“A handful of Republican lawmakers are declining to endorse Mitt Romney for president. The main holdouts are Reps. Ron Paul (Texas), Walter Jones (N.C.) and Justin Amash (Mich.). Both Jones and Amash endorsed Paul’s 2012 bid for the White House.”
Two out of every five American adults have not joined Facebook, according to recent poll
But as of March 31, Facebook has 901million users worldwide
About three quarters of elderly people are not on Facebook
Younger non-users – especially women – cite privacy concerns
More than 900 million people worldwide check their Facebook accounts at least once a month, but millions more are Facebook holdouts.
They say they don’t want Facebook. They insist they don’t [...]
Greece made a last-minute decision on Tuesday to pay bondholders who refused to accept a debt restructuring, a move that may set a precedent and infuriate creditors who accepted just cents on the euro for their investment in a historic bond swap.
In an about-face, Greece opted to pay holders of 430 million euros ($552 million) of a May 15 bond, despite having told those who took its bond swap [...]
Investors in Greek bonds issued under foreign law rejected the nation’s attempts to restructure the debt at talks last week.
In 20 out of 36 meetings, bondholders either turned down the government’s proposal, adjourned the talks or failed to achieve a quorum, according to a press release today from the Greek Public Debt Management Office.
The meetings involved holders of about $26.8 billion of foreign-law notes denominated in dollars, euros, Swiss [...]
The Hellenic Republic Greek CDS Auction has ended, pricing at 21.5%, just slightly less compared to the Initial Market Midpoint of 21.75 of par. As explained back in January 2009, those who had bought the Cheapest to Deliver Greek bonds trading in the teens coming into the auction, made a quick buck, as these will be taken out at a nice premium to purchase price. For those who bought at par, we can only hope they [...]
Greece’s use of collective action clauses forcing investors to take losses under its debt restructuring triggers payouts on $3 billion of default insurance, the International Swaps & Derivatives Association said.
A total 4,323 credit-default swap contracts may now be settled after ISDA’s determinations committee ruled the use of CACs is a restructuring credit event, according to a statement distributed today by Business Wire. Before the ruling, Greek swaps rose to a record $7.68 [...]
Some headlines first:
Nearly 1,700 Layoff Warnings Issued by City Schools (San Diego)
Hamtramck, Wayne Co. face rising struggles making payroll
With a Pension Shortfall, Companies Want to Kick in Even Less
California Pension May Lower Assumed Return for First Time Since Recession
Spanish farmers faced with ruinous tax hikes
Hospitals face $170m hit from sick carbon tax (Victoria)
…………………Athens’ Pitifully Hollow Warning to Bond Holdouts; Self-Serving, Misguided Hype by IIF on “Implications of a Disorderly Greek Default and [...]
Lehman Brothers has ended the largest-ever corporate bankruptcy, emerging from Chapter 11 and announcing it will begin making its first payouts to clients next month, reports the FT. However, many disputes surrounding the defunct investment bank remain,http://ftalphaville.ft.com/thecut/2012/03/07/911741/lehman-emerges-from-bankruptcy/
Norway’s state-controlled energy group Statoil is in pole position to buy the Brazilian business of US-listed explorer Anadarko for about $3bn, which would mark the latest big foray by a global oil group into [...]
Banks and insurers pose Greek debt plan
Here are the different scenarios:
Investors holding less than 66 percent of the debt sign up: Greece withdraws the offer, loses the second bailout and defaults on all of its debt. In that case, not only the private investors but the eurozone countries, the IMF, the European Central Bank and national central banks in the currency union face massive losses.
Investors holding between 66 percent and [...]
A committee of banks and investors that governs credit-default swaps was asked to rule whether Greece’s parliament triggered payouts on contracts that protect against losses on the country’s debt.
The International Swaps and Derivatives Association’s determinations committee was asked whether a so-called restructuring credit event was caused by publication today of legislation that the Greek parliament passed as part of its agreement to exchange bonds for new securities, the trade group said [...]
Today, without much fanfare, US debt to GDP hit 101% with the latest issuance of $32 billion in 2 Year Bonds. If the moment when this ratio went from double to triple digits is still fresh in readers minds, is because it is: total debt hit and surpassed the most recently revised Q4 GDP on January 30, or just three weeks ago. Said otherwise, it has taken the US 21 [...]
Via Peter Tchir of TF Market Advisors,
If the ECB switches 50 billion of old bonds for 50 billion of new bonds, what does Greece get? No notional reduction. Possibly a reduction in interest payments but that depends on the coupons on the bonds the ECB owns. The new bonds allegedly have some covenants and possibly other projections for the bond holders. That is a negative for Greece – they can default [...]
When Ronald Reagan said that big government undermined the economy, some people dismissed his comments because of his philosophical belief in liberty.
And when I discuss my work on the economic impact of government spending, I often get the same reaction.
This is why it’s important that a growing number of establishment outfits are slowly but surely coming around to the same point of view.
The European Central Bank published a study showing [...]
Yesterday, Greek finmin Venizelos did his best to exude confidence when he, of all people, decided to give the ECB, and thus Germany, a virtual ultimatum demanding that public sector creditors are also impaired (supposedly only some, while excluding Greek pension companies). Kathimerini has more on this in “Never mind PSI, OSI is all the rage.” And the only reason why Veni needs this critical step is because the hedge [...]
**BLOOMBERG EXCLUSIVE: Nouriel Roubini and Ian Bremmer spoke with Bloomberg Television’s Margaret Brennan about the state of the global economy.
Roubini said that the “probability of a recession in the United States is lower than 60 percent right now.” On Europe, he said that even if an agreement is reached on Greece, “there are going to be so many holdouts that then they’ll have a problem” and “either way you’re going [...]
From Peter Tchir of TF Market Advisors
As Europe limps from poorly planned idea to poorly planned idea, they have now resorted to looking at the back of comic books for solutions. They haven’t yet figured out how to use Sea Monkeys, but the Greeks have latched on to the possibilities of disappearing ink, or in this case, appearing ink.
There is a lot of talk about Greece adding a “Collective [...]
The NYPD arrested 70 protesters as they moved in on Zuccotti Park early this morning and began clearing out the thousands of Occupy Wall Street protesters who had taken over the space for nearly two months.
More than 1,000 cops marched on the lower Manhattan encampment shortly before 1 a.m. and handed out fliers ordering demonstrators to get out and remove their personal property.
The cops were followed by Sanitation workers, [...]
WILKES-BARRE, Pa. — Nearly 100,000 people were ordered to flee the rising Susquehanna River on Thursday as the remnants of Tropical Storm Lee dumped more rain across the Northeast, socking areas still recovering from Hurricane Irene and closing major highways at the morning rush.
At Binghamton, N.Y., the wide river broke a flood record and flowed over retaining walls downtown. About 80 miles downstream in [...]
While the key market moving event from last Friday may have been Bernanke’s Jackson Hole speech which merely left the door open to future QE episodes, the most important event from an economic standpoint was the first GDP revision Q2, which dropped from preliminary 1.3% to a sub stall speed, in real terms, 1.0%. What is just as important is that as the following [...]
Rep. Anthony Weiner said Wednesday he was looking into how a health law waiver might work for New York City.
Weiner, who is likely to run for mayor of New York, said that because of the city’s special health care infrastructure, his office was looking into alternatives that might make more sense. Weiner is one of the health care law’s biggest supporters; during the debate leading up [...]