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STORIES:
Two Frances on one street in "lazy" tire worker town
- (www.reuters.com) The U.S. tire executive who infuriated the French by calling workers at
a doomed Goodyear factory "not worth saving" might have formed a
different impression of France had he visited the Dunlop factory across the
street. The Dunlop plant near Amiens in northern France was the mirror image of
the plant that Titan International (TWI.N) CEO Maurice Taylor,
nicknamed The Grizz for his gruff demeanor, had considered buying before
dropping the idea and complaining the workforce spent as much time talking as
working. But the two plants, whose shared parent is Goodyear Dunlop, chose
different destinies four years ago when Dunlop's unions accepted tougher labor
conditions and Goodyear's rejected them. Now Goodyear faces closure, while
Dunlop has received more than 50 million euros ($65 million) in investment. "The
bottom line is that our jobs are staying, and across the street there are 1,173
guys who are going to be on benefits," said a Dunlop union leader who
asked to remain anonymous to avoid adding to what he called "severe"
tensions with Goodyear workers. "Draw your own conclusions."
ISDA Plans Biggest Overhaul to Credit Derivatives Since 2003
- (www.bloomberg.com) Greece’s debt restructuring last year raised concern about potential
flaws in the insurance contracts. No time frame has been set for changes to the
market created by banks including JPMorgan Chase & Co., which will follow a
2009 revision of rules that included new standards boosting transparency and
confidence, New said. “This review is about looking back at the experience of
the past 10 years since the 2003 definitions were published and thinking about
what have we learned in that time and what changes might need to be made,” New
said in a phone interview. “The working group is very much ongoing and
considering a lot of different proposals.” There are a total 2.14 million
contracts covering a gross $24 trillion worth of credit products, according to
the Depository Trust & Clearing Corp., which runs a central registry for
the derivatives market.
Fallout
from 'Untouchables' Documentary: Another Wall Street Whistleblower Gets Reamed
- (www.rollingstone.com) On those questions, the DOJ would say only that "it is entirely
appropriate for prosecutors to hear from subject matter experts at relevant
regulatory authorities" and that . . . When the Department consults with
relevant regulatory authorities, or hears from companies who are targets of the
Department's investigations and their counsel regarding potential collateral
consequences of enforcement actions, neither those agencies nor the target
companies receive any compensation from the Department. That is one hell of a
slippery piece of language. It's great that the Department of Justice is not
paying, say, HSBC to consult with them on the question of whether or not HSBC
should be prosecuted. What a relief! But that doesn't mean they're not paying
someone else for that kind of advice.''
Securitization
Lobby in Disarray After Most Directors Quit - (www.businessweek.com) The main trade association for the securitization industry is in turmoil
after most of the board resigned in a dispute with the group’s executive
director over governance and bonuses, according to six people with knowledge of
the matter. The exodus at the American Securitization Forum puts the future of
the group in question, said the people, who spoke on condition of anonymity
because the dispute isn’t public. Members that quit include Bank of
America Corp (BAC)., JPMorgan Chase
& Co. (JPM), Deutsche Bank AG, Citigroup
Inc. (C) and law firm
Cadwalader, Wickersham & Taft LLP, the people said. The resignations came
after the board attempted to remove the forum’s executive director, Tom
Deutsch, but was unable to fire him because of the way the association’s
governing documents are written, said the people. Part of the dispute concerns
bonuses that Deutsch was paid, the people added.
Spain Financial Industry Overhaul Faces Hurdles, EU Says -
(www.bloomberg.com) Spain is backsliding on economic reforms,
fueling risks for its banking system in the midst of an overhaul that faces
“significant challenges,” the European Commission said. “Progress in delivering
of some key product and services market reforms has been slow,” the
Brussels-based commission said today in its second review of Spain’s bank
rescue program. “Persistent efforts are needed to compound the progress
achieved to date” on the banking system and “to overcome the still significant
challenges.” Officials from the commission and the European Central Bank visited
Madrid from Jan. 28 to Feb. 1., and the International Monetary Fund participated
in the review. The cleanup of the banking industry is on track so far, the
report said. Prime Minister Mariano Rajoy is hesitating over EU
demands to remove privileges from party operatives, union members and
professional advisers in an attempt to contain the fallout from a series of
corruption scandals rocking his party.
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