The great intrest rate rip off part 6

[interestrateripoff]

Austerity Faces Sharper Debate After European Elections

 

By ALAN COWELL and NICHOLAS KULISH 12:05 PM ET

 

 

After voters in elections in France and Greece punished leaders pushing austerity, Europeans contemplated an untested political landscape shaped by demands for both austerity and growth.

 

• Post a Comment | Read (233)
  

 

 

 

Eric Gaillard/Reuters

 

France's newly-elected president, François Hollande, waved to supporters as he arrived at his campaign headquarters in Paris on Monday.

 

 

 

 

 

 

Bank Chief Steps Down as Spain Considers Rescue

 

By RAPHAEL MINDER 45 minutes ago

 

Rodrigo Rato of Bankia, Spain’s largest real estate lender, is the most prominent Spanish banker to quit since the start of the European sovereign debt crisis.

 

Markets Are Calm After Political Shake-Up in Europe

 

By CHRISTINE HAUSER 1:23 PM ET

 

Stocks were mixed Monday on Wall Street as weekend election results in Greece and France added to the uncertainty created by last week’s disappointing jobs data in the United States.

 

• Greece, in Chaos, Faces Possible New Elections
  
• Investors to Give France a Grace Period, Analysts Say
  
• Interactive Feature: Tracking Europe's Debt Crisis
  

 

Abbott to Pay $1.6 Billion Over Illegal Marketing

 

By MICHAEL S. SCHMIDT and KATIE THOMAS 9 minutes ago

 

Abbott Labs said it reached an agreement with the federal and nearly all state governments to pay $1.6 billion in connection with its marketing of the anti-seizure drug Depakote.

 

Google-Oracle Jury Reaches Impasse on Key Issue

 

By THE ASSOCIATED PRESS 6 minutes ago

 

A federal jury in San Francisco has reached an impasse on a key issue in Oracle's copyright-infringement case against Google, handing the database-software company a major setback.

 

DealBook

 

Third Point Demands Records From Yahoo's C.E.O. Search

 

By MICHAEL J. DE LA MERCED

 

Third Point sent Yahoo a request for records relating to its selecting Scott Thompson, a former eBay executive, as its chief executive, after the besieged technology company admitted that it had misstated its leader's academic credentials.

 

Media Decoder Blog

 

From ABC News and Univision, an English-Language Channel for Hispanics

 

By BRIAN STELTER 12:45 PM ET

 

The channel would start in 2013 and include news, lifestyle, entertainment and health-related programming.

 

DealBook

 

Treasury to Sell A.I.G. Shares at $30.50 Apiece

 

By KEVIN ROOSE 9:16 AM ET

 

The Treasury Department has announced plans to sell $5 billion worth of American International Group stock, as the insurer slowly recovers from the depths of the financial crisis.

 

 

Freight Train Late? Blame Chicago

 

Splintered Vote Throws Greek Politics Further Into Confusion

 

By RACHEL DONADIO 34 minutes ago

 

A day after Greece’s two dominant parties collapsed at the polls, the leader of a center-right party said he had failed to form a coalition amid uncertainty about Greece’s staying power inside the euro zone.

 

 

 

• Austerity Faces Debate After Votes in Europe
  
• Election Puts French Afghan Force on Notice
  

[interestrateripoff]

7 May 2012 Last updated at 19:53

 

 

Shares recover after election sell-off

 

European shares finish higher on Monday as investor concerns about government austerity plans following weekend election results proved short-lived.

 

• Q&A: End of austerity?
  
• Greek vote risks eurozone split
  
• Hollande sets France on new path
  
• Eurozone in crisis graphics
  
• How will new leaders affect Asia?
  

 

Google guilty over Oracle's Java New

 

Internet giant Google is found guilty of breaching Oracle's copyright of Java in a trial in San Francisco.

 

• The mobile phone patent punch-up
  
• Are patents good for you?
  

 

 

Pressure grows on head of Yahoo New

 

A shareholder seeking the dismissal of Yahoo's chief executive demands the internet firm hand over documents relating to his recruitment.

 

• Yahoo sees profit rise in quarter
  
• Yahoo to cut 14% of its workforce
  

 

 

 

• Unemployment 'to keep on rising'
   
  An economic forecasting group says unemployment in most parts of the UK will continue to rise over the next five years, despite recent falls.
  
• Plane makers hit by cancellations
   
  Airlines cancel a total of 32 orders for planes so far this year from the world's two major plane makers, Boeing and Airbus.
  
• Bankia boss quits as rescue looms
   
  The executive chairman of Spain's Bankia resigns as it emerges that the government will use public money to clean up bad loans at the bank.
  
• Euro Disney reports higher losses
  
• Home building 'should be easier'
  
• Evernote to open China data hub
  
• We won't be distracted - Osborne 1728
  
• Beckham tops UK sport rich list
  
• RBS confirms state loan repayment
  
• Arctic oil deal signed by Rosneft
  
• US job growth slows during April
  
• SSE fined £1.25m for mis-selling
  

[interestrateripoff]

European Dislocation On Deck

Well here we go.... from the Predictions Ticker...

 

• The fissures -- if not outright failure -- in the Euro Zone become realized. I fully expect one or more nations to leave the Euro and there is a non-zero chance of an outright collapse. Timing is the problem -- I'll go ahead and stick this in 2012 but may be early a year. We'll see. Incidentally because of how I worded this Greece leaving is a "score" but I'm not thinking Greece here -- try Spain or Italy on for size.
  

Oops.

Greece, for those who aren't paying attention, has apparently elected enough Neo Nazis to get them into Parliament -- comfortably so with somewhere around double the minimum representation required (3% is required.) The bailout-friendly parties got shredded and no longer have a majority. The next thing that will come is a "middle finger" to the Troika, which is going to prove quite interesting.

France has apparently tossed Sarcozy in favor of socialist Hollande. This is possibly far more important, as it means the German-French "line" on holding the Euro zone together with bailouts was just flushed down the toilet. Merkel has no prayer in Hell of being able to do this alone.

 

More at the link.

[interestrateripoff]

Another State Fraud Unwinding (Tobacco Bonds)

Nothing like a good racket, eh?

A handful of bonds backed by yearly payments from tobacco companies under a landmark settlement with 46 states are in the earliest stages of default, and more distress is expected.

Dozens of states, counties and cities issued the bonds to receive billions of dollars upfront from

the 1998 settlement

. But now they are seeing smaller payments than expected from the companies as tobacco sales decline in America. There is also a renewed legal battle between the states and the tobacco companies, with the companies holding back nearly $8 billion in settlement payments, pending resolution.

Nice.

What happened here is that the states "sold forward" the cash flow from the tobacco settlement predicated on smoking continuing to increase in prevalence while at the same time raising taxes and taking other actions to deter smoking.

The states and other agencies use "projections" from an "independent consulting firm" to look at expected payments over 40 years, then set the bond terms on that projection. But...

“Those were all bogus,” Mr. Larkin said. “Yet the consultants used that report year after year.”

I seem to recall that ridiculously-rosy (and ultimately proved bogus) "projections" of a similar nature that house prices would go up 10% a year forever were part and parcel of the offering of securities backed by subprime and Option ARM mortgages, both of which were effectively balloon notes as nobody could make the payments once the "teaser" features expired.

 

Brilliant...

[interestrateripoff]

Do What Buffett Says, Not What He Does

 

New Democracy Unable To Form Government, Anti-Bailout Parties Now Get Opportunity To Eject Greece From Euro

 

Two Charts Exposing America's Record Shadow Welfare State

 

Five Reasons For Caution In US Equities

 

Guest Post: Global Reality - Surplus Of Labor, Scarcity Of Paid Work

 

Greek Bonds Monkeyhammered As Hedge Funds Slash Hands Catching Falling Knives

 

Guest Post: The Treasury Bubble in One Graph

 

US Equities Ignoring US Sovereign Risk Warning

 

Greece: Next Steps

 

Europe Wasn't Destroyed In A Day

[interestrateripoff]

And Back To Euro-Math: Up To €210 Billion Funding Shortfall For Spanish, Italian Banks In 2012

 

Status Quo Catastrophe Is Served

 

The Spanish Bank Bailout Begins

 

Europe Opens Down 2% As Sovereign Risk Surges

 

Dummies Guide To Europe's Problems

 

Treasuries Plummet To 3 Month Low Yields As Equities Recouple

 

Real Time Greek Government Tracker; Goldman's Bearish Take

 

US Equities Plunge To 2-Month Lows

 

The Banks' Nightmare Is Coming True: Greek Left Calls For Anti-Bailout Coalition

 

"The Dictator" Congratulates Francois Hollandaise On His Victory

[interestrateripoff]

• Escalating Greek crisis sends markets tumbling
   
  Last updated one minute ago
  FTSE falls 100 points after bailout deal declared 'null and void' by leftist politician
  614 comments
  
  • Greek left leader renounces bailout deal
    
  • Austerity measures – country by country
    
  • Hollande and Sarkozy in show of unity
    
  • Why the Germans can rest easy
    

Are we finally reaching tipping point in all this mess? Greece was never fixed the problem was merely prolonged and ensured the final correction will be even more painful.

[interestrateripoff]

Breaking news

 

• Formula One seeks rate cut on term loan - Reuters
  

 

 

 

• Aviva chief quits after revolt – with £1.75m payoff
   
  Favourites to replace Andrew Moss include former RSA chief Andy Haste and Aviva finance boss Pat Regan
  69 comments
  
  • Nils Pratley: Shareholder spring's cowardly streak
    
  • Aviva chairman aims to repair damage
    
  • M&G shows institutional investors the way
    
  • Labour backs Cable on reform
    
  • Aviva chairman aims to repair damage after rebellion
    
  • Banking sector reforms due in June
    
  • Shareholder rebellions: timeline
    

  [*] Eurozone crisis: Greek left leader renounces bailout deal

   

  Frontrunner to form a new government shocks financial markets with remarks over EU and IMF loan agreement

   

  • Eurozone crisis live: Tuesday as it happened
    
  • Merkel warns Athens and Paris on spending
    
  • Spanish government set to rescue ailing Bankia
    
  • Monday's eurozone blog
    
  • Hollande's in-tray topped by economy
    
  • Austerity: what does it mean for ordinary people?
    
  • Democracy trumps austerity but will euro survive?
    

  [*] HSBC boss backs austerity as he reports fall in profits to $4.3bn

   

  Stuart Gulliver says markets are rewarding coalition austerity by keeping interest rates low and sterling strong

  116 comments

 

 

• William Hill chief's pay deal survives shareholder revolt by a nose
   
  49.8% voted against director pay packages via proxy votes, including that of chief executive Ralph Topping
  
• MPC could boost quantitative easing
   
  Phillip Inman: One minute the experts say we're on an upward trajectory, the next they appear to say the opposite
   
  
  • Retail slump puts UK firmly back in recession
    

  [*] Ellesmere Port 'more optimistic' as GM considers Vauxhall Astra lifeline

   

  Opel/Vauxhall is discussing plans to build new Astra in Ellesmere Port and Poland from 2015

  [*] More business news

  [*] Yahoo chief may be breaking company rules

  [*] BT network risks under-use – rival

  42 comments

  [*] Train travel will worsen under government plans – MPs

  [*] Tui hit by weak winter holiday sales

[interestrateripoff]

Euro heading for freefall in echo of housing crash

 

08 May 2012 12:00 AM

Currency could be next sub-prime mortgage crisis say traders after day of turmoil on markets

 

 

 

£26bn wiped from FTSE 100 over eurozone fears

 

08 May 2012 05:40 PM

Nervous traders wiped £26 billion from the value of London's leading shares index today as eurozone fears returned to haunt world markets.

 

 

 

William Hill boss to receive £1.2m bonus

 

08 May 2012 04:59 PM

The UK's largest bookmaker William Hill signalled today that its boss will still get a £1.2 million pay-to-stay bonus, despite a major rebuke from shareholders.

 

 

 

HSBC cost savings gather pace

 

08 May 2012 03:41 PM

Banking giant HSBC has made 1.2 billion US dollars (£741 million) in cost savings in the last year as it cuts thousands of jobs worldwide, including the UK.

 

 

 

Aviva is latest firm hit by 'shareholder spring' as chief executive quits

 

08 May 2012 10:13 AM

The so-called "shareholder spring" that has rocked boardrooms over recent days has been driven by anger that huge salaries and even bigger bonuses are out of kilter with falling share prices and pressure on profits.

 

 

 

Aviva boss Andrew Moss quits amid pay criticism

 

08 May 2012 08:30 AM

Shareholders have claimed another high-profile scalp as Britain's biggest insurer announced the abrupt exit of its chief executive.

 

 

 

New FTSE index would better reflect UK economy

 

08 May 2012 12:00 AM

A rival is planned for the FTSE 100 which critics say is dominated by multinationals

 

 

Wet April hits high street spending

 

08 May 2012 08:04 AM

Consumers shunned the high street during the wettest April on record as overall spending dropped at the sharpest rate in 11 months, a study said today.

 

 

 

Hairdressers make short work of recession

 

08 May 2012 12:00 AM

Gloom sweeps Europe, unemployment keeps rising and pay rises are a distant memory. But hope for the economy arrives today in an unlikely, though beautifully coiffured, shape: hairdressers.

 

 

 

'Good citizens' of business world to be honoured

 

08 May 2012 12:00 AM

Some of the best-known companies in Britain have been short-listed in a ground-breaking awards scheme that recognises the highest standards of social responsibility and employee engagement.

 

 

 

UK aerospace industry 'at risk of being overtaken'

 

08 May 2012 12:00 AM

Britain's aerospace industry could be overtaken by other nations within a decade without more research & development incentives, ministers have been warned.

 

 

 

Lord Bell set for battle with WPP over Bell Pottinger buyout plan

 

08 May 2012 12:00 AM

Lord Bell is poised to spell out plans for his controversial buyout of the PR firm Bell Pottinger at the annual meeting of parent company Chime Communications this Wednesday, in the face of fierce opposition.

 

 

 

Failure to plan for Olympics 'may cost firms billions'

 

08 May 2012 12:00 AM

A third of City of London firms have made no contingency plans for the Olympics, and only one in 10 are planning to allow staff to work from home

[interestrateripoff]

Tesco to manage its 6 billion pound British pension scheme

 

LONDON - Tesco, the world's No.3 retailer, is to manage its British pension scheme, one of the largest in the country still offering final-salary benefits, to maximise returns and cut dependence on consultants.

 

• Aviva CEO quits as investor revolts gather pace 5:18pm BST
  
• Investment bank, cost cuts help HSBC top forecasts 4:37pm BST
  
• Miners maul FTSE as Greek fears hit market 6:02pm BST
  
• As sales accelerate, Toyota goes to war on waste 7:20pm BST
  
• Irish c.bank governor - Europe should allow direct bank recapitalisation
  

Analysis - European elections signal end to market calm

 

NEW YORK - Elections in Greece and France over the weekend have ushered in a new period of uncertainty for financial markets that could stand in the way of the easy-money rally that boosted stocks at the start of the year.

6:18pm BST

 

Formula One seeks rate cut on term loan

 

NEW YORK - Less than a month after it cleared its refinancing through the leveraged loan market, Formula One is said to be launching a transaction that would cut the rate on its institutional term loan, buyside sources told Thomson Reuters LPC.

6:52pm BST

 

Mexico lawmakers flag $30 billion Pemex loss in audit

 

MEXICO CITY - Mexican lawmakers are calling for an official probe into how state oil monopoly Pemex accounted for a suspected $30 billion loss in 2009 which an audit showed the company later booked as assets.

8:23pm BST

 

Liberum hires telco analyst, eyeing client gains

 

LONDON - Investment bank Liberum Capital has hired a telecoms analyst from Royal Bank of Scotland for its growing research team, capitalising on a retreat from equities by rivals as it sets out to win more clients.

[interestrateripoff]

If Europe Turns Away From Austerity, Who Will Foot the Bill?

 

By JACK EWING 41 minutes ago

 

A consensus is emerging that government austerity programs have gone too far, but more borrowing may simply destroy what little investor trust remains.

Daniel Roland/Agence France-Presse — Getty Images

 

Mario Draghi, the president of the European Central Bank, has been noncommittal on whether the bank would issue another round of inexpensive, three-year loans to commercial banks.

 

 

 

Stocks Fall on Fears of Austerity Backlash

 

By CHRISTINE HAUSER and DAVID JOLLY 12:22 PM ET

 

Stocks and the euro fell after the leading party in the Greek Parliament was unable to form a government.

 

• After Elections, Europe Focuses on Growth
  
• DealBook: Why European Bank Buffers May Not Be Quite What They Seem
  

 

Greek Leftists Rule Out Coalition With Incumbents

 

By RACHEL DONADIO and NIKI KITSANTONIS 2:00 PM ET

 

The political disarray in Greece raised further doubts on Tuesday about the country’s future in the euro zone, as well as fears about the stability of the common currency itself.

 

• Political Tumult in Greece After Uncertain Elections
  
• Post a Comment | Read (4)
  

 

 

 

Other Business News

 

DealBook

 

Aviva Chief Resigns Over Shareholder Pay Revolt

 

By JULIA WERDIGIER 12:44 PM ET

 

Andrew Moss, the chief executive of the British insurance company Aviva, resigned unexpectedly on Tuesday as a result of shareholder discontent over pay practices.

 

DealBook

 

Yahoo Director in C.E.O. Search to Stand Down

 

By MICHAEL J. DE LA MERCED and EVELYN M. RUSLI

 

Patti S. Hart, the Yahoo director who headed the board search committee that picked Scott Thompson as the company’s chief executive, will not stand for re-election.

 

• DealBook: Third Point Demands Records From Yahoo's C.E.O. Search
  

 

DealBook

 

More Top Lawyers Leave Dewey & LeBoeuf

 

By PETER LATTMAN

 

Richard Climan, a leading mergers and acquisitions lawyer in Silicon Valley, and Berge Setrakian, a corporate lawyer in New York with a large international practice, are leaving for rival firms.

 

As Car Owners Downsize, the Market Is Strong for Their Used S.U.V.’s

 

By NICK BUNKLEY

 

A few years ago, rising gasoline prices pretty much destroyed the market for the big trucks, but they have become popular again.

 

• Post a Comment | Read (86)
  

 

Steering Murdoch in Scandal, Klein Put School Goals Aside

 

By AMY CHOZICK

 

Six months after joining News Corporation to lead a push into the education market, Joel I. Klein became Rupert Murdoch’s legal compass in the phone-hacking scandal.

 

AMC Said to Be Talking to Chinese Buyer

 

By MICHAEL CIEPLY and BROOKS BARNES

 

AMC Entertainment, which owns the second-largest movie theater chain in North America, is in talks to sell itself or a significant stake to one of China’s largest theater owners, according to those briefed on discussions.

 

Bank of America Starts Mortgage Reduction Effort

 

By NATASHA SINGER

 

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

 

 

 

• Amazon Leaps Into High End of the Fashion Pool
  
• DealBook: Man Group Reshuffles Executives at Flagship Fund
  
• Struggling RIM Announces New Executive Hires 12:52 PM ET
  
• DealBook: Apollo's Profit Jumps 23% in First Quarter
  
• Media Decoder: Struggles at Oprah's Network Drag Down Discovery's Results
  

[interestrateripoff]

[/url]

 

More than £25bn wiped off UK's biggest companies

 

More than £25bn was wiped off the value of Britain's biggest companies on Tuesday as traders dumped risky assets and fled to safety as fears grew that Greece will leave the euro and trigger a fresh crisis.

Comment

Debt crisis: as it happened - May 8, 2012

 

 

Germany 'vulnerable' to southern European crisis

 

 

Greece faces new elections as leaders fail to form coalition

 

 

Profile: Alexis Tsipras, leader of Syriza

 

 

Germany warns Hollande austerity treaty not up for negotiation

 

 

 

 

William Hill risks revolt by dismissing protest

 

Britain's biggest bookmaker has risked further angering shareholders by dismissing their attempt to overturn the chief executive's pay package today as potentially damaging to the business.

35 Comments

Shareholder spring: pay revolts and the firms in the firing line

 

 

 

Aviva chief to leave with £1.75m payout

 

Andrew Moss, the Aviva chief executive who last week faced calls to quit by shareholders angry at the insurer's performance, will be given a £1.75m payout when he leaves at the end of the month.

15 Comments

When shareholders fight back: a timeline

 

 

Andrew Moss steps down as Aviva chief

 

 

 

Bwin agrees poker deal with American tribe

 

Bwin.party digital entertainment has moved a step closer to the potentially lucrative online gambling market in the US after agreeing a partnership with a native American tribe.

3 Comments

 

HSBC provisions for PPI misselling hits £745m

 

HSBC has been forced to put aside nearly £750m to compensate customers mis-sold payment protection insurance as Britain’s largest bank said it had been hit by a rise in claims in the first three months of the year.

38 Comments

 

Thomas Cook's £1.4bn refinancing deal

 

Troubled tour operator Thomas Cook has been granted a short holiday from its woes, with investors giving the thumbs-up to its £1.4bn refinancing package.

1 Comment

Holidays are 'sacrosanct', says TUI Travel

 

The big bucks won’t stop here

 

 

 

Debt crisis: as it happened - May 8, 2012

 

 

 

 

Germany 'vulnerable' to southern European crisis

 

What the Moss ousting proves about the failings of regulation

[interestrateripoff]

Here It Comes (Again, France/Germany)

Here it comes....

"It is not possible to renegotiate the fiscal pact," government spokesman Steffen Seibert said during a news conference.

He noted that 25 of the 27 EU member states had already signed the accord imposing strict budgetary discipline in March after major wrangling.

 

Mr Hollande

has called for a shift in strategy toward more growth-oriented measures including more public spending.

But Mr Seibert said Angela Merkel would not accept "deficit spending" to feed economic expansion, and believed in "growth through structural reforms" such as reducing the cost of job creation as pursued by Germany over the last decade.

 

This is not going to go over well; there's a second call out this morning apparently as well from Germany that essentially says the same thing.

But just like in America no previous government in Europe can in point of fact bind the next one.

 

More at the link.

[interestrateripoff]

Consumer Credit March -- Ouch

Gaaaaaaak!

Consumer credit increased at an annual rate of 7-3/4 percent in the first quarter. Revolving credit was little changed, while nonrevolving credit increased at an annual rate of 11-1/2 percent. In March, consumer credit increased at an annual rate of 10-1/4 percent.

Uh.... Non-revolving? Where'd it come from?

 

Yay more student loans....

[interestrateripoff]

GreeceFire Re-Ignites

In a word, "Duh!"

U.S. stock-index futures

declined as Greek political leaders struggled to form a government, raising concern the Mediterranean nation may default on its debt as early as next month.

...

Antonis Samaras, the leader of the New Democracy party in Greece, said he failed to forge an agreement to form a government after weekend elections

. The attempt will now pass to Alexis Tsipras, the head of Syriza, the second-biggest party, which has vowed to cancel the austerity conditions related to the financial bailout.

And do exactly what?

This is the amusing part of all these debates -- you have those who say "no more austerity!" like being austere is a dirty word. It in fact simply means to live within one's means -- to balance budgets, to pay for services desired with taxes.

How is that bad, if I may ask?

 

Nothing was fixed, and god forbid people live within their means.

[interestrateripoff]

John Taylor Says "To Hell With Germany"

 

Guest Post: Why the Job Market Will Continue Shrinking

 

China's Government Self-Immolation Progresses As We Expected

 

GOP Blocks Bill To Extend Low-Interest Student Loans

 

Guest Post: The European Union Is Destroying European Unity

 

Dan Loeb Explains His (Brief) Infatuation With Portuguese Bonds

 

European Credit Risk Surges Near 4-Month Highs

 

Santelli On The Encumbered Youth Of The US

 

Headline Watch Begins: New Democracy's Samaras Says Willing To Tolerate Minority Government

 

Watch Ron Paul Hearing On "Legislation To Reform Fed And Other Alternatives"

 

Is EURUSD 1.20 In The Cards?

 

Biderman Sums Up Europe's Problem In 30 Seconds

[interestrateripoff]

Fitch Sets The Stage: "Greece Leaving The Euro Would Be Bearable"

 

On Europe's Phantom Austerity Spending Cuts

 

Economic Alert: If You’re Not Worried Yet…You Should Be

 

Greek Left Coalition Leaders Says Bailout Accord "Null And Void", Demands Greek Debt Moratorium

 

European Spreadwatch Alert As Italian Bank Borrowings From ECB Rise To New Record

 

Stratfor On Europe's Growing Anti-Establishmentism

 

Bank Of Japan Goes Full Tilt, Buys Record Amount Of ETFs And REITs To Prevent Market Crash

 

Guest Post: Be Careful What You Vote For

 

David Rosenberg's Take On Europe

 

US Posts First Budget Surplus In 42 Months, And It Is Less Than Meets The Eye

 

Margin Stanley Is Back: Bank Must Post $10 Billion In Collateral In Case Of 3 Notch Downgrade

 

Toxic Spiral: Greek Office Vacancies Soar As Tourism Industry Implodes

 

Graphing Groupon's Grotesque Governance And "Growth"

 

Consumer Credit Soars As US Government Encourages Student, Car Loan Bubbles

[interestrateripoff]

Eurozone contagion fears spread as Greeks refuse cuts

 

09 May 2012 12:00 AM

Public rejects austerity measures on which bailouts depend – bringing default step closer

 

 

 

Shareholder revolt grows as Aviva's boss Andrew Moss falls on his sword

 

09 May 2012 12:00 AM

Andrew Moss quits insurance giant to join ex-AstraZeneca and Trinity Mirror chiefs

 

 

 

Jobs fear as Clinton Cards collapses into administration

 

09 May 2012 04:13 PM

More than 8,000 jobs were on the line today after Clinton Cards became the latest casualty of the high street spending slump.

 

 

 

The Queen's Speech: George Osborne to set out banking reforms

 

09 May 2012 12:02 PM

Plans for a radical reform of the banking sector will be spelled out by Chancellor George Osborne ahead of his Mansion House speech next month.

 

 

 

Sainsbury's profits increase 7.1%

 

09 May 2012 07:55 AM

Sainsbury's signalled an end to the supermarket "space race" today when it revealed it would scale back expansion this year.

 

 

 

TUI finds chill spring winds blowing in more bookings

 

09 May 2012 12:00 AM

A cold, wet spring across Europe has been a major boost for summer sun holiday bookings according to Peter Long, chief executive of the Thomson holiday group TUI.

 

 

 

FSA fines City insurer £3.4m and bans chief

 

09 May 2012 12:00 AM

The European arm of one of Japan's biggest insurance groups was yesterday fined £3.35m by the City regulator, while its former executive chairman was given a lifetime ban on working in the City.

 

 

 

Retail sales slip back 1 per cent as fashion stores weather April showers

 

09 May 2012 12:00 AM

The wettest April on record "washed away" sales of summer clothing and footwear, it emerged yesterday, leaving retailers hoping for a revival in their fortunes from the Diamond Jubilee and the Olympic Games.

 

 

 

HSBC welcomes François Hollande's first steps – but with caution

 

09 May 2012 12:00 AM

The HSBC chief executive Stuart Gulliver said he remained "sanguine" about the prospects of France being run by its new President, François Hollande.

 

 

 

William Hill chief joins the bloodied executives

 

09 May 2012 12:00 AM

The spring of dissent among shareholders gathered considerable momentum yesterday as the majority of investors in William Hill failed to back the pay arrangements of its chief executive at its annual meeting.

 

 

 

UK's borrowing costs near record lows as cash flees eurozone crisis

 

09 May 2012 12:00 AM

The interest rate on UK government debt fell to near-record lows as investors flocked to gilts as a safe haven from the eurozone chaos. Yields on 10-year government debt fell to 1.932 per cent last night.

 

 

 

Slim in bid to snap up Dutch stake

 

09 May 2012 12:00 AM

Carlos Slim, the world's richest man, yesterday offered €3.2bn (£2.6bn) for a stake in Dutch telecoms firm KPN as his América Móvil group looks to expand in Europe.

 

 

 

Jockey Club profits race

 

09 May 2012 12:00 AM

The Jockey Club will today show it can still race despite being handicapped by a sharp fall in payments from bookmakers.

 

 

 

Bwin.party strikes US online poker deal

 

09 May 2012 12:00 AM

Online gaming company Bwin.party has signed a deal with a native American tribe to offer online poker services in California ahead of an expected relaxation of internet gambling laws.

 

 

 

Pandora's bling move 'paying off'

 

09 May 2012 12:00 AM

One of the lucky charms sold by Pandora, the jeweller chaired by former Asda boss Allan Leighton, might be paying off for the company itself.

[interestrateripoff]

9 May 2012 Last updated at 19:26

 

 

Clinton Cards in administration

 

Troubled retailer Clinton Cards has been placed in administration after earlier asking for trade in its shares to be suspended. 741

 

• A dramatic 24 hours Watch
  

 

Bill aims to lift economic growth

 

New measures designed to boost economic growth have been outlined in the Queen's Speech, including cutting regulation on businesses.

 

• What is the Queen's Speech?
  
• Nick Robinson: Economy trumps all
  

 

 

Bankers win unpaid bonus battle

 

More than 100 ex-employees of Dresdner Kleinwort bank win their fight to claim unpaid bonuses from current owner Commerzbank.

 

 

 

• Wettest April 'hits retail sales'
   
  UK retail sales were damaged by the wettest April since records began, the British Retail Consortium says.
  
• AOL to pass on patent proceeds
   
  US internet firm AOL announces it intends to hand to shareholders all the proceeds from its sale of 800 patents to Microsoft.
  
• Sainsbury's reports 'good year'
   
  Supermarket group Sainsbury's reports an increase in sales and market share but a small dip in profits in what it describes as a "good year".
  
• E.On shares down as profits fall New
  
• Bank problems looming over Spain
  
• German exports rise during March
  
• Benefits letters to arrive soon
  
• Japan to take control of Tepco
  
• Greeks in anti-bailout deal talks
  
• Flat-rate state pension prepared
  
• Jockey Club to boost prize money
  
• Strong rise in profits at Toyota
  
• Air India cancels further flights
  
• What kind of democracy for votes on bosses' pay?
   
  9 hours ago
  How can Vince Cable secure his ambition that the current wave of protest votes by shareholders against execessive executive rewards would lead to a permanent transformation of big shareholders from absentee landlords into engaged and informed owners?
  

[interestrateripoff]

Breaking news

 

• UK's largest oilfield suffers brief outage - Reuters
  

 

 

 

• Spain prepares to nationalise Bankia amid market turmoil
   
  Spanish government poised to partly nationalise the country's fourth-largest bank, Bankia, as investors dumped Spanish bonds and stocks
  5 comments
  
  • Latest “2.50pm ET/7.50pm BST: Dominic Rushe surveys the US market reaction – or non-reaction – to news from Europe: US stock markets seem to be assuming that…”
    Follow Wednesday's action
     
    
  • Greece: what happens next?
    
  • Poll: Is a Greek exit from the euro inevitable?
    
  • EU moves to loosen grip of austerity
    
  • Greek left leader renounces bailout deal
    
  • Eurozone crisis live: Tuesday's events
    
  • Pass notes No 3,172: austerity
    
  • What does austerity mean for ordinary people?
    

  [*] Clinton Cards goes into administration

   

  More than 8,000 jobs on the line as embattled retailer becomes latest high street chain to be hit by spending slump

  [*] Queen's speech: George Osborne to outline banking reform plans

   

  Government to press ahead with banking reform and ICB recommendations – with further details released next month

   

  • Queen's Speech:Live blog
    
  • Queen's speech 2012 – full text
    

  [*] Sainsbury's ends store space race

   

  Last updated 15 minutes ago

  Supermarket joins rival Tesco in slowing pace of store openings this year despite upbeat annual profits

   

  • Food price rises starting to slow
    

 

 

• Commerzbank must pay staff €50m
   
  Bankers' bonuses for 2008 at City subsidiary Dresdner Kleinwort were guaranteed, high court rules, even though parent company lost €6bn that year in the depths of the financial crisis
  
• EasyJet still flying high
   
  There can't be many established consumer-facing businesses in Europe that can implement big price rises and yet experience an increase in demand
  Post your comment
  
  • EasyJet losses narrow despite fuel cost rise
    

  [*] GSK turns up the heat

   

  GSK is on the deal warpath again, going over the head of Human Genome Sciences' board and inviting shareholders to sell

   

  • GlaxoSmithKline steps up hostile bid for HGS
    
  • Reckitt Benckiser's largest shareholder to slash stake
    

  [*] WPP tries to defuse Sorrell pay row

   

  WPP's remuneration chairman is to embark on a series of meetings with investors in an attempt to head off a row over a 30% pay rise for chief executive

  3 comments

  • 'Shareholder spring' spreads
    
  • Aviva chief quits after revolt – with £1.75m payoff
    
  • William Hill chief's pay deal survives revolt
    
  • Nils Pratley: Shareholder spring's cowardly streak
    
  • Shareholder spring: interactive timeline
    
  • Shareholder rebellions: timeline
    

[interestrateripoff]

GSK goes hostile with $2.6 billion Human Genome offer

 

LONDON - GlaxoSmithKline will take its $2.6 billion (1.6 billion pounds) bid for long-time partner Human Genome Sciences direct to shareholders this week, after its takeover offer was rejected last month by the U.S. biotech group's board.

 

• Hutchison Whampoa makes revised bid for eircom - sources 7:46pm BST
  
• UK's largest oilfield suffers brief outage 7:25pm BST
  
• Police search Monte Paschi over Antonveneta deal 7:37pm BST
  
• Stocks fall, bonds gain on Greek fears 7:11pm BST
  
• Reckitt's top shareholder to cut stake
  

Clinton Cards collapse puts 8,000 jobs at risk

 

LONDON - Clinton Cards became the latest casualty on the British high street putting nearly 8,000 UK jobs at risk after its American supplier called time on its debt.

6:08pm BST

 

Exclusive - Merrill MVPs earn half firm's revenue, big pay checks

 

NEW YORK - The multimillion-dollar signing bonuses that big brokerages are doling out to recruit elite brokers may seem excessive, but internal reports from Merrill Lynch show why firms are willing to pay top dollar for a top broker.

8:00pm BST

 

Glencore sees healthy global demand for commodities

 

LONDON/ZUG, Switzerland - Glencore reported "robust" trading in the first quarter, reassuring investors with its view of broadly healthy demand for the commodities it mines, farms and drills, in a week when renewed fears over Europe's debt crisis dominate markets.

5:32pm BST

 

Lloyds may ask EU for more time to shed branches

 

LONDON - British bank Lloyds could ask the European Commission for more time to shed around 630 branches because regulatory hurdles have hindered their sale and pushed it closer to a tricky stock market flotation.

[interestrateripoff]

In Spain, a Debt Crisis Rooted in Corporate Borrowing

 

By LANDON THOMAS Jr. 33 minutes ago

 

 

The debt load of Grupo A.C.S., a giant construction company based in Spain, reflects the country’s fraught financial struggle.

 

 

 

Denis Doyle/Bloomberg News

 

Florentino Pérez, the chief of Grupo A.C.S. The company, saddled with a 9 billion euro ($11.7 billion) debt pile is in the midst of a frantic campaign to distance itself from the Spanish economy.

 

 

 

 

 

 

 

Stocks Decline Anew on European Turmoil

 

By REUTERS 12:14 PM ET

 

The concerns over Greece and Spain added to worries about softer American growth, causing a broad retreat from risky assets.

 

• Europe May Need More Power to Deal With Bank Crisis 2:43 PM ET
  

 

DealBook

 

Third Point Calls for Interim C.E.O. at Yahoo

 

By MICHAEL J. DE LA MERCED 11:58 AM ET

 

Yahoo's latest efforts to contain the controversy surrounding the embellished credentials of its chief executive do not seem to impress Daniel S. Loeb.

 

• DealBook: Yahoo Tries to Address Error on Chief's Degree
  

 

Japan to Nationalize Fukushima Utility

 

By HIROKO TABUCHI 11:43 AM ET

 

A 10-year, $12.6 billion bailout plan for Tokyo Electric Power, operator of the nuclear plant damaged in the 2011 tsunami, includes replacing top executives and board members.

 

Postal Service Holds Back on Closings

 

By JOHN H. CUSHMAN Jr. and RON NIXON 1:36 PM ET

 

The agency gave Congess more time to act and said it would offer early retirement incentives to tens of thousands of employees.

 

• Post a Comment | Read (74)
  

 

DealBook

 

Glaxo to Make Hostile Bid for Human Genome Sciences

 

By DEALBOOK

 

GlaxoSmithKline plans to take its bid for Human Genome Sciences directly to shareholders this week, after being rejected by the biotechnology company last month.

 

Fannie Mae Profit Signals a Stabilizing Housing Market

 

By ANNIE LOWREY 12:48 PM ET

 

The government-backed mortgage financier said it made a profit in the first quarter and that it does not need additional bailout money — a first since the federal government took it over in 2008.

 

F.T.C. and White House Push for Online Privacy Laws

 

By EDWARD WYATT 5 minutes ago

 

The Obama administration and the Federal Trade Commission said new laws would level the playing field between companies that already have privacy policies and those that don’t.

 

Bank of America Shareholders Protest, but Approve Pay

 

By NELSON D. SCHWARTZ 7 minutes ago

 

Despite protests inside and outside Bank of America’s annual meeting, shareholders signed off on the $7 million 2011 pay package for the chief executive, Brian T. Moynihan.

 

Toyota Projects Profit to Double in Fiscal Year

 

By HIROKO TABUCHI

 

Although income dropped in the last fiscal year, the auto maker said a new model lineup would help it further boost profit to $21.5 billion in the year through March 2013.

 

Britain to Seek Curbs to 'Libel Tourism'

 

By ERIC PFANNER 46 minutes ago

 

The coalition government of Prime Minister David Cameron will introduce a bill overhauling Britain's libel laws, which critics see as overly friendly to claimants.

 

 

 

• ArtsBeat: Lyricist of ‘YMCA’ Wins Suit Over Control of Songs
  
• Gay on TV: It’s All in the Family
  
• DealBook: Former Dresdner Bankers Win Court Battle Over Unpaid Bonuses 9:39 AM ET
  
• DealBook: Hedge Fund Inflows Slowing, a Report Indicates 44 minutes ago
  
• Macy’s First-Quarter Earnings Jump 38 Percent 10:38 AM ET
  
• AOL Beats Street, Plans Big Return to Shareholders
  

[interestrateripoff]

To Greece: Give Them The Finger

Greek leaders have apparently put forward the following:

Alexis Tsipras of Greece’s Syriza party squared off with political leaders before talks on forming a coalition, handing them an ultimatum to renounce support for the European Union-led rescue if they want to enter government.

Tsipras said he expected Antonis Samaras of New Democracy and

Evangelos Venizelos

, the former finance minister who leads the Pasok party, to send a letter to the EU revoking their written pledges to implement austerity measures by the time he meets them today to discuss a government alliance. Samaras and Venizelos rejected the request. Samaras said he was being asked“to put my signature to the destruction of Greece.”

“He interprets, with unbelievable arrogance, the election result as a mandate to drag the country into chaos,” Samaras said late yesterday in televised remarks. “I hope Mr Tsipras will have come to his senses by the time we meet.” Tsipras is due to meet with political leaders from about 5 p.m. in Athens.

As opposed to what? Slavery?

Is it not better to die on one's feet than live on one's knees? You have to wonder where the line is at times like this, and it clearly does exist. I'm not the one to judge where the line is for the Greeks, but it certainly isn't a foregone conclusion that elections don't matter or that future governments are bound by the decisions of the former.

 

More at the link.

 

Although Greek political instability is clearly a great get out clause for the EU and could allow an easier exit as there's no one to negotiate with.

[interestrateripoff]

Incoming! Spain Bond Yields And Financing

Well now so much for this just being (or even primarily being) Greece and France....

“Today, the Treasury is practically the only one that finances itself on the markets,” he said in the Senate in Madrid today.

Being locked out of debt markets isn’t“theoretical” as it’s “happening to the immense majority of regions, our whole financial sector and most big companies.”

Locked out of markets? Uh, "credit crunch" for breakfast anyone?

 

Both Greek and Spain appear to be bubbling and approaching boiling point.

[interestrateripoff]

How Do You Spell "Pulitzer"?

Holy crap, if this proves up....

“Money comes in daily, thousands of dollars, always in even amounts,” he noted. “You look at a statement and it says ‘transfer,’ but where did it go? There’s no account number or tracking number that documents where the transaction went.”

.....

“When an individual finds out they got a loan they never knew about, 5 percent of that loan went to the accounting firm that made up the phony tax returns, and the other 95 percent of that loan went to the manager,” he said.

I know, I know, it's WND.

But if the documents they reproduced are real.....

 

If the documents are real all that will happen is the bank will pay a fine admit no liability of wrong doing and the problem will simply go away. One law for us no laws for the bankers.