Stung By Critics, Fed Officials Reply (WSJ)
Charles Evans, president of the Federal Reserve Bank of Chicago and a strong supporter of the Fed's easing policy, noted in an interview with The Wall Street Journal that the weak economy and low inflation warranted the Fed's action and that more such purchases might be needed in months ahead if the economic outlook doesn't turn. "I would continue to want to apply accommodative monetary policy until I had some confidence that that situation was changing," Mr. Evans said, noting that $600 billion is a "good place to start" the easing program.
Buffett Praises 'Dear Uncle Sam' Despite Slow Recovery (CNBC)
"There were the dominos of corporate America lined up, but there were three hundred million American dominos lined up right behind them—money market funds, 401(k)'s, jobs, income, all of those things were going to topple like no one had ever seen," Buffett said during an impromptu call-in interview. "Somebody had to stop the dominos from toppling, and government was the only one that could do it. Fortunately, they came through at that time."
Deutsche Bank To Be Casino Owner (WSJ)
In a few weeks, a group of Deutsche Bank bankers will become unwitting casino moguls when the bank unveils a glass-facade, 3,000-room casino called the Cosmopolitan. Deutsche was originally just funding the project, pumping in a loan of $1 billion to build the soaring two-tower development. But its original developer, Ian Bruce Eichner, defaulted on Deutsche loans in 2008. Unable to find new partners or investors, Deutsche decided to take on the Cosmopolitan itself, putting in its own money to finish it. Changing Mr. Eichner's original plans, Deutsche hired its own gambling and real-estate experts, interior designers, architects and engineers to build the group's own vision of a world-class casino. The final product includes a a three-story crystal-strewn bar meant to evoke the inside of a chandelier and national TV ads that feature a trouser-less bellboy and the tagline: "Just the right amount of wrong."
GM Increases IPO Size as Treasury, UAW Sell More Shares (Bloomberg)
The IPO was expanded by 31 percent to 478 million shares, GM said today in a filing with the Securities and Exchange Commission, a day after boosting the offer price to as much as $33 a share. An overallotment and an offering of preferred shares may increase the total amount raised to about $22.7 billion.
Osborne Says UK Ready To Help Ireland (WSJ)
"It's in Britain's national interest that the Irish economy is successful and that we have a stable banking system," Mr. Osborne said. "So Britain stands ready to support Ireland in the steps it needs to take to bring about that stability."
IRS Withdraws Tax Probe of UBS Over Secret Accounts (Bloomberg)
The U.S. Internal Revenue Service dropped its demand for the identities of Americans who hold secret offshore bank accounts at UBS AG, after concluding it will learn the names of more than 7,500 names of the bank’s customers. IRS Commissioner Douglas Shulman said the agency was withdrawing its “John Doe” summons against the Swiss bank. Shulman said the IRS investigation has prompted voluntary disclosures by 18,000 Americans, including thousands with accounts at other banks. About 3,000 Americans have come forward in the year since the IRS ended an official program to grant some leniency for voluntary disclosures, Shulman said in a statement.
Workers accused of beating boss to death in India (AP)
Staff wielding iron bars allegedly beat to death an executive at an Indian-Japanese firm outside New Delhi, in protest against the sacking of fellow employees, newspapers said on Monday. Joginder Singh, 45, a human resources manager at Allied Nippon, died on Sunday, one day after suffering head and chest injuries in clashes with hundreds of workers at the auto parts firm, the Times of India said. Two other senior managers at the firm in the satellite town of Ghaziabad near the Indian capital were being treated in hospital, the paper reported, adding that nine people had been arrested.
No Delay in EU Aid for Greece: EU Official (Reuters)
The next tranche of the European Union-backed aid package for Greece will be released on time, European Union Economic and Monetary Affairs Commissioner Olli Rehn said Wednesday, after Austrian Finance Minister Josef Proell said the aid would be delayed until January.
US Sets 50 Bank Probes (WSJ)
In an interview, Fred W. Gibson, deputy inspector general at the FDIC, which works with the Federal Bureau of Investigation to investigate crime at financial institutions, said the probes involve failed banks of all sizes in cities across the U.S. The FDIC is also ramping up civil claims to recover money from former bankers at busted lenders. He declined to identify any of the people or banks under investigation.
El-Erian: Three Reasons Global Talks Hit Dead End (Bloomberg)
First, the summit played down disagreements by producing a statement that has something for everyone. This attempt at short-term expediency can easily backfire. After all, it is hard for China, Germany, the U.S. and others to make a solid case at home for compromises to meet global responsibilities when opponents can quote reassuring sections from the communique.