- Banks that inflated Greek debt should be investigated, EU urges
- Greece loses EU voting power in blow to sovereignty
- Renaissance suffers rare disappointment
- Lone voice warns of debt threat to Fed
- U.S. Seeks First Trial in Galleon Case
- Tax Question Stalls AIG, MetLife Deal
- Beatles’ Abbey Road Studios for Sale to Cut EMI Debt
Banks that inflated Greek debt should be investigated, EU urges - Guardian.co.uk
The European parliament has urged EU authorities to investigate the role of Goldman Sachs and other investment banks in contracts that helped inflate Greece’s public debt.Over the past few years, Goldman Sachs and other banks lent money to Greece through currency contracts that allowed the government to raise millions but that didn’t count as debt. The transactions led to hefty fees for the investment banks.“It appears that Goldman Sachs have colluded with past Greek governments to reduce the appearance of Greece’s debt for short-term gain, while in reality making it worse than ever,” said Arlene McCarthy, vice-president of the European parliament’s economic and monetary affairs committee. “These deals have increased costs for Greek taxpayers and left a mess behind for Greece’s citizens and the eurozone.”…..
Greece loses EU voting power in blow to sovereignty – Daily Telegraph
The European Union has shown its righteous wrath by stripping Greece of its vote at a crucial meeting next month, the worst humiliation ever suffered by an EU member state.The European Union has shown its righteous wrath by stripping Greece of its vote at a crucial meeting next month, the worst humiliation ever suffered by an EU member state…..
Renaissance suffers rare disappointmen t – Financial Times
Renaissance, the group founded by mathematician James Simons, had hoped the Renaissance Institutional Equities Fund (Rief) could grow to up to $100bn in assets – an unheard of amount for a single fund…..
The fund, which trades across asset classes and securities using computer programmes, closed 2009 down 6 per cent, according to investors, missing out on the hedge fund industry’s best year in more than a decade.
The fund fell a further 1.5 per cent in January, according to performance figures seen by the Financial Times, but is understood to have recouped those losses this month…..
Lone voice warns of debt threat to Fed - Financial Times
The US must fix its growing debt problems or risk a new financial crisis, Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, warned on Tuesday, adding a mounting deficit could spur inflation.Mr Hoenig said that rising debt was infringing on the central bank’s ability to fulfil its goals of maintaining price stability and long-term economic growth. “Stunning” deficit projections were putting political pressure on the Fed to keep interest rates low, infringing on its independence at the risk of inflation, he said…..
U.S. Seeks First Trial in Galleon Case - Wall Street Journal
Prosecutors said that Galleon Group founder Raj Rajaratnam and a co-defendant will gain a tactical advantage if their criminal insider-trading case isn’t heard until after a separate civil case by the U.S. Securities & Exchange Commission.
In court papers Tuesday, Assistant U.S. Attorney Jonathan Streeter said Mr. Rajaratnam and Danielle Chiesi, a former consultant with hedge-fund firm New Castle Funds LLC, will gain an “unfair strategic advantage” if the criminal case is delayed…..
Tax Question Stalls AIG, MetLife Deal – Wall Street Journal
The pending $15 billion sale of a large foreign life-insurance unit of American International Group Inc. to MetLife Inc. is being held up by a tax dispute that may require a ruling from the Internal Revenue Service, according to people familiar with the matter.The tax issue could put the Department of the Treasury, as overseer of the Internal Revenue Service, in an awkward situation. The Treasury is supervising AIG while trying to recoup taxpayers’ $120 billion-odd investment in AIG and related entities…..
EMI Group Ltd. has put its Abbey Road Studios in London, where the Beatles recorded many of their albums, up for sale, said a person familiar with the matter.The record label of Norah Jones and Coldplay has spoken to potential buyers during the past few months and talks have not led to a solid offer, said the person, who didn’t want to be identified because the talks are private. The studios are worth tens of millions of pounds and are not an essential asset for EMI, the person said…..
Tags: AIG, Beatles, EU, Fed, Galleon, Goldman Sachs, Greece, Insider Trading, Jim Simons, Music, Raj Rajaratnam, Renaissance Technologies, Taxes
