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Want P. Diddy's Son To Fork Over His $54,000 UCLA Scholarship - (www.businessinsider.com) Less than a year after P.
Diddy's son, Justin Combs, committed to play football at
UCLA, state taxpayers are calling on the well-heeled freshman to
turn over his $54,000 scholarship to students who need it
more. In an interview with CNN, education
contributor Dr. Steve Perry defended Combs' merit-based scholarship, saying he
earned it fair and square. At the Upstate New York prep school where Combs
recently graduated, he maintained a 3.75 GPA while playing cornerback for the
football team. "He's done what he needs to do to be successful
and in 'Ameritocracy' we have to accept that no matter who your father is,
whether he be rich, poor or absent, that you can in fact be successful on your
own merit," Perry said.
Spain Credit-Default Swaps Surge To Record On Bank Bailout Woes - (www.bloomberg.com) The cost of insuring against default on Spanish sovereign bonds rose to a record as the nation’s debt crisis deepened amid concern over bank bailouts. Credit-default swaps linked to the nation’s debt climbed 23 basis points to 583 at 11:44 a.m. in London, according to data compiled by Bloomberg. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments rose seven basis points to 320.5. An increase signals worsening perceptions of credit quality. Bank of Spain Governor Miguel Angel Fernandez Ordonez resigned a month early, handing over the task of convincing investors that Spanish banks won’t need an international rescue. Bankia group, the nation’s third-biggest lender which received 4.5 billion euros ($5.6 billion) of public funds in 2010, asked for another 19 billion euros on May 25.
Spain’s problems add pressure on Europe’s leaders to accelerate
crisis response - (www.washingtonpost.com)
Spain’s economic problems are
deepening, pushing the country closer to an international bailout that U.S. and
European officials worry could destabilize the global economy. The risk that the euro zone’s fourth-largest country
may need a massive dose of outside help is forcing the region’s leaders to
accelerate weighty decisions they had expected to consider over time. These
include deciding whether the euro-zone countries should begin issuing bonds
that they all jointly back, a step that would be aimed at reassuring investors
skittish about lending money to troubled governments such as Spain’s. But
extended debate may fast become a luxury as economic activity in Spain slows,
the cost of a banking-sector rescue rises and the euro zone’s uncertain future
scares off investors. The release Tuesday of discouraging figures on Spain’s
retail sales and exports further contributed to the sense of the country’s
fragility. And the resignation of Spain’s central bank head, a month ahead of
schedule, highlighted the struggle to fix long-standing problems in the
country’s financial sector.
Anti-bailout SYRIZA party in the lead: Greek poll - (www.reuters.com) The outcome of an election in Greecenext month that may determine whether
Athens can stay in the euro was thrown into doubt on Wednesday when a poll
suggested the anti-bailout SYRIZA party would win, contradicting six previous
forecasts. The poll, by VPRC for Epikaira magazine, showed SYRIZA, a radical
leftist party which says it wants the debt-laden country to remain in the euro
but to ditch austerity, would win 30 percent of the vote if elections were held
now. The same poll put the pro-bailout conservative New Democracy party in
second place with 26.5 percent of the vote. That was consistent with a previous
VPRC forecast last week that also showed SYRIZA in the lead, with 28.5 percent,
and New Democracy second with 26 percent.
Pending Sales of U.S. Homes Decrease by Most in a Year - (www.bloomberg.com) The number of Americans
signing contracts to buy previously owned homes fell in April by the most in a
year, indicating the U.S. housing recovery remains uneven. The index of pending home resales dropped
5.5 percent following a revised 3.8 percent gain the prior month, figures from
the National Association of Realtors showed today in Washington.
Themedian forecast of 42 economists
surveyed by Bloomberg News called for no change in the measure. Mortgage rates
at record lows failed to sustain the pace of demand as some buyers may have
waited for home prices to decline further.
Limited access to credit and persistent foreclosures still weigh on housing,
adding to concern it will remain a source of weakness for the world’s largest
economy.
This
Young Lawyer Is Owed $415,000 By Collapsed Firm Dewey & LeBoeuf - (www.businessinsider.com) A 2006 Penn Law grad is one of imploded law
firm Dewey & LeBoeuf's 20 largest creditors. Dewey filed for bankruptcy in
Manhattan late Monday. The once-gigantic law firm blamed its downfall on the
economy and pay packages awarded to star partners known as
"rainmakers." But a relatively young associate lawyer, not a
rainmaker, is listed among big-league creditors including Thomson Reuters, Bank of America, and LexisNexis. Emily
Saffitz, now an associate at Thompson & Knight, is owed more than
$415,000 in severance pay, according to Dewey's bankruptcy filing.
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