- Social Security to See Payout Exceed Pay-In This Year
- Merkel Sets Greek Terms, Calls IMF-EU Aid Last Resort
- ECB Offers Olive Branch to Greece
- Dubai Offers Dubai World $9.5 Billion in New Funds
- UBS Director Poteroba Is Arrested for Insider Trading
- Seventh Person Arrested in U.K. Insider Trading Probe
- Bank of America to Reduce Mortgage Balances
- Wells Fargo to Buy GMAC Assets
- Madoff Aide Bonventre Is Indicted for Role in Fraud
- U.S. Postal Service moves closer to 5-day delivery
- Tiger Woods Will Face Media Questions on April 5 at the Masters
Social Security to See Payout Exceed Pay-In This Year – NY Times
The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security. This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office. Stephen C. Goss, chief actuary of the Social Security Administration, said that while the Congressional projection would probably be borne out, the change would have no effect on benefits in 2010 and retirees would keep receiving their checks as usual
Merkel Sets Greek Terms, Calls IMF-EU Aid Last Resort – Bloomberg
German Chancellor Angela Merkel laid out her terms for an aid package for debt-laden Greece, saying she supports loans from the International Monetary Fund and European governments as a last resort if default looms. Asserting her clout as head of the European Union’s largest economy, Merkel ruled out an aid decision at today’s EU summit in Brussels, pushed for the IMF to be part of any potential rescue, and called for measures to stop deficit “trickery.”….
ECB Offers Olive Branch to Greece – Wall Street Journal
European Central Bank President Jean-Claude Trichet offered relief to the beleaguered Greek government Thursday, effectively removing a threat that it might not lend against the security of Greek bonds next year. Mr. Trichet said the ECB will continue to accept bonds with ratings as low as BBB- as collateral next year, although it won’t lend as much against lower-rated paper as against the ultra-safe AAA-rated bonds like Germany’s…..
Dubai Offers Dubai World $9.5 Billion in New Funds – Bloomberg
Dubai will support Dubai World’s debt restructuring with $9.5 billion as the state-owned holding company asks creditors to wait up to eight years to get all their money back. The additional funds double to $20 billion the amount the government paid to the emirate’s holding company. Dubai World said in November it would seek to delay repaying debt until May, sparking a plunge in developing-nation stocks and doubling the cost to protect against a default by Dubai…..
UBS Director Poteroba Is Arrested for Insider Trading – Bloomberg
UBS AG investment banker Igor Poteroba was arrested and accused of leaking merger tips to two friends, reaping almost $1 million in a scheme that used code words such as “frequent flyer miles” and references to a Macy’s wedding registry. Poteroba is expected to appear in Manhattan federal court tomorrow. A second man, Alexei Koval, appeared in federal court in Chicago today. A third defendant is suspected by authorities to be in Russia…..
Seventh Person Arrested in U.K. Insider Trading Probe – Bloomberg
The U.K.’s Financial Services Authority arrested a seventh person in an insider trading probe that has already ensnared workers at Deutsche Bank AG, Exane SA and hedge fund Moore Capital Management LLC. All seven will be released on bail, the FSA said in a statement today. Martyn Dodgson, a managing director in corporate broking at Deutsche Bank, and Clive Roberts, head of European sales trading at Exane BNP Paribas in London, are among those being probed, spokesmen for their firms said…..
Bank of America to Reduce Mortgage Balances – NY Times
Bank of America said on Wednesday that it would begin forgiving some mortgage debt in an effort to keep distressed borrowers from losing their homes. The program, while limited in scope and available by invitation only, signals a significant shift in efforts to deal with the millions of homeowners who are facing foreclosure. It comes as banks are being urged by the White House, members of Congress and community groups to do more to stem the tide…..
Wells Fargo to Buy GMAC Assets – Wall Street Journal
Wells Fargo & Co. has agreed to acquire a portfolio of receivables from GMAC Inc. as the unprofitable lender continues to rightsize itself. The banking giant said the commercial-services division portfolio consisted of about 150 small and middle-market clients that primarily serve the retail channel, representing about $4 billion in annual volume of so-called factored receivables. A factor is a specialized financial intermediary who purchases accounts receivable at a discount…..
Madoff Aide Bonventre Is Indicted for Role in Fraud – Bloomberg
Bernard M. Madoff’s ex-operations chief, who was arrested last month, was indicted by a federal grand jury for helping his boss run a Ponzi scheme that bilked investors and illegally infused $750 million into parts of a business that Madoff insisted was legitimate. Daniel Bonventre, 63, is the sixth person charged in the largest-ever U.S. Ponzi scheme. Prosecutors and regulators said he was a key aide to Frank DiPascali, the Madoff lieutenant who is helping the government unravel a fraud that cost investors billions of dollars…..
U.S. Postal Service moves closer to 5-day delivery - Reuters
The U.S. Postal Service will move forward with its proposal to cut costs by ending Saturday mail delivery, its Board of Governors said on Wednesday. The approval from the board allows the independent agency to take the next step by requesting a review opinion from the Postal Regulatory Commission, a statutory requirement whenever a significant service change is made, a Postal Service spokesman said. Eliminating Saturday delivery will ultimately be decided by Congress, as existing law mandates mail be delivered six days a week….
Tiger Woods Will Face Media Questions on April 5 at the Masters - Bloomberg
Tiger Woods will hold a news conference three days before the Masters Tournament, his first such meeting with reporters since he began a self- imposed exile from golf prompted by the publication of often salacious details about his private life. Woods will meet with reporters at 2 p.m. local time on April 5 at the Augusta National Golf Club in Augusta, Georgia, site of the season’s first Grand Slam golf event. The club announced the news conference today in a release…..
Tags: Bank of America, Bernie Madoff, CBO, Dubai, Dubai World, ECB, GMAC, Greece, Insider Trading, mortgages, Social Security, Sovereign wealth funds, Tiger Woods, UBS, US Postal Service, Wells Fargo
