Federal Prosecutors Leaning Against Charges in AIG Probe (WSJ)
Breathe easy, Joe Cassano: "Federal prosecutors, after a two-year investigation, may soon decide not to charge American International Group Inc. executives for their role surrounding financial contracts that nearly brought down the company, according to people familiar with the matter. Recently obtained evidence has prosecutors leaning against pursuing charges, though no final decision has been made by Justice Department prosecutors in Washington, these people said. A Justice Department spokeswoman declined to comment."
Greenspan Cites Economic 'Momentum' (NYT)
“There is a momentum building up which is really just beginning, and it’s got a way to go,” Mr. Greenspan said on ABC’s “This Week” television program, when asked about Friday’s report that 162,000 jobs had been created in March. “The momentum is very clearly there, and I doubt very much that we’re going to run out of that momentum until very late in the year,” he said, adding that the odds that the country would plunge anew into a recession have fallen significantly.
I Foresaw The Financial Crisis, Why Didn't The Fed? (NYT)
Michael Burry: "As a nation, we cannot afford to live with Mr. Greenspan’s way of thinking. The truth is, he should have seen what was coming and offered a sober, apolitical warning. Everyone would have listened; when he talked about the economy, the world hung on every single word. Unfortunately, he did not give good advice."
Buffett’s Berkshire is best-regarded U.S. company (Reuters)
The five companies with the worst reputations were Freddie Mac, American International Group Inc, Fannie Mae, Citigroup, and Goldman Sachs.
Macro hedge funds fail to profit from crisis (FT)
The Greek debt crisis and steep falls in value for both the euro and sterling have failed to translate into noticeable gains for most macro managers, many of whom predicted a stellar year on the back of huge global economic rebalancing. So-called global macro hedge funds, which specialise in bets on interest rates, sovereign bonds and currencies, have on average lost 1.25 per cent on investments so far this year, according to industry data compiled by Hedge Fund Research.
Us Banks In $2.5 Billion 'Christmas Capital' Gain (FT)
US banks earned $2.5bn last year from an accounting rule that enables them to book gains – known as “Christmas capital” – by buying assets at a discount, a new study shows. It emerged last week that leading bank regulators were discussing guidelines to limit how much of a bank’s capital can be comprised of such gains, according to people familiar with the situation.
Surprise! Tiger Woods turns up early at Augusta National (Reuters)
He likes to sneak up from behind like that.