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LONDON, May 23 (IFR) – 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. According to the figures, which are reported by banks on a quarterly basis and posted on the Fed’s website, JP Morgan’s position in investment-grade credit default swaps jumped [...] Just headlines: Bad Loans At Spanish Banks Rise To 7.91% In January “Governor Chafee unveiled his long awaited plan to help bail out financially strapped cities and towns Thursday. Central Falls is already bankrupt. Woonsocket, West Warwick, Pawtucket, and Providence are at the brink of bankruptcy. One of Governor Chafee’s seven bills lets cities and towns freeze retirees’ cost of living increases. Another allows the state’s “most distressed” communities to suspend teachers’ raises based on seniority [...] LONDON—Greece is optimistic that it will achieve a 75% to 80% participation in a bond swap this week that aims to write off more than half of €177 billion ($234 billion) in debt issued under Greek law, people with direct knowledge of the matter said Tuesday. That participation rate falls short of the 90% needed to avoid the activation of collective-action clauses that will pull in unwilling investors. The bond swap is [...] |
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