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Former Wall Street Trader May Have Swallowed A Deadly Pill In Court Before
Dying Minutes Later - (www.businessinsider.com)
He was convicted for burning
his $3.5 million mansion down. A former Wall Street trader and Yale-educated attorney, who was convicted
of arson yesterday for burning down his Phoenix mansion, appeared to pop a pill
after hearing the guilty verdict in court and died minutes later, according to Fox 10 News in Phoenix via New York Daily News. Michael James Marin, who
once reached the summit of Mount Everest, was convicted in Maricopa
County Superior Court "of arson of an occupied structure" after
setting his $3.5 million Biltmore Estates mansion on
fire because he could no longer pay his $17,500 monthly mortgage,
according to media reports. At the time, he was reportedly found outside the
home wearing a SCUBA gear after escaping from the second-floor. The video
in court shows Marin appearing to swallow something after hearing the jury read
the verdict.
EU Leaders Ease Debt-Crisis Rules On Spain In Merkel Retreat
- (www.bloomberg.com) Euro-area leaders agreed to relax conditions on
emergency loans for Spanish banks and possible help for Italy as an outflanked
German Chancellor Angela Merkel gave in on
expanded steps to stem the debt crisis. After 13 1/2 hours of talks ending at
4:30 a.m. in Brussels today, chiefs of the 17 euro countries dropped the
requirement that taxpayers get preferred creditor status on aid to Spain’s
blighted banks. They also opened the way to recapitalizing lenders directly
with bailout funds once Europe sets up a single banking
supervisor. Stocks and bonds in Spain and Italy surged and the euro rallied. The
politicians struggled for consensus on reducing market pressure as surging
borrowing costs in Italy and Spain stoked concern among investors and policy
makers around the world that the currency union threatened to splinter and risk
damaging the global economy. Euro governments were granted access to rescue
loans without having to relinquish control of their economies.
EU deal for Spain, Italy buoys markets but details sketchy -
(www.reuters.com) Under pressure to prevent a
catastrophic breakup of their single currency, euro zone leaders
agreed on Friday to let their rescue fund inject aid directly into stricken
banks from next year and intervene on bond markets to support troubled member
states. They also pledged to create a single banking supervisor for euro zone
banks based around the European Central Bank in a landmark first step towards a
European banking union that could help shore up struggling member Spain. "It is a first step to break
the vicious circle between banks and sovereigns," European Council
President Herman Van Rompuy told a final news conference after talks which
stretched right through the night.
JPMorgan's internal controls under increased scrutiny: WSJ -
(www.reuters.com) JPMorgan Chase & Co.'s (JPM.N) internal controls have come under
increased scrutiny by regulators who have asked the bank to demonstrate its
risk models are designed and working properly, the Wall Street Journal
reported, citing to people close to the situation. The bank's primary regulator,
the Office of the Comptroller of the Currency, has requested reviews of models
that measure the possible effects of everything from trading losses to
interest-rate moves, the Journal said.
The
Euro Crisis Is So Bad That People Are Selling Their Kidneys Just To Get By -
(www.businessinsider.com) Lungs can go for $250k. Constant
headlines about confusing bank recapitalizations and EU summits can obscure the
human cost of economic hardship. A fascinating piece from Dan Bilefsky of The New York Times takes a look at
people in Europe who are attempting to sell organs just to put food on the
table. Organ shortages, poverty, and the internet have created a black market
where a kidney can fetch $40,000, despite national and international efforts to
crack down on the practice.
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