Facts have never gotten in the way of red-blooded Americans seeing through socialist spin. So even though the U.S. hasn’t technically been in a recession since 2009, the Real America knows that it still is, despite all of the statistical shimmying of liberal rags like The Wall Street Journal. Read more »
It’s time to play survey results versus revealed preferences. First:
A key interest rate for more than $500 trillion of securities worldwide will be replaced by a benchmark subject to greater government control, according to a plurality of global investors.
Forty-four percent of those responding to a quarterly Bloomberg Global Poll said the London interbank offered rate, known as Libor, will be supplanted by a more regulated model within five years. Thirty-four percent predicted the rate will continue to be set by banks in the current fashion, while 22 percent said they didn’t know.
That’s from a poll of 847 randomly selected Bloomberg users, which is sort of a fascinating data set; like, Dealbreaker is a Bloomberg user (but, sadly, not surveyed). The substance is interesting too, beyond the Libor question.*
But, anyway, the Libor question: the plurality answer is “Five years from now, do you think LIBOR will … Be replaced by something more like a government-run rate.” What is a government-run rate? Meh, whatever, but have a look at revealed preferences:
The good news, if you’re the boss, is only 11 percent of employees polled would dare to make good on threats to quit without having something else lined up. [FINS]
Fifty-four percent of respondents to the global poll of traders, investors and analysts conducted May 9-10 have an unfavorable opinion of the New York-based bank, more than double the negative rating for JPMorgan. Yet a month after a U.S. Senate report said Goldman Sachs misled clients, 78 percent of those surveyed said the accusations will either have no effect on the firm or will harm its reputation without driving away customers. “Investors will continue to put their money with capable institutions, regardless of their history or morality,” said poll participant Christian Contino, 27, who works as a consultant for the investment-management section of the United Nations’ International Fund for Agricultural Development. [Bloomberg]
Thursday afternoon marked a turning point in the Raj Rajaratnam trial. While jurors had already been played tapes of Raj complimenting Danielle Chiesi on how she “played” a tech exec into giving her material non-public information and one of him telling a friend he knew to buy shares of a company because “one of our guys is on the board,” been told that his brother felt the need to destroy his “private notebooks,” and heard testimony from a former McKinsey exec that Raj paid him $1 million for his tip about AMD’s acquisition of ATI, they’d yet to be shown evidence of the Galleon founder’s massive pair. Until yesterday. Read more »
In 2010, Bank of America posted a profit of negative $2.2 billion. For 2011, the goal is to stop losing money and start making it, stat. And it’s not just like a wish list, “it would be great if we could do this, if not, no biggie” type goal but a deadly serious one. So much so that it needs a special codename: Project New BAC, an initiative that was unveiled to employees yesterday by Brian Moynihan. Read more »