Long-promised downgrades are set to kick in for Italian banks, Green Mountain’s chairman loses his post to margin call and, thankfully, new Charlotte ordinance barring crowbars at large events was passed in time for Bank of America’s annual meeting. All that and more, in today’s Wall Street roundup.
Scissor season: Moody’s is expected to begin cutting ratings on banks any day now, and Bloomberg notes the consequences: Higher funding costs, curbed lending and another thorn in the side of economic growth. According to a Moody’s note last month, Italian lenders are first on the chopping block, to be followed by banks in other European countries. U.S. banks will also come in for potential downgrades, but are unlikely to see ratings changes until June.
In November 1853, a 46-year-old candle-maker set sail from Staten Island for Europe, where he had been one of the most famous soldiers since the fall of Napoleon 40 years before. Giuseppe Garibaldi was already one-half on his way to becoming “the Hero of Two Worlds” of legend, as he had the previous decade fought for Uruguayan independence in South America. His fighting on behalf of his native soil, however, had not gone so spectacularly.
the lead indicator
SWITZERLAND—Europe’s intractable sovereign debt crisis engulfed Italy with surprising speed last week, forcing the adoption of $56 billion in austerity measures that are projected to bring the country’s budget into balance in 2014.
Once again, European leaders are working to contain the crisis, which has only now spilled over from the peripheral economies to one of the Continent’s largest.
We read with extreme interest the Page Six news that Lindsay Lohan was to be on the cover of the September issue of Vanity Fair–though the item, which posited the specific photographer for Vogue‘s upcoming Kate Moss cover (Mario Testino), only informed us that the VF photoshoot was taken during Ms. Lohan’s house Read More
Today, art fairs bring the international avant-garde to every urban doorstep, but collectors once had to track it down for themselves. In the early 20th century, when Gertrude Stein wrote, “You can be a museum or you can be modern, but you can’t be both,” two sisters from Baltimore, Claribel and Etta Cone, amassed one Read More
This week, MTV announced that it would be sending the cast of “Jersey Shore” to Italy, to reconnect with the culture they have barely any connection to at this point. Naturally, Italian-American groups are less than pleased, and one can imagine that the country of their visit must be apprehensive as well. Read More
Too much Chianti?
Visiting the country of your ancestral origin is a formative experience. You come to understand yourself. Your tastes and interests gain new contexts. You get to have a nice long plane ride.
But do you get to have a “sure-to-be mini-bottle laden plane ride?” This is how MTV describes the voyage the cast of “Jersey Read More
Art and Sculpture
Thanks to artist Maurizio Cattelan — the prankster artist and sculpter who splits his time between the East Village and Italy — an 11-meter installation of a severed hand with its middle finger firmly raised is currently placed in front of the Milan Stock Exchange. The bird-flipping effigy is called “L.O.V.E.”
The decision to direct such a Read More
Daily News: Jiverly Wong’s letter declaring his intention to commit mass murder in Binghamton was meant to be released to the media: It was to News 10 Now in Syracuse that he delivered it before he murdered 13 people, in an apparent response to paranoid impulses, given the contents of the letter. But this letter Read More
DENVER–How fractious is Italy’s political left?
Senator Francesco Rutelli, former candidate for prime minister in Italy, who is attending the Democratic National Convention, said Barack Obama and Hillary Clinton provided a valuable lesson in unity for him and his fellow Italian politicians.
“This is one of the important lessons America gives us,” said Rutelli, speaking Read More