See what we did there? Spain and Italy tied 1-1 yesterday on the third day of the European Championships, the soccer tournament that will provide backdrop to the region’s unfolding financial melodrama. (Seriously, who’s going to chart market reaction to Greek goals?) Anyway, the score was fitting, as the two nation’s creditworthiness appears to be Read More
Whither Europe: Spain will request European aid for its failing banks on Saturday afternoon, Reuters reports. That comes after Fitch Ratings downgraded Spanish debt three notches yesterday, and ahead of Greek elections on June 17 which could thrust European markets into crisis mode. “The government of Spain has realized the seriousness of their Read More
With the June 17 elections likely to determine Greece’s eurozone future, you’d expect tempers to run high. Not cooling anyone’s jets was news that HSBC was testing its Athens ATM machines for compatibility with drachma of all shapes and sizes, or a former Lehman Brothers banker suggesting Greece could save Europe by serving as Read More
That means you, Greece.
Michael Tory, former head of U.K. investment banking at Lehman Brothers, just published an op-ed in the Financial Times suggesting that what European policymakers need most right now is not to pull the region’s tenuous economy back from the ledge but to get down on their knees and take a good Read More
And so the Grexit continues to be nigh: George Soros may handicap Greece’s June 17 election in favor of the pro-bailout parties deemed more likely to keep the nation in Europe’s monetary union, but better-safe-than-sorry still applies. If you’re a Greek saver, that may mean stashing some euros under your mattress. Read More
Muted response: As the clock ticked past Facebook’s scheduled open, Nasdaq stayed mum on the technical glitches that delayed trading in the social media company’s stock by 28 minutes. The resulting chaos lasted hours, causing confusion over who had bought and sold how many shares at what prices—and leading to about $115 million in losses Read More
Prosecutors tried to stitch together separate strands in the insider-trading case against former McKinsey & Co. CEO Rajat Gupta, Facebook’s market makers may have lost $100 million due to Nasdaq glitches, and more in today’s Wall Street roundup.
U.S. v. Gupta: It was wiretap day at U.S. vs. Gupta, as prosecutors played FBI recordings of Read More
While Facebook dominated the news, Warren Buffett’s secretive investment banker slipped into a New York courthouse. That and more in today’s Wall Street roundup.
Falling out? NYSE Euronext approached Facebook yesterday about listing the company’s stock on the New York Stock Exchange, a move which would be a bigger blow to Nasdaq than any punishment regulators dole out for bungling the first day in Facebook trading.
Facebook and its underwriters face IPO backlash, the SEC indicates it will target VaR, and more in today’s Wall Street roundup.
Facebook flap: Research teams at Morgan Stanley and other Facebook underwriters cut earnings projections after updated regulatory filings on May 9 showed Zuck & Co. struggling to make money on mobile—and those Read More
A bug in JPMorgan’s chief investment office led to discord. A glitch in Nasdaq’s system delayed Facebook’s IPO. The next big insider trading trial opens today. And more, in today’s Wall Street roundup.
Down-tick: The London and New York desks of JPMorgan’s chief investment office had long been at odds, and shouting matches were common Read More