Moody’s cuts two French banks’ ratings (FT)
Christian Noyer, governor of France’s central bank, insisted on Wednesday that the country’s banks had enough capital to withstand any losses from a Greek default and said the downgrades of Crédit Agricole and SocGen were “relatively good news”.
Barroso Vows Euro-Bond Options, Countering German Concerns (Bloomberg)
“The commission will soon present options for the introduction of euro bonds,” [EC President Jose] Barroso told the European Parliament in Strasbourg, France, today, prompting applause from lawmakers who have backed the idea. “Some of these options could be implemented within the terms of the current treaty; others would require treaty change.”
Soaring Poverty Casts Spotlight on ‘Lost Decade’ (NYT)
According to the Census figures, the median annual income for a male full-time, year-round worker in 2010 — $47,715 — was virtually unchanged, in 2010 dollars, from its level in 1973, when it was $49,065, said Sheldon Danziger, professor of public policy at the University of Michigan. Those who do not have college degrees were particularly hard hit, he said. “The median, full-time male worker has made no progress on average,” Mr. Danziger said.
BNY Mellon Forex Trades Cost Pensions (WSJ)
For the Massachusetts fund, The Journal found that all or portions of 10,288 trades involving about $570 million worth of foreign-currency purchases could have been netted out at no cost with sales of the same foreign currencies the fund made on the same days. Instead, BNY reported separate purchases and sales of the currencies. The cost of those transactions to the fund was $3.2 million.
Just end it all, Russian oligarch tells eurocrats (Reuters)
“If I was a politician in Europe, I would commit suicide,” said Vladimir Potanin, who owns a 30-percent stake in Norilsk Nickel (GMKN.MM), the world’s largest nickel and palladium producer. “There is really such a big difference between the interests of different countries, I simply do not understand how you can match the interests of Germany and Greece,” said Potanin, who is ranked by Forbes as Russia’s fourth richest man with a fortune of $17.8 billion.
Lenny Dykstra co-defendants flip on former New York Mets star, taking no-jail plea deals (NYDN)
Lenny Dykstra’s co-defendants flipped on the former Mets star Tuesday, taking no-jail plea deals in return for testifying at his felony cocaine, Ecstasy and grand theft auto case. Accountant Robert Hymers, 27, and friend Christopher Gavanis, 30, copped to one felony charge each and were told by a judge their cases will be dropped to misdemeanors if they cooperate with prosecutors, pay restitution and serve 30 days of community service.
Continue reading »
A while back Del Monte Foods agreed to be bought by KKR, with Barclays advising Del Monte on the merger. After the deal was announced, Barclays ran a go-shop period for Del Monte, which found no better bidders. The thing about that was that Barclays was providing KKR’s financing for the deal – and that KKR was paying Barclays more than Del Monte was. Some people thought that was kind of shitty, they sued, a Delaware court agreed, it enjoined the deal, a boutique bank (Perella Weinberg) had to run a second go-shop, there was a lot of weeping and wailing and judges saying things like:
