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More Details about the European Union’s Plan to Recapitalize 16 Banks

European officials look set to speed up plans to recapitalize the 16 banks that came close to failing last summer’s pan-EU stress tests, the Financial Times reported on Thursday, citing European officials.

The report said the move would affect mostly mid-tier banks. Seven are Spanish, two are from

Germany, Greece and Portugal, and one each from Italy, Cyprus and Slovenia.
The list includes Germany’s HSH Nordbank and Banco Popolare of Italy, the newspaper said on its website.

Read more: http://www.foxbusiness.com/industries/2011/09/22/report-eu-speeding-up-plans-to-recapitalize-16-banks/#ixzz1YiAE4KEp

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FLASH:Fed Leaves Rates Unchanged

3 dissenting votes

Fed to purchase $400 billion by 2012 6 -30 years

will roll over at auction

fed to reinvest principal of mortgage at auction

long term inflation rates remain stable

fed expects recovery to pick up

downside risks remain in global markets shocks

Twist of $400 billion

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Blackstone COO: Europe is “Locked Up”

In a CNBC interview, he said the credit markets are seized up in Europe to the point that a mere $1 billion deal is the ceiling now.

He also said deals in the US require 50% equity.

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FLASH: AAPL Hits a New 52 Week High

AAPL was described as a stock to watch to determine the direction of our markets during uncertain debt woe times.

Could AAPL be signaling a recovery and little downside for U.S. markets ? ….stay tuned

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FLASH: S&P Downgrades Italy

Cut to A, outlook negative.

“The negative outlook reflects Standard & Poor’s view of risks to the Italian government’s fiscal targets over 2011-2014.”

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Report: 12 Dead, At Least 30 Critically Injured from Reno Air Races Crash

RENO, Nev. — Twelve people are dead and at least 30 critically injured after a plane crashed in front of the grandstands at the Reno National Championship Air Races on Friday afternoon, KOLO-TV reported.

The P51 Mustang came down at the event held at Reno-Stead airport at around 4:00pm, the Reno Gazette-Journal reported.

There were 30 serious and 30 intermediate injuries initially reported, authorities told the Gazette-Journal, adding that multiple ambulances had been dispatched to the scene.

Reno-Stead airport authorities told KOLO-TV that all planes had been grounded and spectators had been asked to go home.

The plane that crashed was entered in the “Unlimited” class, which includes World War II vintage aircraft.

Since 1964 there have been 19 fatalities at the Air Races, now in their 48th year, the Gazette-Journal reported.

Read more: http://www.nypost.com/p/news/national/plane_crashes_at_air_race_in_reno_QM1jgJVEiBrR4PcniABiaJ#ixzz1YAU7Vuhp

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