Unemployment Slips To 8.6% (WSJ)
The U.S. labor market strengthened in November as private employers continued to add jobs at a healthy pace, while the unemployment rate fell to its lowest level since March 2009. Nonfarm payrolls rose by 120,000 last month, the U.S. Labor Department reported Friday in its monthly survey of employers. Private companies added 140,000 jobs, while the public sector—federal, state and local governments—lost 20,000 jobs. The unemployment rate, obtained by a separate survey of U.S. households, fell to 8.6% in November from 9.0% the previous month. The rate hadn’t been below 9% since March, when it was 8.8%. The rate is now lower than at any point since March 2009, when it was 8.6% as well. In another positive development, October’s figure for nonfarm payrolls was revised upward to show a gain of 100,000 from a previously reported 80,000, while September was revised up to a 210,000 gain from 158,000.
A Euro Crisis Deal Emerges (WSJ)
In his first appearance before the European Parliament since taking the ECB helm last month, Mr. Draghi offered a road map for policy makers. He called on euro-zone governments to quickly craft a “new fiscal compact,” calling it “the most important element to start restoring credibility.” He added that “other elements might follow, but the sequencing matters.”
Merkel Says Joint Euro Bonds Unthinkable (Bloomberg)
Also: “Marathon runners often say that a marathon gets especially tough and strenuous after about 35 kilometers (22 miles),” Merkel told the lower house of parliament in a speech previewing the European Union summit. “But they also say you can last the whole course if you’re aware of the magnitude of the task from the start.”
Banks See Emerging-Market Rally on ‘Cheap’ Stocks (Bloomberg)
Morgan Stanley’s Jonathan Garner lifted his recommendation to “maximum overweight” for the first time since October 2008, according to a report today. Citigroup Inc.’s Markus Rosgen said Asian stocks may surge 30 percent, while Credit Suisse Group AG’s Sakthi Siva predicted 10 percent gains. Antoine van Agtmael, who coined the term “emerging markets” in 1981 and now oversees $7.4 billion at Ashmore EMM LLC, said the stocks are “cheap.” Pacific Investment Management Co.’s Masha Gordon has been buying equities most reliant on economic growth.
Zynga Looks To Raise $1 Billion (WSJ)
Online games developer Zynga Inc. set the terms of its planned initial public offering Friday, seeking as much as $1 billion by selling 100 million shares at a price between $8.50 and $10. At the $10 end of its IPO range, Zynga commands a valuation of nearly $7 billion, according to an updated prospectus filed Friday.
House Panel Eyes MF Subpoena; Corzine May Be Target (Reuters)
The House Agriculture Committee has scheduled a Dec. 8 hearing to examine the bankruptcy. In a statement late Thursday, it said it will meet on Friday “to consider the issuance of a subpoena to compel the attendance of a witness at the subsequent hearing to examine the MF Global bankruptcy.”
Drunk RIM employees disrupt Beijing-bound flight (The Star)
Two drunken Research In Motion employees forced an Air Canada flight from Toronto to Beijing to make an unscheduled stop in Vancouver, disrupting travel plans of more than 300 people. George Campbell, 45, of Conestogo, Ont., and Paul Alexander Wilson, 38, of Kitchener, pleaded guilty to one charge of mischief in Richmond Provincial Court on Wednesday. They were each given suspended sentences and one year’s probation, and ordered to pay restitution to Air Canada of $35,878 each, and barred from having any contact with Air Canada crews or flying that carrier during the probation period. The incident began Monday night aboard Air Canada Flight 31, a non-stop flight from Toronto to Beijing, where the unruly passengers consumed “too much alcohol” and “disobeyed” the flight crew, according to Richmond RCMP…After forcibly restraining the two men, the crew notified the RCMP of the decision at 6:30 p.m. on Monday, and the plane landed at about 10:21 p.m. in Vancouver.
Credit Raters Join The Rated (WSJ)
More than 100 analysts at credit-rating firms have left over the past five years to work for financial companies they once helped to rate, according to recent data aimed at flagging potential conflicts of interests at rating firms.
JPMorgan Follows UBS Cutting Carbon Jobs (Bloomberg)
Investment banks are cutting traders and analysts in climate-related businesses as a slump in shares and carbon emission permits coincides with a deadlock in international climate talks.
Sweden Is Safest as Crisis Upends Bond Market (Bloomberg)
Almost two decades after resolving its last banking crisis, Sweden boasts the world’s best-performing bond market. The country, which opted to stay outside the euro, has paid down its debts and imposed stricter controls on its lenders. Sweden’s government made a profit on its 2008 financial rescue, will post a budget surplus this year and pays less than any other European Union member to borrow for 10 years.
‘Hail Fail’ Cab Shock (NYP)
An undercover operation paying college kids $10 an hour to pose as cab riders has revealed that hundreds of hacks have refused to take them to the outer boroughs in violation of Taxi and Limousine Commission regulations, authorities said yesterday. The student agents have hailed 1,330 yellow cabs since September and been denied 361 times, according to TLC data. A quick crunch of the numbers shows that drivers were refusing rides 27 percent of the time. The more than 360 guilty cabbies collared in the dragnet face first-offense fines of $500. The young undercovers were looking for lifts to out-of-the-way neighborhoods in Brooklyn, Queens, The Bronx and northern Manhattan. Brooklyn, Queens and The Bronx were the least popular destinations, with refusal rates ranging between 15 and 63 percent during various time frames, the statistics revealed. The TLC partnered with Baruch College and other institutions in February to recruit the “secret shoppers,” as the co-ed operatives are known.
If I had options at 200 for a stock at 18 I would be getting drunk and unruly quite often as well
Have you ever seen the back of a worthless stock certificate on weed?
Oh sure. Fuck you assholes.
English, cheech, english!
Waiting to hear back from MS on whether they'll take "farm cash"
JPMorgan follows UBS my ass!
- J Dimon
I'm surprised RIM employees can afford to get drunk on an Air Canada flight at $7 a drink
- Female Guest who would stick her tongue down the judge's throat if he barred from flying air Air Canada ever again
"Fuck you, assholes" or "Fuck, you assholes"?
Aren't we all up for some mischeif, mayhem, and shennainagains now and then?
Sigh. Doesn't the unemployment number slip each November due to holiday hires?
-Captain Obvious, Not Impressed
Nah, workforce participation dropped, multiplier effect.
Lt. Simple, but also not impressed
NEEDED: Back office restroom janitor
REQUIREMENTS: Permanent resident work qualification, Bachelor degree from accredited university, 3-5 years experience at major credit rating agency
QUALIFICATIONS: Highly analytical, effective oral and written communication, strong stomach
Traffic laws, marriage vows, securities regulations and punctuation rules simply do not apply to me. Were you asleep during the lecture regarding liberal impunity?
Why the Dealbreaker obsession with snapshots of Angie every other day? Show me the Air Canada stewardess instead please.
–Silvio B.
I can't find Wilbur this morning!
My cock is THIS big.
DB's trying to restrict your growth. But with you fuck know.
fuck knows*
The funny thing about my throat, Jules, is it's on my cock.
It seems to me that in Europe political success is highly correlated with coming up with the completely useless analogies.
So DSK rings my bell at 1AM then asks, "have you ever wrangled anything this big".
-Merkel
I am absolutely shocked. I cannot believe that there is such a revolving door relationship between rating agencies and financial firms. You know Armageddon is neigh when employees from the SEC take jobs at the same firms they oversee.
Signed,
-Mr. Ed
wish you could say the same about margin calls huh.
see that spanish ten year bounce off the lows ?
wonder who puked it out down there…
Call me.
–Marisa Noel
I chortled with joy, NOP. Nigh impossible to top that response.
I swear the fucking fish was this big, no joke!
-Angela Merkel
Hey!
Bass to mouth?
never, bro, never
Wall Streeters are still losing their jobs left and right and the best part is watching them pretend to be okay with how the market is right now. My coworker lost a contact at a hedge fund due to mass layoffs and he thinks he is next.
If a big astroid is heading to earth, which will destory all life on the planet. Do you whine and cry about it, or enjoy the time that you have left?
Correction: "Okay" meaning they act like bitter kids and don't do anything about the fact that you must adapt and reinvent yourself in a new market- not act like your not sinking. And to answer your question, I would kick your ass and have a beer.
jk
Sure glad Bess put the strap-on away. Yesterday’s ass-pounding topics made my ass sore and I’m not even taking the exam.
what does jk mean, must one embarass oneself with a search
Soneone should be checking into a possible leak in the US numbers. Europe opened on a spike with a big buy order coming in minutes before. It didn't seem to be because of what Merkel was saying.
Who has a better excuse for getting drunk than RiM employees, anyway.