Fed's 'Operation Twist' Gets Underway
By Peter Schroeder, The Hill
The Federal Reserve began buying up billions of dollars in government bonds Monday in a bid to pump life into the economy. The tactic, dubbed "Operation Twist," has drawn fire from Republicans, who specifically called on the Fed not to act before the strategy was announced. Fed Chairman Ben Bernanke is slated to testify before Congress Tuesday and will likely come under fire for the policy.The Federal Reserve Bank of New York launched the strategy Monday by identifying up to $2.75 billion in long-term Treasury bonds it will purchase over the course of the next two days.
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New York Fed May Demand Europe's Banks Produce More Details on Liquidity
Bloomberg
The Federal Reserve Bank of New York may ask foreign lenders for more detailed daily reports on liquidity as the U.S. steps up monitoring of risks from Europe's sovereign debt crisis, according to two people with knowledge of the matter.
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The Top 400 Banks on Twitter
The Financial Brand
The Financial Brand tracks 400 English-speaking retail banks on Twitter. This list represents nearly all such banks, with a handful of exceptions here and there. What does the typical bank on Twitter look like? They have around 250 followers, and pump out a tweet about every week or so.
http://jlne.ws/oFEHXw
Tighter rules on capital: Bankers versus Basel
By Brooke Masters and Tom Braithwaite, Financial Times
The industry is preparing a full-on assault on a deal regulators see as the best way to prevent future financial meltdown – and the question is whether the accord will be left with enough teeth
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Why Americans Should Care About The EU's Proposed Financial Services Tax
It's Your Money
The European Union's proposed $78 billion a year financial transaction tax will take a bite out of the portfolios of American investors, according to the Financial Services Roundtable, a leading U.S. lobbying organization.
http://jlne.ws/o8CaH3
Europe warned on reform of derivatives
By Jeremy Grant in London
The biggest users of derivatives, including banks and asset managers, have warned the European Commission that imminent reform of derivatives markets risks “embedding lack of choice” and call for the business of clearing to be opened up to competition.
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Deutsche Bank chief opposes revision of Greek debt deal
Reuters via Yahoo! News
Changing the terms of voluntary private sector participation in a bailout for Greece agreed in July could cost the support of private investors, the head of Deutsche Bank said in an interview published on Saturday.
http://jlne.ws/pn18Cz
ECB faces interest rate dilemma
By Neil Dennis, Financial Times
Purchasing manager surveys on business activity in the manufacturing and services sectors will have added significance this week for any bearing they may have on policy decisions from the European Central Bank and the Bank of England on Thursday.
http://jlne.ws/psp5A5
Asian bankers captivated by UBS woes
By Patrick Jenkins and Robert Cookson, Financial Times
If there is one prospect that has Hong Kong M&A bankers licking their lips at the moment, it is the idea that UBS – the Swiss bank rocked by a $2.3bn alleged trading scandal, and the resignation of its chief executive – might sell its crown-jewel Asian business.
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Clearing House Assails Rules for More Bank Capital
New York Times
The Clearing House Association warns that requiring layers of bank capital protection would devastate the industry's returns and have a chilling effect on the economy.
http://jlne.ws/obqe08
Bank of America's Third Strategic Mistake
Forbes
As we wrote in a previous piece, back in the mid of the subprime crisis, Bank of America (NYSE:BAC) committed two strategic mistakes that end up costing the bank dearly: the purchase of Countrywide Financial and the purchase of Merrill Lynch.
http://jlne.ws/oVIk7L
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