Bank of America Put-Back Suit Total: $375 Billion. But They're Fighting It.
Economy Adds 151,000 jobs: "Good, but not good enough." (New York Times) So says the president. The 'good' is that it's the first time in four months that the economy has gained any jobs at all; the 'bad' is that the uptick wasn't enough to budge the dismal 9.6 percent unemployment rate.
Bank of America Put-back Suit Total: $375 Billion. But they're fighting it. (CNBC via Reuters) Bank of America just released its first complete estimate of the valuation of the securities at the heart of the suit. The $375 Billion they cite is a little over three times the market cap of the company. The amount in dispute is likely to be lower — but BofA vows to fight on.
HSBC Warns on Emerging Market Growth (Financial Times) Wait, wasn’t it just last week—during earnings reports — that emerging market growth was cited as the one bright spot for U.S. based multinationals?
Citi, Bank of America to test iPhone(Business Week) Sure, there are all those dismal headlines about repurchase exposure risk. But hey, look on the bright side: Pretty soon their employees may no longer be tethered to that stodgy old Blackberry!
Stocks Barely Move on 'Good' Jobs Report' (Yahoo) "According to preliminary calculations, the Dow rose 9, or 0.1 percent, to 11,444. The S&P 500 index rose 5, or 0.4 percent, to 1,226, and the Nasdaq edged up 2, or 0.1 percent, to 2,579." That sounds a little weak.
Pelosi Won't Quit as Speaker — Even after Dems Take Beating at the Polls (Wall Street Journal) "House Speaker Nancy Pelosi says she will run for the post of minority leader in the new Congress, rather than bow to Democratic critics who want her to step down after the drubbing her party took in the midterm elections." You have to give the Speaker this much: She has the courage of her convictions.