"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Friday, October 21, 2011

U.S. says Europe stability critical to confidence

U.S. says Europe stability critical to confidence
Reuters
By Glenn Somerville and Doug Palmer WASHINGTON (Reuters) - Europe must find a way to give its bailout fund the firepower it needs to become a firewall that will block its financial crisis from spreading, a senior US Treasury Department official said on ...

johnmpoole.com: European debt crisis talks plunged into chaos: "Germany (the economic engine of Europe) has slowed to stall speed (opposition to the bail-out plans was reinforced when Germany's growth forecast for next year was cut to 1% down from a previous 1.8%) and its politicians want accountability and transparency" 
EU's Naked Short Ban on Sovereign CDS Too Late to Be Effective
BusinessWeek
By John Glover Oct. 20 (Bloomberg) -- The European Union's attempt to ban the use of credit-defaultswaps to bet against government bonds for any reason other than hedging may be too late to be effective. “Most buyers of sovereign CDS now are genuine ...
BNP calls for EFSF to issue credit default swaps
Financial Times
By Richard Milne and David Oakley in London A proposal that the eurozone's rescue fund should issue credit default swaps to investors buying government debt from Italy and Spain was launched yesterday even as bonds in the European financial stability ...
Emerging Public Health Crisis Linked to Mortgage Default and Foreclosure
MarketWatch (press release)
BALTIMORE, Oct. 20, 2011 /PRNewswire via COMTEX/ -- University of Maryland School of Medicine researchers find mortgage default associated with substantially increased risk of depression "More than a quarter of people in mortgage default or foreclosure ...
ICE Clear to Offer First Credit Default Swap Clearing for Sovereign Debt
Bloomberg
By Matthew Leising and Shannon D. Harrington - Thu Oct 20 18:23:34 GMT 2011 Intercontinental Exchange Inc., owner of the world's largest credit-default swap clearinghouse, said it will start guaranteeing contracts on sovereign debt for the first time. ...
As Greece faces default, where is Europe's firewall?
CNN
They are recognizing that Greece is almost certain to default by year-end. And they have concluded that it is imperative to recapitalize Europe's banks and to erect an effective "firewall" around Spain and Italy to reassure markets that if Greece ...
Telstra Default Swaps Drop to 12-Month Low Versus Peers: Australia Credit
Bloomberg
Credit-default swaps on Telstra tumbled 13 basis points this month to 145 basis points, approaching the cheapest relative to contracts on telecommunications companies worldwide since October 2010, according to CMA and Bloomberg prices. ...
Default-Prone Projects With 8% Yield Lure Investors: Muni Credit
BusinessWeek
Investors are ignoring the largest municipal-bond default this year and speculation about a bankruptcy by American Airlines parent AMR Corp., a backer of conduits sold by US airports. They're willing to take the risk for yields as high as 8 percent, ...
Corporate Bond Risk Rises in Europe Amid Franco-German Divide
BusinessWeek
By David Goodman Oct. 20 (Bloomberg) -- The cost of insuring against default on European corporate debt rose as a split emerged between France and Germany over how to end the region's debt crisis. Contracts on the Markit iTraxx Crossover Index of ...
S&P: Corporate Default Tally Rises To 35 This Year
Wall Street Journal
This year's default tally remains below the 81 recorded for all of 2010 and far lower than the record of 265 in 2009. The credit ratings company said improved lending conditions and greater availability of capital, even for low-rated issuers, ...
Capital One Profit Exceeds Estimates as Fewer Credit-Card Holders Default
Bloomberg
Capital One Financial Corp. signage is displayed at a bank branch in New York. Photographer: Guy Calaf/Bloomberg Third-quarter net income was $813 million, or $1.77 a share, compared with $803 million, or $1.76, last year, the McLean, Virginia-based ...
Mortgage Default Rates Increase in September
Bank Technology News
Consumer credit defaults were higher for first and second mortgages in September from the previous month, according to the S&P/Experian consumer credit default indices. First mortgages went from 1.92% in August to 1.99% in September, while second ...
Australia pricing in higher bank-default risk
MarketWatch
By Sarah Turner, MarketWatch SYDNEY (MarketWatch) — A sharp jump in the cost of insuring against an Australian bank default has raised eyebrows recently and appears at odds with both funding markets and a relatively upbeat performance for bank-sector ...
ECB's Stark warns against Greek default
Reuters
"We warn against a default and also against forced private sector involvement," ECB Executive Board member Juergen Stark told newspaper VDI Nachrichten. "A haircut as well as an insolvency of Greece would become even more expensive for European ...
Greek debt default, cut on EU summit agenda: Slovakia
MSN Philippines News
Greek default and a so-called 'haircut' of the country's massive debt are on the agenda of the European Union's Sunday crunch summit on the eurozone's debt crisis, Slovakia's premier said Thursday. "Default and a haircut of the Greek debt is on the ...
Belarus Is Heading to Default
Charter 97
His missteps in economic policy last fall have caused this virulent financial crisis. Belarus is the last Soviet economy in Europe. Its state-owned enterprises still produce 70 percent of gross domestic product, and the state regulates production and ...
Merk Says Greece to Default, France to Lose AAA Rating
Washington Post
Oct. 19 (Bloomberg) -- Axel Merk, president and chief investment officer of Merk Investments, Jonathan Henes, a partner at Kirkland & Ellis LLP, and Bloomberg Wealth strategist Simeon Hyman talk about the outlook for the European debt crisis and ...
Gov't in default on bond tax?
Malaya
BY AMADO P. MACASAET The eight commercial and universal banks that bought the PEACe Bonds effectively told the Supreme Court that the government may be held in default if it implements its plan to impose a final withholding tax on the yields of the ...
Fitch Downgrades 7 and Affirms 3 Classes of ARCap 2004-1 Resecuritization, Inc.
MarketWatch (press release)
This transaction was analyzed under the framework described in the report 'Global Rating Criteria for Structured Finance CDOs' using the Portfolio Credit Model (PCM) for projecting future default levels for the underlying portfolio. ...
Greek lawmakers vote in favor of new austerity bill, after riots leave 1 dead ...
Chicago Tribune
European banks that hold Greek bonds are fighting efforts to make them accept larger losses, and many experts are concerned about the ability of European banks to handle a Greek default. But Greece's international creditors are warning that even the ...
Corporate default concerns rise, survey says
Financial Times
Respondents were largely split over the direction of default rates in the US, with 47 per cent bracing for an uptick and 41 per cent expecting that default rates would be static. Default expectations were generally the most negative that they have been ...
City to default on housing project debt?
Rocklin Placer Herald
A scrapped debt deal that paid for affordable housing upgrades may force the city of Rocklin into default with one of its creditors, according the city. The possible defaultis unsettling news for some residents. “Without this place I'm homeless,” said ...
Argentina's debt default
The Economist
AS GREECE flirts with disaster and several other European countries buckle under heavy debts, creditors' experience with Argentina should serve as a sobering reminder about the mess that can follow a sovereign default. A decade after the Latin American ...
The European Central Bank
The Economist
Given the cross-border exposures within the euro area that have built up in the past decade, the ECB is right to fret about contagion spreading from a Greek default. But the way to avoid such infection is surely to quarantine Greece, not to deny the ...
Ed Clark, TD Bank CEO, Warns Canada Faces Fiscal Crisis Similar To US, Europe
Huffington Post Canada
The head of one of Canada's largest banks is warning that the country is facing a financial crisis of similar proportions to those seen in the US and Europe -- but Canada is suffering from a "cone of silence" around its long-term problems. ...
RBI defers putting CDS guidelines into effect
Reuters India
MUMBAI (Reuters) - The Reserve Bank of India (RBI) said on Thursday said it had postponed putting into operational the credit default swaps (CDS) guidelines for corporate bonds that were issued on May 24. A new date will be announced shortly, ...
The Financial Crisis will Become a Financial Catastrophe for Poor Families ...
Huffington Post UK (blog)
For the vulnerable families we work with the financial crisis is fast becoming a financial catastrophe. The current economic climate is hitting everyone's pockets, but for those families already living in poverty the icy conditions will mean children's ...
SEC Announces $285 Million Settlement With Citigroup For ...
By William McGrath
Citigroup agreed to pay $285 million, which, according to the SEC, made it the third largest recovery for the Commission in enforcement actions against companies whose misconduct occurred leading up to or during the financial crisis. ...
Federal Securities Law Blog
XE.com - ECB's Stark warns against Greek default
Greek bankruptcy or forced private sector involvement would only make Europe's crisis worse and increase the overall costs of getting Greece back on a sustainable growth path, a European Central Bank policymaker was quoted on Thursday ...
XE Forex News
RealClearPolitics - Blame the Fed for the Financial Crisis
To know what is wrong with the Federal Reserve, one must first understand the nature of money. Money is like any other good in our economy that emerges from ...
www.realclearpolitics.com/.../blame_the_fed_for_the_financia...

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