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We’ll demand millions if Goldman is guilty, says BrownGordon Brown has turned up the heat on Goldman Sachs, warning the investment bank that it faced paying millions of pounds of compensation to British taxpayers if it was shown to have committed fraud. Source: Latest Business News from Times Online | 24 Apr 2010 | 9:21 am Obama links auto industry woes, financial overhaul (AP)
Source: Yahoo! News: Business News | 24 Apr 2010 | 4:09 am Obama says auto bailouts have paid off (Reuters)Reuters - President Barack Obama said on Saturday taxpayer-funded bailouts of the auto industry that he approved had paid off, in what amounted to a rejection of conservative arguments against such government help.Source: Yahoo! News: Business News | 24 Apr 2010 | 4:09 am Candidate for Obama's old US Senate seat undaunted (AP)
Source: Yahoo! News: Business News | 24 Apr 2010 | 3:59 am New oil-rig safety rules eyed even before blast (AP)
Source: Yahoo! News: Business News | 24 Apr 2010 | 3:58 am Will tough love fix Greece's economic woes? (AP)
Source: Yahoo! News: Business News | 24 Apr 2010 | 3:58 am Greek debt plea hangs over IMF meeting (AFP)
Source: Yahoo! News: Business News | 24 Apr 2010 | 3:57 am Stunted growth leaves Bank facing interest-rate dilemmaThe economic recovery lost momentum in the first three months of the year as January’s snowy weather held back businesses, official data indicated yesterday. Source: Latest Business News from Times Online | 24 Apr 2010 | 3:40 am Mich. hookah fanciers fume about smoking ban (AP)
Source: Yahoo! News: Business News | 24 Apr 2010 | 2:40 am Volunteers asked to miss flightsUK airlines are seeking volunteers to change flights so people stranded since the ash cloud disruption can return home.Source: BBC News | Business | World Edition | 24 Apr 2010 | 2:09 am Inflation expectations in China on rise: economistBEIJING (Reuters) - Inflationary expectations are on the rise in China even though inflation itself remains mild, a senior government researcher said on Saturday.Source: RSS feed - channel BNewsBusiness | 24 Apr 2010 | 2:07 am Inflation expectations in China on rise: economistBEIJING (Reuters) - Inflationary expectations are on the rise in China even though inflation itself remains mild, a senior government researcher said on Saturday.
Source: Reuters: Business News | 24 Apr 2010 | 2:07 am Greece presses "help" button, markets still wary (Reuters)
Source: Yahoo! News: Business News | 24 Apr 2010 | 2:06 am Greece presses "help" button, markets still waryATHENS (Reuters) - Debt-stricken Greece appealed to its European partners and the IMF for emergency loans on Friday, yielding to overwhelming market pressure to start the first financial rescue of a member of the euro zone.
Source: Reuters: Business News | 24 Apr 2010 | 2:06 am Fame & Fortune: Eddie JordanHow former Formula 1 owner Eddie Jordan staved off bankruptcy.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 Apr 2010 | 1:48 am Profits still hold key; Greece could temperNEW YORK (Reuters) - Wall Street is heading into another earnings blitz next week and the prospects of strong results from bellwethers like Caterpillar Inc and 3M Co should propel indexes to new recovery highs.
Source: Reuters: Business News | 24 Apr 2010 | 1:32 am Global brands face threat of rising China car qualityBEIJING (Reuters) - When Ric Hull first looked at launching Great Wall Motor pickup trucks in Australia last year, he considered rebranding them, worried their obvious Chinese origins would raise questions about their quality.
Source: Reuters: Business News | 24 Apr 2010 | 1:31 am Global brands face threat of rising China car qualityBEIJING (Reuters) - When Ric Hull first looked at launching Great Wall Motor pickup trucks in Australia last year, he considered rebranding them, worried their obvious Chinese origins...Source: RSS feed - channel BNewsBusiness | 24 Apr 2010 | 1:31 am General Election 2010: In this pensions mess, it's every man for himselfIt doesn't appear that pensions is high on the agenda this election.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 24 Apr 2010 | 1:11 am New-home sales jump in MarchThe 26.9% rise over February still left the March figures meager by historical standards, because February saw a record low.— Sales of new homes broke out of a four-month winter slump with a bang in March, soaring 26.9% over February, the government said Friday, evidence that federal tax incentives for buyers due to expire next week are giving the housing market a boost.
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am Common stock dividends, an old idea for retirement income, are in vogue againWhat will you do for income in retirement?
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am Healthcare providers experiment with lump-sum pricingCharging a predetermined fee for common surgical procedures would eliminate surprises for patients and could help control costs, proponents say.Tom Taylor learned a lesson about healthcare finances when he had both his knees replaced a couple of months apart at separate hospitals in Northern California.
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am Beijing Auto Show becomes a showcase for luxury carmakersSales of cars such as those made by Mercedes-Benz and BMW are soaring in China amid rising prosperity.In one corner of the exhibition hall, Ferrari was unveiling its ultra-exclusive 599 GTO. In another, Porsche was doing the same for its sleek Panamera 4.
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am Twitter acquiring text-messaging firm CloudhopperWith the purchase, the social networking service hopes to ensure that its text-messaging ability can handle the weight put on it by tens of millions of new users around the world. ...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am State gets more than 300 offers for 2 dozen office buildingsTo raise money to pay off bonds, the state plans to sell the structures, including the Ronald Reagan State Building in downtown L.A., and lease them back. Opponents are fighting the sale, however.Competing investors have made more than 300 offers to buy two dozen of the state of California's best office buildings, the Department of General Services said Friday.
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am Twitter acquiring text-messaging firm CloudhopperWith the purchase, the social networking service hopes to ensure that its text-messaging ability can handle the weight put on it by tens of millions of new users around the world.Twitter Inc. said Friday it was buying a start-up to help it send an increasingly huge number of text messages around the world.
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am Nissan Leaf buyers reserve their carsMore than 20% of the all-electric hatchback’s first year of production has been reserved, Nissan says. The car goes on sale in December. ...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Common stock dividends, an old idea for retirement income, are in vogue againWhat will you do for income in retirement?Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Lions Gate amends 'poison pill' plan to count Icahn stockLions Gate Entertainment is amending the rules to approve a shareholder rights plan, which contains a "poison pill" to help the movie studio thwart a hostile takeover by investor Carl Icahn, to count the votes held by the activist investor.
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am State gets more than 300 offers for 2 dozen office buildingsTo raise money to pay off bonds, the state plans to sell the structures, including the Ronald Reagan State Building in downtown L.A., and lease them back. Opponents are fighting the sale, however. ...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Blippy says it has fixed glitch that exposed users' credit card numbersThe site, which lets members broadcast their purchases, revealed sensitive details that turned up in a Google search. ...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Lions Gate amends 'poison pill' plan to count Icahn stockLions Gate Entertainment is amending the rules to approve a shareholder rights plan, which contains a "poison pill" to help the movie studio thwart a hostile takeover by investor Carl Icahn, to count the...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Beijing Auto Show becomes a showcase for luxury carmakersSales of cars such as those made by Mercedes-Benz and BMW are soaring in China amid rising prosperity. In one...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am New-home sales jump in MarchThe 26.9% rise over February still left the March figures meager by historical standards, because February saw a record low. ...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Blippy says it has fixed glitch that exposed users' credit card numbersThe site, which lets members broadcast their purchases, revealed sensitive details that turned up in a Google search.A controversial new website that shares details of users' credit card and online purchases with their friends on the Internet appears to have done a bit too much sharing.
Source: L.A. Times - Business | 24 Apr 2010 | 1:00 am Spirit Airlines introduces non-adjustable seatsThe lighter-weight seats are ‘pre-reclined’ 3 inches, says the Florida-based carrier, which had recently announced a $45 fee for carry-on bags that don’t fit under the seat. ...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Healthcare providers experiment with lump-sum pricingCharging a predetermined fee for common surgical procedures would eliminate surprises for patients and could help control costs, proponents say. ...Source: RSS feed - channel BNPaperBusiness | 24 Apr 2010 | 1:00 am Deal approved to keep open Ohio Hugo Boss plant (AP)AP - Union workers on Friday approved an eleventh-hour agreement to keep open a Hugo Boss men's suit plant in Ohio where the more than 300 workers drew the support of actor Danny Glover.Source: Yahoo! News: Business News | 23 Apr 2010 | 11:49 pm Anthem Blue Cross extends delay on premium increaseThe insurer had postponed its planned hike for two months amid public outcry, and a spokeswoman says there won’t be an increase in May.Thousands of Anthem Blue Cross policyholders who faced steep rate hikes on May 1 will get at least a temporary reprieve after California's largest for-profit health insurer extended a two-month postponement prompted by public outrage over the proposed increases.
Source: L.A. Times - Business | 23 Apr 2010 | 10:27 pm Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trading in Monday's session are Caterpillar Inc., Texas Instruments Inc. and BlackRock Inc.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 10:01 pm Market Snapshot: U.S. stocks face another peak week for earningsDow industrials look to extend longest winning stretch in more than six years.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 10:01 pm Outside the Box: Goldman case shows Wall Street's true colorsWe’re still feeling the aftershocks from the bombshell complaint the Securities and Exchange Commission filed against Goldman Sachs Group Inc., writes Howard Gold.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 10:01 pm Toyota likely logged 09/10 operating profitTOKYO (Reuters) - Toyota Motor Corp is expected to have posted a group operating profit of as high as 50 billion yen ($532 million) for the year that ended on March 31, Japan's business...Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 9:52 pm Toyota likely logged 09/10 operating profitTOKYO (Reuters) - Toyota Motor Corp is expected to have posted a group operating profit of as high as 50 billion yen ($532 million) for the year that ended on March 31, Japan's business daily Nikkei reported on Saturday.
Source: Reuters: Business News | 23 Apr 2010 | 9:52 pm Phoenix dismisses doubts over futureQuestions being raised over the financial future of the Wellington Phoenix have been dismissed by the club.A newspaper this morning reported the club's owner Terry Serepisos was being chased by creditors for a $2 million debt...Source: nzherald.co.nz - Business | 23 Apr 2010 | 9:33 pm G20 nations want quick action on GreeceFinance ministers and central bank governors meeting in Washington remain concerned about Greece’s debt crisis, the U.S. and Canada say.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 9:09 pm World markets unfazed by Greece's financial woesInstead of fleeing for safety, many investors have continued to pour money into stocks and bonds, allaying fears that the fiscal crisis in Athens would be the trigger for more market mayhem.In Europe, the unthinkable is about to happen: The Greek government, struggling under a massive debt load, has been forced to seek a bailout from the 15 other countries that share the euro currency.
Source: L.A. Times - Business | 23 Apr 2010 | 8:43 pm It's time to add Apple to the Dow - The BuzzApple is no longer some plucky tech underdog scrambling to catch up with Microsoft. So isn't it time for the company to join Microsoft in the venerable Dow Jones industrial average?Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 8:37 pm Dow, S&P end at 19-month highsStocks rallied Friday, with the Dow, Nasdaq and S&P 500 all ending at fresh 2010 highs, after a surprisingly strong new-home sales report, a surge in commodities and improved earnings from American Express.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 8:33 pm How credit watchdogs fueled the crisisAs the real estate market came crashing down, widespread packaging of toxic mortgages into complex financial products, blessed by credit rating agencies, caused the crisis to spread to the larger economy.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 8:30 pm Searching for China's Henry FordThe Beijing Auto Show opens this weekend, and as you'd expect, carmakers from far and near have flocked in. China is their oasis: a market growing relentlessly at a time when the world's richest economies are just now staggering back to their feet.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 8:26 pm Obama declares major disaster in Conn. from floodsPresident Barack Obama has declared a major disaster following floods in southwestern and southeastern Connecticut last month. Obama made the declaration Friday and ordered federal aid...Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 8:02 pm Bank owned by Senate candidate's family closedChicago's Broadway Bank, which is owned by the family of Democratic U.S. Senate candidate Alexi Giannoulias, was closed by regulators on Friday.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 8:01 pm Earnings Smackdown: TheStreet KOs MarketWatchIn a stunning morning upset, MarketWatch's Cody Willard picked himself up from the mat and battled his way from behind.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 7:53 pm Fears ease over BP oil well disasterAn oil well in the Gulf of Mexico that suffered a catastrophic accident on Tuesday appeared to have stopped leaking, easing fears of serious environmental damageSource: Financial Times - US homepage | 23 Apr 2010 | 7:48 pm UPDATE 1-Bank of Montreal picks up Amcore assets from FDICTORONTO, April 23 (Reuters) - The Bank of Montreal said on Friday its Harris unit would acquire assets and liabilities of U.S. lender Amcore from the Federal Deposit Insurance Corp in a deal that boosts...Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 7:24 pm Thailand turmoil shuts down scores of businessesYoga studios have canceled classes. Luxury hotels are turning away guests. Shopping malls and office buildings are shut down. As Thailand's political turmoil enters its seventh week, theSource: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 7:23 pm G20 wary of overconfidence; Greece cast long shadowWASHINGTON (Reuters) - G20 finance leaders said on Friday they had secured a better-than-expected global economic recovery but were wary of overconfidence as Greece's debt crisis put the focus on worsening public finances.
Source: Reuters: Business News | 23 Apr 2010 | 6:44 pm FDIC shuts down 7 banks in IllinoisRegulators on Friday shut down seven banks in Illinois, putting the number of U.S. bank failures this year at 57. The Federal Deposit Insurance Corp. took over four banks in Chicago: NewSource: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 6:32 pm Former Continental CEO's 2009 pay worth $3.3MThe Associated Press has found that the former CEO of Continental Airlines got a compensation package valued at $3.3 million in his final year leading the nation's fourth-largest carrier.Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 6:23 pm Weekend Investor: The case against buying small-cap stocks nowAnyone coming back into the market now might be tempted to chase small-cap stocks’ hot returns, but be careful not to hop the last car of the train. The bull market is maturing, and leadership will likely shift towards higher-quality stocks with healthier finances and larger market values.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 6:21 pm Washington governor signs package of tax hikes (AP)AP - Calling it a "sensible and modest" solution to Washington's historic budget crisis, Gov. Chris Gregoire on Friday approved a revenue package that nets roughly $780 million to avoid deeper cuts in education, health care and human services.Source: Yahoo! News: Business News | 23 Apr 2010 | 6:14 pm Ph.D. Economist Touts Freehold Capital Partners' Private Transfer Fees as Offering Win Win Win Solution for Home Buyers, Developers and Local CommunitiesSource: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 6:12 pm AMR CEO 2009 compensation slipped to $4.7 millionThe chief executive of American Airlines parent AMR Corp. got compensation valued at $4.7 million last year, down 7.7 percent from 2008, according to an Associated Press analysis of a...Source: RSS feed - channel BNewsBusiness | 23 Apr 2010 | 6:08 pm Tories pledge to create financial crime agencyGeorge Osborne will argue that Britain has too many bodies dealing with white collar illegality and will pledge that a Conservative government would ensure that rules are enforced and culprits punishedSource: Financial Times - US homepage | 23 Apr 2010 | 6:04 pm G20 hopeful on economic recoveryThe G20 says the global economy is emerging from recession faster than expected, although the Greek crisis causes concern.Source: BBC News | Business | World Edition | 23 Apr 2010 | 6:02 pm Adam Crozier joins ITV with fresh coffee, optimism and City backingAdam Crozier will start as ITV’s new chief executive with a lavish welcome: a cup of fresh coffee and £620,000 in cash and shares. For this, and potentially £11 million more over three years, he has promised to reinvigorate the broadcaster, wrestling it into the internet age. Source: Latest Business News from Times Online | 23 Apr 2010 | 6:01 pm Royal Bank of Scotland and its $45bn exposure to bank insurance debt$Royal Bank of Scotland had about $45 billion of exposure to the complex and risky world of insuring debt after it bought ABN Amro in October 2007.$ Source: Latest Business News from Times Online | 23 Apr 2010 | 6:01 pm Britons ‘must save more to avoid foreign takeovers’Labour has not managed the economy in a sustainable way and a lack of savings by Britons has left the nation’s leading companies more exposed to foreign takeover, according to research sponsored by the National Institute of Economic and Social Research. Source: Latest Business News from Times Online | 23 Apr 2010 | 6:01 pm Stand by for more foreign bidsWhether or not an incoming government will pass laws to protect British companies from foreign takeovers, they will arrive too late for Arriva. Source: Latest Business News from Times Online | 23 Apr 2010 | 6:01 pm Bank tax possible despite opposition, says DarlingAlistair Darling said yesterday that finance ministers from leading and emerging nations had not ruled out the introduction of controversial new charges on banks, despite vocal opposition from Canada. Source: Latest Business News from Times Online | 23 Apr 2010 | 6:01 pm Filipino dairy workers at home in Kent as farmers struggle to find qualified staffFor 11 months of the year, Rey Gavila and Lito Gonzales work 6,500 miles away from home. Source: Latest Business News from Times Online | 23 Apr 2010 | 6:01 pm Greece calls on €45 billion EU-IMF rescueGreece bowed to market pressure yesterday and formally requested a bailout from the European Union and the International Monetary Fund. Source: Latest Business News from Times Online | 23 Apr 2010 | 6:00 pm Goldman Sachs shareholders sue execsTwo shareholders have sued top Goldman Sachs officials, including chief executive Lloyd Blankfein, in lawsuits related to fraud charges issued last week by the Securities and Exchange Commission.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 5:56 pm Moody’s chief admits failure over crisisThe chief executive of Moody’s admitted to a Senate panel that the US credit rating agency failed to anticipate the severe deterioration in the US housing market that led to the financial crisis and was “not satisfied” with its performance.Source: Financial Times - US homepage | 23 Apr 2010 | 5:55 pm FDIC Closes Four Banks, Year’s Total Now 52The FDIC closed four more banks today, all four in Illinois, bringing the year’s total to 52. The agency late in 2009 made member banks prepay their insurance so that the agency, nearly out of money, could fund its activities. The only alternative would have been to turn to the Treasury for the money. The action brought in about [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 5:47 pm Powell steps down from AOL board committeeThe former Federal Communications Commission chairman resigns from AOL’s nominating and governance committee, according to a regulatory filing.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 5:45 pm Government watchdog to probe SEC's Goldman lawsuitNEW YORK (Reuters) - A U.S. government watchdog will investigate the Securities and Exchange Commission's fraud lawsuit against Goldman Sachs Group Inc, the SEC's inspector general said on Friday, while two shareholders sued the bank over the fraud allegations.
Source: Reuters: Business News | 23 Apr 2010 | 5:44 pm Goldman's Blankfein in fraud caseGoldman Sachs is accused of fraud in a civil suit filed by US financial watchdog, the Securities and Exchange Commission.Source: BBC News | Business | World Edition | 23 Apr 2010 | 5:28 pm That ubiquitous cup of Seattle coffeeTess Vigeland and financial planner Karen Ramsey explore the coffee obsession continually brewing in Seattle with a visit to Pike Place Market.Source: Marketplace Money | 23 Apr 2010 | 5:23 pm 'Chinese games'US politicians accused of playing with China.Source: BBC News | Business | World Edition | 23 Apr 2010 | 5:12 pm Hidden debts 'amount to millions'People across the country have billions of pounds in debts which are being kept hidden from family members, according to a survey.Source: BBC News | Business | World Edition | 23 Apr 2010 | 5:04 pm Sunken oil rig may shift drilling debateWhile the search continued Friday for 11 missing workers from BP's sunken oil rig in the Gulf of Mexico, attention turned to fears of a major oil spill.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 4:57 pm Can I check my spouse's credit card bill?Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 4:52 pm Profits still hold key; Greece could temper (Reuters)Reuters - Wall Street is heading into another earnings blitz next week and the prospects of strong results from bellwethers like Caterpillar Inc and 3M Co should propel indexes to new recovery highs.Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 4:52 pm 'Holocaust' tax dodger is jailedA watchmaker who said he hid his earnings in a Swiss bank account because of his Holocaust legacy is jailed for tax evasion.Source: BBC News | Business | World Edition | 23 Apr 2010 | 4:46 pm SEC watchdog to investigate timing of Goldman suit (AP)AP - The Securities and Exchange Commission's internal watchdog said Friday he is heeding Republican calls to investigate the timing of the charges against Goldman Sachs.Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 4:45 pm Arizona’s immigration laws stir discrimination fearsAs the week drew to a close the protests against the US’s toughest new anti-immigration law were muted, reflecting the fear that has gripped Arizona’s fast-growing Hispanic communitySource: Financial Times - US homepage | 23 Apr 2010 | 4:38 pm Dow Jones manages most sustained growth for six yearsUS stocks rose to a 19-month high yesterday, matching the most sustained period of growth for six years. Source: Latest Business News from Times Online | 23 Apr 2010 | 4:31 pm Stocks rise again; Dow up for 8th straight week (AP)
Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 4:25 pm Trucking, Pricing IPOs, Retail and Penny Stocks: Taking StockSource: Bloomberg - All Podcasts | 23 Apr 2010 | 4:20 pm Microsoft's numbers fail to impressInvestors find fiscal third-quarter earnings report lacking despite a sharp profit gain.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 4:20 pm Latin American Markets: Brazil stocks fight losses; Chile to sell debtInvestors once again were betting that next week's central bank meeting will result in the country's first interest-rate hike in more than a year.
Source: MarketWatch.com - Top Stories | 23 Apr 2010 | 4:17 pm SEC watchdog to probe Goldman chargesAt the request of several Republicans in the House of Representatives, the Securities and Exchange Commission's internal watchdog said Friday that he will launch an investigation into the SEC's decision to pursue fraud charges against Goldman Sachs.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 4:14 pm Republicans talk tough on pending Wall St voteWASHINGTON (Reuters) - Senate Republicans vow to oppose a Democratic effort to begin debate next week on a proposed crackdown on Wall Street unless a bipartisan accord is reached, senior Republican aides said on Friday.
Source: Reuters: Business News | 23 Apr 2010 | 4:08 pm How the major stock indexes fared on Friday (AP)AP - Stocks climbed again Friday after a strong report on new home sales offset mixed news from corporate earnings reports and reservations over Greece's decision to tap a bailout package.Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 4:04 pm Greece calls on emergency loansGreece asks Europe and the IMF to start paying billions of euros in emergency loans to help rescue its debt-ridden economy.Source: BBC News | Business | World Edition | 23 Apr 2010 | 3:42 pm John Paulson's donations to Carla Bruni could embarrass Nicolas SarkozyThe most generous donor to French first lady's foundation is hedge fund manager at the heart of Goldman fraud allegations.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 3:26 pm Write-Offs: 04.23.10$$$ Abacus might have had other benefits for Goldman [Reuters] $$$ Banker Saves Septuagenarian Trapped in Corn Silo [Daily Intel] $$$ Moore’s Bacon Richest Hedge Fund Manager In U.K. [FINalternatives] $$$ The GS Metaphor Reel [HP] $$$ Goldman SEC charges to spark cases against others [The Deal] $$$ Citi CallsThe Cops On The Schnitzel Truck [BI] $$$ Feeling The Adrenaline Of Wall Street (BigThink) 
Source: Dealbreaker | 23 Apr 2010 | 3:15 pm Wall Street hits 19-month high on healthcare, energy (Reuters)
Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 3:03 pm Wall Street hits 19-month high on healthcare, energyNEW YORK (Reuters) - U.S. stocks rose to a 19-month high on Friday as Merck eased concerns about the impact of healthcare reform, saying its costs will be relatively low.
Source: Reuters: Business News | 23 Apr 2010 | 3:03 pm Iceland volcano: Governments, not airlines, should be picking up the compensation billBrussels diktat that obliges airlines to pick up the hotel and food bill for stranded passengers is absurd.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 3:00 pm General Election 2010: Nick Clegg and his rivals in a spin over UK economic figuresGDP data looks about as conclusive as Thursday night's leaders' debate.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 2:58 pm Lehman sues Nomura to void $760 million claimsNEW YORK (Reuters) - Lehman Brothers Holdings Inc sued Nomura Holdings Inc on Friday, saying the Japanese bank is not entitled to recover $760 million it claims, and instead owes it tens of millions of dollars.
Source: Reuters: Business News | 23 Apr 2010 | 2:58 pm The Friday Podcast: The Economics Of Bribing A Cop In Delhi, you can get an expedited drivers license for about $13. Don't worry about passing the test. (NPR/David Kestenbaum) On today's Planet Money: David Kestenbaum talks about bribery and payoffs in India. There's the $3.30 a cab driver has to pay a cop to keep from getting a ticket. The $13 you can pay a "broker" to help you get a driver's license -- no hassle, even if you don't know how to drive! And the $6,700 an entrepreneur pays to keep his business humming along. Kestenbaum argues that semi-official corruption is semi-defensible. He quotes the late Samuel Huntington: "[I]n terms of economic growth, the only thing worse than a society with a rigid, overcentralized, dishonest bureaucracy is one with a rigid, overcentralized, and honest bureaucracy." Also in the podcast, we hear from Gagan Singh (subject of this post from yesterday), who explains why he loves paying bribes. Singh, who runs a small telecom company, recently paid off a building manager who was threatening to cut Singh's cables. Now, the manager is the cables' protector. "He's like, 'I'll make sure that nobody cuts them, and even if anybody touches them, I'll cut their balls off,' " Singh says. "So It's like he starts working for you. What more do you want?" Download the podcast, or subscribe. Music: Himesh Reshammiya's "Samjho Na" and AC/DC's "Thunderstruck." Find us: Twitter/ Facebook/ Flickr. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 23 Apr 2010 | 2:56 pm A Goldman distraction for SEC staffNow we know why the US Securities and Exchange Commission missed the credit crisis. Too busy watching porn.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 2:50 pm GM cuts Chevrolet's longtime ad agencyGeneral Motors' Chevrolet brand is cutting its ties with ad agency Campbell-Ewald, a Detroit-suburb-based ad agency that has worked for the automaker since 1919, the company said Friday.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 2:40 pm Summary Box: Stocks rise as home sales jump (AP)AP - HOME SALES ARE COOKIN': The stock market got a lift for a second day on stronger news about home sales. The Commerce Department said sales of new homes rose 27 percent last month.Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 2:23 pm Extend jobless benefits beyond 99 weeks?Two years of unemployment benefits just isn't enough for some jobless Americans.Source: Business and financial news - CNNMoney.com | 23 Apr 2010 | 2:19 pm Britain's recovery slows with surprise fall in growth to 0.2pcThe UK recovery almost ground to a halt in the first quarter of the year with unexpectedly slow growth of just 0.2pc.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 2:18 pm Sky launches appeal against pay-TV rulingBSkyB has launched an appeal to delay Ofcom's demand that the media group cut the prices it charges rivals to broadcast its flagship Sky Sports channels.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 2:00 pm Goldman Sachs's Buffett deal drawn into Galleon insider trading inquiryBank director alleged to have 'tipped off' hedge fund manager about $5bn investment by Berkshire Hathaway.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 1:47 pm Bund Bull signals Shanghai’s charge against Wall StNot content with dabbling in derivatives in its bid to impersonate a world class financial centre, Shanghai has replicated the Bronze Bull in New YorkSource: Financial Times - US homepage | 23 Apr 2010 | 1:33 pm McKenna's nine-point plan on getting nickedLaw firm CMS Cameron McKenna is preparing for the worst. In a series of seminars it has been preparing clients on how to "deal with competition dawn raids" - EU or OFT, I'm reliably informed.Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 23 Apr 2010 | 1:23 pm Greenlight Capital Shames Wall Street Journal For Making Stuff Up
Greenlight Capital Quarterly Letter [PDF]
Source: Dealbreaker | 23 Apr 2010 | 1:06 pm While US economy burned, SEC staff surfed for porn (AFP)
Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 1:03 pm Goldman details mask broader lessonThe SEC suit resonates with investors who feel that it is unseemly to make money out of a debacle in which so many lives have been destroyedSource: Financial Times - US homepage | 23 Apr 2010 | 12:48 pm Greek aid request bolsters risk appetiteNews that Greece has ask for EU/IMF aid helps euro rebound off lowest level in a year and boosts European stocksSource: Financial Times - US homepage | 23 Apr 2010 | 12:44 pm Small talk: Prison theft, Spirit, pelicansMarketplace's Brendan Newnam and Rico Gagliano chat with fellow staffers Rafael Cohen, Rod Abid, Stacey Vanek-Smith about under-the-radar stories: Robbing a prison, Spirit's pre-reclined airplane seats, and getting rid of pelicans in Idaho.Source: Marketplace | 23 Apr 2010 | 12:37 pm Betsy Graseck, Yong Kim: Bloomberg On the EconomySource: Bloomberg - All Podcasts | 23 Apr 2010 | 12:37 pm Seattle real estate market in a long lullThe recession hit Seattle later than other cities, but the Emerald City is still trying to decide if its economy is improving or getting worse. Jeff Tyler reports.Source: Marketplace | 23 Apr 2010 | 12:37 pm Enron drama plays out on the stagePlaywright Lucy Prebble talks with Kai Ryssdal about her play, "Enron," what her thought process was as she put pen to paper, and how she personifies debt on stage.Source: Marketplace | 23 Apr 2010 | 12:37 pm Greece grasps for €30bn rescue packageGreece bowed to overwhelming pressure from financial markets on Friday and appealed for emergency eurozone loans in what will be the first rescue of a euro area country. Athens asked for the activation of a €30bn lifelineSource: Financial Times - US homepage | 23 Apr 2010 | 12:36 pm Weekly Wrap: A slow march to reformFreelance business journalist John Carney and Reuters blogger Felix Salmon talk with Kai Ryssdal about whether efforts to reform Wall Street might get somewhere after the fraud charges brought against Goldman Sachs by the SEC.Source: Marketplace | 23 Apr 2010 | 12:32 pm Will reform bill change rating agencies?Credit rating agencies helped along the financial crisis by evaluating investments built from shaky subprime loans and giving the go-ahead to purchase. Will the financial reform bill do anything to change their relationship with banks? Nancy Marshall Genzer reports.Source: Marketplace | 23 Apr 2010 | 12:32 pm Gatorade regroups to get back in gameGatorade's U.S. sales dropped more than 10% last year. So the sports drink company is taking on a new strategy, and you might notice it if you tune into the NBA playoffs. Stacey Vanek-Smith explains.Source: Marketplace | 23 Apr 2010 | 12:32 pm Is it time for Fed to raise interest rates?The Federal Reserve monetary policy makers are facing a tough question: Will they be encouraging more risky behavior if they hold the lending rate to banks at, effectively, zero? Bob Moon reports.Source: Marketplace | 23 Apr 2010 | 12:32 pm "Screwing With Criteria To 'Get The Deal' "By Jacob Goldstein The ratings agencies' number came up today in Washington, as a Senate committee dug up a bunch of old emails and called in execs from S&P and Moody's to testify at a hearing. The material is familiar stuff -- basically, the committee paints a picture of ratings agencies who were looking to keep the banks happy by giving them high ratings on mortgage-backed securities issued during the boom. Still, some of the details are pretty good. From a 2005-vintage email: Screwing with criteria to 'get the deal' is putting the entire S&P franchise at risk -- it's a bad idea. In another email, written in 2006, an S&P employee managed in the span of two sentences to use an emoticon as well as the phrases "monster" and "house of cards": Rating agencies continue to create and even bigger monster - the CDO market. Let's hope we are all wealthy and retired by the time this house of cards falters. :o). In 2007, after things had started to fall apart, a Moody's employee wrote: This is horrible from a ratings and risk management point of view; perhaps the biggest credit risk management failure ever. The ABACUS deals (CDOs in the same family as the Goldman Sachs deal at issue in the SEC lawsuit) -- also pop up in the emails. ...a known flaw not only in that particular ABACUS trade, but in pretty much all ABACUS trades (which between the three of us were all rated by the same person ... who neglected to catch other important criteria issues ... or ignored them after being told to correct them by Team Leaders and business managers). (The email was written well before the CDO in the SEC case was created, by the way.) Here's how Moody's current CDO framed the company's behavior in his testimony today: In short, Moody's did see the escalating housing prices and the loosening of standards in subprime lending practices, we published on these observations, and we incorporated our more unfavorable views into the way we assigned ratings. However, as I said earlier, neither we -- nor most other market participants, observers, or regulators -- fully anticipated the severity or speed of deterioration that occurred in the U.S. housing market or the rapidity of credit tightening that followed and exacerbated the situation. An S&P exec testified that "From 2005 to 2007, through its publications, S&P repeatedly and consistently informed the market of its concerns about the deteriorating credit quality of RMBS transactions." For more on the role of the ratings agencies, listen the Planet Money-This American Life episode The Watchmen. And here's coverage on today's hearing from the WSJ and Bloomberg. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 23 Apr 2010 | 12:22 pm One Case You Can Be Sure The SEC Was All Over
The Securities and Exchange Commission announced that a federal district court in Nevada has entered a final judgment, by consent, against Marlin R. Brinsky of Santa Monica, California, in connection with an enforcement action filed in 2005 concerning a penny stock manipulation and accounting fraud. The final judgment against Brinsky, a certified public accountant, was entered on April 21, 2010. It permanently enjoins him from violating provisions of the federal securities laws governing accountant’s reports and orders him to pay a $20,000 civil penalty. Separately, Brinsky also consented to an administrative order suspending him from appearing or practicing before the Commission as an accountant, with a right to apply for reinstatement after two years.
Earlier: SEC Official Who Surfed Tranny Porn To Deal With Stress Of The Job– Not Alone!
Source: Dealbreaker | 23 Apr 2010 | 12:20 pm Presented By:Source: Dealbreaker | 23 Apr 2010 | 12:20 pm Next Week’s Can’t Miss Earnings (BIDU, ABX, BRCM, CVX, COP, CIT, CME, CMCSA, GLW, DRYS, EK, EXPE, XOM, FSLR, F, HIG, MOT, PG, S, V, WM, MMM)The earnings floodgate is still open next week, and frankly it looks like there are even more S&P 500 companies reporting earnings than there were this week. The big earnings are (in mostly alphabetical order) are Baidu, Inc. (NASDAQ: BIDU), Barrick Gold Corporation (NYSE: ABX), Broadcom Corp. (NASDAQ: BRCM), Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 12:13 pm Paulson Tells Investors He’ll Pick Up The Tab Any Potential Legal Fees Related To You-Know-WhatHe’s got this one covered. Letter to investors via Absolute Return.
Source: Dealbreaker | 23 Apr 2010 | 12:10 pm A look at global economic developments (AP)AP - A look at economic developments and activity in major stock markets around the world Friday:Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 11:59 am Guess Who Gets a Discount on Their Next Goldman CDO
“We’ve been working with Goldman Sachs since Blackstone was founded almost 25 years ago and I’ve been personally working with them for over 40 years, and we’ve never had any circumstance where there’s been any question about their ethical character or their behavior on any transaction we were involved with.” “We’re a major client of Goldman and we’ll will continue to remain a major client of Goldman.” (via Reuters)
Source: Dealbreaker | 23 Apr 2010 | 11:58 am Ex-SEC lawyer gets 8 years for pump-and-dump fraud (AP)AP - A former enforcement attorney for the Securities and Exchange Commission was sentenced Friday to eight years in prison for his role in a a series of multimillion dollar pump-and-dump stock fraud schemes.Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 11:55 am Building society wants extensionCBS Canterbury said it has applied to be part of the extended Crown Retail Deposit Guarantee. CBS Canterbury is covered until October 12. The extended guarantee will cover retail depositors up to $250,000 until December 31, 2011....Source: nzherald.co.nz - Business | 23 Apr 2010 | 11:50 am This Week’s LinksScott Adams (of Dilbert fame) is a prolific blogger, too. VaynerMedia has early proof that geolocation marketing will succeed. Does Apple’s secrecy work? Dean Baker on why our children won’t suffer. If you’re a chart wonk, check out Peltier Tech.
Source: Business Pundit | 23 Apr 2010 | 11:36 am Member Of Team ABACUS Pens Book Called “How I Caused The Credit Crunch,” Based On His Time Spent Asking Important Question Like “Where Is The Brothel?”
Confessions Of The Man Who Caused The Credit Crunch [Times Online via BI]
Source: Dealbreaker | 23 Apr 2010 | 11:35 am An Oil Rig Count Disappointment (BHI, OIH, USO, RIG)The rig counts are not higher this week despite $80+ oil remaining. Baker Hughes Inc. (NYSE: BHI) has issued its weekly rig counting data, and we are watching the Oil Services HOLDRs (NYSE: OIH) and the United States Oil (NYSE: USO) as the two key ETFs on the news. Rig counts below…. U.S. Rig Count [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 11:21 am Short-term visitor numbers upThe 243,300 visitors from overseas making short-term trips to this country last month was 7 per cent higher than in March 2009, Statistics New Zealand says. A boom in Australian visitors continued, rising 17,500 or 20 per cent from...Source: nzherald.co.nz - Business | 23 Apr 2010 | 11:20 am Retired Hedge Fund Manager Michael Steinhardt Spends Days Talking To, French Kissing Animals
From Hedge Fund to Hedges [WSJ]
Source: Dealbreaker | 23 Apr 2010 | 11:15 am Looking for a home? Just go online.Tess Vigeland talks with Redfin's Scott Nagel about the way the Web has transformed the real-estate business.Source: Marketplace Money | 23 Apr 2010 | 11:08 am Condo buildings stand half emptySeattle's condo real-estate market is in collapse. Jeff Tyler reports from the "Emerald City."Source: Marketplace Money | 23 Apr 2010 | 11:08 am Remote Indian state's phone crazeMore than half the population of the tiny north-eastern state of Mizoram is now using a mobile phone, officials say.Source: BBC News | Business | World Edition | 23 Apr 2010 | 11:08 am Those who never had a home to loseCommentator Rosette Royale describes what it's like for those living on Seattle's streets.Source: Marketplace Money | 23 Apr 2010 | 11:07 am Getting PersonalKaren Ramsey, a certified financial planner based in Seattle, joins Tess Vigeland to answer listener questions, including one from a woman who wonders whether a yoga studio might be a good business to run in retirement.Source: Marketplace Money | 23 Apr 2010 | 11:07 am A precipitous drop in Seattle rent pricesSeattle rents fell an average of 14 percent from 2008 to 2009 -- the largest drop among cities nationwide. KUOW's Ann Dornfeld reports.Source: Marketplace Money | 23 Apr 2010 | 11:07 am Light a high commodity in SeattleA veteran Seattle real-estate agent explains why people are willing to pay such a high price for a well-lighted place.Source: Marketplace Money | 23 Apr 2010 | 11:07 am The Month’s Biggest Index Losers: Chinese Agriculture, Genetic Analysis, and Agricultural Chemical And Fertilizer StocksThere were strong losses in three Tickerspy indexes over the most recent 30-day period. This month’s biggest losers are in Chinese agriculture, genetic analysis, and agricultural chemical and fertilizer stocks. Chinese agriculture stocks are down 10.2% in the past month. The worst performing stocks in the index are China Agritech Inc., (NASDAQ: CAGC) down 24.6%%, China Organic Agriculture, Inc., (OTC: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 11:03 am Xerox Making a Comeback – Again (XRX, AAPL, ADBE, MSFT, IBM, HPQ, DELL)In the late 1990s, shares of Xerox Corp. (NYSE:XRX) topped $60. When the high-tech industry imploded in 2001, Xerox shares fell to below $5. Since then the shares have risen to about $19 and fallen again to around $5. Shares in the company hit a new 52-week high this morning following a solid first-quarter report [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 10:51 am AA bank holiday strike called offAA patrol staff call off plans to strike over the May bank holiday weekend after agreeing to talks with management.Source: BBC News | Business | World Edition | 23 Apr 2010 | 10:45 am Angela Merkel Begins To Walk Away From GreeceAngela Merkel, Germany’s Chancellor, is about to walk away from offering aid to Greece. That will almost certainly lead to Greece’s default on its sovereign obligations. Greece does not have the capital to last a month without financial support from the Eurozone nations and IMF. Germany’s population is strongly against any contribution of aid to Greece. [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 10:31 am IKB Told Investors it “Drills Down” on CDOs
“CDO pools are examined with a drill down to underlying assets and stress testing of the underlying asset pools,” IKB bragged in marketing materials obtained by John Carney at The Daily Beast. But it appears like the German bank never “drilled down” enough to realize the underlying mortgages in Abacus were doomed to failure.
Source: Dealbreaker | 23 Apr 2010 | 10:28 am Kiwi steady as Aussie fallsThe New Zealand dollar rose yesterday against an Australian dollar that tumbled after comments from Reserve Bank of Australia governor Glenn Stevens. Against the greenback, the NZ dollar was settled. By 5pm it was US71.10c, from US71.14c...Source: nzherald.co.nz - Business | 23 Apr 2010 | 10:20 am GOP ramps up attacks on SEC over porn surfing (AP)
Source: Yahoo! News: Stock Markets News | 23 Apr 2010 | 10:14 am Caption Contest Friday
Source: Dealbreaker | 23 Apr 2010 | 10:02 am China turns its trillions towards NZGrowing Chinese investment in New Zealand is fuelling fears of foreign takeover.With the Asian superpower's currency expected to rise in value, its buying power will increase.China already has trillions of dollars to invest...Source: nzherald.co.nz - Business | 23 Apr 2010 | 10:00 am Big names on superpower's list of buysChinese government businesses already have more than a toehold on our shores.They control billions of dollars worth of key business assets and are showing a growing appetite to run significant of our economy.Whiteware, construction,...Source: nzherald.co.nz - Business | 23 Apr 2010 | 10:00 am Hart's empire on the moveThe enigmatic Graeme Hart is thought to be lining up his next move to float part of his packaging empire, but exactly how he will pull it off is still a mystery to those on the outside.Australasia's richest man this week revealed...Source: nzherald.co.nz - Business | 23 Apr 2010 | 10:00 am Telecom split will not be easyTelecom chief executive Paul Reynolds has sparked market chatter that the telco is set to carve up its network after comments last week it would consider new structures in order to participate in the Government's billion-dollar fibre...Source: nzherald.co.nz - Business | 23 Apr 2010 | 10:00 am Brian Gaynor : KiwiSavers need to be more adventurousKiwisaver has proved to be a huge success, far beyond the Government's expectations.At the end of March the scheme had a phenomenal 1,369,609 members, net of opt outs and closures, compared with the Treasury's projections of 680,000...Source: nzherald.co.nz - Business | 23 Apr 2010 | 10:00 am Mary Holm : When rental investments go badI was interested in the letter in your column a while back from the couple who bought a townhouse as a rental property and are now having difficulty paying the mortgage (which was 100 per cent at the time of purchase). I am in...Source: nzherald.co.nz - Business | 23 Apr 2010 | 10:00 am Hynes Advises on Investing With Leveraged ETFs: AudioSource: Bloomberg - All Podcasts | 23 Apr 2010 | 9:58 am The Real Housing News–Average Home Price Down To $214,000Sales of new single-family houses in March 2010 were at a seasonally adjusted annual rate of 411,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 26.9 percent (±21.1%) above the revised February rate of 324,000 and is 23.8 percent (±18.7%) above the [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 9:07 am The New Greek Financial TermsMaybe you remember the “Bear Market Financial Terms”… If you are getting as sick of the daily financial news out of Greece and its financial games as we are, here are some new Greek Financial Market Terms. Alpha… the conservative party Beta… the unsuccessful test of currency mergers Delta… an alternative to Olympic Air or [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 8:57 am This Isn't The End Of The Crisis For Greece, Or For EuropeBy Jacob Goldstein Greece's economy is a "sinking ship," the country's prime minister said today. The prime minister! I guess that's what you have to do when you're formally requesting a 45 billion euro ($60 billion) bailout from the EU and the IMF -- the first bailout for any country using the euro. The request is no surprise, after all that bad news yesterday -- another upward revision of the country's budget deficit, another ratings downgrade, a rout in the bond markets. The question now is what comes next. The EU's piece of the bailout package has to be approved by individual governments, and the bailout is unpopular in Germany, a key contributor. Greece needs at least some of the money soon, so it can make an 8.5 billion euro debt payment that's due on May 19. Even if this bailout comes through in time, Greece may need more money. The country has 39 billion euro in debt coming due in the next 12 months, and will need to borrow more to cover ongoing deficit spending, Reuters says. The Economist estimates that Greece will run up an additional 67 billion euro in debt by 2014, besides needing to pay off existing debts. That could wind up being financed by a series of subsidized loans from the EU; the economist calls it a "fiscal drip-feed." Meanwhile, the troubles in Greece are spilling over to other EU countries. Investors demanded sharply higher yields yesterday on loans to Spain, Portugal and Ireland. Higher costs on sovereign debt could cause troubles for banks in those countries, economists Peter Boone and Simon Johnson write at the Baseline Scenario. Boone and Johnson estimate that Greece will need 150 billion euro over three years to refinance its debts -- and Portugal will need 100 billion. Even that might not be enough to restore confidence to the markets. "Greek strikes, a weak Portuguese government deeply in denial, and German hatred for bailouts, all make a path to restore confidence very difficult," they write. » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 23 Apr 2010 | 7:47 am Cantor's Pope on Regulation, Gartman on Housing: First WordSource: Bloomberg - All Podcasts | 23 Apr 2010 | 7:40 am BA 'not favouring new passengers'British Airways rejects suggestions it is prioritising new passengers over those stranded abroad.Source: BBC News | Business | World Edition | 23 Apr 2010 | 7:27 am Top Day Trader Alerts (MSFT, AMZN, ERIC, BUCY, PALM, WDC)These are this morning’s top day trader and active trader alerts. Most are earnings related and this is just a select group of stocks on the move during the earnings season onslaught. We have detailed information on the news, the move, and relative volume on each in the links over at VSInvestor.com: Microsoft Corp. (NASDAQ: [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 7:07 am Author McGrath Morris on His Book `Pulitzer': Lewis LaphamSource: Bloomberg - All Podcasts | 23 Apr 2010 | 7:02 am Today’s Best Market Rumors (4/23/2010)Updated throughout the day. The US is planning to sell its stake in American International Group, Inc (NYSE: AIG) (NYPost) “Goldman Sachs was both an underwriter and an investor in Lloyds Banking Group’s vast refinancing deal late last year”: FT HTC has dropped out of bidding for Palm, Inc (NASDAQ: PALM) leaving Lenovo as the last likely [...][[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Source: 24/7 Wall St. | 23 Apr 2010 | 7:02 am This Week’s Weird Jobs
If you can learn the art of trapeze, flip a coin 50 times, or guinea pigsit, you can probably do one of this week’s weird jobs: 1. MI: Trapeze artist wanted, no exp nec I would provide housing food a little spending cash until the act is up and running, then when the training is complete, we split the proceeds. It does take a lot of work, but it is quite fun as well. All I require is that you be willing to travel, be in good physical shape, be 18 to 35, and be dedicated. I have tried with quite a few partners, and as soon as the act gets to the point of adding a few real tricks, and a little polishing, they decide it is time to take advantage. I am a very easy person to get along with, and train at a good pace without pushing to hard. If you are willing and able, then do write back. Thank you for reading. When will this guy figure out that the pimping model just doesn’t work on trapeze art? 2. FLA: Dirty Outdoors Job! Pond/pool maintenance Person who is handy, with: Must be able to: * Compensation: Depends on experience and quickness to learn What we really mean by “dirty job” is that the pool is full of gators and chicken carcasses. But we’ll let you find that out for yourself. 3. CA: Develop software for a quantitative hedge fund We’re looking for first-rank software developers to join our team. Candidates should have a PhD, Masters degree, or undergraduate degree in Computer Science, Mathematics, or a related field. The successful applicant will have experience in object-oriented programming, agile software development, and algorithm design and implementation. Knowledge of Java, financial mathematics, Unix-based systems, MATLAB, and relational database systems is a plus. For immediate consideration please do the following: 1) Prepare a cover letter. Interesting that the coin flipping came before the resume, isn’t it? 4. WA: Surrogate Needed We are a upper-middle class couple in our 40’s. We are looking for a female who would be willing to bear a child for us. We would take care of all medical expenses as well as any personal needs during the pregnancy. We are also offering to pay a lump sum at the end of term. We are very loving and generous, and would take care of the right candidate for the rest of their lives. Lump sum at the end of the term, eh? Could be quite the raw deal if anything happens in the process. 5. MA: Guinea pigsitting I’m going out of town between December 20th and January 3rd, and I need someone to take care of my guinea pig. Newton is a 4-year-old male whose hobbies include blank staring and squawking when he runs out of carrots. Although he wrote the fundamental laws of physics in his younger years, he now prefers eating carpet to advancing the understanding of natural phenomena. If you already have male guinea pigs and would like to pigsit one more, shoot me an email. I’ll pay you $75 to take care of his dumb ass for two weeks, and all you have to do is keep him warm, clean, and well-fed. Nice. Happy Friday!
Source: Business Pundit | 23 Apr 2010 | 7:00 am A Worthy School Suspension
Source: Business Pundit | 23 Apr 2010 | 4:59 am
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