- Goldman Sachs Sues 7 Managers for Credit Suisse Move
- Dollar Rally Drives Euro Near Nine-Month Low as Metals Retreat
- Merkel Slams Greek ‘Scandal’ as Goldman Role Examined
- Top Earners Averaged $345 Million in 2007, IRS Says
- Junk Bonds Erase 2010 Loss as Spreads Fall Most Since September
Goldman Sachs Sues 7 Managers for Credit Suisse Move – Bloomberg
Goldman Sachs Group Inc. sued seven former members of its private-wealth management division who resigned this month to join a unit of rival Credit Suisse Group AG.Credit Suisse Securities USA offered the group of investment managers “tens of millions of dollars” to leave Goldman Sachs in an act of “pirating,” according to a complaint filed today in federal court in Atlanta. Several of the managers immediately began soliciting former clients in violation of their Goldman Sachs contracts, the investment bank said……
The dollar strengthened, driving the euro to near a nine-month low, as European officials wrangled over aid to Greece and the Federal Reserve said it may unwind some economic stimulus measures. Copper fell for a second day.The dollar gained 0.4 percent against the euro at 12 p.m. in London, trading within a quarter-cent of its strongest level since May. Copper slipped 0.2 percent. The MSCI World Index of stocks and futures on the Standard & Poor’s 500 Index both declined 0.2 percent. Greek 10-year government bonds dropped, sending yields up 13 basis points to 6.5 percent.German Chancellor Angela Merkel slammed the “scandal” of banks helping Greece massage its deficit, saying the nation “falsified its statistics for years.”….
German Chancellor Angela Merkel said it would be a “scandal” if banks helped Greece massage its budget, as European officials investigate Goldman Sachs Group Inc.’s role in Greek efforts to conceal the size of its deficit.“It’s a scandal if it turned out that the same banks that brought us to the brink of the abyss helped fake the statistics,” Merkel said in a speech in northern Germany late yesterday, without naming Goldman Sachs directly. Greece “falsified statistics for years.”…..
Top Earners Averaged $345 Million in 2007, IRS Say s – Bloomberg
The average income reported by the 400 highest-earning U.S. households grew to almost $345 million in 2007, up 31 percent from a year earlier, Internal Revenue Service statistics show…..
Each household in the top 400 of earners paid an average tax rate of 16.6 percent, the lowest since the agency began tracking the data in 1992, the statistics show. Their average effective tax rate was about half the 29.4 percent in 1993, the first year of President Bill Clinton’s administration, when taxes were increased.
The statistics underscore “two long-term trends: that income at the very top has exploded and their taxes have been cut dramatically,” said Chuck Marr, director of federal tax policy at the Center on Budget and Policy Priorities, a Washington research group that supports increasing taxes on high-income individuals……
Junk Bonds Erase 2010 Loss as Spreads Fall Most Since September - Bloomberg
High-yield, high-risk U.S. corporate bonds erased 2010 losses and spreads tightened the most in five months as company earnings and industrial production figures beat estimates.Junk-rated debt has returned 0.38 percent this year, according to Bank of America Merrill Lynch’s U.S. High-Yield Master II Index. The extra yield investors demand to own high- yield bonds instead of Treasuries narrowed 22 basis points to 680 basis points, the biggest drop since Sept. 16 when spreads tightened 26 basis points……
Tags: Credit Suisse, Euro, Goldman Sachs, Greece, IRS, Junk Bonds, Lawsuit, poaching, Revolving Door, U.S. Dollar, Wealth
