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Greek government to unveil plan to cut deficits

March 3rd, 2010

Before You Invest

The Greek government is expected to unveil a number of initiatives including cutting public sector pay as part of an attempt to reduce the country’s financial deficit.

An unnamed source has said that the plan could save the country as much as $6.5 billion, Bloomberg reported.

Prime minister George Papandreo stated that an announcement confirming the proposals will be made following a meeting of the country’s cabinet.

Greece’s debt management agency is also planning on launching a bond issue to raise up to €5 billion although the organisation’s new head, Petros Christodoulou, stated that this would only occur once market conditions are more “favourable”.

The bond issue is expected to come within days of the unveiling of the deficit cutting strategy to ensure Greece receives the best possible price for the sale of its debt.

Additional taxes on luxury goods, tobacco and alcohol are expected to be introduced while cuts will be made to salaries of public sector workers to reduce the government’s financial outlay.

Official statistics revealed that Greece’s deficit reached 12.7 per cent of gross domestic product during last year, a figure four times higher than the limit recommended by the European Union.

Posted in Finance Fraud

Tags: Best Possible Price, Bloomberg, Bond Issue, Debt Management, European Union, Financial Deficit, Financial Outlay, Greek Government, Gross Domestic Product, Initiatives, Luxury Goods, Management Agency, Official Statistics, Prime Minister, Proposals, Public Sector Workers, Salaries, Tobacco And Alcohol, Unnamed Source, Unveiling

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Goldman Sachs unpopular due to its success, ex-CEO claims

March 2nd, 2010

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Investment bank Goldman Sachs is unpopular because of its success, a former-chief executive officer (CEO) has claimed.

Jon Corzine, who also used to be chairman of the bank, made the comments during an interview with Bloomberg.

He told the news provider: “When you’re successful it brings envy.”

“People are broadly frustrated with the financial institutions, and since it is the leader of the industry and has shown great success over a long period of time, I think it’s more vulnerable.”

However, Mr Corzine added that bankers should also be more humble “in the overall scheme of public society” due to the anger provoked by the size of many compensation schemes unveiled by banks which have used state bailouts to remain in business.

Profits for Goldman Sachs during 2009 reached $13.4 billion after it benefitted from $10 billion worth of taxpayer aid as part of the Troubled Asset Relief Program during the financial crisis.

“People are very frustrated, angry about the compensation issues, particularly in the context of what people perceive as bailouts of each and every one of the folks that participated.”

Goldman Sachs is currently discussing the details of credit swaps undertaken with Greece during 2001 with the
European Union following allegations that it helped the country hide the full extent of its debt from regulators.

Posted in Finance Fraud

Tags: Allegations, Anger, Banks, Bloomberg, Business Profits, Ceo, Chief Executive Officer, Compensation Issues, Compensation Schemes, Envy, Financial Crisis, Financial Institutions, Full Extent, Goldman Sachs, Greece, Investment Bank, Jon Corzine, Period Of Time, Regulators, Swaps

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Copper Jumps to Seven-Week High in N.Y. After Chile Earthquake

March 1st, 2010

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(Bloomberg) — Copper jumped to a seven-week high in New York after a magnitude-8.8 earthquake disrupted supplies from Chile, the world’s largest producer.

The quake forced Codelco, Anglo American Plc and Antofagasta Plc to halt mine operations after power cuts.

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Tags: Anglo American Plc, Antofagasta Plc, Bloomberg, Chief Market Strategist, Chile Earthquake, Comex, Copper Mines, Copper Ores, Copper Producer, Donald Selkin, Global Exports, Loading Terminals, London Metal Exchange, Metric Ton, National Securities Corp, New York Mercantile, New York Mercantile Exchange, Northern Chile, Supply Contracts, York Mercantile Exchange

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Knight Boosts Options Staff With Six Traders From Newedge

February 23rd, 2010

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(Bloomberg) — Knight Capital Group Inc., which executes the most U.S.

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Tags: Bloomberg, Broker Dealer, Calyon, Capital Group Inc, Changing Hands, Credit Agricole, Equity Orders, Exchange Traded Funds, Fittipaldi, Lichtenstein, Merger Talks, Options Clearing Corp, Options Exchange, Options Exchanges, Options Group, Options Traders, Regulatory Approval, S Trading, Societe Generale, Stock Trading

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Paulson Leads Hedge Funds Increasing Bets on Citigroup Shares

February 17th, 2010

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(Bloomberg) — Hedge funds turned bullish on Citigroup Inc. last quarter, with firms run by John Paulson, Eric Mindich and George Soros purchasing millions of shares and at least 100 saying they bought stock in the bank.

Paulson & Co.

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Tags: Bloomberg, Chief Executive Officer, Citigroup, Citigroup Inc, Credit Crisis, Eric Mindich, Eton Park, Eton Park Capital, Eton Park Capital Management, Fir, George Soros, Housing Market, John Paulson, Last Quarter, Montpelier Vermont, Pandit, Securities And Exchange Commission, Soros Fund Management, Soros Fund Management Llc, Thwaites

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China Raises Bank Reserve Requirement to Cool Economy

February 12th, 2010

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(Bloomberg) — China ordered banks to set aside more deposits as reserves for the second time in a month to cool the fastest-growing economy after loan growth accelerated and property prices surged.

The reserve requirement will increase 50 basis points, or 0.5 percentage point, effective Feb.

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Tags: Bank Of China, Banks, Basis Points, Bloomberg, China Bank, Economy China, Fastest Growing Economy, Loan Growth, People Bank, People S Bank, Percentage Point, Reserve Requirement, Second Time

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Kerviel to Stand Trial on Societe Generale Trading Loss in June

February 12th, 2010

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(Bloomberg) — Former trader Jerome Kerviel will stand trial for his role in Societe Generale SA’s 4.9 billion- euro trading loss in June, a Paris court said today.

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Tags: Bloomberg, Paris Court, Societe Generale

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Buy Franc Amid Dollar Rallies, BNP Says: Technical Analysis

February 10th, 2010

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(Bloomberg) — Investors should sell the U.S. dollar against the Swiss franc amid greenback rallies with price charts showing the U.S. currency’s rise from its November low may be coming to an end, BNP Paribas SA said.

The dollar’s 7.6 percent increase met resistance at 1.0795 versus the franc on Feb.

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Tags: 0721, Asset Prices, Bloomberg, Bnp Paribas, Clean Break, Currency, Decline, Dollar, Greenback, Investors, Odds, Percentages, Price Charts, Rallies, Resistance, Retracement, Swiss Franc, Taiwan, Troughs

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Citigroup Loses $7.6 Billion on Costs to Repay U.S.

January 19th, 2010

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(Bloomberg) — Citigroup Inc., the U.S. bank that is 27 percent owned by the Treasury Department, ended a three- quarter profit streak with a $7.6 billion loss on costs to exit the government’s bailout program.

The fourth-quarter loss of 33 cents a share was narrower than the record loss of $17.3 billion, or $3.40 a share, a year earlier, New York-based Citigroup said today in a statement.

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Posted in Finance Fraud