FDIC ‘Problem’ Banks Shrink, First Time Since ’06
By Meera Louis, Bloomberg
The Federal Deposit Insurance Corp.’s list of “problem” banks fell in the second quarter for the first time since 2006 as the industry’s income improved and costs tied to bad loans eased.
http://jlne.ws/pKBfxv
Searching for the Financial Accelerator: How Credit Affects the Business Cycle
Federal Reserve Bank Of St. Louis
A prominent view in economics is that malfunctioning credit markets “are not simply passive reflections of a declining real economy, but are in themselves a major factor depressing economic activity.”
http://jlne.ws/oeKmXN
Bank of America and Goldman bonds lose friends
Futures Magazine
Yields marked time on Tuesday buffeted by a strong rally for stocks yet underpinned by hopes that the Jackson Hole address by Fed Chairman Bernanke on Friday will maintain downside pressure on yields.
http://jlne.ws/qPBqCD
UBS Plans to Cut About 3,500 Jobs to Save Costs
By Elena Logutenkova, Bloomberg
UBS AG (UBSN), Switzerland’s biggest bank, will eliminate about 3,500 jobs, or 5.3 percent of its workforce, as stricter capital requirements and a slowdown in client trading reduce earnings.
http://jlne.ws/qPberW
Treasury Year Bills Go At 0.100% High Rate
By Gary Siegel, The Bond Buyer
The Treasury Department Tuesday auctioned $25 billion of 364-day bills at a 0.100% high yield, a price of 99.898889
http://jlne.ws/otvdHY
MSRB Files Supervisory Rule for Muni Advisors
By Lynn Hume, The Bond Buyer
The Municipal Securities Rulemaking Board has filed a proposed rule with the Securities and Exchange Commission that would require muni advisors to establish supervisory systems to ensure they and their "associated persons" comply with SEC and MSRB rules.
http://jlne.ws/nzUg7a
N.Y. judge dismisses Strauss-Kahn charges
By Sue Chang, MarketWatch
A New York judge has dismissed sexual assault charges against former International Monetary Fund chief Dominique Strauss-Kahn, according to media reports Tuesday. The move had been expected after prosecutors admitted that credibility issues with Nafissatou Diallo, the accuser, had hurt the case, reports said.
http://t.co/qm0CaMu
US: Richmond Fed Manufacturing Index fell to -10 in August
FXstreet.com
The US Richmond Fed Manufacturing Index decreased to -10 in August, in comparison with the -1 drop in July, according to data published by the Federal Reserve Bank of Richmond.
http://jlne.ws/nkY7CP
Eurex Clearing launches the first major element of its new Client Asset Protection Services
Press Release
Eurex Clearing, Europe’s leading clearinghouse, announced the launch of its “Individual Clearing Model”, the first major element of a new suite of industry leading client segregation services. The new service is the first segregation solution offered by a clearing house enabling full legal and operational segregation of all assets (positions and margin collateral) for its non-clearing members (clients with trading admission) at the clearing house level. The new model allows for collateral and positions to be transferred immediately in the event of a clearing member default, thus clients are protected and enabled to continue their trading activities.
http://jlne.ws/r0s5Ru
New Home Sales Fell 0.7 Percent In July
By DEREK KRAVITZ, Associated Press
Sales of new homes fell for the third straight month in July, a sign that housing remains a drag on the economy. If the current pace continues, 2011 would be the worst year for new-home sales in nearly half a century.
http://jlne.ws/ofpuzE
Morgan Stanley at Brink Got $107B From Fed
By Bradley Keoun, Bloomberg
As markets convulsed in September 2008, Morgan Stanley (MS) Treasurer David Wong briefed the Federal Reserve on a “dark” scenario in which the U.S. firm would need at least $10 billion of emergency loans from the central bank.
http://jlne.ws/rjNsVX
Head of rating agency S&P stepping down
AP via Yahoo! News
The president of Standard & Poor's is stepping down, an announcement coming only weeks after the rating agency's unprecedented move to strip the United States of its AAA credit rating.
http://jlne.ws/q6fbCN
European Central Bank buys E14.3 billion in bonds
AP via Yahoo! News
The European Central Bank spent E14.3 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/mYddgA
Misdiagnosing the eurozone’s banks
Financial Times
Falls in eurozone bank shares have set off warning bells for the bloc’s banking sector. It is a false alarm – for now. With local exceptions, European banks are not squeezed for funds. Alarmism risks fuelling the sort of misdiagnosis that has already made governments throw good taxpayer money down holes dug by banks themselves.
http://jlne.ws/puuR3r
British Bankers’ Association Warns Of The Real Cost Of Regulatory Change
A chorus of concerned bankers and business people is now warning about the consequences to economic growth of further uncosted regulatory change, the British Bankers’ Association warns.
http://jlne.ws/p0qY59
Deutsche Bank Hired 80% Of Their Analyst Interns This Year
Business Insider
Here's a sign that Wall Street is looking for a younger, cheaper generation now that it's forced to lay off staff amid low economic outlooks and a stricter regulatory environment.
http://jlne.ws/qFeI3F
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