Carlyle has raised $698 million for its dedicated Africa fund, nearly $200 million above its initial target.» Read More
You can now walk away from your house in Spain—even if it has negative equity—just like you can in America.
Historically, the so-called jingle mail phenomenon—where borrowers walked away from mortgages when they were underwater—was relatively rare in Spain. The reason was simple: Spanish banks had 'full recourse' to go after the defaulting creditor's futures assets—often for decades.
ExxonMobil beats the street with fourth quarter profits of $1.85 per share—up 45 percent from the same period last year. [CNBC]
Violence and looting are major concerns in Cairo. [Financial Times]
Goldman's Blankfein gets a $3.6 million raise. [CNBC via NY Times]
"Global shares continued to slide on Monday , while Europe's benchmark Brent crude was just short of $100 a barrel on fears political unrest in Egypt could spread among regional oil-producing nations." [Reuters]
Syrian President Bashar al-Assad, who took power after his father's death,has signaled an openness to greater reform. [Wall Street Journal]
Sanofi and Genzyme have signed a nondisclosure agreement to discuss a possible merger. [DealBook]
In the movie business, never write off Harvey Weinstein. ("Remember the benevolent Bruce Willis character in 'The Sixth Sense' who wandered through the whole movie not knowing he was dead? That was Harvey Weinstein, except for the benevolent part.") [NY Times]
One of the odder things that has come to my attention today is that back in February 2009, Gamal Mubarak \(the son of soon to be former Egyptian leader Hosni Mubarak\) met with a US Senator and gave his advice on how to address our financial crisis.
"Despite today's nearly double-digit unemployment rate, 4 in 10 unemployed Americans expect to get a job in the next four weeks and one in three underemployed have the same expectations with respect to obtaining a full-time job."
Technology is the classic two-edged sword.
In its broadest sense—as the knowledge or mechanism of achieving a result—technology is agnostic of its ends.
Fire cooks, warms, protects—burns, kills, and destroys.
Unrest in Egypt putting the fear factor back into the gold trade—at least for today.
Ashraf Laidi, CMC Markets says today’s gold rally is “safe haven buying” and can also be seen in U.S. treasuries and oil. “Intensifying violence in Egypt” has “implications for MidEast policy & oil flow,” he says
Volume in April gold futures contract was about 35 to 40 percent above normal today, trading well over 200-thousand contracts.
According to traders, short covering by speculators is fueling more buying by computer-driven models that track order flow and momentum. “The market is definitely short in gold—you are definitely running some of the shorts out of the market today,” says Kevin Grady gold trader with MF Global. And that short-covering demand is fueling more buying by algorithmic systems that are programmed to look for volatility in the markets. “There is so much panic, the moves are not $5 or $10 moves but $30 or $40 moves,” says Kevin. » Read more
Simon Johnson, the former chief economist of the IMF who is now a leading financial commentator at Baseline Scenario, is one of the more prominent critics of the view that blame for the financial crisis falls on affordable housing and fair lending policies. The problem is that his critique is extremely misguided.
Everyone's buzzing about HFTs having a speed advantage but this NYU professor and former HFT trader says not so fast — there's more.
Ex-Galleon trader Turney Duff offers an insider's view of how learned about Wall Street's dirty little secret: insider trading.
Fed speak may trump earnings reports and economic data, guaranteeing another volatile trading day.