Today: FINANCIAL News, Money, Banks, Economic and Financial Crisis, Oct 31, 2011

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Oct 31, 2011

FINANCIAL News, Money, Banks, Economic and Financial Crisis, Oct 31, 2011

Euro-Area Seeking Crisis-Fighting Cash Faces G-20 Resistance
BusinessWeek
“There will be some quid pro quo on this,” said Mohsin Khan, a former IMFofficial now a senior fellow with Peterson Institute for International Economicsin Washington. Large emerging markets “would like a bigger role in globalfinancial governance ...
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Europe Seeking Crisis-Fighting Funds Faces Resistance Before Cannes G-20
Bloomberg
“There will be some quid pro quo on this,” said Mohsin Khan, a former IMF official now a senior fellow with Peterson Institute for International Economics in Washington. Large emerging markets “would like a bigger role in global financial governance...
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Bloomberg
Draghi Takes ECB Helm in Battle Mode as Debt Crisis Torments Policy Makers
Bloomberg
After teaching economics and working at the World Bank and then his country's finance ministry, Draghi joined Goldman Sachs Group Inc. in 2002 as a London-based managing director and vice chairman of its international division. ...
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Bloomberg
Money and the eurozone crisis
Asia Times Online
I was intrigued by Mises' work on "fiduciary media", the financial claims that had the economic functionality of traditional (narrow) money. I began to view contemporary "money" as "money is as money does". I was especially struck by monetary analysis ...
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Real money flows tests the MOF's resolve on JPY in session
FXstreet.com
G20 was to identify 29 systemically relevant financial bodies .He noted that Chancellor Merkel and President Obama would meet ahead of the G20 summit this Thursday. - Spain's Central Bank (BOS) commented that it saw flateconomic growth on quarter in ...
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Amid debt concerns, large World Bank projects continue
Al-Masry Al-Youm
The bank is trying to highlight the differences between the World Bank and the IMF. The bank lends for the purpose of development programs, while the goal of the IMF is to maintain international financial stability through lendingmoney to countries ...
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The Truth About Cats and Dogs
Huffington Post (blog)
The start of the financial crisis saw promising rhetoric from governments around the world. The financial system would never again be in control of the real economy. Quality jobs would be at the heart of the recovery. But 'slash and burn' has become ...
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Factbox: The ECB's standard and non-standard measures
Reuters
Weekly funding is offered usually every Tuesday and three-month money on the last Wednesday of each month. At the peak of the financial crisis the ECB introduced extra one-month, six-month and one-year lending operations to help the banking system. ...
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MPs attack Bank of England for not releasing crisis documents
Money Marketing
This was the most serious financial crisis for decades and theBank's decision-making affected the economic future of the country. The court's response is a reflection of the problem which the committee's inquiry into the accountability of the Bank of ...
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Money Marketing
Shadow banking in China
Hindu Business Line
The growth of this sector has been explosive in the last decade: in the United States, in the run-up to the financial crisis, its size was estimated to be significantly bigger than that of the formal banking sector. In the aftermath of the crisis, ...
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Hindu Business Line
A 55 Billion Euro Windfall from 'Germany's Dumbest Bank'
Spiegel Online
The money is just a number in the special budget for battling thefinancial crisis. But the country could still profit from the incident if the government finally bids farewell to the crude idea that it can solve the crisis away from the public eye. ...
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Spiegel Online
A little help from the east
The Guardian
Given the economic and political weight of the eurozone, thecrisis has the potential to match the damage wrought by the 2008 US financial crisis on the global economy. So China should welcome last week's agreement in Brussels and, in advance of the ...
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The Guardian
3 biggest holes in Europe's debt deal
CNN
Without strong buy-in from the banks, the deal could trigger a credit event that could set off Greek credit default swaps. That could crush banks and hedge funds that are long Greek debt, creating a potential financial panic. ...
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European debt crisis live: OECD slashes eurozone growth forecasts
The Guardian (blog)
A deterioration of financial conditions of the magnitude observed during the (2007-2009) global crisis could lead to a drop in the level of GDP in some of the major OECD economies of up to 5 percent by the first half of 2013. ...
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The Guardian (blog)
FACTBOX - Euro zone debt crisis acronyms explained
Reuters India
This is a permanent rescue fund to take over from the EFSF from 2013. * Ecofin: Economic and Financial Affairs Council. It is the regular meeting offinance ministers of the EU's 27 member states. * FTT: FinancialTransactions Tax. ...
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MF Global goes bankrupt, is 1st U.S. casualty of European crisis
Los Angeles Times
Last week the European Union announced a plan to help prop up theeconomies of its weaker members, but the plan will not insulate financialinstitutions like MF Global from losses on holdings of European sovereign debt. In early October a large Belgian ...
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US Stocks Decline Amid Growing Concern About European Funding
BusinessWeek
The S&P 500 traded at 11.7 times reported income on Oct. 3, within 14 percent of its price-earnings ratio at the bottom of the financial crisis in March 2009, Bloomberg data show. The index gained 3.8 percent last week.
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Iceland Passes Last Hurdle in $11.4 Billion Depositor Payout
BusinessWeek
The decision by Iceland's Supreme Court to rule in favor of a crisis bill enacted three years ago “marks the endpoint” to a dispute with the UK and the Netherlands triggered by the island's 2008 financial collapse, EconomyMinister Arni Pall Arnason ...
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Capitol Federal Financial, Inc. Reports Fiscal Year 2011 Results
MarketWatch (press release)
Dividend payments depend upon a number of factors including the Company'sfinancial condition and results of operations, the Bank's regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the ...
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Occupy the Treasury! Reclaim the Monetary System with the NEED Act - HR 2990
The Market Oracle
In other words, the NEED Act reverses the cycle of economic contraction engineered by private banks withholding credit – permanently. The NEED Act nationalizes the monetary system ~ not the banking system. Seriousfinancial regulations, Wall Street ...
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India's Road to Financial Freedom
Wall Street Journal
Its latest rationale: a state-dominated banking system somehow saved India from the global financial crisis. Freeing up lending will probably now require directives from the government, if not legislation from parliament. ...
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Wall Street Journal
India and China are reaping the financial benefits produced by wealthy remitters
Al-Arabiya
Sending money back home has been simplified throughbanking. Over the past 25 years, the idea of offshore Indians sending money home has been transformed itself into a multi-beneficial business for clients, their banks and India's economyat large. ...
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Al-Arabiya
G20 could mark shift in economic power
AFP
That has been answered by a measured plan to slowly increase their financial contributions and voting stakes. But with the US, European and Japanese economies all in difficulty, the BRICS' time could come sooner than thought. "The limit that the IMF ...
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AFP
Junk Bonds Lead Company Debt to Top Month of '11: Credit Markets
San Francisco Chronicle
Bonds of New York-based Citigroup Inc. were the most actively traded US corporate securities by dealers, with 527 trades of $1 million or more, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. ...
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Yen Tumbles the Most in Three Years as Japan Sells Currency
San Francisco Chronicle
Both currencies tend to strengthen during economic and financial turmoil because current-account surpluses in the nations make them less reliant on foreign capital. A stronger domestic currency hurts the overseas competitiveness of exporters and cuts ...
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US Finds Culprit
Bay Area Indymedia
The success of the term “debt crisis” is one modern example for the possibility of completely deceiving people and the media. This crisis is a crisis of thebanks and the entire financial management. The financial crisis originally had little to do ...
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World-Beating Gilts Boosting Pound as Cameron, King Converge
BusinessWeek
UK gilts have generated a return of 10.8 percent in 2011, the biggest among 26 sovereign-debt markets measured by Bloomberg/European Federation ofFinancial Analysts Societies indexes. The combination of Prime Minister David Cameron's fiscal austerity ...
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Small Matters: Efforts to fix mortgage crisis must protect the savers, too ...
Philadelphia Inquirer
Mitigating these costs is the role of financial institutions, such as banks. Savers who deposit their money in the bank "invest" in a pool of loans made and monitored by professionals, spreading the cost of losses over many savers - losses will always ...
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Russia could shoot $10 billion into sluggish Europe
RT
Moscow could allocate as much as $10 billion through the IMFto help indebted European countries, says presidential aide Arkady Dvorkovich. Though European debtors haven't yet officially applied for financial assistance from Russia, Dvorkovich says if ...
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RT
Treasuries Rise as Japan Sells Yen, Italian, Spanish Bonds Drop
BusinessWeek
Since Chairman Jon Corzine arrived at the firm in March 2010, he increased the firm's risk and used its own money to trade. An affiliate, MF GlobalFinance USA Inc., listed debt of as much $50 million and assets of as much as $500 million in Chapter 11 ...
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Takefuji Plan, Saab Investors, Luminar Rescue Bids: Bankruptcy
BusinessWeek
The decision by Iceland's Supreme Court to rule in favor of a crisis bill enacted three years ago “marks the endpoint” to a dispute with the UK and the Netherlands triggered by the island's 2008 financial collapse, EconomyMinister Arni Pall Arnason ...
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Credit-Default Swap Risk Bomb Is Wired to Explode: Mark Buchanan
Bloomberg
Through CDS contracts, AIG's failure could have spread distress throughout the global financial system. The AIG case illustrates an important paradox that looms again in today's European debt crisis. Like regular insurance, credit-default swaps offer a ...
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Japan Pledges to Keep Buying Euro Bailout Bonds
Wall Street Journal
By TAKASHI NAKAMICHI And GEORGE NISHIYAMA TOKYO—The head of a European bailout fund on Monday won assurances that Japan will continue to invest in the beefed-up European Financial Stability Facility to help tackle the continent's debt crisis, ...
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Bonds Beat Stocks Over 30 Years for First Time Since 1861
BusinessWeek
The US savings rate has tripled to 3.6 percent since 2005 and has averaged 5.1 percent since the depth of the financial crisis in December 2008, compared with 3.1 percent for the previous 10 years, according to government data. ...
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Higher Education, Zombified, Parasitic, and Corrupted by Easy Money
The Market Oracle
When the financial crisis of 2008 hit, we saw how state-managed capitalism works. Favored companies are allowed to make as much money as they can. But they are protected from going broke. Certain firms are deemed “too big to fail,” by virtue of the key ...
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The Worst Deal They Could Cut
Huffington Post
It is apparent that Geithner believes the only thing that matters in terms of fixing the economy is to keep the big banks in good financial shape, which is ironic given that in public he claims that everything is fine with the bankingsector now. ...
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History haunts Egypt's revolution
The Guardian
Chile was a great succes story at the start after the neo liberal state was put in place, the economy jump started and was booming until 1982 when it came crashing down in guess what afinancial crisis. After that the chileans took a much more ...
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The Guardian
In Conversation With Lee Myung-bak
Wall Street Journal (blog)
Q: You said this is a fiscal crisis, but banks are being affected. Could this turn into a financial crisis? A: Fiscal crises often turn into financial crises, dealing a blow to the real economy. Fortunately, the financial situation in emerging-market ...
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Hong Kong: Monetary Statistics For September 2011
Business Insider
All M1, M2 and M3 money supply year-on-year change dipped into negative territory for the first time since the recovery from the 2008 financial crisis(non-seasonally adjusted), and that is negative for the real estate market. With the financial market ...
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The Dangers Of Deleveraging
San Francisco Chronicle
A recent report by McKinsey suggests that economic growth will continue to sputter during the beginning stages of deleveraging. Thirty two of the 45 instances of deleveraging since the Great Depression, have followed afinancial crisis and half of ...
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Bankers seek clarity on Volcker rule
Financial News
As the smoke cleared from the carnage of the 2008 financial crisis, the original objective was to prevent banks allegedly gambling with their own money; placing huge bets on movements in equities, currencies and commodities on behalf of themselves and ...
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Financial News
Focus On Financial Stocks: 3 Buys, 2 To Avoid
Seeking Alpha
B) money into a preferred class of BAC shares. Nonetheless, this highly speculative issue is not for the faint of heart, and safer choices exist in other Buffett favorites, Wells Fargo (WFC) and PNC Financial (PNC).
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Financial crisis II, in theatres now
In the crisis of late 2008 and early 2009, central banks and finance ... TheIMF's head, Christine Lagarde, would like Beijing to allow the Chinese currency ...
www.smh.com.au/.../financial-crisis-ii-in-theatres-now-201110...
Debt crisis: live - Telegraph
08.10 The impact of the European sovereign debt crisis on banks and otherfinancial institutions is becoming clearer. Barclays turned in its third-quarter profit ...
www.telegraph.co.uk/finance/.../8846201/Debt-crisis-live.html
The eurozone financial crisis explained – USATODAY.com
Among the 17 nations that use the euro, financial bailouts are having a ripple effect. ... not sought bailout loans, but their increasingly severe economictroubles raise that likelihood. Sources: AP, IMF, Eurostat; State Department, European Central Bank and .... For the latest Money news, follow USATODAYMONEY On Twitter. ...
www.usatoday.com/money/world/story/2011-10-26/.../1

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