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Monthly Archives: June 2012

MORE: Reuters Exclusive–Central Banks Ready to Combat Greek Market Storm

(Reuters) – Central banks from major economies stand ready to take steps to stabilize financial markets and prevent a credit squeeze should the outcome of Greek elections on Sunday cause tumultuous trading, G20 officials told Reuters.

A senior U.S. official cautioned that the Greek election will not provide “the definitive signal on what happens next” in the euro zone debt crisis.

But if severe market strains emerge after an unusual confluence of three elections this weekend – there are important polls in Egypt and France as well – central bankers are on standby to ensure enough cash is flowing through the financial system.

“The central banks are preparing for coordinated action to provide liquidity,” said a senior G20 aide familiar with discussions among international financial diplomats. His statement was confirmed by several other G20 officials.

It could mark a dramatic backdrop to the G20 summit of world leaders who will gather in Los Cabos, Mexico, on Monday and Tuesday where Europe’s escalating crisis tops the agenda.

Leaders will be accompanied by finance ministers playing an advisory role. The ministers, who usually keep a low profile at these summits, have scheduled a working dinner on Monday and lunch on Tuesday.

Depending on the severity of the market response, an emergency meeting of ministers from the Group of Seven developed nations could be held on Monday or Tuesday in Los Cabos, with central bankers joining by phone, a second G20 official said.

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Huge Bank Robbery Scores Are in a Bear Market

via WSJ.com

Associated Press
One of two armed bank-robbery suspects is handcuffed after surrendering on April 27, nearly five hours into a standoff with police in Springboro, Ohio.

When someone asked Willie Sutton why he robbed banks, he famously replied, “Because that’s where the money is.”

That might have been true in the 1930s, but it no longer seems to apply.

A new study of data on bank robberies, published in the June 2012 issue of the statistical journal Significance, finds that bank robbers don’t get much swag when they pull off a heist. In the U.K., the average haul is just £12,707 per person (roughly $19,767), or less than six months of the average wage for full-time workers there.

REASD THE REST HERE 

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Market Update

U.S. equities are on the upswing driven by next week’s clam meeting. Take it while it lasts.

Market update

[youtube://http://www.youtube.com/watch?v=5gqT6En2O78 450 300]

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California Hedge Fund Is Latest Euro Crisis Casualty

“Hedge-fund manager Paul Sinclair is the latest casualty of Europe’s sovereign-debt turmoil, almost six thousand miles away from the epicenter of the crisis.

Sinclair, who is based in Los Angeles, is liquidating his $458 million health-care equities fund,Expo Capital Management LLC, after more than five years, as political decisions made on the other side of the globe have undermined his stock picks and spurred losses for a second year.”

Full article

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FLASH: Markets in Europe Close Mixed After US Jobless Claims Data

via CNBC.com and Reuters

European shares closed mixed on Thursday after data which showed that U.S. jobless claims had risen

 The FTSEurofirst 300 [.FTEU3  983.50    -3.45  (-0.35%)   ] closed slightly lower Thursday afternoon, hovering just above an intraday low of 975.24 points.

Germany’s DAX [.GDAXI  6126.66    -25.83  (-0.42%)   ]   was also lower, while France’s CAC-40 index [.FCHI  3031.23    1.19  (+0.04%)   ] rose.

 

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Federal Reserve Board Members Gave Their Own Banks $4 Trillion in Bailouts

“Following the 2008 financial crisis, the Federal Reserve provided more than $4 trillion in near zero-interest loans and other help to banks and businesses whose executives also served as directors for the national bank.

 At least 18 current and former Fed regional bank directors had a direct stake in the trillion-dollar bailout given to teetering institutions, according to a report produced by theGovernment Accountability Office, but released by Senator Bernie Sanders (I-Vermont).”

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A Closer Look at Today’s Jobless Claims

“More Americans sought unemployment aid last week, suggesting hiring remains sluggish.

The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000. The increase came after the government revised the previous week up to 380,000.

The four-week average, a less volatile measure, rose for the third straight week to 382,000. That’s the highest in six weeks.”

Full article

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ETF Corner

Outflows: $STIP, $MOO, $VTV, $RWM, $ICF, $EUM, $TBT, $QID, $IWS

Inflows: $BIL, $JNK, $PFF, $HDV

Full look

 

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‘GAME OF THRONES’ PRODUCERS Sorry for Putting George W. Bush’s Head on a Spike

0614_game_of_thrones
HBO and the honchos behind “Game of Thrones” have issued an official apology for putting George W. Bush‘s head on a spike in an episode during Season 1.

You may have heard … producers recently revealed they used a Dubya mask as the base for a prop of a decapitated head … .which actually appeared on the show.

Show creators David Benioff and D.B. Weiss insisted the move was NOT a political statement … but an honest mistake.

The two released a joint statement saying, “We use a lot of prosthetic body parts on the show: heads, arms, etc. We can’t afford to have these all made from scratch, especially in scenes where we need a lot of them, so we rent them in bulk. After the scene was already shot, someone pointed out that one of the heads looked like George W. Bush.”

READ THE REST AT TMZ.COM 

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EGYPT’S MILITARY SEIZES CONTROL OF COUNTRY

Egypt’s highest court declares parliament invalid

[Updated at 10:47 a.m. ET] Egypt’s highest court on Thursday declared the country’s parliament invalid and cleared the way for a member of former President Hosni Mubarak’s regime to run in a presidential election runoff this weekend.

The Supreme Constitutional Court ruled that parliament must be dissolved, state TV reported. An Egyptian constitutional law expert told CNN that following the court’s decision, a political decision would be made about whether to dissolve parliament.

Following the ruling, Egypt’s interim military rulers claimed to have full legislative control of government. Parliament had been in session for just over four months.

The court had ruled that about one-third of Egypt’s members of parliament were invalid because they ran as independents and later joined party blocs.

READ REST HERE 

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