotten gains and regulate the trillion dollar derivatives market starting 11 months ago.
http://jlne.ws/kKnidH
J.P. Morgan ousts mortgage chief
Crain's New York Business
J.P. Morgan Chase & Co., the second-largest U.S. bank, ousted mortgage chief David Lowman after it overcharged active-duty military personnel on loans and improperly foreclosed on other borrowers. "Dave Lowman and I have decided he will leave the firm," said Frank Bisignano, the head of home-lending, Tuesday in an internal employee memo obtained by Bloomberg News ...
http://jlne.ws/iPzRNc
JPMorgan shuffles top retail bank executives
Reuters via Yahoo! Canada News
JPMorgan Chase & Co shuffled several retail banking executives, signaling Chief Executive Jamie Dimon's determination to rebuild the bank's profits and elevate in-house talent to high-profile roles.
http://jlne.ws/j33m7o
RBS takes control of £1 billion Marriott portfolio - report
Reuters via Yahoo! UK & Ireland News
Royal Bank of Scotland has taken control of 42 Marriott hotels across Britain and has appointed Ernst & Young as receivers of the 1 billion pound ($1.64 billion) portfolio, the Financial Times reported on Wednesday.
http://jlne.ws/lvRUUG
Barclays boss to sharpen profitability plan
Reuters via Yahoo! UK & Ireland News
Barclays will on Wednesday lay out its roadmap for how cost-cutting, axing some businesses and dealing with tougher regulations will revamp the bank and boost profitability.
http://jlne.ws/jgepAl
CFTC Chairman Gary Gensler: Testimony Before The House Committee On Financial Services
Press Release
http://jlne.ws/lUavxw
SIFMA Statement On CFTC Announcement On Swap Market Rules
Press Release
SIFMA today issued the following statement from Ken Bentsen, Executive Vice President, following the announcement by the U.S. Commodity Futures Trading Commission that it would address the issue of certain provisions of new swap market rules that are scheduled to go into effect next month but rely on or require other rulemakings, which are not yet finalized:
http://jlne.ws/ioMIgS
The US economy flirts with its stall speed
Gavyn Davies, Financial Times
The recent slowdown in the US economy raises the question of whether the growth of output may have dropped below the so-called “stall speed”. This is the growth rate at which a healthy expansion can no longer be maintained, after which the economic engine misfires and the US heads back towards recession.
http://jlne.ws/ijuy3r
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