Wall Street banks may appear to be offering higher salaries to junior employees, but the increase may not be as generous as it looks.» Read More
The Bank of England and the European Central Bank announced a new swap line agreement today. But Portugal, Greece, and Spain need not apply—it only benefits the Emerald Isle.
Specifically, the BoE/ECB agreement creates a facility for providing Ireland with up £10 billion in sterling liquidity, should the need arise.
A swap line is a mechanism for central banks to exchange currency.
The technical name—a central bank liquidity swap—makes the concept sound more difficult than it is. The idea is pretty straightforward: Two central banks agree to exchange a fixed amount of currency, while simultaneously arranging a future date to swap the currencies back, effectively unwinding the position. The central bank on the receiving end can then inject the foreign currency into its own economy. This is useful, because private firms often have payables in foreign currencies. \(In this example, firms in Ireland may owe payments in British pounds.\) You can read more about swap lines on The Federal Reserve Bank of Atlanta's blog .
Nicole Lapin, of CNBC's Worldwide Exchange, explains what she's long and what she's short this week.
It was a big week on Capitol Hill. First the Bush Tax Cuts were extended and the swine flu infected omnibus was pulled off the table in the Senate.
So now that Congress is wrapping up its session, what three-ring circus will Americans be watching next year?
Let's see, tax reform, fiscal reform and don't forget health care. Three huge issues that will surely be making headlines in 2011. I decided to catch up with incoming House Financial Services Chairman Spencer Bachus.
Get ready to be blown away.
You know how in a lot of science fiction characters use a “universal translator” that instantly changes words from alien languages into their own.
Well, now that is read. Word Lens is an app for your iPhone that translates any Spanish or English text your camera can see. Instantly.
Here’s an amazing video showing how it works.
Here’s how LifeHacker , which discovered this for us, describes the experience:
Yesterday, I wrote about U.S. exposure —or the broad lack of U.S. exposure—to Spanish sovereign debt.
(I picked up on Tracy Alloway's piece in the Financial Times Alphaville blog, which commented on a new report out from Goldman Sachs , regarding the national distribution of eurozone debt among investors.)
From my piece yesterday: "According to the Goldman report: 'US holdings of Spanish debt securities were particularly small, accounting only for about $26 billion or 2.5 percent of all foreign holdings.' To put that number in perspective, 'That’s about a tenth of France’s holdings, which stood at 24.5 percent or $252 billion.' Calculated by GDP, the French economy is only about 20 percent as large as the U.S. economy. So that means, on a GDP basis, France has invested in Spanish debt at a rate fifty times higher than the U.S."
Google has just quietly introduced a paradigm shattering technology —called Ngram—that graphs how frequently words are used in books over the course of time.
But back to Sex & Death .
If you click on the link above, you see a graph. That graph shows how often those two words —sex and death—appear in print between the years 1908 and 2008.
The data source driving the graph is massive: The 15 million publications Google Books has scanned since 2004.
The Financial Crisis Primer published by the four Republican members of the Financial Crisis Inquiry Commission is pretty damn good.
Liberal critics of the Primer will be upset that it doesn’t mention their usual hobby-horses: no lambasting of pay structures, no tut-tutting about deregulation, no wailing about predatory lending, none of the tin-foil hat crowd’s worries about “shadow banking.”
Instead, the Primer gets right down to answering a few very basic—and very important—questions. The main questions are:
The Securities and Exchange Commission has begun digging into the earliest stages of the mortgage securitization process, according to Reuters .
Sources tell Reuters that the SEC is looking into whether loans were properly transferred to the trusts that issued mortgage-backed securities. The commission has sent Bank of America, Citigroup, JP Morgan Chase, Goldman Sachs, Wells Fargo and others subpoenas asking about their role as "master servicers" in mortgage securitization deals.
The latest probe is apparently an off-shoot of the probe into foreclosure practices.
The good news about yesterday's arrests is that federal authorities only arrested people who, if the allegations are correct, are truly bad guys.
There has been a lot of fear that the government was seeking to criminalize legitimate research that uncovered non-public information, which could affect the price of publicly traded securities. Much of the information we had about the nationwide insider-trading dragnet has come through leaks to The Wall Street Journal, creating an atmosphere of uncertainty and paranoia. Did the government have some new theory of insider trading that could include a much broader range of conduct?
CNBC's Patti Domm and Jeff Cox discuss the jobs report and the current dilemma of long-term unemployment.
CNBC's Patti Domm and Jeff Cox discuss the recent GDP numbers and what factors have been affecting it.
Investors give and investors take away, and nowhere has that been more true lately than in value stocks.
Wall Street banks may appear to be offering higher salaries to junior employees, but the increase may not be as generous as it looks.
Investors may be warming up to the stock market, but they're taking the safe way in.
Here are the five best Wall Street movie villains of all time—and what they'd say about Yellen and the Fed if they were at Jackson Hole this week.