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Occupy Wall Street Has Some Bad News For The Rich Residents Of The Upper East Side - (www.businessinsider.com) Tomorrow, Occupy Wall Street protesters will leave Zuccotti Park at 11 AM and head to the Upper East Side to see how "the 1%" live. They're calling it, "NYC billionaires Walking Tour" and they'll start marching at 59th and 5th Avenue around 12:30 PM. You can check out the link to their Facebookinvitation. Here's a snippet: Wanna "see how the 1% lives"? Then join us on a walking tour of the homes of some of the bank and corporate executives that don't pay taxes, cut jobs, engaged in mortgage fraud, tanked our economy.....all while giving themselves record setting bonuses! Occupy wall street will join community groups fighting for economic justice. You can meet at Liberty Square/Zuccotti Park at 11:00 am and we will take the subway together or you can meet at 59th and 5th ave at 12:30pm. (please indicate if you will travel with us from the square) We'll be meeting at 59th Street and 5th Avenue at 12:30 pm, and then march from house to house, demanding accountability for Wall Street crimes, and an extension of the Millionaire's tax. Who will we be visiting exactly? Well....you're just gonna have to come to find out.
Gosh, why would JP Morgan be so generous to the NYPD? - (www.jpmorganchase.com) Maybe has something to do with the Occupy Wall Street protests J
Beginning in 2010, JPMorgan Chase donated technology, time and resources valued at $4.6 million to the New York City Police Foundation, including 1,000 new patrol car laptops. The gift was the largest in the history of the foundation and will enable the New York City Police Department to strengthen security in the Big Apple. New York City Police Commissioner Raymond Kelly sent CEO and Chairman Jamie Dimon a note expressing "profound gratitude" for the company's donation. "These officers put their lives on the line every day to keep us safe," Dimon said. "We're incredibly proud to help them build this program and let them know how much we value their hard work."
Special report: China's debt pileup raises risk of hard landing - (www.reuters.com) When China announced a nearly $600 billion package to ward off the 2008 global financial crisis, city planners across the country happily embarked on a frenzy of infrastructure projects, some of them of arguable need. Chengdu, the capital of southwestern Sichuan province, answered the call for stimulus action with a bold plan for a railway hub modeled after Waterloo railway station in London. Except London's Waterloo was not ambitious enough. "I was shocked when I finally got to visit Waterloo. It was so small," said Chen Jun, a director at Chengdu Communications Investment Group, which built the new Chinese terminal. "I realized we would probably need a station a few times bigger to meet the demands of our city." In a manner typical of many infrastructure projects in China, Chengdu more than doubled the size of its planned transport hub, borrowed 3 billion yuan ($473 million) from a state bank to finance it, then set out on a blistering construction timeline that saw the finishing touches put on the project two years later.
Banks to be forced to bolster liquid assets: FT - (www.reuters.com) Europe's banks expect to be told to raise more capital under a Franco-German effort to solve the euro zone debt crisis after the state rescue of Franco-Belgian lender Dexia SA. Dexia agreed to the nationalization of its Belgian retail bank and secured 90 billion euros ($121 billion) in state guarantees, in a rescue that raises pressure on other euro zone countries to strengthen their banks. German Chancellor Angela Merkel and French President Nicolas Sarkozy said on Sunday they would tackle Greece's woes and agree how to recapitalize the regions' banks by the end of the month, but they declined to reveal details of their plan. "We expect the EU to come up with a minimum core Tier One (capital) level under certain stress scenarios and a higher one without any stress. Then banks will be asked to reach this level in a short period of time," said a senior banker in Germany.
REPORT: The Major Banks Are About To Strike A Big, $20 Billion Foreclosure Settlement - (www.businessinsider.com) The big banks are all up nicely, in part, perhaps, because of a Fox Business reportabout how they're about to sign a foreclosure-gate settlement with the DoJ and most states attorneys general. A $20 billion settlement, which would go in part to some kind of victim "fund" could be hammered out in a matter of days. Here's the thing though: The last news from this front was that California had dropped out of talks, and so without California, it's hard to imagine that any deal would involve the finality. It's also not clear that New York would be on board. And of course, this is only one slice of the legal problems facing the banks: Notably this has nothing to do with the FHFA lawsuits on behalf of Fannie and Freddy.
Merkel, Sarkozy Say a Deal Is Near - (online.wsj.com)
Volatile Market Sends a Warning - (online.wsj.com)
Germany and France Say Deal Near to Recapitalize Banks - (www.nytimes.com)
As Its Economy Sprints Ahead, China’s People Are Left Behind - (www.nytimes.com)
Recession Officially Over, U.S. Incomes Kept Falling - (www.nytimes.com)
Dexia agrees to Franco-Belgian rescue deal - (www.bloomberg.com)
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