Emails Doom Barclays, Judge Orders JPMorgan to Explain Itself; Wall Street Roundup

‘E’ is for ‘evidence’: Maybe some day people will stop committing their ill deeds to email (we’re talking to you Big Boy), and what a sad day that will be. In the meantime, it was trader emails that carried U.S. and U.K. regulators to the Barclays settlement last week, and it will be emails that lead to future settlements with other banks. Did the U.K.’s Financial Services Authority miss the warning signs on the Libor-rigging scandal? With three investment bankers at the top of Barclays gone, is a spin off in the cards? David Cameron’s comments on Bob Diamond show the British prime minister’s shifting public stance on the City of London.

Seeking JPMorgan emails: A federal judge ordered JPMorgan to explain why it had not heeded a Federal Energy Regulatory Commission subpoena seeking emails in a probe into whether the lender’s power trading business manipulated markets in California and the Midwest. JPMorgan has said the emails are protected by attorney-client privilege.

Must-read: Citigroup economist Willem Buiter’s harsh views on the best-laid plans of central bankers have made his research mandatory reading for large investors.

Give a little, get a little…Part I: Greece plays the game where it says it will speed up implementation of its austerity program while insisting it needs more time to meet targets set by European rescuers.

…Part II: Italy approved $5.58 billion in spending cuts for 2012, but pushed back a tax increase to the first half of next year.

Seesaw: A week after the results of the European summit eased pressure on Spanish sovereign debt, Spain’s borrowing costs are back to unsustainable levels.

More time: U.S. adoption of global accounting rules will have to wait.

Shares up: Netflix shares gained 13 percent yesterday on news that the company’s online service is outperforming network and cable television channels. Chief Executive Officer Reed Hastings published some of his company’s good news on his Facebook page, leading Herb Greenberg to wonder whether that disclosure violated securities law.

Jobs report: Bloomberg’s survey of economists predicted the U.S. economy would add 100,000 jobs in June, up from May but not enough to avoid the worst quarter since 2010.

Low on funds: Japan’s finance minister pleaded with political parties for a deficit financing bill. Without it, the minister said, the country could run out of cash by October.