Hedge fund managers are fuming at new political rhetoric against them and their huge paydays.» Read More
Get your UGGs on and break out the Hot Paws — here's what you missed while bundled in your electric blanket last night and need to know to have a happy snowy hump day:
China Eases Currency Controls [Wall Street Journal] "Bank of China Ltd., one of the country's four major state-owned banks, has opened trading in the Chinese currency to customers in the U.S., representing a symbolic endorsement by Beijing of foreign trading in the yuan.The move is the latest by China to allow the yuan, whose value is still tightly controlled by the government, to become an international currency that can be used for trade and investment. Analysts say allowing trading in the yuan, also known as the renminbi, is an early step by the Chinese government toward making its currency fully convertible into dollars and other currencies."
The deal cut between Bank of America and the government's housing monsters is—finally—coming under scrutiny on Capitol Hill.
Supreme Court Justice Elena Kagan has written her first opinion for the Supreme Court, taking up sides with a credit card company and against a debtor in a bankruptcy dispute.
The court decided the case by an 8-to-1 vote, ruling that Jason Ransom could not shield income from his creditors by claiming a $471 monthly car allowance for his 2004 Toyota Camry. Even though the law allows for a $471 car allowance to be excluded from payments to creditors, the court interpreted the law to mean that only car owners who owe money on their cars could take advantage of the allowance. Ransom owned the Camry outright.
Robert Diamond, the chief executive of Barclays Bank —and the highest-paid banker in the United Kingdom—took to the barricades to defend the right of bankers to be compensated with eye-popping sums.
Today in London, Diamond told the House of Commons : "The biggest issue is putting the blame game behind us. The time for remorse is over."
Apple's iPhone is now on Verizon wireless.
Since the time of its initial release, in January 2007, the iPhone had only been available for AT&T wireless. Until today.
Amid much fanfare—at 11:11 AM on 01/11/2011—Verizon wireless made their official iPhone announcement.
Vikram, change the bulb!
That’s basically the message to Citi from Mike Mayo, Credit Agricole’s financial sector analyst in his first note since meeting with management in October, 2010. Mike notes Citi’s “belated” but necessary strategy to “…spend US $3 to $4 billion extra for consumer banking over three years." His latest concern is not so much with strategy but with Citi's execution of its strategy. He points out that some of Citi's older, legacy branches are in need of such basic fixes as a new bulb.
It's a big week for energy bulls. Crude is pushing higher on the supply disruption worries from the Trans Alaska Pipeine closure, the floods in Australia are increasing U.S. coal demand, and lower surplus reserves are expected to push natural gas prices higher.
With all these drivers ramping up, I decided to get the outlook of John Hofmeister, Former President and CEO of U.S. Operaitons for Shell Oil and Founder and CEO of Citizens for Affordable Energy.
One of the pleasures of the new openness from Goldman Sachs is getting to delve a bit more deeply into the inner workings of the vampire squid. And one thing that is apparent: the blood funnel was especially thirsty during the first few months of 2010.
Looking at Goldman's new disclosure of operating results by segment , it's obvious that Goldman's traders had a mammoth first quarter last year. The firm's fixed income, currency and commodities traders recorded over $6 billion in revenues for the first three months of the year. The equities traders took in nearly $1.3 billion.
Hugh Hefner has had the greatest job in the world for my entire biological life: And he isn't slowing down.
After taking Playboy public in 1971, Hefner appears to have completed a transaction to return the company to a private corporation.