TOP
STORIES:
Goldman paid bulk of Rajat Gupta's legal fees: NYT - (www.reuters.com) Goldman Sachs has paid for
the bulk of former board member Rajat Gupta's legal defense in an insider
trading case that ended in his conviction, the New York Times reported, citing
two people with direct knowledge of the matter. Gupta, a consummate business
insider who also sat on the board of Procter & Gamble, was convicted on
Friday of leaking secrets about Goldman at the height of the financial crisis,
a major victory for prosecutors seeking to root out illicit trading on Wall
Street.
Dimon Faces ‘Harsher And Crazier’ House Crowd In Second Round
- (www.bloomberg.com) Dimon didn’t hesitate to push
back against lawmakers who criticized the bank’s lobbying or size. He said big
banks like JPMorgan provide loans for homeowners and businesses of all sizes. “I
assume you want us to do that,” he said. “We’re the biggest small, or one of
the biggest small business lenders in the United
States. We raised four or five hundred billion dollars for the
biggest American corporations. We bank some of those corporations in 20
countries around the world.” “That’s what we do,” he said. Representative Maxine
Waters, a California Democrat, asked Dimon to explain why JPMorgan has lobbied
against provisions of the 2010 Dodd-Frank Act which overhauled financial
regulation. Dimon has been especially outspoken in his opposition to the so-
called Volcker rule, which bans banks from engaging in most proprietary
trading.
Spain Back in Cross Hairs - (online.wsj.com) The brief afterglow from
Greece's vote Sunday to try to remain in the euro was quickly extinguished by a
cascade of bad news out of Spain that again rattled faith in the currency
bloc's ability to support its most troubled members. Fresh data from Spain's central
bank showed the country's lenders were sitting on the highest level of bad
loans in 18 years and that their deposits continued to leak away. The gloomy
figures—and worries that consultants scouring the creaky banking system will
find yet more problems—helped drive Spanish bond yields deep into territory
that is widely viewed as unsustainable.
Greece Set For Bailout Reward As EU Sees Tweaked Aid Terms -
(www.bloomberg.com) Greek voters are likely to
get a reward for backing pro-euro parties, with European creditors set to ease
bailout terms on the debt-swamped country mired in the fifth year of recession.
A first step will be when Greece’s still to-be-formed government
requests modifications to the 240 billion-euro ($304 billion) rescue programs,
leading to a revision of Greece’s economic-performance targets sometime before
September, a European official told reporters in Brussels today. Europe floated
the relief as the victor in the June 17 Greek election, Antonis Samaras of the New
Democracy party, accelerated preparations for a coalition
government including his historic Socialist rivals with a mandate to loosen the
bailout constraints while keeping Greece in the euro.
French businesses fear "systematic strangling" -
(www.reuters.com) France's new Socialist
government risks smothering businesses under new taxes and regulation, the head
of the employers association said on Tuesday as figures showed company morale
plummeting to crisis levels. Bracing for a less business-friendly government,
Medef President Laurence Parisot said employers' concerns were falling on deaf
ears in the government as they faced what she described as unprecedented
uncertainty due to Europe's debt crisis. She warned margins were tumbling,
orders collapsing and cashflow dwindling as investment and hiring were put off
or cancelled outright in the face of the uncertain economic outlook.
As Fed holds policy meeting, many await possible action to try
to lower rates and aid economy - (www.washingtonpost.com)
No comments:
Post a Comment