Nicolas Sarkozy tells David Cameron: shut up over the euro (Guardian)
The bust-up between Cameron and Sarkozy held up the conclusion of the EU-27 summit for almost two hours, with the French president expressing rage at the constant criticism and lectures from UK ministers. Sarkozy bluntly told Cameron: “You have lost a good opportunity to shut up.” He added: “We are sick of you criticising us and telling us what to do. You say you hate the euro and now you want to interfere in our meetings.”

Banks Squabble With EU Over Greek Debt Losses (Bloomberg)
The world’s biggest banks are squabbling with European leaders over the size of losses on their Greek bonds as they seek a deal to cut the country’s debt load, two people with knowledge of the discussions said. The financial companies, represented by the Institute of International Finance, proposed a loss of 40 percent on Greek debt, said one of the people, who declined to be identified because talks are confidential. The European Union is calling on investors to forfeit as much as 60 percent, making a compromise at 50 percent possible, the person said.

Swiss Banks May Pay Billions To US, Disclose Client Names (Bloomberg)
U.S. and Swiss officials are concluding negotiations on a civil settlement amid U.S. criminal probes of 11 financial institutions, including Credit Suisse Group AG, suspected of helping American clients hide money from the Internal Revenue Service…Switzerland, the biggest haven for offshore wealth, wants an end to new U.S. probes while preserving its decades-old tradition of bank secrecy, the people said. The U.S. seeks data on Americans who have dodged U.S. taxes and a pledge by Swiss banks to stop helping such clients, according to the people.

CIC May Co-Invest With Blackstone In Loan Portfolio (WSJ)
In another sign of China Investment Corp.’s interest in overseas real estate, the sovereign wealth fund is considering teaming up with Blackstone Group LP to buy a stake in a portfolio of distressed property loans from Royal Bank of Scotland Group PLC, people familiar with the matter say.

Jobs Admired Zuckerberg For ‘Not Selling Out’ (Bloomberg)
“We talk about social networks in the plural, but I don’t see anybody other than Facebook out there,” Jobs told biographer Walter Isaacson in excerpts of an interview released online by 60 Minutes. “Just Facebook, they’re dominating this. I admire Mark Zuckerberg,” Jobs said of Facebook’s chief executive officer on the recording. “I only know him a little bit, but I admire him for not selling out, for wanting to make a company. I admire that, a lot.”

Economists: ‘Miserable’ Euro PMI Heightens Recession Risk (CNBC)
Nouriel Roubini wrote on Twitter after the data came out that euro zone politicians were “hell-bent to commit growth harakiri” as “financial engineering without growth soon will lead to defaults and euro zone break-up.”

Vatican Calls For ‘Central World Bank’ To Be Set Up (Reuters)
The Vatican called on Monday for the establishment of a “global public authority” and a “central world bank” to rule over financial institutions that have become outdated and often ineffective in dealing fairly with crises. The 18-page document, “Towards Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority,” was at times very specific, calling, for example, for taxation measures on financial transactions. “The economic and financial crisis which the world is going through calls everyone, individuals and peoples, to examine in depth the principles and the cultural and moral values at the basis of social coexistence,” it said. It condemned what it called “the idolatry of the market” as well as a “neo-liberal thinking” that it said looked exclusively at technical solutions to economic problems…It called for the establishment of “a supranational authority” with worldwide scope and “universal jurisdiction” to guide economic policies and decisions. Continue reading »

Germany, France See No Debt Deal By Sunday (WSJ)
“At the moment, several variations are under discussion that would allow partial insurance of future debt of endangered euro zone countries,” Steffen Kampeter, Germany’s deputy finance minister, wrote in a letter to lawmakers. “But it is still an open question whether and in what form this kind of improvement of the efficiency [of the fund] will be adopted in the guidelines.”

S&P Likely To Cut Rating Of France, Others, If Economies Crash (Reuters)
“France would likely be downgraded to ‘AA+’ from ‘AAA’ because of a deteriorating fiscal position, even if the amount of stress applied remains modest,” S&P analysts said.

Senate Blocks Funds For State Workers (WSJ)
The Senate blocked a proposal Thursday to send $35 billion to states to retain or rehire teachers and other public sector workers, marking a second setback for President Barack Obama’s jobs package. The vote was 50-50 on a procedural issue, leaving the bill short of the 60 votes it needed to advance…All Republican senators opposed the measure.

Hedge Funds Top List Of Obama Boosters (AR)
The largest supporters as of the third quarter of 2011 include David Shaw, founder of DE Shaw and Orin Kramer of Boston Provident. Big name former supporters like Dan Loeb of Third Point and Ken Griffin of Citadel have publicly criticized the President, while others, including Paul Singer of Elliott Management and John Paulson of Paulson & Co, support Mitt Romney, the apparent industry darling.

Romney: ‘There’s a good shot I might become the next president’ (PT)
MT: “…there’s a good shot I might become the next president of the United States. It’s not a sure thing, but it’s a good shot.”

Groupon Reins In IPO Target (WSJ)
Groupon Inc. is seeking to raise as much as $621 million in an initial public offering, valuing the company at $11.4 billion, if underwriters sell the maximum number of shares at the top of the proposed $16-to-$18 price range, according to a filing.

New York Winter To Test Occupy Wall Street Momentum (Reuters)
“At some point, as with any tactic, one has to find a second act. That’s true with any movement,” said Michael Kazin, a professor of social movements at Georgetown University and co-editor of the magazine Dissent. “I hope that the protesters are flexible enough to be talking about what the next step will be once most of them leave the park,” said Kazin. “I don’t think the media’s going to be writing about so many people sitting in the park if they’re still there in December.” “There’s going to be a challenge in maintaining the same scale of a presence in the plaza in New York City in winter time but I think the movement is becoming more mobile,” said Louis Guida, a union organizer and protest veteran. “There may not be a thousand people camping out in the park all winter long, but it’s not a camping trip, it’s a protest movement.” Continue reading »