Politicians Can't Agree on Debt? Well, Neither Can Economists
CNBC
The politicians grappling over how to pay the nation’s debts have been contributing to the heat of summer with back-and-forth charges that their opponents are disregarding the laws of economics.
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Obama Picks Consumer Bureau Leader
The Daily Beast
It looks as though Elizabeth Warren will be headed back to Harvard: President Obama has picked Richard Cordray, the former attorney general of Ohio, to lead the Consumer Financial Protection Bureau.
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Investors Break Their Bonds to Ratings Agencies
Reuters
Some of the world's largest asset managers are cutting ties to credit rating agencies, potentially signaling the beginning of the end of their grip on global financial markets.
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Fed Forecast Buoyed by Dudley Expecting Exports
By Caroline Salas Gage, Bloomberg
Denise Morrison, the incoming chief executive officer of Campbell Soup Co. (CPB), outlined a strategic plan last week after the world’s largest soup maker failed to attract as many consumers as estimated during the recession. A key component: Sell more food overseas.
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Homebuilder Confidence in U.S. Rose in July
By Bob Willis, Bloomberg
Confidence among U.S. homebuilders improved in July from a nine-month low as executives turned less pessimistic on the outlook for sales.
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Tim Geithner: Sides are moving closer on debt deal
By JENNIFER EPSTEIN, Politico
Treasury Secretary Timothy Geithner said on Monday there’s progress on the debt talks and he is “absolutely” certain that President Barack Obama and congressional Republicans will be able to reach a deal to raise the ceiling ahead of the August 2 deadline.
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Sovereign Debt Weakens European Banks
By LANDON THOMAS Jr., The New York Times
European banks for years bolstered their balance sheets with assets considered safe and secure: the sovereign debt of European countries.
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Fitch: Rating Linkages to the U.S. Sovereign Rating A Sector and Transaction Analysis
Report - Registration required
http://jlne.ws/mOI8kr
ICE credit clearer bulks up, gets Dodd-Frank ready
By Jonathan Spicer, Reuters
IntercontinentalExchange Inc's (ICE.N) U.S. clearinghouse for credit derivatives, known as ICE Trust US, will add nearly a dozen formal users and become a new entity approved by the Dodd-Frank financial overhaul. The clearinghouse, which will be renamed ICE Clear Credit, added 11 bank units as formal "clearing participants," bulking up a group of heavyweight market players that has helped ICE establish itself as the top central counterparty for U.S. credit default swaps (CDS).
http://jlne.ws/oXnc3r
Plan D stands for default ... and the death of the euro
By Wolfgang Münchau, Financial Times
The biggest single danger in the eurozone crisis now is that events are moving too fast for Europe’s complacent political leadership. Last week, the crisis reached Italy. And the European Union looked the other way.
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Spain and Italy top results in stress tests
By Patrick Jenkins and Brooke Masters in London and Quentin Peel in Berlin - Financial Times
Spain and Italy’s leading banks were the strongest performers in last week’s European stress tests, in a surprise result that could help relieve the funding pressure that had been building on them.
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ECB and Merkel clash over Greece
By Peter Spiegel and Stanley Pignal in Brussels and Quentin Peel in Berlin - Financial Times
The head of the European Central Bank placed a major obstacle on the path to a new agreement on a Greek financial bail-out, saying the bank could not accept defaulted bonds as collateral, potentially cutting off fundng from the Greek banking system.
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Sovereign Debt Weakens European Banks
New York Times
The latest bank stress test revealed how exposed banks are to the government bonds of Greece, Portugal, Spain and Italy.
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Southern Exposure for Europe Banks
BY DAVID ENRICH , WSJ
Europe's banks are sitting on vast quantities of loans to individuals and businesses in cash-strapped Southern European countries, highlighting how plain-vanilla loans, not just government debt, pose potential risks to the Continent's troubled banking system.
http://jlne.ws/p5Zcni
Citigroup Says $22 Billion at Risk in Five European Nations
BusinessWeek
Citigroup Inc., the third-biggest U.S. bank, estimated it has at least $22 billion in loans, trading assets and other "exposures" to Greece, Italy, Portugal, Spain and Ireland.
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Citigroup goes on the offense: hiring, expansion
San Francisco Chronicle
For 2 1/2 years, Vikram Pandit was forced to hunker down to fix Citigroup's troubled businesses and fend off the bank's critics in Washington. Now, after reporting a 24 percent profit increase for the second quarter,...
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Citigroup investigates charge it ignored service members act
Pittsburgh Post-Gazette
Banking giant Citigroup is looking into allegations in a federal lawsuit filed by Sewickley-area lawyers that it ignored a law barring most foreclosures on homes owned by active-duty soldiers.
http://jlne.ws/rthxvQ
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