Pimco disputed the Vanguard founder for asserting that index investing was as preferable on fixed income as it is in equities.» Read More
John Kinnucan, the man who refused to wear a wire in an ongoing insider trading probe , just received a subpoena from the SEC.
If China is no longer the U.S. government's largest creditor who is?
You guessed it: The Fed.
(Against the backdrop of QE2, this probably isn't terribly surprising.)
Tyler Durden at ZeroHedge has crunched the numbers from today's release of TIC data (Treasury International Capital)—and some interesting facts have emerged.
First, the U.S. Federal Reserve holds a total of $996 Billion of U.S. Debt —versus the $907 billion in U.S. debt held by Mainland China.
Everyone today is obsessing over the 43-page UBS brochure setting forth an elaborate dress code.
"Dresscode UBS à l’attention des collaborateurs PKB" is the formal title of the document.
It's a very typically obsessive Swiss document, with advice on everything from how many pieces of jewelry to wear (maximum of 3 pieces for men, 7 for women) to what color underwear should be donned . There's also some weird stuff, like a ban on women wearing new shoes.
The dress code is being tested out in five branches in Switzerland but may be rolled out worldwide, according to the Wall Street Journal .
My favorite part consists of advice on how to wear a tie.
This is translated from French to English by Google Translator \(Pardon the unusual grammar\):
You'd expect Wall Street's most powerful banker to spend his lunch hour at Grill Room of the Four Seasons Restaurant. But Lloyd Blankfein would rather hit the salad bar at his company's cafeteria any day of the week.
Barclays Capital did not go too far to get their Yuletide cheer going this year.
Thomas Carlyle famously called economics 'The Dismal Science': But finance, it turns out, ranks only 9th in the Depression league tables.
This according to a new report by Health.com.
Whether coming in 9th—at anything, really—is cause for rejoicing, or for deepening your depression, depends largely on your perspective.
Let's compare finance to other professions. It turns out that Nursing Home & Child Care is the most depressing way to earn a living. Eleven percent of those employed in this field report a "bout of major depression".
Goldman Sachs is the best place to work on Wall Street. And Lloyd Blankfein is the most popular chief executive.
There used to be a joke that went like this. Two guys were sitting in a bar talking politics. "So what party do you support," one fellow asked. "I'm not a supporter of any organized political party," the other fellow said. "Me neither," said the first guy. "I'm a Democrat."
These days both the Democrats and Republicans seem to be fracturing under the weight of the government's budget deficit, taxes, and the still stymied economic recovery. I decided to speak with the Godfather of the Tea Party, Former House Majority Leader Dick Armey. FreedomWorks, his organization, has been a vocal supporter on the extension of the tax cuts. I asked him about the division within the Democratic Party and the Republican Party when it comes to taxes.
Many architectural purists consider Goldman Sachs' new headquarters in lower Manhattan "totally foregettable."
Mortgage Rates Up, Applications Down (CNBC via Reuters) "Applications for U.S. home mortgages declined last week as home loan interest rates rose for a fifth consecutive week, to seven month highs, an industry group said on Wednesday. Mortgage application The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage application activity declined 2.3 percent to 589.7 in the week ended Dec.10. Application activity slumped as fixed 30-year mortgage contract rates rose to 4.84 percent in the week, the highest level since early May, from 4.66 percent in the prior week, according to the MBA data."
Spain's Bonds Down [Again]; Spain on Credit Watch [Again] (Bloomberg) "Spanish government bonds fell for an eighth day after Moody’s Investors Service said it may cut the nation’s credit rating, citing the potential struggle for the government to fund itself next year amid losses at banks. The decline pushed the 10-year Spanish yield up to within nine basis points of the highest since September 2000. Portuguese bonds fell after costs rose at a 500 million-euro ($664 million) sale of Treasury bills. Spain plans to sell bonds tomorrow."
Germany's Merkel Opposes Eurobond \(New York Times\) "Digging in her heels ahead of a European Union summit meeting, the German Chancellor Angela Merkel insisted Wednesday that the introduction of shared “eurobonds” was not the answer to Europe’s debt challenges. Speaking to the German parliament, Mrs. Merkel made clear that Germany was not going to bow to pressure from countries such as Italy and Luxembourg — or from former top ministers in her previous coalition government — who support issuing jointly backed bonds as a way to restore long-term confidence in the euro. The 'collectivization of risks' would be a mistake, Mrs. Merkel said."
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.
Pimco disputed the Vanguard founder for asserting that index investing was as preferable on fixed income as it is in equities.
The iShares Russell 2000 ETF pulled in $2.93 billion of investor flows for the week, more than triple its closest competitor.
The big "bucks" keep flowing from Manhattan to Milwaukee with Jamie Dinan of York joining as an owner of the NBA's Bucks.