England's Exchange Rate At All Time Low Against Yen (WSJ)
The principle concern here is the stability of the British system, which as we saw with the RBS numbers might not be in the best of situations. Britain has poured a little more than £500B into their system according to Brown, which is a substantial sum when you consider their population is roughly one sixth of the United States.
In related news, Barclays might be facing nationalization as their shares have fallen 62% over the last month of trading.
"Barclays said Jan. 16 its pretax profit will be well ahead of the average analyst estimate of 5.3 billion pounds. The bank said in October it had a net credit-market writedown of 2.1 billion pounds and opted out of the U.K.'s 50 billion-pound plan to recapitalize banks. Royal Bank of Scotland Group Plc forecast a 2008 loss of 28 billion pounds on Jan. 19 as the government said it would increase its stake to 70 percent."
Crisis May Force Geithner's Approval (Reuters)
There are ongoing discussions as to whether or not the nominee's slip in paying taxes is reason enough to disqualify him from the position, which at the moment appears to be nothing more than a giant waste of oxygen.
PIMCO Walks Away From GM (Bloomberg)
In a move that reaffirms "investor first" Bill Gross has announced that his firm is walking away from the GM deal because, as they put it:
"We have the interests of our clients more at heart than the interests of particular corporations or even the government."
Who says capitalism is dead?
SEC reviews disclosure of Apple CEO health issues (Reuters)
U.S. regulators are making sure investors were not misled down the path of hormone imbalance.
Bank of New York quarterly net income falls 88% (Market Watch)
Fourth-quarter net income came in at $61 million, down 88% from the year-earlier period when the custodial bank and asset management company made $520 million. Sayeth chairman Robert P. Kelly: "We believe that the actual incurred loss will ultimately be materially lower based on current assumptions. We should have the opportunity to earn back a substantial portion of the write-downs over the remaining lives of the securities."
The Art Of Losing Your Mind (FINAlternatives)
The police in missing hedge fund manager Arthur Nadel's hometown have given up their search for him, saying "he doesn't want to be found.""