SEC Could File Civil Fraud Charges Against Some Raters
Reuters
U.S. regulators could file civil fraud charges against some credit-rating agencies for their role in developing mortgage-bond deals that helped bring about the financial crisis, the Wall Street Journal reported, citing people familiar with the matter.
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Payrolls shrink, jobless rates drop in many states
Reuters
The number of people on companies' payrolls shrank in more than half the U.S. states in May, even though the jobless rates in many places continued to improve, Labor Department data released on Friday showed.
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Barings: UK inflation expectations wane and unemployment falls
The latest outlook for UK inflation was encouraging. The quarterly survey of inflation expectations from the Bank of England showed that although, on average, respondents expect medium-term inflation to be well above the UK central bank’s 2.0% target, the margin above target is likely to be smaller than had been expected in February.
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Could this laptop hold Goldman's secrets? - Video - Business News
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US derivs proposals slammed by ISDA
GFS News
US derivatives proposals are too stringent and will result in an unlevel playing field for the country's firms, the new chairman of the International Swaps and Derivatives Association has told lawmakers.
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Index of Consumer Sentiment slipped from 74.3 in May to 71.8 in June, but remains up from 69.8 in April
Federal Reserve Bank of Cleveland
According to the latest release from the University of Michigan, its Index of Consumer Sentiment slipped down from an index level of 74.3 in May to 71.8 in June, but remains up from 69.8 in April. Both the current conditions and expectations components decreased during the month. The current conditions component fell from 81.9 to 79.6 in June and is now below 80 for the first time since last October.
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Regulators cite progress on global financial rules
Fox News
Federal regulators told members of Congress they are collaborating with other nations on rules intended to prevent another financial crisis.
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Greece replaces finance minister
By Kerin Hope in Athens, Financial Times
George Papandreou, prime minister of Greece, has replaced his finance minister in a broad cabinet reshuffle to counter widespread anger over tough new austerity measures essential to prevent Greece from a disastrous default.
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[Video] Goldman Sachs's O'Neill on Greek Debt Contagion
Bloomberg
Jim O'Neill, chairman of Goldman Sachs Asset Management, discusses the risk of contagion from the Greek debt crisis. He speaks with Bloomberg's Ryan Chilcote on the sidelines of the St. Petersburg International Economic Forum.
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Henes: Are We Watching the Sequel to "Too Big to Fail?" Will Greece End Differently Than Lehman?
CNBC
A friend of mine who runs a hedge fund likes to say, "I have seen this movie before, and I know how it ends...badly." With respect to Greece, ironically, not only can we metaphorically say we've seen this movie before, but, in many ways, we have actually seen it - at least a movie of the same genre.
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Greek crisis threatens European decade of economic implosion
Mohamed El-Erian, Financial Times
From day one, immense challenges faced the coalition of international institutions that opted for a liquidity approach to address Greece’s debt solvency problems. Now that this coalition is stumbling and bickering publicly, the outlook for Greece has taken a significant turn for the worse. Even as George Papandreou, the Greek prime minister, prepares to reshuffle his cabinet, he must know his nation’s predicament is now extremely hard to reverse.
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How Long Can IMF Play the Contortionist?
By STEPHEN FIDLER, WSJ
So in the end, it looks like the International Monetary Fund will be the one to blink. Concessions by the Washington-based institution are expected to allow the release of the next E12 billion ($17 billion) slug of bailout funds for Greece before the government runs out of money next month. A Greek payments crisis thus would be avoided, at least for a month or two.
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Spain's Bad Loans Hit 16-Year High
By DAVID ROMAN, WSJ
MADRID—Spain's central bank Friday said bad debt at the country's commercial banks soared in April to the worst level in 16 years, a sign that a three-year property bust that's hit developers and households is hurting the financial sector even as Spanish economic growth recovers modestly.
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U.K. Jabs EU on Bank Rules
By DAVID ENRICH And SARA SCHAEFER MUñOZ, WSJ
LONDON—British officials are waging an increasingly aggressive fight to impose banking regulations as they see fit, even if they go further than rules elsewhere in the European Union. British officials have publicly lashed out at European policy makers who are pushing proposals that would limit the U.K.'s ability to go beyond other countries when it comes to bank capital and liquidity requirements.
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Awww. Barney Frank Hearts Sheila Bair
Wall Street Journal Blogs
Hearings of the House Financial Services Committee typically are scenes for red-faced speeches from members of Congress. Today, though, the House became a love fest for FDIC Chairman Sheila Bair.
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Swiss upper house approves tough bank capital rules
Reuters UK Focus via Yahoo! UK & Ireland Finance
The Swiss upper house of parliament on Thursday backed a new law to force UBS and Credit Suisse (NYSEArca: CSMA - news) to hold more capital than global rules demand.
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Santander chief and family face tax probe
By Miles Johnson in Madrid, Financial Times
Emilio Botín, chairman of Banco Santander and one of Spain’s highest profile public figures, is being investigated by the country’s high court over allegations of tax-related offences alongside 11 other members of his powerful family.
http://jlne.ws/mnv9yz
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