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		<title>Spain to Announce New Budget Amid Violent Protests; More Banks Targeted in Cyber Attacks: Roundup</title>

		<comments>http://observer.com/2012/09/spain-to-announce-new-budget-amid-violent-protests-more-banks-targeted-in-cyber-attacks-roundup/#comments</comments>
		<pubDate>Thu, 27 Sep 2012 07:41:54 -0400</pubDate>
					<link>http://observer.com/2012/09/spain-to-announce-new-budget-amid-violent-protests-more-banks-targeted-in-cyber-attacks-roundup/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=266093</guid>
		<description><![CDATA[<p>Investors will be watching <a href="http://online.wsj.com/article/SB10000872396390443916104578021692765950384.html?mod=WSJ_hps_LEFTTopStories">Spain's 2013 budget plan</a>, to be announced today, for indications that the government is laying the ground for a bailout request. If it makes investors happy, it's likely to make Spaniards mad, as demonstrations turned violent yesterday outside the Spanish parliament building in Madrid. In either case, Prime Minister Mariano Rajoy will be far from the drama: He's in New York this week to attend meetings at the United Nations, and has been showing up in Spanish newspapers on <strong>Sixth Avenue</strong>, <a href="www.chicagotribune.com/business/sns-rt-us-spain-budgetbre88q067-20120927,0,4878367.story">smoking a cigar</a>.</p>
<p>Joe Wiesenthal reads into a video of a Spanish bar owner yelling at cops yesterday, as <a href="http://www.businessinsider.com/alberto-casillas-spain-protest-2012-9">anti-austerity</a> protests turned tense.</p>
<p>Also: <strong>Greece.</strong> Yesterday's protests <a href="http://www.nytimes.com/slideshow/2012/09/27/world/europe/20120927GREECE.html">in photos</a>.</p>
<p><strong>U.S. Bancorp</strong> and <strong>PNC Financial Services</strong> are the latest banks to experience slowdowns on their consumer websites, said to be the result of <a href="http://www.nypost.com/p/news/national/attacks_bancorp_pnc_latest_banking_jNIOjbIj9xA1HxfhoQrfMI">cyber attacks</a>. Bank of America and JPMorgan Chase seemed to be the focus of attacks last week.</p>
<p><strong>Mergers and acquisitions</strong> have slumped to their lowest level since the third quarter of 2009, when the financial crisis <a href="http://www.bloomberg.com/news/2012-09-27/m-a-slumps-to-lowest-level-since-financial-crisis-s-nadir.html">stemmed dealmaking</a>.</p>
<p>Hedge fund managers may be facing <a href="http://www.nypost.com/p/news/business/hard_up_hedgies_NITnuuB1lLqw0O0RctkOgL">lower bonuses this year</a>, as many funds failed to adequately recover from poor performances in 2011, <em>The New York Post </em>reports.</p>
<p>Banks will pay out <a href="http://www.bloomberg.com/news/2012-09-26/banks-to-cut-pay-instead-of-jobs-graseck-says-tom-keene.html">lower bonuses</a>, rather than cut jobs, to control costs this year, Morgan Stanley banking analyst <strong>Betsy Graseck</strong> told Bloomberg.</p>
<p><strong>Nomura </strong>continues its restructuring with plans to <a href="http://www.bloomberg.com/news/2012-09-26/nomura-said-to-cut-up-to-30-jobs-in-americas-equities.html">eliminate 30 jobs</a> in its Americas equities division, according to Bloomberg. The Japanese firm is also cutting 100 investment banking jobs in Europe as it attempts to shed $1 billion in costs under new CEO Koji Nagai.</p>
<p>Credit Agricole chief executive officer Jean-Paul Chifflet expects a <a href="http://www.reuters.com/article/2012/09/27/us-creditagricole-emporiki-idUSBRE88Q0AT20120927">deal</a> to sell its Greek lender <strong>Emporiki</strong> in the next few weeks, according to Reuters. The price may be a symbolic 1 euro.</p>
<p>Hong Kong tycoon Cecil Chao is offering a <a href="http://www.cnbc.com/id/49181324">$65 million bounty</a> to the man who can win the heart of his lesbian daughter.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
]]></description>
		<content:encoded><![CDATA[<p>Investors will be watching <a href="http://online.wsj.com/article/SB10000872396390443916104578021692765950384.html?mod=WSJ_hps_LEFTTopStories">Spain's 2013 budget plan</a>, to be announced today, for indications that the government is laying the ground for a bailout request. If it makes investors happy, it's likely to make Spaniards mad, as demonstrations turned violent yesterday outside the Spanish parliament building in Madrid. In either case, Prime Minister Mariano Rajoy will be far from the drama: He's in New York this week to attend meetings at the United Nations, and has been showing up in Spanish newspapers on <strong>Sixth Avenue</strong>, <a href="www.chicagotribune.com/business/sns-rt-us-spain-budgetbre88q067-20120927,0,4878367.story">smoking a cigar</a>.</p>
<p>Joe Wiesenthal reads into a video of a Spanish bar owner yelling at cops yesterday, as <a href="http://www.businessinsider.com/alberto-casillas-spain-protest-2012-9">anti-austerity</a> protests turned tense.</p>
<p>Also: <strong>Greece.</strong> Yesterday's protests <a href="http://www.nytimes.com/slideshow/2012/09/27/world/europe/20120927GREECE.html">in photos</a>.</p>
<p><strong>U.S. Bancorp</strong> and <strong>PNC Financial Services</strong> are the latest banks to experience slowdowns on their consumer websites, said to be the result of <a href="http://www.nypost.com/p/news/national/attacks_bancorp_pnc_latest_banking_jNIOjbIj9xA1HxfhoQrfMI">cyber attacks</a>. Bank of America and JPMorgan Chase seemed to be the focus of attacks last week.</p>
<p><strong>Mergers and acquisitions</strong> have slumped to their lowest level since the third quarter of 2009, when the financial crisis <a href="http://www.bloomberg.com/news/2012-09-27/m-a-slumps-to-lowest-level-since-financial-crisis-s-nadir.html">stemmed dealmaking</a>.</p>
<p>Hedge fund managers may be facing <a href="http://www.nypost.com/p/news/business/hard_up_hedgies_NITnuuB1lLqw0O0RctkOgL">lower bonuses this year</a>, as many funds failed to adequately recover from poor performances in 2011, <em>The New York Post </em>reports.</p>
<p>Banks will pay out <a href="http://www.bloomberg.com/news/2012-09-26/banks-to-cut-pay-instead-of-jobs-graseck-says-tom-keene.html">lower bonuses</a>, rather than cut jobs, to control costs this year, Morgan Stanley banking analyst <strong>Betsy Graseck</strong> told Bloomberg.</p>
<p><strong>Nomura </strong>continues its restructuring with plans to <a href="http://www.bloomberg.com/news/2012-09-26/nomura-said-to-cut-up-to-30-jobs-in-americas-equities.html">eliminate 30 jobs</a> in its Americas equities division, according to Bloomberg. The Japanese firm is also cutting 100 investment banking jobs in Europe as it attempts to shed $1 billion in costs under new CEO Koji Nagai.</p>
<p>Credit Agricole chief executive officer Jean-Paul Chifflet expects a <a href="http://www.reuters.com/article/2012/09/27/us-creditagricole-emporiki-idUSBRE88Q0AT20120927">deal</a> to sell its Greek lender <strong>Emporiki</strong> in the next few weeks, according to Reuters. The price may be a symbolic 1 euro.</p>
<p>Hong Kong tycoon Cecil Chao is offering a <a href="http://www.cnbc.com/id/49181324">$65 million bounty</a> to the man who can win the heart of his lesbian daughter.</p>
<p>&nbsp;</p>
<p>&nbsp;</p>
]]></content:encoded>
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		<title>Morgan Stanley&#8217;s Smith Barney Dilemma; Greenwich Home Prices Decline With Wall Street Pay: Roundup</title>

		<comments>http://observer.com/2012/08/morgan-stanleys-smith-barney-dilemma-greenwich-home-prices-decline-with-wall-street-pay-roundup/#comments</comments>
		<pubDate>Tue, 28 Aug 2012 07:33:10 -0400</pubDate>
					<link>http://observer.com/2012/08/morgan-stanleys-smith-barney-dilemma-greenwich-home-prices-decline-with-wall-street-pay-roundup/</link>
			<dc:creator>Patrick Clark</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=259720</guid>
		<description><![CDATA[<p><strong>Morgan Stanley</strong> likes to tout the steady revenue provided by its wealth management franchise. At the same time, the bank is arguing that it's Smith Barney joint venture with <strong>Citigroup</strong> is worth <a href="http://www.bloomberg.com/news/2012-08-27/morgan-stanley-win-on-brokerage-would-be-pyrrhic-victory.html">$13 billion less</a> than Citi estimates. Bloomberg's Michael Moore breaks down the process by which investment bank Perella Weinberg will assess the JV this week.</p>
<p>The median home price in <strong>Greenwich, Conn.</strong> fell 11 percent in the first seven months of the year, according to Bloomberg, as Wall Street cut jobs and <a href="http://www.bloomberg.com/news/2012-08-28/connecticut-homes-biggest-losers-as-wall-street-cuts-mortgages.html">pared compensation</a>.<!--more--></p>
<p><strong>M&amp;T Bank's</strong> deal for Hudson City Bancorp shows the Buffalo-based acquirer <a href="http://dealbook.nytimes.com/2012/08/27/deal-helps-a-bank-catch-up-in-capital/">needs capital</a> to meet new regulatory requirements, writes Peter Eavis in <em>The Times</em>.</p>
<p><strong>Barclays</strong> has watched energy traders depart for other firms after the bank placed <a href="http://www.bloomberg.com/news/2012-08-27/in-barclays-energy-trading-bonus-limits-spark-exodus.html">capped bonuses</a> and limited the amount that traders can risk.</p>
<p><strong>Credit Agricole</strong> hopes to reach a deal to sell its Greek unit in the next few weeks, the French lender's CEO Jean-Paul Chifflet said today. Credit Agricole said it lost <a href="ean-Paul Chifflet">370 million euros</a> on the Emporiki in the second quarter.</p>
<p>Depositors are pulling money out of Spanish banks, Reuters reports, and the <strong>Spanish recession</strong> <a href="www.reuters.com/article/2012/08/28/us-spain-economy-idUSBRE87R08D20120828">continues to deepen</a>.</p>
<p><strong>Greece </strong>is planning special economic zones that would offer tax and administrative <a href="http://www.reuters.com/article/2012/08/28/us-greece-economy-zones-idUSBRE87R09820120828">advantages</a> (but which not allow business to pay lower wages).</p>
<p>In the U.S., meanwhile, things are such that investors are giving up on stocks and bonds and <a href="http://www.nypost.com/p/news/business/dinar_is_served_0cCgdFyLzXyaf9NGzRYbsN">placing bets</a> on...the <strong>Iraqi Dinar</strong>. That's old news, but <em>The New York Post</em> reports that a Dinar trade figures in the plot of Hollywood's <em>Hit and Run, </em>starring Kristen Bell.</p>
<p>In Hong Kong, <strong>Occupy</strong> protestors <a href="http://www.bloomberg.com/news/2012-08-27/hong-kong-s-occupy-protesters-face-deadline-to-leave-hsbc.html">defied a court</a> order to evacuate HSBC's headquarters. According to Bloomberg, media outnumbered protestors.</p>
<p>Greenlight Capital founder <strong>David Einhorn</strong> <a href="http://dealbook.nytimes.com/2012/08/27/far-from-wall-st-and-silicon-valley-a-focus-on-family-ties/">sank $15 million</a> into a Milwaukee-based venture capital firm—the Capital Midwest Fund, managed by his brother Daniel and father Stephen.</p>
<p><strong>William C. Butcher</strong>, former chairman and chief executive officer of <a href="http://dealbook.nytimes.com/2012/08/27/willard-c-butcher-former-chief-of-chase-manhattan-dies-at-85/">Chase Manhattan</a>, died at 85.</p>
]]></description>
		<content:encoded><![CDATA[<p><strong>Morgan Stanley</strong> likes to tout the steady revenue provided by its wealth management franchise. At the same time, the bank is arguing that it's Smith Barney joint venture with <strong>Citigroup</strong> is worth <a href="http://www.bloomberg.com/news/2012-08-27/morgan-stanley-win-on-brokerage-would-be-pyrrhic-victory.html">$13 billion less</a> than Citi estimates. Bloomberg's Michael Moore breaks down the process by which investment bank Perella Weinberg will assess the JV this week.</p>
<p>The median home price in <strong>Greenwich, Conn.</strong> fell 11 percent in the first seven months of the year, according to Bloomberg, as Wall Street cut jobs and <a href="http://www.bloomberg.com/news/2012-08-28/connecticut-homes-biggest-losers-as-wall-street-cuts-mortgages.html">pared compensation</a>.<!--more--></p>
<p><strong>M&amp;T Bank's</strong> deal for Hudson City Bancorp shows the Buffalo-based acquirer <a href="http://dealbook.nytimes.com/2012/08/27/deal-helps-a-bank-catch-up-in-capital/">needs capital</a> to meet new regulatory requirements, writes Peter Eavis in <em>The Times</em>.</p>
<p><strong>Barclays</strong> has watched energy traders depart for other firms after the bank placed <a href="http://www.bloomberg.com/news/2012-08-27/in-barclays-energy-trading-bonus-limits-spark-exodus.html">capped bonuses</a> and limited the amount that traders can risk.</p>
<p><strong>Credit Agricole</strong> hopes to reach a deal to sell its Greek unit in the next few weeks, the French lender's CEO Jean-Paul Chifflet said today. Credit Agricole said it lost <a href="ean-Paul Chifflet">370 million euros</a> on the Emporiki in the second quarter.</p>
<p>Depositors are pulling money out of Spanish banks, Reuters reports, and the <strong>Spanish recession</strong> <a href="www.reuters.com/article/2012/08/28/us-spain-economy-idUSBRE87R08D20120828">continues to deepen</a>.</p>
<p><strong>Greece </strong>is planning special economic zones that would offer tax and administrative <a href="http://www.reuters.com/article/2012/08/28/us-greece-economy-zones-idUSBRE87R09820120828">advantages</a> (but which not allow business to pay lower wages).</p>
<p>In the U.S., meanwhile, things are such that investors are giving up on stocks and bonds and <a href="http://www.nypost.com/p/news/business/dinar_is_served_0cCgdFyLzXyaf9NGzRYbsN">placing bets</a> on...the <strong>Iraqi Dinar</strong>. That's old news, but <em>The New York Post</em> reports that a Dinar trade figures in the plot of Hollywood's <em>Hit and Run, </em>starring Kristen Bell.</p>
<p>In Hong Kong, <strong>Occupy</strong> protestors <a href="http://www.bloomberg.com/news/2012-08-27/hong-kong-s-occupy-protesters-face-deadline-to-leave-hsbc.html">defied a court</a> order to evacuate HSBC's headquarters. According to Bloomberg, media outnumbered protestors.</p>
<p>Greenlight Capital founder <strong>David Einhorn</strong> <a href="http://dealbook.nytimes.com/2012/08/27/far-from-wall-st-and-silicon-valley-a-focus-on-family-ties/">sank $15 million</a> into a Milwaukee-based venture capital firm—the Capital Midwest Fund, managed by his brother Daniel and father Stephen.</p>
<p><strong>William C. Butcher</strong>, former chairman and chief executive officer of <a href="http://dealbook.nytimes.com/2012/08/27/willard-c-butcher-former-chief-of-chase-manhattan-dies-at-85/">Chase Manhattan</a>, died at 85.</p>
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