Along with not scoring goals, the country is also not doing anything about paying its bills and thus avoiding having as many defaults in the 21st century as it had World Cup titles in the 20th. Read more »
Argentina doesn’t want it back, and the bank would rather not be (a) held in contempt of court or (b) sued by the people who Argentina says the money now belongs to. So it’s going to ask the judge who put it in this situation to expand on his rather glib suggestion that “the money should be returned to the republic, simple as that.” Read more »
From: Richard Bove
Sent: Friday, September 09, 2011 05:58 AM
So! Lots of signs of the apocalypse to choose from today. The Dow is down
over almost 3%. The 10-year is yielding under 2.5%. Europe is sucking more countries into the vortex. Even gold is down somehow. Most ominously of all, Dealbreaker has been down all morning and afternoon, for reasons that are not clear to us but that we’re going to blame on interference from LightSquared anyway.
But our favorite harbinger of doom has to be the WSJ’s report that Bank of New York Mellon is now paying (0.13%) interest on large deposits – that is, if you want them to watch your money for you (and you’ve got over $50mm), you pay them 13bps. Negative rates on short-dated Treasuries are back, and negative real interest rates have been pretty common recently, but negative rates on large bank deposits are new to us. (Or not new exactly, since lots of people have fee checking accounts, but most of them don’t have $50 million in the bank.) Read more »
In a complaint released today, Cuomo says Ivy knew about Bernard Madoff’s giant Ponzi scheme, but intentionally lied to clients because it feared losing over $40 million in fees from the Madoff investments.
Cuomo cites internal emails from Ivy employees joking about Madoff being a fraud even while they were keeping their clients in the dark. Ivy investors, including 76 upstate New York union pension and welfare plans, lost a total of $227 million in Madoff.
The suit also names former Ivy execs Lawrence Simon and Howard Wohl, who Cuomo said “left their clients in the dark” about Madoff even after they had determined they weren’t “satisfied as a fiduciary to invest client assets” with Madoff. Read more »