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Fed Plays Wall Street Favorites in Secret Deals - (www.bloomberg.com) The Federal Reserve secretly selected a handful of banks to bid for debt securities acquired by taxpayers in the U.S. bailout of American International Group Inc., and the rest of Wall Street is wondering what happened to the transparency the central bank said it was committed to upholding. “The exclusivity by which the process has shut out smaller dealers is a little un-American,” said David Castillo, head of sales and trading at broker Further Lane Securities LP in San Francisco, who said he would have liked to participate. “It seems odd that if you want to get the best possible price that it wouldn’t be open to anyone who wants to put in the most competitive bid.” After inviting more than 40 broker-dealers to take part in a series of auctions last year, the Federal Reserve Bank of New York asked onlyGoldman Sachs Group Inc. (GS), Credit Suisse Group AG (CSGN) and Barclays Plc (BARC) to bid on the full $13.2 billion of bonds offered in two sales over the past month. The central bank switched to a less open process after traders blamed the regular, more public disposals for damaging prices in 2011. This week, Goldman Sachs bought $6.2 billion of bonds in an auction.
Banks pay delinquent borrowers $35,000 to sell their homes - (money.cnn.com) In an effort to cut their losses, banks are paying some struggling homeowners as much as $35,000 to sell their homes before they end up in foreclosure. The deals are aimed at incentivizing homeowners who owe more on their home than it is worth and who are seriously delinquent on their payments to sell their homes in a short sale. In short sales, homes are sold for less than what is owed and the bank forgives the excess debt. Banks have been reluctant to approve such deals in the past -- since they take a loss on the home -- but in certain cases, it's become a much better proposition than letting the homeowner fall into foreclosure. This new approach by the banks has startled plenty of homeowners, according to Elizabeth Weintraub, a Sacramento-area real estate agent who specializes in short sales.
Greece reels after leaders agree to harsh spending cuts - (www.washingtonpost.com) Greeks clashed on the streets of Athens and in the halls of government Friday, as protesters grew violent and one after another cabinet minister resigned, a day after the nation’s leaders accepted foreign lenders’ demands for tough austerity cuts to try to stave off bankruptcy. By late evening, six cabinet members had resigned and Prime Minister Lucas Papademos went on state television to threaten members of his shaky coalition government with expulsion if they opposed making sweeping spending cuts in exchange for a bailout that would keep Greece from defaulting on its debts by mid-March. A Greek bankruptcy could shake the euro zone and potentially wreak havoc throughout the global financial system.
Student debt pushing more people toward bankruptcy - (www.latimes.com) More than four-fifths of bankruptcy attorneys have seen a notable jump in the number of potential clients with student loan debt, the National Assn. of Consumer Bankruptcy Attorneys says. Student loan debt is pushing an increasing number of young people and their parents toward bankruptcy, according to a survey released Tuesday. More than four-fifths of bankruptcy attorneys say they've seen a notable jump in the number of potential clients with student loan debt, with nearly half the lawyers reporting a significant increase in such cases, according to the report by the National Assn. of Consumer Bankruptcy Attorneys. Nearly one-quarter of attorneys say the number of potential student loan clients has risen 50% to 100%, while 39% of attorneys report increases of 25% to 50%.
Some legislators send millions to groups connected to their relatives - (www.washingtonpost.com) Some members of Congress send tax dollars to companies, colleges and community groups where their spouses, children and parents work as salaried employees, lobbyists or board members, according to an examination of federal disclosure forms and local public records by The Washington Post. A U.S. senator from South Dakota helped add millions to a Pentagon program his wife evaluated as a contract employee. A Washington congressman boosted the budget of an environmental group that his son ran as executive director. A Texas congresswoman guided millions to a university where her husband served as a vice president. Those three members are among 16 who have taken actions that aided entities connected to their immediate families. The findings stem from an examination by The Post of all 535 members of the House and Senate, comparing their financial disclosure forms with thousands of public records. The examination uncovered a broad range of connections between the public and private lives of the nation’s lawmakers.
The deal is done, but hold the applause - (www.nytimes.com)
Greece passes crucial bailout vote as country burns - (www.telegraph.co.uk)
Mortgage deal means more foreclosures - (money.cnn.com)
Markets Get Greece Deal, So Where's the Big Rally? - (www.cnbc.com)
Greek death spiral accelerates - (www.telegraph.co.uk)
China’s Trade Contracts adding Growth Concerns - (www.bloomberg.com)
Consumer mood worsens in February on income worries - (www.reuters.com)
Zuckerberg Won't Pay Much Tax - (www.nytimes.com)
Facebook already went public, you weren't invited - (www.cnn.com)
Romney's Returns Refute His Tax Argument - (www.bloomberg.com)
Time to close the carried-interest loophole - (www.washingtonpost.com)
Helicopter parents job hunting for Millennials kids - (www.smartmoney.com)
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