Timothy Geithner: U.S. Tax Reform Necessary To Spur Investment
Reuters
Treasury Secretary Timothy Geithner said on Monday that comprehensive tax reform is necessary to make the United States a better environment for growth and investment.http://jlne.ws/n93XvM
Getting ready for a ‘twist’ by the Federal Reserve
By Greg Robb, MarketWatch
The Federal Reserve is expected to announce a plan on Wednesday to swap shorter-maturity government securities for longer-dated ones in another stab at jolting the slow-moving U.S. economy, analysts said on the eve of a key meeting.http://jlne.ws/o8XJa9
40% of consumers slash spending
CNNMoney
Worries about the economy and the stock market caused 40% of consumers to cut their spending over the past two months, according to a study on financial security from Bankrate.com.http://jlne.ws/o6hUAz
Greece must shrink state to avoid default: lenders
Reuters
International lenders told Greece on Monday it must shrink its public sector to avoid running out of money within weeks, as investors spooked by political setbacks in Europe dumped risky euro zone assets.http://jlne.ws/nTZ3et
Obama Unveils Deficit Reduction Plan
Huffington Post
Drawing clear battle lines for next year's elections, a combative President Barack Obama on Monday demanded that the richest Americans pay higher taxes to help cut soaring U.S. deficits by more than $3 trillion. He promised to veto any effort by congressional Republicans to cut Medicare benefits for the elderly without raising taxes as well.http://jlne.ws/pJRcgq
Greece should default and abandon the euro
Nouriel Roubini, Financial Times
Greece is stuck in a vicious cycle of insolvency, low competitiveness and ever-deepening depression. Exacerbated by a draconian fiscal austerity, its public debt is heading towards 200 per cent of gross domestic product. To escape, Greece must now begin an orderly default, voluntarily exit the eurozone and return to the drachma.
http://jlne.ws/qW3U8q
Regulators Use of Third Party to Probe UBS Trades 'Bizarre,' Analyst Says
Bloomberg
U.K. and Swiss regulators' use of a third party to investigate UBS AG (UBSN) 's $2.3 billion trading loss was called "bizarre" by an analyst who said the agencies should have the expertise to conduct the probe on their own.
http://jlne.ws/ntTPJh
Volcker Rule May Extend to Overseas Banks With U.S. Operations
By Cheyenne Hopkins and Ian Katz
Regulators writing a rule limiting proprietary trading by U.S. banks are considering extending the restrictions to overseas firms with operations in the country, according to four people familiar with the proposal.
http://jlne.ws/pXc49Q
UBS Says Rogue Trading Losses Are Closer to $2.3 Billion
New York Times
The Swiss banking giant said unauthorized trades in index futures were at the center of rogue trading that led to a $2.3 billion loss.
http://jlne.ws/qbxtC8
UBS says trader hid loss with fake deals
By Megan Murphy and Sam Jones in London and Haig Simonian in Zurich, Financial Times
Kweku Adoboli, the trader charged with blowing a $2.3bn hole in the books of UBS, allegedly disguised huge lossmaking positions with fictitious counter-trades, the bank has stated, the same tactic used by Jérôme Kerviel who caused E4.9bn of losses at France’s Société Générale in 2008.
http://jlne.ws/pn1eq8
UBS Trading Losses: Financial Services Authority And Swiss Financial Market Supervisory Authority To Launch Investigation
Press Release
The Financial Services Authority (FSA) and the Swiss Financial Market Supervisory Authority (FINMA) are launching a comprehensive independent investigation into the events surrounding the trading losses incurred by UBS AG in its London operations.
http://jlne.ws/quNeBS
European Finance Ministers Search For Debt Solution
Forbes
The finance ministers of the European Union are gathering in Poland today, joined by U.S. Treasury Secretary Timothy Geithner, to try to figure out a way to deal with Greece's debt problem and calm the markets.
http://jlne.ws/ru0DJ0
Greece Seeks Further Cuts
By COSTAS PARIS, ALKMAN GRANITSAS and CHARLES FORELLE, WSJ
Greece's government held an emergency cabinet meeting Sunday to plan new measures to bring its unruly budget deficit into line, after heated warnings from the other euro-zone nations over the weekend that its efforts were insufficient and might threaten the delivery of future aid.
http://jlne.ws/qfHKHd
Readout Of Secretary Geithner's Participation In Today's ECOFIN Meeting
Press Release
Secretary Geithner attended today’s ECOFIN meeting at the invitation of the EU Presidency as part of his continuing support for implementation of the reforms that are essential to ensuring confidence in the European economy. At the meeting, he contributed thoughts and ideas on how European governments could develop instruments to ensure adequate firepower to address their challenges. Secretary Geithner encouraged his European counterparts to act decisively and to speak with one voice. He did not advocate or oppose any specific policy prescriptions.
http://jlne.ws/pVdEH4
Bernanke Joins King Tolerating More Inflation as Economies Fail to Revive
Bloomberg
Inflation flashing red may be less of a green light for higher interest rates as global growth falters.
http://jlne.ws/qrt50D
Fed Runs Risk of Doing Less Than Investors Expect
By BINYAMIN APPELBAUM, NY Times
Investors have concluded that the Federal Reserve will announce new measures to promote economic growth after a meeting of its policy-making committee ends Wednesday. Long-term interest rates have moved as if the Fed had already spoken.
http://jlne.ws/qPh8Uy
OTC derivatives: Big challenges from central clearing
By Brian Bollen - Financial Times
Is this the most challenging time ever for custodians and their clients? For some big players, making particular reference to the proposed new central clearing requirements for over-the-counter derivatives as a means of increasing transparency and reducing risk, the answer is a clear yes. Central clearing will have a series of implications, and challenges, for clients and custodians.
http://jlne.ws/nc8hHw
Credit Suisse Pays to End Tax Probe
BY NEIL MACLUCAS, WSJ
Credit Suisse Group said Monday it has headed off a potentially long legal dispute over tax evasion in Germany by agreeing to pay E150 million ($207 million) to resolve an investigation by the Düsseldorf public prosecutor's office.
http://jlne.ws/ptkDBo
State Street in swaps clearing platform launch
Sophie Baker, Financial News
State Street is the latest custodian to beef up its services in preparation for the US’s sweeping Dodd-Frank Act, with the launch of its swaps clearing platform.
http://jlne.ws/qhe0vj
Citigroup Raises Fees, 'Simplifies' Accounts
TheStreet.com
Citigroup raised its monthly service fee on basic checking and savings accounts, joining the wave of banks looking for offsets from lost revenues following new banking regulations. Customers would have to pay a flat $10 monthly service fee for the "Basic Banking" package, up from $8 currently. However, the bank said it would "simplify" banking relationships by offering ...
http://jlne.ws/oYlLqf
Nomura Regrets Its Day at the Auction
Forbes
Forbes put a skeptical spin on Nomura Holdings' purchase of the European and Asian operations of Lehman Brothers in late 2008. That view has been borne out by Nomura's stumbling performance in globalizing its investment banking. Now the big Japanese outfit, beset by losses and with a stock price at a modern low, is reducing European staff and taking a hard look elsewhere.
http://jlne.ws/ojhwUU
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