Get flash to fully experience Pearltrees
Queen Elizabeth II in Surrey
3 share Martin D. Weiss: I rarely recommend that you wade through a wordy speech by an economic theorist delivered to an audience of stuffy bankers. But last week’s address by PIMCO Vice President El-Erian to the St. Louis Fed is one you absolutely MUST not miss.
In this book excerpt from MONEY AND POWER: How Goldman Sachs Came to Rule the World , author William D. Cohan examines Lloyd Blankfein's up-from-nothing story, and finds out why Hank Paulson would've rather had no one else as Goldman Sachs's CEO. By William D.
JPMorgan Chase & Co. (JPM) , deemed by derivatives traders to be the most creditworthy of the six biggest U.S. banks, locked in the lowest interest rate its industry has seen since 2005 on 30-year debt. The biggest U.S. bank by assets sold $1.25 billion of 5.4 percent debentures yesterday to yield 250 basis points, or 2.5 percentage points, more than similar-maturity Treasuries, according to data compiled by Bloomberg. Goldman Sachs Group Inc., the only other U.S.-based bank to have issued 30-year debt in 2011, sold $2.5 billion of 6.25 percent bonds at a 170 basis- point spread on Jan. 21. Enlarge image
Reuters is reporting that the Commodity Futures Trading Commission, which has been investigating MF Global following the bankruptcy and the customer funds shortfall , actually knows where the MF Global money went . CFTC Commissioner Jill Sommers, who has been in charge of the MF Global inquiry, said that they now have a record of all transactions that were made in MF Global's last days—the only question that remains to be answered is if those transfers were legal or not. The question of legality is a contentious issue that has already been brought up before, as people explore the possible chance that there may be regulatory loopholes which allowed MF Global to do what it did (rehypothecation, anyone?). And just yesterday, when CME Group CEO Terrence Duffy said he was informed Corzine knew about a transfer of $175 million of customer funds in MF Global's last days, DealBook pointed out that the transfer may have been legal .
Posted on 15 December 2011 with 1 comment from readers The euro dipped below $1.30 yesterday but still has a long way to fall to its launch exchange rate of 85 cents to the dollar. But it could get there an awful lot faster than most analysts think possible. Welcome to the eurozone sovereign debt meltdown scenario which has been discussed so much over the past two years that anybody could be forgiven for believing this is some kind of hysterical fantasy rather than a fast approaching reality. Logic of events As ArabianMoney has pointed out before those in denial are like the US stock market investors who failed to price-in the First World War until two months before it happened.
Taibbi writes: "In all seriousness, I commend these protesters and hope no harm came of those arrests. Goldman continues to be a natural and appropriate target of protester anger and if OWS actions continue to mock the bank and make sport of them, it might help the public learn more about how these state-dependent banks operate and why they need to be reined in, if not broken up altogether." By Matt Taibbi, Rolling Stone 13 December 11
Congressman Dennis Kucinich sharply criticized the Federal Reserve today after Bloomberg news reported that the Federal Reserve secretly committed nearly $8 trillion in support to American and international financial institutions during the 2008 bailout. Kucinich recorded a video for his website before going to the floor of the House of Representatives to call upon Congress to reclaim its Constitution primacy over monetary policy. <p style="text-align:right;color:#A8A8A8"></p>
They might as well be, after the Supreme Court Decision allowing unrestricted and secret campaign spending by corporations. Senator Bernie Sanders (Independent from Vermont) wants to do something about that, and this has just proposed a Constitutional Amendment to overturn that ruling that effectively neuters the ability for us homo sapiens to have any real voice in our elections. Here it is—short and sweet. Resolution proposing an amendment to the Constitution of the United States to expressly exclude for-profit corporations from the rights given to natural persons by the Constitution of the United States, prohibit corporate spending in all elections, and affirm the authority of Congress and the States to regulate corporations and to regulate and set limits on all election contributions and expenditures.
Author: L. Randall Wray · December 9th, 2011 · Since the global financial crisis began in 2007, Chairman Bernanke has striven to save Wall Street’s biggest banks while concealing his actions from Congress by a thick veil of secrecy.
U.K. manufacturing output fell more than economists forecast in October as the intensifying euro- area debt crisis undermined demand in Britain’s biggest export market. Factory output dropped 0.7 percent from September, the biggest decline since April, the Office for National Statistics said today in London . The median forecast of 21 economists in a Bloomberg News survey was a decline of 0.3 percent. On the year, manufacturing rose 0.3 percent, the least since January 2010. Enlarge image U.K.
November 11, 2011 CBS wants to fight flagging ratings with hard news. The Early Show remake will include Charlie Rose , Gayle King and a whole lot of headlines as the Eye attempts to catch up to Today and Good Morning America . Erica Hill and Jeff Glor will also have roles , which is nice since they were named anchors less than a year ago.
SANTA FE — An unpaid state legislator in New Mexico can turn into a well-paid lobbyist overnight. Kent Cravens was the latest to make such a move, resigning from his Senate seat this fall to become a lobbyist for the New Mexico Oil & Gas Association. Cravens, a Republican from Albuquerque, broke no law or rule, but by immediately becoming a lobbyist he defied what the top elected official of his own party considers proper. Three weeks after she took office this year, Gov. Susana Martinez said: "...
Express mail forms and priority mailboxes sit on display at the Capitol Station, Monday, December 5, 2011, in Springfield, Illinois. (AP Photo/Seth Perlman) There are many appropriate targets for Occupy Wall Street protests. But the OWS protesters hit a bull’s-eye when they invaded a National Press Club briefing where Postmaster General Patrick Donahoe—who likes to make like a corporate executive and refer to himself as “Chief Operating Officer of the US Postal Service”—was giving a speech about the need to close local post offices, layoff workers and, though this was unspoken, take the steps that will lead to the privatization of the one of the country’s greatest public assets. “Stop closing post offices,” chanted the activists who occupied the press club.
EDIT NOTE: We published this earlier, but seeing as Art Cashin was just on CNBC talking about this, we wanted to resurface it. Why did the world's central banks coordinate to lower the cost of dollar funding last week? There were several people who speculated that it was something specific which caused them to act, rather than merely a move to address generally tight conditions. UBS floor guy Art Cashin has the latest Wall Street buzz. Says Cashin: It all comes back to US money market funds. A Possible Trigger For The “Swap Rescue” - There is a new theory circulating in Wall Street watering holes about what may have caused the Fed and other central banks to suddenly unite in cutting the cost of dollars in Europe.