Archive for December 9th, 2009

Greece is the word

Wednesday, December 9th, 2009

Full story here. And Greece = Default is coming soon, even if the EU keeps redefining the waterline on the sinking ship.

“The big story hitting the news wires yesterday (besides Tiger’s mother in law) was Fitch downgrading Greece’s debt.

Fitch cut Greece’s debt rating to BBB+. To make things worse, the two other major rating companies are threatening to follow Fitch’s lead. Yesterday, the airwaves were filled with pundits warning that Greece would default.

If that happens, Greece would be the first EU default since Germany defaulted almost 90 years ago.

But honestly, Greece has a few things working in their favor. First of all, Greece is still a member of the European Union, so EU officials have already stepped in to help. They calmed down the markets yesterday afternoon, stating they will lend their support to help Greece with its budget deficits. (more…)

Too big to fine

Wednesday, December 9th, 2009

Full, gut-wrenching story here. Mary “How far should I bend over” Schapiro & staff can apparently stoop lower than a Pygmy limbo dancer for the Too Big to Fine crowd…

“Forget too big to fail. In the eyes of federal regulators, many Wall Street firms are too big to punish.

During the past three years, some of the nation’s largest financial firms have been accused by the government of cheating or misleading clients and ripping off tens of thousands of consumers of their investments.

Despite these findings, these financial giants got, sometimes repeatedly, special exemptions from the Securities and Exchange Commission that have saved them from a regulatory death penalty that could have decimated their lucrative mutual fund businesses. (more…)

Dead Files for 7-13 December

Wednesday, December 9th, 2009

More mayhem in Finance-Land!

Dec 13th:

Lucky 13, but not for the Prime Minister of Italy:

An attacker hurled a statuette at Italian Premier Silvio Berlusconi, striking the leader in the face at the end of a rally on Sunday and leaving the stunned 73-year-old leader with a broken nose and bloodied mouth, authorities said.

Police said the 42-year-old man accused of attacking Berlusconi as he signed autographs in Milan was immediately taken into custody. The Italian leader was rushed to a hospital where he was being held overnight.

The attack occurred at a time when Berlusconi, one of Italy’s wealthiest men, is embroiled in a sex scandal, a divorce case with his wife and public protests demanding his resignation.


Dec 9th:

China on Tuesday executed a former securities trader for embezzlement, the first person in the industry to be put to death, but millions of yuan are still missing, a state newspaper said.

Yang Yanming was sentenced to death in late 2005 and took the secret of the whereabouts of 65 million yuan ($9.52 million) of the misappropriated funds to his grave, the Beijing Evening News said.

The report added that Yang was the first person working in China’s securities sector to be executed.

(Can we outsource this Chinese team to NY or London?)


Dec 9th, A hat-tip to the unexplained mystery:

Funky space lights in the sky while the Prez is in Norway to get a peace prize (for escalating 2 wars!). More data on the signs in the sky here:

Not to be left out of the act, another strange spiral in the sky was seen in China on 12/10:

What’s the message here? Keep buying Treasuries or we send the Klingons in to pillage your country? Well, that’s probably the only plan the Fed hasn’t tried…