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10 December 2012
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  • Monti's departure will leave Italy's austerity plan hanging
    Unelected Italian Prime Minister Mario Monti is stepping down, and his disgraced predecessor, Silvio Berlusconi, is waiting in the wings. Berlusconi's party withdrew its support for Monti, who says he cannot now govern. Standard & Poor's rating agency expressed doubt over whether a new government could continue Italy's austerity plan. CNBC (08 Dec.) LinkedInFacebookTwitterEmail this Story
  • Greece reportedly may give debt buyback another go
    Greece may renew its debt buyback program Monday, government sources say. The initial offer to buy back about €30 billion expired Friday, and an official said offers received from holders came to about that total. "I believe that by Monday or Tuesday, I will be able to say with great certainty that things went very well," Prime Minister Antonis Samaras said. CNBC/Reuters (09 Dec.) LinkedInFacebookTwitterEmail this Story
  • Banks face additional mortgage securities lawsuits
    The biggest banks in the U.S. may be forced to pay tens of billions of dollars, on top of what they have paid already, in response to a new round of claims brought against them over mortgage securities. Investors, insurers, regulators and prosecutors have initiated dozens of lawsuits related to losses on more than $1 trillion of securities backed by residential mortgages. The New York Times (tiered subscription model) (09 Dec.) LinkedInFacebookTwitterEmail this Story
  • Analysis: Debt boom isn't necessarily something to celebrate
    Debt capital is flowing freely to any U.S. corporation that wants it, but the long-term consequences of this easy money are difficult to anticipate, according to The Economist. "The implicit bet that investors and policymakers are making is that whatever costs come from an eventual increase in interest rates, they will be more than offset by the positive effects of an economy rejuvenated in part by cheap credit," the magazine notes. "It is, in short, a bet on a free lunch, and like most such bets is not without risks." The Economist (08 Dec.) LinkedInFacebookTwitterEmail this Story
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  Market Activity 
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  • BIS cautions over rising assets when outlook is less than rosy
    Noting the glow on markets worldwide even as the economic outlook darkens, the Bank for International Settlements is raising the possibility that asset prices may once again be over-inflated. Market gains also appear to defy recent profit warnings in the U.S. and Europe. "Unusually, equity and fixed income gains coincided with a weakening of the global economic outlook. In the past, falling growth forecasts have usually been associated with rising expected default rates and higher bond yields," the BIS said in its quarterly report. The Telegraph (London) (tiered subscription model) (09 Dec.) LinkedInFacebookTwitterEmail this Story
  • Consumer borrowing accelerates in U.S. for third straight month
    Economists were caught off guard by the sharp increase in U.S. consumer borrowing in October. The Federal Reserve said consumer credit jumped $14.2 billion in October, marking the third consecutive monthly expansion. Economists surveyed by Reuters and Bloomberg expected the October figure to rise by $10 billion. Reuters (07 Dec.), Bloomberg (07 Dec.) LinkedInFacebookTwitterEmail this Story
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  • U.K., U.S. offer joint plan for "too big to fail" banks
    For the first time, U.S. and British regulators have made public their common view of how to cope with financial institutions considered "too big to fail". The US Federal Deposit Insurance Corp. and the Bank of England discussed the problem in a joint paper. "We believe that, for many [global systemically important financial institutions], this strategy holds the best possibility of preserving stability while removing taxpayer support," Martin Gruenberg, chairman of the FDIC, and Paul Tucker, deputy governor for financial stability for the Bank of England, write in the Financial Times. "It holds shareholders, creditors and management in a failed GSifi accountable for its losses." The Telegraph (London) (tiered subscription model) (10 Dec.), Financial Times (tiered subscription model) (10 Dec.) LinkedInFacebookTwitterEmail this Story
  • Financial advisers' reforms are delayed by House, Senate changes
    Action on far-reaching reforms that could change the way financial advisers do business will likely be delayed by changes in the leadership of two key U.S. Congressional committees. The House Financial Services Committee and the Senate Banking, Housing and Urban Affairs Committee will have new chairmen when Congress returns to Washington in 2013. Reuters (07 Dec.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • Fidelity, Arden launch mutual fund run by hedge fund managers
    Fidelity Investments and Arden Asset Management brought to the retail market a mutual fund advised by nine prominent hedge fund managers, including Babson Capital, Chilton Investment, Jana Partners and York Registered Holdings. The fund aims for returns ranging from the high single-digits to the low double-digits over a three-to-five-year hold. The expense ratio is 2.3%. Financial Advisor online (07 Dec.), FINalternatives (07 Dec.) LinkedInFacebookTwitterEmail this Story
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