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Wednesday, November 11, 2009


Bond Market is closed today in observance of Veterans Day

Asian markets mixed on Chinese economic data
Asian-Pacific markets were mixed Monday as economic reports showed China's consumer and producer prices fell more than analysts had forecast. Japan's Nikkei 225 closed flat, South Korea's Kospi Composite gained 0.8% and Hong Kong's Hang Seng Index rose 1.6%. China's Shanghai Composite inched down 0.1%, Taiwan's Taiex increased 1% and Australia's S&P/ASX 200 climbed 0.5%. New Zealand's NZX 50 slipped 0.2%, Singapore's Straits Times Index advanced 1.2% and the Philippines' main index went up 1.7%. The Wall Street Journal (11 Nov.)

AIG CEO Benmosche tells board he might quit, sources say
American International Group CEO Robert Benmosche told board members that he might leave his job because of restrictions imposed by the U.S. government, sources said. He said he was "done" at a board meeting last week but relented and agreed to give the move more thought after seeing the board's shocked response, the sources said. In his three months leading AIG, Benmosche has developed a reputation for ruffling feathers with his provocative statements. The Wall Street Journal (11 Nov.)

Banks jump to restructure commercial mortgages in U.S.
U.S. regulators recently announced guidelines for restructuring certain loans. Citigroup and other lenders are looking into nonperforming loans to see whether they can be restructured, which would help the banks avoid larger losses. "It's a positive all the way around," said James Smith, chief credit officer at National Bank of South Carolina. The Wall Street Journal (11 Nov.)

*so now the whole world knows without a doubt that lying and stealing and risk taking are the name of the game for all time and you have Congress' blessing(they write the laws peoople).
2 former Bear Stearns fund managers acquitted of fraud
A federal jury in New York found two former Bear Stearns hedge fund managers not guilty of fraud and related charges in connection with the collapse of two hedge funds. Ralph Cioffi and Matthew Tannin were accused of lying to investors while the funds' values were dropping along with the subprime-mortgage market. "Jurors seem to have found that the government was trying to unfairly hold these defendants responsible for predicting the impending collapse of the economy at a time when even economists were uncertain as to where the world markets were headed," said Robert Mintz, a former federal prosecutor in private practice at McCarter & English. BusinessWeek/Unstructured Finance blog (10 Nov.)

World Bank's Zoellick warns of asset bubbles in Asia
World Bank President Robert Zoellick said Asian nations, which are expected to grow faster, could face asset bubbles next year. "The good news is financial markets have broken the fall and there is a sense of revival in those markets," he said. "Most expectations are for a relatively slow growth process." But Zoellick warned that there are risks to be aware of in 2010. Governments should consider alternative approaches to interest rate increases, Zoellick said. Bloomberg (11 Nov.)

China's industrial production jumps 16.1% in October
China's industrial production rose 16.1% in October compared with the same month in 2008, the National Bureau of Statistics said. It was the largest increase since March 2008. Retail sales were up 16.2% year on year. And the trade surplus increased by nearly half from September, to $24 billion. "The economy is strengthening, exports will be growing very soon and inflation is bottoming out -- in this environment, the very loose policy has to change," said economist Paul Cavey of Macquarie Securities. "Interest rates and the currency may begin rising from around March." Bloomberg (11 Nov.)

Many in financial services get laid off, pay cut -- not bonus
Huge Wall Street bonuses get publicity, but for many in the financial-services industry, there are only pay freezes, pay cuts and layoffs this year. "For us, it's not what you read in the headlines," said a Barclays employee. Analysts said Goldman Sachs, Morgan Stanley and JPMorgan Chase are likely to pay record-high bonuses this year, beating the previous high of $26.8 billion in 2007. But further down in the corporate hierarchy, for support staff who managed to hang onto their jobs, it is a different story. BusinessWeek (10 Nov.)

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