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Moody’s cuts Morgan Stanley’s long-term rating 2 notches; also downgrades JP Morgan Chase, Bank of America, Citigroup, Goldman Sachs – @WSJ

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Goldman Sachs Makes Another Controversial Market Call

(Reuters) – The S&P 500 index fell more than 2 percent late on Thursday as data raised worries about global growth and a bearish note on the markets from Goldman Sachs added to the weak tone.


chessNwine commentary: Consider this an open forum. Do you think Goldman is trying to trap retail traders? Chime in below.

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Moody’s Downgrade of 15 Banks Expected After the Bell

via CNBC.com

Moody’s could downgrade the debt ratings of as many as 15 global investment banks after the closing bell today, a move that would cost the banks billions of dollars in extra collateral.

In February, Moody’s announced it would review the ratings of 17 global investment banks and has already downgradedMacquarie and Nomura. In the U.S., the companies that are most likely to be affected by today’s action: Bank of America [BAC 7.845    -0.295  (-3.62%)   ]Citigroup [C  28.01   -0.85  (-2.95%)   ]Goldman Sachs [GS  94.31    -2.24  (-2.32%)   ]JPMorgan[JPM  35.68    -0.77  (-2.11%)   ] and Morgan Stanley [MS  13.9969    -0.2031  (-1.43%)   ]Royal Bank of Canada and nine European banks, includingDeutsche Bank [DB  35.70    -1.06  (-2.88%)   ]BNP Paribas and Credit Suisse[CS  18.62    -0.69  (-3.57%)   ] are also on the list.

The current credit actions are part of a comprehensive review of the overall global banking system by Moody’s. In the middle of last month Moody’s downgraded Italian, Spanish, German and Austrian bank credit ratings. The U.S. banks with global capital markets capabilities have had an open dialogue with the ratings company, in an effort to soften the severity of the downgrades.


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Greek Vote Too Close to Call, Exit Poll Shows


Here is a more detailed breakdown of Greek exit polls, as broadbast by state-run NET TV

Political Party Percentage
New Democracy 27.5 – 30.5
Syriza 27 – 30
Pasok 10 – 12
Independent Greeks 6 – 7.5
Communist Party 5 – 6
Golden Dawn 6 – 7.5
Democratic Left 5.5 – 6.5

via Bloomberg.com 

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Rodney King, at Center of 1992 L.A. Riots, Dies at Age 47

via TMZ.com


Famous tape of LAPD beating King which sparked riots in L.A. after not guilty verdicts of the police officers.



0617_rodney_king_gettyUPDATE 9:27 AM PT — According to our sources, King’s fiancée is telling friends King had been drinking and even smoked weed in the hours just before his death.

Rodney King — the man who was at the center of the infamous Los Angeles riots — was found dead this morning in Rialito, CA. He was 47.

According to our sources, King’s fiancée found him dead at the bottom of a pool.

Rodney King‘s fiancée is telling friends Rodney had been drinking all day Saturday … and had smoked weed in the hours leading up to his death … sources close to King tell TMZ.

According to our sources, King’s fiancée, Cynthia Kelley, is telling friends King was at the house all day drinking, and he smoked marijuana at some point, before she went to went to bed at 2:00 AM.

We’re told Kelley says she next saw King at around 5:00 AM when she was awoken by him screaming in the backyard. Our sources say Kelley found King naked, banging on the glass, and she called out to him, “What’s wrong, Rodney?”



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Michigan, Canada Building A Second Bridge Between Detroit, Windsor

They’ve been talking about this for some time. It’s been sheer lunacy, as proponents of the bridge have assured us that its construction will bring millions of new jobs, zillions in revenue, cure cancer, and fulfill the prophesies.

In reality, their main goal seems to be bankrupting the current bridge’s owner, Matty Maroun (who is, uncontestedly, a real dick). The Detroit/Windsor span is the only privately held bridge in the US; a fact that infuriates liberal Democrats to no end. Thus, they MUST construct a second bridge downriver, with the purpose of sending Maroun into bankruptcy.

I’m skeptical the bridge brings much added good at all, short of alleviating some traffic congestation. If fixing economies was as simple as building bridges, we could just spend the next thousand years backfilling Lake St. Clair. However, the real selling point of this bridge was that Canada was willing to pay for Michigan’s half of its construction, while still giving Michigan an equal say in construction and a half share of all toll revenue.

Um, okay…?

Leaders from both sides of the U.S.-Canada border today announced “a visionary project” to build a second bridge between Detroit and Windsor.

“This is quite a large project, even for countries as big as the United States and Canada,” said Canadian prime minister Stephen Harper in Windsor in the first of two appearances today to announce the deal. “It’s an investment in the future … of the North American economy,” and “a celebration of the deep friendship that exists between Canada and the United States.”

“This is a glorious day. It’s a magnificent day.”

U.S. Transportation Secretary Ray LaHood called the project “a particularly big deal for people who want to go to work…for people who need a job.”

Gov. Rick Snyder thanked the Canadians for fronting Michigan its $550 million share of the project costs.

“This is more than a traditional partnership,” said Snyder.

Read more here.

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via NYPOST.com

WASHINGTON — The Obama administration will stop deporting and begin granting work permits to younger illegal immigrants who came to the US as children and have since led law-abiding lives. The election-year initiative addresses a top priority of an influential Latino electorate that has been vocal in its opposition to administration deportation policies.

The policy change, described to The Associated Press by two senior administration officials, will affect as many as 800,000 immigrants who have lived in fear of deportation. It also bypasses Congress and partially achieves the goals of the so-called DREAM Act, a long-sought but never enacted plan to establish a path toward citizenship for young people who came to the United States illegally but who have attended college or served in the military.
Read more: http://www.nypost.com/p/news/national/immunity_offered_to_certain_immigrants_A3ugceO9Dr5pDjiCqLF9aP#ixzz1xsC2iknV

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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.


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