It's 'Blatant' that Hungary Isn't Greece (CNBC)
Economy Minister Gyorgy Matolcsy acknowledged that there were "worrying signs" about the Hungarian budget and said that by the end of May the gap reached 87 percent of the target for the whole year. "It is blatant that Hungary is not Greece," he said, adding that the comments about Hungary having a slim chance to avoid a Greece-like crisis came from politicians not from the government itself.
BP Spill Costs Reach $1.25 Billion; Cap Effort Continues (WSJ)
The $1.25 billion figure excludes $360 million for a Louisiana barrier islands construction project, BP said.
Goldman stung by backlash in China (FT)
“Many people believe Goldman Sachs, which goes around the Chinese market slurping gold and sucking silver, may have, using all kinds of deals, created even bigger losses for Chinese companies and investors than it did with its fraudulent actions in the US,” read the opening lines of an article in the China Youth Daily, a state-owned daily newspaper, last week. The article was widely distributed through commercial news portals and the websites of government mouthpiece Xinhua News and the People’s Daily, the Communist Party publication. Referring to Goldman as a “black hand” that “played little tricks carefully designed to gamble with Chinese enterprises”, the article made few specific accusations of wrongdoing by the bank.
Morgan Stanley In Drive On Cross-Selling (FT)
“Clients want to see more of our intellectual capital and our expertise, and they want to see more of the range of products that we have,” said Mr Gorman, who has met more than 300 clients since taking the helm. “If I have a criticism, it would be that historically we’ve approached clients with a product-group face, rather than sitting back and saying, ‘How do we bring all that we have at Morgan Stanley from research through to the specific product groups to them?’”
Buffett Hopes Lunch Auction Again Draws Big Deals (AP)
''Nobody's asked for their money back,'' Buffett said.
Société Générale Trial Begins This Week (NYT)
Jerome Kerviel maintains his innocence and also: “In the grand banking orgy, traders only get the kind of respect given a common prostitute: The quick recognition that the daily take was good.”
Hungary Aims To Trim Red Tape (WSJ)
The government pledged over the weekend that Hungary will work to stick within this year's budget deficit target of 3.8% of gross domestic product. Government officials said Friday that the deficit inherited from the previous government was significantly higher. "A very fine-tuned action plan is needed, to reach the official deficit target and to put the economy on the growth track at the same time," Mr. Matolcsy said.
Paul Krugman: Lost Decade, Here We Come (NYT)
"The right thing, overwhelmingly, is to do things that will reduce spending and/or raise revenue after the economy has recovered — specifically, wait until after the economy is strong enough that monetary policy can offset the contractionary effects of fiscal austerity. But no: the deficit hawks want their cuts while unemployment rates are still at near-record highs and monetary policy is still hard up against the zero bound."
Financial Overhaul: Faces Of Affected (WSJ)
The Israel-born Mr. Gershon, a former currency trader for the Barclays Capital unit of Barclays PLC and Deutsche Bank AG, is a relatively small player in the derivatives market. But his competitive streak—he trains as a swimmer under a former Olympic coach—led him to devise a pricing system in the late 1990s to gain an advantage over big rivals. Until then, pricing largely consisted of working the phones. Mr. Gershon believes business will spill over from public exchanges that won't be able to accommodate customized contracts. Mr. Gershon also expects to make money licensing technology to public exchanges.