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Despite some people having it on good authority that the federal government shutdown isn’t actually a big deal, it must be noted that the stalemate is keeping federal prosecutors from doubling the number of Rajaratnams in jail.
The insider-trading lawsuit against Rengan Rajaratnam has been delayed due to the ongoing federal government shutdown. Rengan is the younger brother of the now imprisoned hedge fund billionaire Raj Rajaratnam.
Bloomberg reports that the case has been delayed because “Prosecutors in the Rajaratnam case have been unable to access certain evidence held electronically at U.S. Department of Justice facilities in Virginia.”
St. Louis Fed President James Bullard, a voter on policy this year, said the fiscal problems in Washington have “changed the odds” on whether the central bank will trim the monthly $85-billion quantitative easing program (QE) at a meeting set for October 29-30….
Last month “we cited that fiscal uncertainty was a risk and that risk has materialized, so I think that’s making it less likely than would otherwise be that we make a decision to taper in October,” Bullard told reporters on the sidelines of a conference hosted by his Fed bank, adding the debt-ceiling debate also plays a big role.
Oh yea, and people seem genuinely confident that the whole stupidity will be over pretty soon.
Republican senators emerged from a meeting at the White House on Friday afternoon expressing confidence that the government shutdown could end in a matter of days, but cautioning that details of an agreement, including the length of a debt limit extension, still needed to be resolved….
Senator Rob Portman, Republican of Ohio, said there was no breakthrough, but a general sense that at least the two sides were listening to each other now. “The president was willing to listen as well as give his point of view,” he said. “So I think it was helpful.”
Government Shutdown: Rengan Rajaratnam Hedge Fund Insider Trading Case Delayed [HedgeCo.Net]
Washington drive U.S. consumer sentiment to nine-month low [Reuters]
Gold Slumps to Three-Month Low [WSJ]
Fed’s Bullard: fiscal problems make October QE cut less likely [Reuters]
Signs of Progress as Talks Continue on Fiscal Crisis [NYT]