The horrible news hits just keep on coming for Goldman's Jim O'Neill. First the BRIC acronym creator (soon to be largely forgotten when confronted with much more awesome comparables as CRAP and STUPID , the latter of which has already been subsumed for general consumption by CNBC ) is rumored to be getting the boot from Goldman due to his involvement in the Red Knights group which is seeking to acquire the Red Devils (aka Manchester United), and now China just announced it is about to pull the rug out of the entire lending concept when it announces it is nullifying loan guarantees by all local governments. Just to put this in perspective, the impact of this is akin to what Obama did to Chrysler's secured lenders, multiplied by about one Fed dollop of MBS holdings (i.e., trillion), with debtors not even getting the courtesy Steve Rattner K-Y reacharound
Greece has finally come to market with a 10 year bond, catching the very end of the offering window, through a €5 billion bond issue, which according to Petros Christodoulou-spread rumors, is nearly 3 times oversubscribed. Underwriters Barclays, HSBC, NBG, Nomura and Piraeus Bank are alleged to have collected nearly €14.5 billion in bids
As more and more details of the actual Volcker Rule implementation continue to trickle in, we present the following excerpts from proposed additions to the Bank Holding Company Act, first noted in iMarketNews .
Yet another much needed reminder that the topic of High Frequency Trading is far from resolved.
The latest from Government Sponsored Zombie #1: Freddie's Home Price Index declined by 0.4% year over year. Even the government, with all its subsidy bells and whistles, can merely drag the horse to the water, so to say.
This is one of those poetic justice moments. After Toyota was dragged through hell and back (aka Congress) over a sticky accelerator issue, now it is the turn of the automotive division of the US government, better known as General Motors
Key highlight: With regard to risk factors for economic activity, members concurred that, while there were some upside risks such as faster growth in emerging and commodity-exporting economies, there remained downside risks such as the possible consequences of balance-sheet adjustments in the United States and Europe as well as potential changes in firms' medium- to long-term growth expectations. They also agreed that attention should be paid to the effects of various recent international financial developments on Japan's economy, such as increased concerns about sovereign risk and developments in financial regulation and supervision around the globe. Many members were of the view that, compared with the risk assessment presented in the October 2009 Outlook Report, upside and downside risks had started to become more balanced due to faster growth in emerging economies.
Ambrose Evans-Pritchard is outstanding in his expose on Europe's increasingly more evident deflationist cul-de-sac, and the ever more obvious L-shaped "recovery" facing Europe. While it has taken fans of the euro currency a mere two short months to not just diametrically change their exposure vis-a-vis the "long" currency of choice, but to allow speculators to build record euro short positions , the question of how America (and China by virtue of its dollar peg) will deal with euro currency that has no choice but to go lower, becomes an increasingly thorny issue
William C. Dudley , President and Chief Executive Officer New York Fed Remarks at the Center for the New Economy 2010 Economic Conference, San Juan, Puerto Rico Thank you very much and good morning.
Submitted by Fawzia Sheikh of OilPrice.com The Libyan government has been sounding off lately about boosting the profile of its oil and gas market, but it’s questionable whether international companies will ignore the government’s missteps in the industry - not to mention the recent lackluster energy finds - and keep injecting money into the North African country. The head of Libya’s National Oil Corp., Shokri Ghanem, has his eye on expanding gas exploration and production in a bid to raise exports to Europe, as well as privatizing oil refineries and the petrochemical sector, according to an interview he gave this month to the Oxford Business Group. Once an international outcast for its penchant for terrorism and weapons of mass destruction, Libya now wants foreigners to take a greater stake in the oil market and in turn encourage local firms to play a larger role as well.
Sunday, March 7, 2010
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