Ireland Rating Cut Two Steps by S&P as `Barbarians' Gather (Bloomberg)
While opposition political parties back the aim of reducing the deficit to the EU’s 3 percent limit by 2014, labor unions are planning “mass mobilization” in protest at the planned cuts, with a march in Dublin on Nov. 27. “It appears that the day of reckoning has arrived,” said David Begg, head of the Dublin-based Irish Congress of Trade Unions, the umbrella group for unions, which is organizing the demonstration. “The Barbarians are at the gates.”
U.S. Trading Probe Puts Research, Expert Networks in Spotlight (Bloomberg)
“My contacts are the foot soldiers and the worker bees of the industry,” John Kinnucan, who was interviewed by agents of the Federal Bureau of Investigation last month, said yesterday...Richard Bove, an analyst at Rochdale Securities LLC in Lutz, Florida, said he’s concerned that the investigation by the U.S. Attorney in New York and the U.S. Securities and Exchange Commission may result in criminalizing legitimate research that gives one investor an advantage over another.
Mohamed El-Erian: Urgent EU action needed to stop contagion (FT)
Europe’s yet-to-be used financing facility must be made operational quickly, with little room for slippage. The International Monetary Fund must also demonstrate agility in its support. And individual European countries must resist the bickering that is almost unavoidable when such delicate burden sharing judgments are in play.
Wallets Out, Wall Street Dares To Indulge (Dealbook)
Real estate agents say Wall Street executives have already begun lining up rentals in the Hamptons for next summer. Dolly Lenz of Prudential Douglas Elliman said the bidding this year was “hotter and heavier” than previous years. “There is a passion now in the market I haven’t seen in a while,” she said.
Bernanke Reviews Fed Communications Amid Backlash on Purchases (Bloomberg)
“More communication is better from the chairman,” said Matus, senior economist at UBS Securities LLC in Stamford, Connecticut. “Whenever the chairman steps back, the void is filled” by other officials who may confuse investors, Matus said. “If they do this right, there will be less of this confusion generated.”
Bruce Willis to front Russian bank ad campaign (Reuters)
Trust bank, a top-30 lender by assets, hung pictures of the "Die Hard" star on the streets of Moscow on Monday with the phrase "Trust is just like me, but a bank."
Madoff trustee sues UBS, others for Ponzi scheme role (Reuters)
The lawsuit, filed early on Wednesday in a Manhattan bankruptcy court, claims that UBS and another defendant Access International Advisors LLC extended the Ponzi scheme to European investors and were liable for at least $2 billion for their roles in masking the fraud.
Biggest US Banks Are Healthier, Says FDIC (WSJ)
The number of banks on the FDIC's list of problem institutions climbed to 860 at the end of September, the highest level since March 31, 1993, while the average size of those banks dropped to $440 million from $486 million in the second quarter.
JP Morgan Eyeing Lehman's Former UK Premises (FT)
JPMorgan Chase is close to axing plans to build a £1.5 billion ($2.4 billion) European headquarters in Canary Wharf, opting instead for the former UK premises of Lehman Brothers.