J.P. Morgan to Pay $153.6 Million to Settle SEC Charges of Misleading Investors in CDO Tied to U.S.
Housing Market
Financial Times
Washington, D.C., June 21, 2011 – The Securities and Exchange Commission today announced that J.P. Morgan Securities LLC will pay $153.6 million to settle SEC charges that it misled investors in a complex mortgage securities transaction just as the housing market was starting to plummet. Under the settlement, harmed investors will receive all of their money back.
http://jlne.ws/liDHmn
Spain can't let up on reforms, IMF says
By Steve Goldstein, MarketWatch
The International Monetary Fund said Spain can't "let up on the reform momentum" after cutting its deficit to GDP to a level of 9.2% last year from 11.1% in 2009.
http://jlne.ws/mw2N1X
Gross Says Equity Risk Premium Seems `Fairly Wide Now' - Video
http://jlne.ws/if0oKM
Bill Gross Gets the College Crisis Wrong
CNBC
Bill Gross joined the chorus of college skeptics today. "A mind is a precious thing to waste, so why are millions of America’s students wasting theirs by going to college?" he writes in his latest investment letter.
http://jlne.ws/kbJFzu
Government Must Do More to Create Jobs: Gross
Bloomberg
Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., said the U.S. government must do more to support employment growth.
http://jlne.ws/lTSk4g
Traders are better at managing risk than the regulators
By Philip Salter, City A.M.
UNEASE about the information provided to some Contracts for Difference (CFD) customers has caused concern to the financial authorities in Ireland. This has no direct implication for UK traders, but it is worth revisiting the current regulations and risks of CFD trading. Ultimately, all good traders must take responsibility for their own risk exposures.
http://jlne.ws/mOZ33w
May existing home sales fall to 6-month low
By Greg Robb, MarketWatch
Sales of existing single-family homes and condos fell 3.8% in May to a seasonally adjusted annual rate of 4.81 million, the National Association of Realtors reported Tuesday.
http://jlne.ws/kK8XR9
Geithner Confident U.S. Will Avoid Default Crisis
BY JEFFREY SPARSHOTT, WSJ.com
Treasury Secretary Timothy Geithner Tuesday said he is confident that the U.S. will avoid a default crisis this summer as policy makers near agreement on a broad budget framework.
http://jlne.ws/mEZlZt
Feds Sue Bankers Over Fall in Bonds
BY LIZ RAPPAPORT AND RUTH SIMON, WSJ.com
Federal regulators accused J.P. Morgan Chase & Co. and Royal Bank of Scotland Group PLC of duping five large credit unions into buying more than $3 billion in mortgage bonds that were "destined to perform poorly," and that quickly sank the credit unions.
http://jlne.ws/kpJbjR
ICAP Announces Completion of First Non Deliverable Swap Trade on EBS Platform
Press Release
ICAP, the world’s premier interdealer broker, announced today the completion of the first ever non deliverable FX swap trade on the EBS platform. The trade was completed on 13 June 2011 between two large NDF market participant banks based in Asia.
http://jlne.ws/klO9dw
Fitch report says U.S. money fund exposure to European banks remains significant
http://jlne.ws/mSH8jA
U.S. tax crackdown hits Canadian residents
The Globe And Mail
A tax crackdown by the United States has sent more than one million Americans and green-card holders living in Canada scrambling to figure out how to comply.
http://jlne.ws/mKokK7
Greece's Papandreau seeks vote in favor of his ministers
CNN
Greek Prime Minister George Papandreou is set to ask lawmakers to back his new government Tuesday, as he tries to push through unpopular budget cuts in order to get a new international bailout.
http://jlne.ws/jwO6XJ
ISDA Determinations Committee: Allied Irish Banks, p.l.c. Failure to Pay Credit Event
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Failure to Pay credit event occurred in respect of Allied Irish Banks, p.l.c. The Committee also voted to hold senior and subordinated auctions for Allied Irish Banks in respect of the Failure to Pay credit event.
http://jlne.ws/iHHSZM
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