Spain To Stress Test Banks Again, Focus On Seven
Reuters
Spain will carry out yet another stress test of its banks by October with a focus on seven lenders, d ocuments released after an independent audit of the banking sector showed on Friday.
http://jlne.ws/Lc8dqf

NY Fed names Potter as head of markets group
Reuters
The Federal Reserve Bank of New York named Simon Potter, an internal director of economic research, as the new head of its division that conducts monetary policy in the marketplace for the U.S. central bank.
http://jlne.ws/LHfCPA

MF Global’s Billion-Dollar Loophole
The New York Times
If nothing else, the collapse of MF Global has made one thing clear: The notion that customer assets were safe was a sham.
http://jlne.ws/O6bFdo

Why Dodd-Frank Is Unconstitutional
WSJ.com
When President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law nearly two years ago, he stated that “our financial system only works—our market is only free—when there are clear rules and basic safeguards that prevent abuse, that check excess, that ensure that it is more profitable to play by the rules than to game the system.”
http://jlne.ws/MI4jpp

Angela Merkel Celebrates At Greece-Germany Euro 2012 Game [Video]
http://jlne.ws/NivjwT

Credit Suisse Has Biggest Downgrade: [Video]
http://jlne.ws/MoVmCY

Greek Finance Minister Vassilis Rapanos in hospital
BBC
Greece’s new Finance Minister Vassilis Rapanos has been rushed to hospital, reportedly after fainting. Mr Rapanos, who is chairman of Greece’s national bank, was due to be sworn in to the new post in the debt-laden country later on Friday.
http://jlne.ws/LnWTvy

How global banks fooled their shareholders
FT.com
The Moody’s downgrade of 15 banks is a backward-looking review of the strategy that has dominated global banking for the past two decades – expanding into high-margin capital markets operations. It does not get good marks.
http://jlne.ws/Mc41ME

Anna Schwartz, Mother of Monetarism, Was Intellectual Giant
WSJ.com
If it’s rare to find one’s self in the presence of greatness, it’s even rarer to know it at the time. Yet, the one and only time I met the late economist, and so-called mother of monetarism, Anna Schwartz, I knew she was awesome. She died Thursday aged 96.
http://jlne.ws/Lbm0gW

Market Ignores Moody’s Bank Downgrades: [Video]
WSJ.com
http://jlne.ws/MoKtBg