CBO Warns ‘Fiscal Cliff’ Could Lead to Recession
The U.S. economy will likely fall into recession in the first half of 2013 if large tax increases and scheduled government spending cuts are allowed to go into effect in January, the Congressional Budget Office said Tuesday.
Fed data expose US$100bn JP Morgan blunder
Official data from the US Federal Reserve have laid bare the eye-watering size of trading positions built up by JP Morgan’s chief investment office in synthetic credit indices, raising further questions about risk management standards at the bank.
BOE Saw Fine Balance in QE Vote
Several members of the Bank of England’s Monetary Policy Committee came close to voting for an expansion of its bond-buying stimulus program at their May meeting, according to minutes released Wednesday.
IMF Urges Greater U.K. Economic Action
The U.K. should resume printing money and possibly cut the country’s already low interest rate if economic growth remains elusive, the International Monetary Fund said Tuesday, while urging the country to continue with its debt-reduction plan.
Secretary Geithner Visits a Baltimore Small Business
U.S. Department Of The Treasury
This week we celebrate National Small Business Week, with members of the President’s Cabinet and other senior Administration officials participating in events across the country to highlight small employers and manufacturers as important engines to private sector growth. As a part of that effort, on Thursday, Treasury Secretary Tim Geithner visited Baltimore’s own Marlin Steel Wire Products, a small business with 27 employees that manufactures wire baskets and sheet metal
Fed Releases Video on Foreclosure Reviews
The Federal Reserve Wednesday posted a video on its website explaining how homeowners who were financially harmed by a mortgage foreclosure can apply for a free, independent foreclosure file review.
Germany’s Sinn: an economist with a mission
Germany’s best known economist Hans-Werner Sinn wanted to become a missionary as a teenager. His wife believes he is one.
New home sales, prices rise in April
The U.S. spring home-selling season got off to a strong start in April with rising sales and prices providing evidence that a housing market recovery was gaining some traction.
Two Italian banks to sell stakes in LSE
By Philip Stafford – Financial Times
UniCredit and Intesa Sanpaolo are to sell their stakes in the London Stock Exchange, only days after two of Italy’s biggest banks were downgraded by a credit-rating agency on fears about limited access to funding.
Morgan Stanley subpoenaed over IPO
By Telis Demos and Kara Scannell in New York – Financial Times
The top securities regulator in Massachusetts has issued a subpoena to Morgan Stanley as part of an investigation into whether its analysts communicated revisions of Facebook’s revenue forecasts broadly to all clients ahead of last week’s initial public offering.
European Central Bank Reportedly Propping Up Greece With Secret E100 Billion Emergency Aid
International Business Times
The European Central Bank (ECB) is propping up Greece with a secret infusion of E100 Billion in “emergency liquidity assistance” (ELA) funds, the Financial Times reported Tuesday.