Futures up Slightly this Morning (ABC News)
Wells Fargo Acknowledges Foreclosure Problems (Financial Times) Wells Fargo is the winner of this morning's Claude Rains award: We're shocked — shocked —to learn that Wells didn't "strictly adhere to the required procedures" on mortgage foreclosure. (What were the odds of these guys being the only ones to do everything right?) Nice work, Captain Renault.
No Consensus on Reforming U.S. Corporate Tax Structure (Financial Times) The Obama administration wants to reform the corporate tax code and lower corporate tax rates. But here's the rub: The changes must be "revenue neutral" — meaning the net value of money collected must not change; therefore, when you lower rates you must eliminate deductions.
Chinese Supercomputer Set to be World's Fastest (Wall Street Journal)"This is a phase transition, representative of the shift of economic competitiveness from the West to the East." So says Mark Seager, CTO for computing at Lawrence Livermore National Laboratory. Am I the only one who finds the blasé tone of this statement troubling?
Obama's Trade Battle (Politico) Forget the thorny issues raised during bilateral negotiations, Obama's biggest challenge may be domestic opposition to trade.
3M Beats the Street on Profit & Revenue (CNBC.com)"The multinational conglomerate reported third-quarter earnings of $1.53 a share, excluding one-time items. 3M earned $1.37 a share during the same period last year. "
NY Post Reports: Chaz Sheen's Date at the Plaza was a Porn Star (New York Post)