By Patrick Clark 9/26/12 8:49am

Morning Read

Greece, Spain Come Apart Over Austerity Measures; “Libor Fixing Can Make You That Much Money”: Roundup

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. Read More

By Patrick Clark 9/04/12 7:45am

Morning Read

New York AG Probes Private Equity Tax Practice; Pointing the Finger at Facebook Exec: Roundup

If you missed it over the weekend, New York Attorney General Eric Schneiderman is investigating the tax practices of private equity firms. At the center of the inquiry is the practice of converting management fees into investments that are taxed at more favorable rates. The private equity industry says such conversions are widely practiced and accepted; here’s a tax lawyer who says they’re illegal. Read More

By Patrick Clark 8/28/12 7:33am

Morning Read

Morgan Stanley’s Smith Barney Dilemma; Greenwich Home Prices Decline With Wall Street Pay: Roundup

Morgan Stanley 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 Citigroup is worth $13 billion less than Citi estimates. Bloomberg’s Michael Moore breaks down the process by which investment bank Perella Weinberg will assess the JV this week.

The median home price in Greenwich, Conn. fell 11 percent in the first seven months of the year, according to Bloomberg, as Wall Street cut jobs and pared compensation. Read More

By Patrick Clark 7/31/12 9:03am

Pain in Spain

Screen shot 2012-07-31 at 8.11.59 AM

Spanish Twenty-Somethings Can Look Forward to Years of Doing It in Fairly Uncomfortable Places

What do you get when you mix 52 percent youth unemployment with the highest home ownership rate in the European Union? A culture that disdains rental homes and “millions” of Spanish 20-somethings living with their parents and getting it on in the backseats of their automobiles, according to the founder of a real estate website that’s promoting renting as a potential salve amid the nation’s real estate bust. From a Bloomberg story on the Spanish housing market: Read More