Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents
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Non-U.S. MF Global positions wound down
Daniel P Collins, Futures Magazine
While U.S. customers of MF Global are still basically frozen out or on liquidation-only awaiting word from the bankruptcy judge and CME Group, MF Global’s designated self regulatory organization (DSRO), non-U.S. exchanges have begun liquidating positions after shuddering MF Global’s business.
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MF Global Seeks to Transfer Funds to Other Brokers
BY JACOB BUNGE, WSJ.com
Exchange operator CME Group Inc. says failed broker-dealer MF Global Holdings Ltd. appears to have made an unreported transfer of client funds after a CME audit was completed last week.
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MF Global Funds Are Accounted For, Held by Brokerage, Lawyer Tells Judge
By Tiffany Kary and Linda Sandler, Bloomberg
MF Global Holdings Ltd. (MF), run by former New Jersey governor and Goldman Sachs Group Inc. (GS) co- chairman Jon Corzine, has accounted for all its customer funds, said Kenneth Ziman, a lawyer for MF Global, citing the company’s management.
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SIPC: 'MF Global Customer Funds Still Unaccounted For'
By Elizabeth MacDonald, Fox
ecurities Investor Protection Corp. chief executive and president Stephen Harbeck, who is overseeing the recovery of customer money at MF Global, tells FOX Business there is "no word yet on where the customer money is," adding in an interview, "as of right now, we haven’t verified whether the assets are all accounted for."
http://jlne.ws/ukyKzr
MF Global's Collapse Draws FBI Interest
BY DEVLIN BARRETT, SCOTT PATTERSON AND MIKE SPECTOR, WSJ.com
The fallout from MF Global Holdings Ltd.'s collapse intensified as the Commodity Futures Trading Commission voted to issue subpoenas to the securities firm and the Federal Bureau of Investigation planned to examine whether client funds are missing, according to people familiar with the situation.
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MF Global Trustee Talks With Brokers Over Customer Accounts
By Linda Sandler, Bloomberg Businessweek
The trustee liquidating broker-dealer MF Global Inc. is in talks with brokerages that may take over customer accounts or buy “pieces of the business,” said Stephen Harbeck, president of the Securities Investor Protection Corp., which is overseeing the liquidation.
http://jlne.ws/tCLnBw
Fed foresees far weaker growth than it had earlier
By MARTIN CRUTSINGER and CHRISTOPHER S. RUGABER, Associated Press
The Federal Reserve sketched a bleaker outlook Wednesday for the economy, which it thinks will grow much more slowly and face higher unemployment than it had estimated in June.
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FOMC Cuts Growth Forecast, Raises Estimates For Unemployment
By Luca Di Leo and Tom Barkley, WSJ.com
Federal Reserve officials Wednesday expressed more gloom over the economy compared to June, predicting unemployment could still remain above 7% through 2014.However, the bleaker outlook wasn’t enough to prompt new steps to try and boost the economy. Fed officials remain divided over the right course of action and the economy has actually picked up a little recently, after hitting a wall during the summer.
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PIMCO's Gross says banks need further capitalization
By John McCrank, Reuters
U.S. banks have not done enough to ensure they are well capitalized, and getting back to a system where retail and investment banking are separated would be attractive in terms of reform, Bill Gross, manager of the world's largest bond fund, said on Tuesday.
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EU's Barroso urges Greece to back EU/IMF program
Reuters
European Commission President Jose Manuel Barroso on Wednesday called on Greek political leaders to come together to support the EU/IMF bailout package agreed by euro zone leaders last week.
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France scrambles to salvage G20 after Greek move risks sinking summit before it begins
Greg Keller, The Associated Press/ Yahoo! Finance
French President Nicolas Sarkozy will hold emergency talks Wednesday with European leaders in a last-ditch bid to salvage his Group of 20 meeting of world leaders this week after the shock decision by Greece's prime minister to put his country's financial rescue to a popular vote.
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U.S. private sector adds 110,000 jobs in October
LEAH SCHNURR, Reuters
U.S. private employers added more jobs than expected in October, and more were added in September than originally reported, while a separate report showed planned layoffs dropped sharply last month.
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Consumer Debt Reached $11.2 Trillion in September
By Andrew R. Johnson, WSJ.com
Outstanding consumer debt reached $11.2 trillion in September, on par with pre-recession levels, according to credit bureau Equifax. The figure is below the peak level of $12.4 trillion reached in October 2008 but is still higher than the $11.1 trillion recorded in 2006.
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MF Global Told SEC, CFTC of Potential Customer-Account Lapses
Bloomberg
MF Global Holdings Ltd. told U.S. regulators this morning there were potential “deficiencies” in some customer accounts, according to a joint statement from the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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U.S. Treasury Receives Nearly $1 Billion Tarp Repayment From American International Group (AIG)
Press Release
Today, the U.S. Department of the Treasury announced that it had received an additional repayment from American International Group (AIG) of $972 million. The payment was funded primarily through the scheduled release of escrowed proceeds from AIG’s sale of its American Life Insurance Co., or ALICO, subsidiary to MetLife, Inc. on November 1, 2010.
http://jlne.ws/vCC2LT
U.S. Treasury Secretary Geithner To Attend G-20 Summit In Cannes, France, November 3-4, 2011
Press Release
The U.S. Department of the Treasury today announced that Treasury Secretary Tim Geithner will attend the G-20 Summit in Cannes, France, November 3-4, 2011. Secretary Geithner will arrive in Cannes on Thursday, November 3 and join President Obama for his bilateral meetings with French President Nicolas Sarkozy and German Chancellor Angela Merkel.
http://jlne.ws/vgBgR0
U.S. Department Of The Treasury: Cyrus Amir-Mokri Confirmed As Assistant Secretary For Financial Institutions
Press Release
Cyrus Amir-Mokri was confirmed by the United States Senate yesterday evening to serve as the U.S. Department of the Treasury's Assistant Secretary for Financial Institutions. As Assistant Secretary for Financial Institutions, Mr. Amir-Mokri is responsible for developing and coordinating Treasury's policies on issues affecting financial institutions.
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IMF May Create 6-Month Credit Line for Countries Facing Shocks
BusinessWeek
The International Monetary Fund may create a six-month credit line for countries facing shocks, officials from Group of 20 governments and IMF said, as the European debt crisis rocks global financial markets.
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Pestone: The Mifid waiting game
Wayne Pestone - FOW
Current regulatory initiatives intended to enhance stability, growth and confidence in the financial markets, are having both direct and indirect effects on the FX industry and its infrastructure. The recent publication of the European Commission’s Mifid/Mifir proposals is a case in point. While there is little to almost no reference in the text of the proposals relating specifically to the FX market infrastructure, they will impact the way FX products, deemed to be clearing eligible, will be traded.
http://jlne.ws/vCz8aQ
Paulson Says Clients to Seek Less Than 8% in Redemptions During Worst Year
Bloomberg
John Paulson, the billionaire hedge- fund manager having the worst year of his career, received less than 8 percent in year-end redemption requests for all funds, according to a memorandum sent to investors.
http://jlne.ws/t7PmIL
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