KeNosHousingPortal.blogspot.com
TOP STORIES:
Did We Say The Irish 10-Year Yield Was Above 7.8%? - (www.businessinsider.com) Well, that was correct earlier this morning, but not anymore. It's now above 7.9%.
Ambac Financial Group Files Bankruptcy to Restructure Bond Debt - (www.bloomberg.com)Ambac Financial Group Inc., a holding company for the bond insurer being restructured by state regulators in Wisconsin, filed for bankruptcy with liabilities of $1.68 billion as of June 30 on an unconsolidated basis. Ambac Financial, which filed its petition for Chapter 11 protection yesterday in U.S. Bankruptcy Court in Manhattan, seeks to reschedule payments on more than $1 billion in bonds and other claims. Ambac Financial said this month it was trying to negotiate terms of a bankruptcy court restructuring with senior lenders. Ambac Financial is the holding company of Ambac Assurance Corp., which has about $57.6 billion in policies insuring credit derivatives and other financial products that are being restructured by Wisconsin regulators, according to the company. While state regulators handle workouts of U.S. insurance companies, their holding companies can go through federal bankruptcy courts.
A Missile Was Launched Off The Coast Of California Yesterday, And Nobody Knows Who Did It - (www.businessinsider.com) This is really strange. A missile was launched off the coast of California (near LA) yesterday, and nobody knows what the heck it was.
The millitary says it's a total mystery. Watch the video (it may take a moment to load, and if it doesn't, click here)
Spain Leads Surge in Sovereign Credit Risk to Record in Europe - (www.bloomberg.com) Spain led a surge in the cost of insuring European government debt to a record on concern the region’s peripheral nations will struggle to cut budget deficits and repay debt. Credit-default swaps on Spanish government bonds jumped 10.5 basis points to 275.5, an all-time high based on closing prices, according to data provider CMA. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments climbed 2.5 basis points to 179.5. Investors are shunning Europe’s most indebted nations, driving borrowing costs and swaps higher for an 11th consecutive day. Confidence in Spain is ebbing after its central bank estimated the economy stagnated from July to September after emerging from recession in the first quarter. “Spain is getting carried along with the general weakness in peripherals,” said Nick Burns, a London-based credit strategist at Deutsche Bank AG.
Ireland Hasn’t Sought Bailout as Bonds Fall, Rehn Says - (www.bloomberg.com) European Union Economic and Monetary Affairs Commissioner Olli Rehn said Ireland hasn’t asked for aid as investors dump the government’s bonds on concern that the cost of bailing out its banks may bankrupt the nation. “I can only say that Ireland has not requested the activation of any European financial backstops,” Rehn said at a press conference in Dublin late yesterday. Rehn is today meeting opposition politicians, labor unions and employers and giving a speech at the Institute of International and European Affairs at about 3 p.m. Ireland is struggling to convince investors it can avoid a rescue as the nation’s finances buckle under the weight of saving Anglo Irish Bank Corp. Goldman Sachs Group Inc. Chief European Economist Erik Nielsen said yesterday there’s a “big probability” that Ireland and Portugal, which is also trying to cut its deficit, will turn to the EU and the International Monetary Fund for help.
Bank of America Edges Closer to Tipping Point - (www.bloomberg.com) It was only last April that Bank of America Corp. was making fools out of the doomsayers who had called for its nationalization a year earlier. Taxpayers had gotten their bailout cash back. Investors who bought its shares at the bottom were making a killing. Government leaders lauded the company’s rescues, both of them, as a great success. Now the bank may be on the verge of trouble again. Its stock has fallen 41 percent since April 15. Mortgage-bond investors are demanding untold billions of dollars in refunds. The foreclosure fiasco is metastasizing. A member of the Troubled Asset Relief Program’s oversight panel, AFL-CIO attorneyDamon Silvers, openly worried at a hearing last week about the risk that Bank of America might need another bailout. A few more months like the last one, and we may be wishing Bank of America had never returned its $45 billion of TARP money. You wouldn’t know there’s anything wrong with Bank of America by an initial look at itsbalance sheet. The company showed common shareholder equity, or book value, of $212.4 billion as of Sept. 30. And its regulatory capital ratios have risen steadily throughout the year. Tipping Point: Judging by its shrinking stock price, though, investors are acting as if Bank of America is near a tipping point.
OTHER STORIES:
Fed’s Warsh Says Asset Purchases May Fail to Benefit Economy - (www.bloomberg.com)
Fed Global Backlash Grows - (online.wsj.com)
Sticker Shock for Travelers as Airfares Climb - (www.nytimes.com)
Fed Says Banks Eased Lending Standards in Quarterly Survey - (www.bloomberg.com)
U.S. Household Debt Shrank 0.9% in Third Quarter - (www.bloomberg.com)
Fed divided on bond buying risks/benefits - (www.reuters.com)
Zoellick’s call on gold standard dismissed - (www.ft.com)
Leveraged Loan Prices Rise to 3-Year High in ‘Liftathon’ Rally - (www.bloomberg.com)
Record Treasury Buying by Banks Frustrates Bernanke - (www.bloomberg.com)
The Flash Crash, in Miniature - (www.nytimes.com)
China Says Fed Easing May Flood World Economy With ‘Hot Money’ - (www.bloomberg.com)
No comments:
Post a Comment