Top Interest Rate Headlines 07-01-11: Weber Named Next UBS Chairman

Weber named next UBS chairman
By Haig Simonian in Zurich, Financial Times
Axel Weber is to be the next chairman of UBS, resolving succession issues at the Swiss banking group and removing any possibility the former Bundesbank president might take a top executive role at Deutsche Bank.
http://jlne.ws/k19gyu

State is now dominant force in US capital markets
By Gillian Tett, Financial Times
By the time you read this column today, a fascinating shift will almost certainly have occurred in the nature of US finance: for the first time the government will be the biggest source of outstanding home mortgage and consumer credit loans in the US, eclipsing private sector banks or investors.
http://jlne.ws/jOps2f

Joint Statement By President Barroso And President Van Rompuy Following The Vote In The Greek Parliament On The Implementing Measures For The Revised Economic Programme
Press Release
We strongly welcome today's approval by the Greek Parliament of the implementing legislation for the country's revised economic programme. This was the second, decisive step Greece needed to take in order to return to a sustainable path. In very difficult circumstances, it was another act of national responsibility.
http://jlne.ws/mJLp9e

Deutsche Bank clariffies CEO comment on Greece
Market Watch
Deutsche Bank AG said Thursday that its CEO Josef Ackermann had been misquoted in a Financial Times report that quoted him as saying the bank would take part in a solution to the Greek debt crisis "but not because we are doing it willingly." Ackermann said the bank expected to find a solution "not because we are doing it gladly, but actually to enable politicians to do so ...
http://jlne.ws/lzqLsh

Axel Weber Likely To Become UBS Chairman In 2013 
RTT News
Swiss financial services firm UBS AG Friday said it will nominate former Deutsche Bundesbank President Axel Weber for election to the company's board at the annual general meeting to be held on May 3, 2012. If elected, Weber will be appointed as non-independent Vice-Chairman. After his first year in office, he is expected to succeed Kaspar Villiger as chairman of the board in 2013.
http://jlne.ws/iQuW7x

SunGard Identifies Ten Trends in Credit Risk Management
Press Release
New York City – June 30, 2011 – Marcus Cree (http://twitter.com/MarcusCreeRisk), vice president of risk solutions for SunGard’s Adaptiv business unit, said, “Financial services firms have recognized that they need to manage collateral, market risk and credit risk on an enterprise-wide basis. They will adhere to that principle while launching projects to strengthen their control over credit, trading and counterparty exposure and comply with regulatory requirements such as Dodd-Frank and Basel III.”
http://jlne.ws/mnmzX3

Australian police charge central bank ventures
By Gwen Robinson in Sydney, Financial Times
Australian police have charged Securency International, a currency-printing technology company half owned by the country’s central bank, with bribing foreign officials.
http://jlne.ws/mpOuQ0

New York Fed Puts Brakes On Maiden Lane Sales After Soft Auction
Forbes
The Federal Reserve's $600 billion Treasury bond purchase program known as QE2 wrapped up Thursday, but that wasn't the only Fed program that stopped as the central bank's New York office temporarily paused its disposition of mortgage-backed securities acquired in return for bailing out AIG in 2008.
http://jlne.ws/l8t5LX

New York Fed Halts AIG Mortgage Bond Sales on Market Conditions
By Caroline Salas Gage, Bloomberg
The Federal Reserve Bank of New York is halting its sales of mortgage bonds acquired in the rescue of American International Group Inc.
http://jlne.ws/iX8Luk

Goldman Sachs' Central Bank Connections Reach Ever Deeper
BusinessWeek
The revolving door between Goldman Sachs Group Inc. and central banks is spinning again.
http://jlne.ws/jehNuF

Goldman, BlackRock Complete E-Traded, Cleared Credit Swap
By Katy Burne Of DOW JONES NEWSWIRES
Goldman Sachs Group (GS) and $3.65 trillion asset manager BlackRock Inc. (BK) announced Thursday they have completed an index credit derivative trade along the lines of what was envisaged in the 2010 Dodd- Frank financial overhaul law.
http://jlne.ws/mmpSB9

Goldman Sachs Sambas Into Brazilian Investment Banking
Forbes
Goldman Sachs is relatively a new-comer to the Brazilian market. It commenced full operations in the
http://jlne.ws/jzWg2m

Inflation Project: June’s ISM Prices Index fell 8.5 percentage points, from May’s 76.5 percent
The Institute for Supply Management's Prices Index registered 68 percent in June, 8.5 percentage points lower than the 76.5 percent reported in May. This is the second consecutive month the Prices Index has registered below 80 percent since December 2010, and is the 24th consecutive month the index has registered above 50 percent.
http://ow.ly/5uYyw

France shocked by upheaval in Strauss-Kahn case
By Laura Smith-Spark, CNN
France awoke Friday to the unexpected news that the case against French politician Dominique Strauss-Kahn -- accused of sexually assaulting a hotel maid in New York -- appeared to be crumbling.
http://jlne.ws/mMPnLc

Big Lehman creditor group backs bankruptcy plan
Reuters
Lehman Brothers Holdings Inc said creditors holding more than $100 billion of claims now support its reorganization plan, moving the company closer to emerging from the largest-ever U.S. bankruptcy.
http://jlne.ws/lr3wDF