MF Global Criminal Investigation Said to Slow After Quick Start
By Patricia Hurtado - Bloomberg
U.S. investigators of bankrupt MF Global Holdings Ltd. have yet to determine after four months of probing whether enough evidence exists to pursue a criminal case, a person with knowledge of the matter said.
http://jlne.ws/zxJwYf
Moody's cuts Greece to C from Ca
Reuters
Moody's Investors Service on Friday said it had cut Greece's local and foreign-currency bond ratings to C from Ca, bringing the country to its lowest possible level.
http://jlne.ws/wPbj4e
ECB liquidity is not a free lunch
by Gavyn Davies - Financial Times
The initials LTRO, barely ever discussed prior to last December, now form the most revered acronym in the financial markets. Before the first of the ECB’s two Longer Term Refinancing Operations in December, global equity markets lived in fear of widespread bankruptcies in the eurozone financial sector. Since LTRO I was completed on December 21, equities have not only become far less volatile, but have also risen by 11 per cent.
http://jlne.ws/yUGQAP
Citigroup Chairman Richard Parsons Will Step Down
Forbes
Citigroup announced today that its chairman Richard Parsons is stepping down. Parsons, who was on the Board since 1996, was named chairman of the nation's third largest bank in January 2009 just months after the financial crisis unfolded.
http://jlne.ws/y54rJo
ISDA Decision Partly Hinged On Lack Of Explicit Subordination
By Katy Burne Of DOW JONES NEWSWIRES
When a committee of derivatives experts said Thursday that Greece's restructuring hadn't yet triggered payouts on insurance-like contracts protecting the sovereign's bonds against losses, part of its decision turned on a rigidly legalistic definition of when "subordination" occurs.
http://jlne.ws/AxXwm2
Spain Is Turning Into An Economic Tragedy
Business Insider
The Greek PSI will be resolved one way or the other this week. Early reports suggest a weak start and the triggering of collective action clauses, and credit default swaps remain a distinct possibility.
http://jlne.ws/wtccHi
The Fed's Reagan recovery
The Economist
PAUL KRUGMAN has been hammering home the point that government spending and employment trends have been highly anomalous during the present American recovery (see this, this, this, this, and this). Real federal government spending has mostly tracked that in a typical recovery. State and local government spending have plummeted in recovery, however, where normally they rise strongly.
http://jlne.ws/wF0JbE
Fisher: Outlook Hardly Robust, Restrained by Politics
The Bond Buyer
While economic growth and job creation should improve this year, the outlook remains clouded as the government continues its “fiscal and regulatory misfeasance,” Federal Reserve Bank of Dallas President and CEO Richard W. Fisher said Monday.
http://jlne.ws/y2hqen
IMF’s Min Zhu on macro-prudential policy implementation
http://jlne.ws/xt8SDz
AIG sells $6 billion AIA shares to help repay US rescue
Futures
American International Group Inc., the insurer that received bailout after the collapse of Lehman Brothers Holdings Inc., is selling $6 billion of AIA Group Ltd. shares to help pay back the U.S. government.
http://jlne.ws/xnFTGl
MARKITSERV ANNOUNCES CCP GATEWAY FOR OTC FX CLEARING
Press Release
MarkitSERV, the most widely used electronic trade processing service for OTC derivative transactions, today unveiled its gateway for foreign exchange (FX) industry participants to route trades to central clearing counterparties (CCPs) worldwide. From a single point of access, executing brokers, clearing brokers and buy-side firms can match, legally confirm and route OTC FX transactions to the CCPs of their choice.
http://jlne.ws/xGBJFS
Greece Ready To Strong Arm On Debt Swap
Bloomberg
Greece expects bondholders to accept a one-time offer to write off about 100 billion euros ($140 billion) of Greek debt and is ready to force them to participate if necessary, Finance Minister Evangelos Venizelos said.
http://jlne.ws/x5HCHh
Currency of Ideas: A silver lining in the price spike for black gold
Milkin Institute
Over the past few weeks, oil rose from about $92 a barrel to almost $110 a barrel, an increase of 17 percent. Nationwide, that brings prices at the pump for gasoline to about $4 a gallon, and nearly $5 a gallon in California. That's bad news. Even worse is that the reason gas prices have risen so much is geopolitical, due to tensions between Iran and the West, most notably with Israel, over Iran's nuclear program.
http://jlne.ws/yPYyPh
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