More than 50,000 Greeks marched on the nation’s parliament to protest austerity measures required by bailout agreements, according to Reuters: ”‘We can’t just sit by idly and do nothing while the troika and the government destroy our lives,’ said Dimitra Kontouli, a 49-year-old local government employee whose salary was cut to 1,100 euros a month from 1,600 euros previously.”
Spain is moving towards accepting European bailouts, even as protests in Madrid turned violent and politicians in the Catalonia region called for secession.
“It’s just amazing how Libor fixing can make you that much money or lose if opposite.” So said Tan Chi Min, a former Royal Bank of Scotland trader in a conversation with traders at other banks, in an affidavit reviewed by Bloomberg. “It’s a cartel now in London.” Tan is suing RBS in Singapore for wrongful dismissal after being fired for attempting to manipulate Libor.
As previously noted, there’s been nary a dull moment in Peregrine Financial Group founder Russell Wasendorf Sr. In July, Mr. Wasendorf attempted suicide just before regulators unraveled his scheme to embezzle millions of dollars from customers of his Iowa-based futures brokerage.
How did he do it? With a scanner, a post office box and Adobe Photoshop.
To what end? Something about Romanian real estate investments.
How much did he take? Prosecutors say more than $200 million, though Mr. Wasendorf’s public defender disputes that number.
What’s this have to do with SpongeBob?
Royal Bank of Scotland managers and traders routinely sought to influence interbank lending rates between 2007 and 2010, and the wrongdoings extend beyond the four traders fired last year, according to Bloomberg. Manipulating the bank’s submissions for Libor and other interbank lending rates would have allowed traders to boost the value of derivatives positions held by RBS, which is 81 percent owned by the British government.
Goodbye Smith Barney: Morgan Stanley is rolling out a name-change for the 75-year-old brand, according to The New York Post. The brokerage, jointly-owned with Citigroup, will be called Morgan Stanley Wealth Management. In its heyday, Smith Barney was known for its advertising slogan: “They make money the old fashioned way: They earn it.”
Footage of Mitt Romney’s remarks about the 47 percent voters who don’t pay taxes or depend on government assistance—”I’ll never convince them they should take personal responsibility and care for their lives”—was taken in the Florida home of Marc Leder, co-CEO of private equity firm Sun Capital Partners, said David Corn, the reporter who published video clips at Mother Jones. Mr. Leder, a part-owner in the Philadelphia 76ers, is as TPM points out, also known for his bacchanals: “At the Bridgehampton home that Leder rented for a whopping $500,000 a month, guests cavorted nude in a pool and performed sex acts, while scantily clad Russian women danced on platforms,” The New York Post reported last year.
The Federal Reserve said it will buy $40 billion of mortgage-backed securities each month forever, or until the U.S. job market perks up. This third round of quantitative easing, or QE3, is relatively small to the $1.25 trillion-a-month bond-buying program launched in March 2009 or the Fed’s $600 billion-a-month buying spree beginning November 2010, Read More