Bernanke Offers No Plan for New Stimulus
The New York Times
The Federal Reserve chairman, Ben S. Bernanke, said Friday that the economy was recovering and the nation’s long-term prospects remained strong, an upbeat assessment that offered little indication of any plans for additional measures to bolster short-term growth.
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Economic Growth Revised Down
By TOM BARKLEY And JEFFREY SPARSHOTT, WSJ.com
The U.S. economy grew a meager 1% and corporate profits moderated in the April-July period amid weak consumer spending, stalled exports and a smaller buildup in inventories, highlighting the weakness of the recovery.
http://jlne.ws/mWlKHp
European shorting ban extended
By Jennifer Hughes and James Mackintosh, Financial Times
Short-selling bans on selected European bank stocks have been extended by regulators until the end of September in an unprecedented degree of regulatory co-ordination.
http://jlne.ws/rlAlUJ
Eurodollar, Fed-Fund Option Plays See Rates Turn Negative
By Howard Packowitz Of DOW JONES NEWSWIRES
Traders in the Eurodollar and fed-funds market on Thursday employed a rare set of options strategies suggesting they believe that key short-term U.S. rates may fall to zero or even turn negative through the middle of next year.
http://jlne.ws/oGNyde
Sovereign CDS Exposure In Americas Growing Faster Than Financials - CreditSights
By Katy Burne Of DOW JONES NEWSWIRES
The share of sovereign default protection among the largest swap contracts documented in the Americas has been growing, while the portion attributable to financials has shrunk, according to analysis from independent research firm CreditSights Inc.
http://jlne.ws/qLWPBA
DJ Fed Balance Sheet Expands In Latest Week
By Jamila Trindle and Andrew Ackerman Of DOW JONES NEWSWIRES
The size of the U.S. Federal Reserve's balance sheet expanded slightly in the latest week as the central bank maintained a large portfolio of assets following the end of its economic stimulus.
http://jlne.ws/qUOF6w
Greece Sets Out Conditions for Bond Swap
By ALKMAN GRANITSAS, WSJ
ATHENS—Greece said it won't proceed with a proposed bond-swap deal if private participation in the program falls short of a minimum 90% participation rate. In a letter sent to foreign governments on Thursday and posted in part on the Athens Stock Exchange websites Friday, Greek Finance Minister Evangelos Venizelos laid out two conditions for Greece to proceed with the deal.
http://jlne.ws/pRivNu
US funds show true state of eurozone banks
By Gillian Tett, Financial Times
In any murder mystery film, it pays to watch the boring grey man (or woman) in the corner; quiet, unobtrusive characters can be deadly. So, too, in finance.
http://jlne.ws/noF1ka
U.S. Taxpayers Recover Nearly $900 Million From TARP Warrant Sales During Last Six Months - Cumulative Proceeds From Warrant Dispositions Now Reach More Than $9 Billion Since TARP's Inception
Press Release
The US Department of the Treasury today released the latest TARP Warrant Disposition Report including data during the six months ending June 30, 2011. During that period, Treasury received more than $886 million in gross proceeds from the disposition of 20 warrant positions through repurchases and auctions of institutions in the Capital Purchase Program (CPP), the Targeted Investment Program (TIP) and the Asset Guarantee Program (AGP). Since the TARP’s inception, Treasury has received more than $9 billion in gross proceeds from the disposition of warrants associated with investments made through CPP, TIP and AGP.
http://jlne.ws/nfsr2S
Ex-Lehman Officials to Pay $90 Million to Settle Suit
By PETER LATTMAN, NY Times
Richard S. Fuld, Lehman's former chief executive, is among those being sued.Jim Young/ReutersRichard S. Fuld Jr., Lehman’s former chief, is among those being sued. Former officials of Lehman Brothers, including Richard S. Fuld Jr., its former chief executive, have agreed to pay $90 million to settle a shareholder lawsuit that accused them of misleading investors about the investment bank’s health in the months leading up to its collapse.
http://jlne.ws/rjqpHO
Goldman Sachs International cutting pay: report
Market Watch
Goldman Sachs International, a unit of Goldman Sachs Group Inc. , will reduce the pay of some of its London-based investment bankers, the Financial News reported on Thursday. An undetermined number of staff in the bank's European division were informed over the summer that their base salaries will be reduced, according to the report, which cited an unnamed source with ...
http://jlne.ws/pdAVFP
Barclays cuts 140 jobs at corporate unit
Market Watch
Barclays PLC BCS is cutting 140 jobs at its corporate division as part of the bank's continuing strategy to slash costs across the company. The job cuts, 100 compulsory and 40 voluntary, are a result of combining the infrastructure of Barclays Corporate with its investment banking business BarCap. "As has been previously announced, as part of the One Barclays strategy, we are taking measures to ...
http://jlne.ws/pA3FSU
UBS hires Morgan Stanley financial adviser
Market Watch
UBS Wealth Management Americas, a unit of UBS AG UBS, recently hired Brian Zalewski, a financial adviser, from Morgan Stanley Smith Barney. Last Friday, Zalewski joined UBS' Chicago Tower, Ill., office, where he reports to Geoffrey Centner, branch manager. Zalewski generated $1.1 million in fees and commissions and managed $110 million in client assets, according to a person familiar with his ...
http://jlne.ws/oSudZ6
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