The CFTC Announces Appointment of Gary Barnett as Swaps Division Director
Press Release
Washington, DC - The Commodity Futures Trading Commission (CFTC) today announced the appointment of Gary Barnett to serve as the agency’s Director of the Division of Swap Dealer and Intermediary Oversight. The new division is part of the agency’s restructuring to fulfill its expanded responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Barnett will play a key role in the CFTC’s efforts to regulate the swaps market under the law.
http://jlne.ws/mWyHkC
Goldman Sachs Drops on News Blankfein Hired Defense Lawyer
By Avi Salzman, Barron's
Goldman Sachs (GS) CEO Lloyd Blankfein has hired a high-profile defense attorney, Reuters reported shortly before the market closed on Monday, sending the shares down sharply. Blankfein is not facing any civil or criminal charges, but various government agencies, including the Justice Department, are inquiring into the role Goldman Sachs played during the mortgage meltdown.
http://jlne.ws/pYHVZ6
Former Moody’s Exec Details Sleaze Within Credit Rating Firm
By Alain Sherter, BNET
It’s open season on the credit rating agencies, and at least one former Moody’s (MCO) executive is doing the shooting. William Harrington, until 2010 a senior analyst in the firm’s derivatives group, accuses Moody’s of everything from tailoring its securities ratings to suit financial industry clients to lying to lawmakers about the company’s actions.
http://jlne.ws/n4A342
ECB Bond Purchases Fall Sharply
By Michael Crittenden, WSJ.com
Business economists are split on whether more austerity or more stimulus is the best path forward for U.S. fiscal policy, according to a new survey, highlighting the dilemma facing policy makers eager to shore up the nation’s economy and long-term fiscal position.
http://jlne.ws/oVEapP
Retailers Brace for Weak Second Half
By Lauren Coleman-Lochner and Matt Townsend, Bloomberg
Retailers’ slowest earnings growth since the last recession has them bracing for a weakened second half as the U.S. economy leaves consumers confronting the prospect of losing their jobs and a volatile stock market.
http://jlne.ws/r5jLv3
European Central Bank buys euro14.3 billion in bonds
David Mchugh, Associated Press
The European Central Bank spent euro14.3 billion ($20.6 billion) last week buying government bonds to protect large economies like Spain and Italy from the debt crisis, but market concerns persisted about how long the emergency purchases would contain market turmoil.
http://jlne.ws/of5Yp6
Economics One: Why the M2 Growth Spurt? A closer look at QE1 and QE2
http://ow.ly/69aQU
Wall Street Aristocracy Got $1.2 Trillion From Fed
By Bradley Keoun and Phil Kuntz, Bloomberg
Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
http://jlne.ws/npgb3z
Business Economists Split On U.S. Fiscal Tightening
http://jlne.ws/q747J0
Survey: More economists prefer cuts over taxes
The Associated Press
The majority of economists surveyed by the National Association for Business Economics believe that the federal deficit should be reduced only or primarily through spending cuts.
http://jlne.ws/p2eT5b
Fitch: U.S. Money Funds Reduce Exposure, Shorten Maturities to European Banks
http://jlne.ws/qR6zlE
Consumer Edge says U.S. confidence hits new low
Reuters
Consumer confidence has fallen further after weeks of intensified economic concerns and broad stock market declines, and Conference Board data due later this month could be even weaker than current projections suggest, Consumer Edge Research said on Monday.
http://jlne.ws/rc1d6k
Mortgage delinquencies rise in second quarter
By Amy Hoak, MarketWatch
Mortgage delinquencies rose in the second quarter, a development that reflects the deterioration of the job market, the Mortgage Bankers Association’s chief economist said on Monday.
http://jlne.ws/qGOFo9
German Leaders Reiterate Opposition to Euro Bonds as a Way to Ease Crisis
By JACK EWING, NY Times
Chancellor Angela Merkel of Germany on Sunday re-emphasized her opposition to issuing bonds backed by all the euro zone countries, a position that will be greeted enthusiastically by many of her fellow citizens but could unsettle investors at the beginning of what could be another difficult week in global financial markets.
http://jlne.ws/qwiJfJ
Global Markets Move, but Merkel Won't
By IRWIN STELZER - WSJ
Never say that euro-zone countries can't agree on anything. A consensus is rapidly forming: Germany should transfer to its euroland partners more of its hard-earned money, either by lending its impeccable credit to an issue of euro bonds, or contributing more to a much-enlarged European Financial Stability Facility.
http://jlne.ws/qNN5W6
Moody’s not pleased with Greek collateral grab
Posted by Joseph Cotterill, Financial Times
Following Finland’s cash collateral deal with Greece — an issuer comment from Moody’s on Monday:
http://jlne.ws/p4eH8i
Financial Firms Were Busy Hiring In The Calm Before The Storm
By William Hutchings Of FINANCIAL NEWS
Investment banks and asset managers expanded their U.K.-based staff significantly over the 12 months to June, shortly before what turned out to be a period of market turmoil, according to recently published figures. The number of "Financial Services Authority-approved persons", that is, staff whose seniority or function requires them to be approved by the UK's financial services regulator, increased by at least 10% at eight investment banks and two asset managers over the 12 months to June, according to figures collated and just published by Imas, a U.K. corporate finance adviser.
http://jlne.ws/oaY3OW
HSBC eyes sale of Canadian brokerage
Globe and Mail
Banking giant HSBC Holdings PLC (HBC-N41.76-0.36-0.85%) is fielding offers for part of its Canadian unit, signalling that its massive worldwide restructuring is unlikely to leave its operation here untouched.
http://jlne.ws/pvi4s8
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