This is how beggar-thy-neighbor monetary policies work, and perhaps why they ultimately fail.» Read More
Huh? Is Pimco really buying Treasurys again after just going short? [Business Insider]
Goldman earnings beat street estimates [CNBC.com with Reuters]
Obama's income drops [CNBC.com via Associated Press]
Trump: "I'll Release My Tax Returns When Obama Releases His Birth Certificate" [ABC News]
Looks like these are not so happy days. 'Happy Days' actors to sue CBS [CNN]
A Senate proposal might make municipal bonds more attractive to investors in lower-income brackets, and less attractive to those in higher income brackets.
Wall Street's elite gathered at The Core Club in New York Thursday evening for a conversation with author William D. Cohan to discuss his new book “Money and Power: How Goldman Sachs Came to Rule the World” moderated by the New York Times’ Andrew Ross Sorkin, author of "Too Big To Fail".
By replacing Chuck Noski with Bruce Thompson in the spot of chief financial officer, Bank of America is marching down a path last trod by Lehman Brothers .
Munis rallied last week, after four weeks of falling prices and rising yields, according to The Bond Buyer newspaper . Similarly, outflows in muni bonds have slowed in recent weeks—prompting some to say that the market is starting to recover. Muni defaults were actually lower in the first quarter of 2011 than they were during the beginning of 2010.
In his latest weekly note, John Hussman once again states that markets are wildly overbought, etc.—the same thing he's been saying for awhile.
He does draw special attention to the fact all these bank CFOs have been resigning, and nobody seems to care int he market.
The news that Bank of America had hired Gary Lynch, formerly the General Counsel of Morgan Stanley, to the new post of global chief legal officer is a clear demonstration that the bank continues to play games with its shareholders. It is also giving rise to insider sniping about its general counsel.
Bank of America shares gave up more than 2 percent Friday on disappointing earnings. But a bad quarter may be the least of the bank’s worries.
The largest bank by deposits just lost its chief financial officer and just hired one of the most connected regulatory lawyers in the U.S.
Both events are alarming.
This is how beggar-thy-neighbor monetary policies work, and perhaps why they ultimately fail.
UBS has reacted to the financial market turbulence by freezing salaries for its investment bankers until at least mid year. The FT reports.
Janet Yellen is expected to attempt to balance raising interest rates against the risks of a weaker global economy.