Fed to Name Recipients of $3.3 Trillion in Aid During Crisis (Bloomberg)
The Fed intends to post the data on its website at midday in Washington to comply with a provision in July’s Dodd-Frank law overhauling financial regulation. The information spans six loan programs as well as currency swaps with other central banks, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc.
BofA Falls On WikiLeaks Fears (WSJ)
The bank has been trying to determine for more than a year whether any documents were leaked from inside the bank, said people familiar with the situation. WikiLeaks founder Julian Assange asserted in an October 2009 Computerworld magazine interview that he had the 5GB computer hard drive of a Bank of America executive. "We have no evidence that supports this assertion," a bank spokesman said Tuesday. "We are unaware of any new claims by WikiLeaks that pertain specifically to Bank of America."
Deutsche Bank Says 'Mistrust' Of Spain's Banks Is 'Unjustified' (Bloomberg)
Investors’ mistrust of Spain is unjustified and problems in the banking industry are “manageable,” Deutsche Bank AG Chief Executive Officer Josef Ackermann said, as Europe’s debt crisis intensified. The fundamental economic data “in no way justifies the apparent mistrust that exists in the case of Spain, though not only there,” Ackermann, who also heads the Institute of International Finance, a global industry group with more than 400 members, said yesterday in response to a request by Bloomberg News. “Spain can deal with its problems by itself.”
US States Face More Financial Stress, Says Official Report (AP)
Legislatures around the country may have to make more spending cuts over the next couple of years because of dwindling help from the federal government and a slow recovery in tax revenue, according to a new report. States will spend about $43 billion in economic stimulus funds during the current fiscal year, which ends June 30. After that, they'll probably have to get by with less federal funding.
UK Feels 'Vindicated' For Refusing Euro (CNBC)
The UK did not join the euro because that would have meant giving up decision over interest rates and removing exchange rate flexibility, George Osborne said in an interview late Tuesday. "And, you know, I feel that our view has been vindicated by recent events, and I'm very pleased the UK's not part of the euro," he said. "But 'I told you so' is not much of an economic policy when you're confronted with the challenges that we face today," Osborne added.
Co-Pilot Moved Seat, Set Jetliner Plummeting (CNN)
The co-pilot of an Air India Express 737 sent the jetliner into a terrifying 7,000-foot plunge in May when he accidentally hit the control column while adjusting his seat, investigators report. According to the report from India’s Directorate General of Civil Aviation, the co-pilot panicked and was unable to execute the proper procedures as the jetliner dropped from 37,000 feet at a 26-degree angle. The plane and its 113 passengers were saved when the pilot, who’d gone on a bathroom break, used an emergency code to get into the locked cockpit, jumped back into his seat and grabbed the controls to bring the plummeting plane out of its dive. The aircraft would have broken apart if the descent had continued, the aviation agency report said.
U.S. Money Funds Exposed to European Banks (WSJ)
Among the major U.S. funds, Fidelity Cash Reserves, the largest retail money fund, held $4.2 billion, or 3.5% of its assets, in certificates of deposit issued by Spanish bank Banco Bilbao Vizcaya Argentaria SA, or BBVA, and Italian banks UniCredit SpA and Intesa Sanpaolo SpA as of Oct. 31. Schwab Cash Reserves, the third-largest fund, had $1.5 billion in securities from Banco Santander SA, BBVA, UniCredit and Intesa. Western Asset Money Market Fund, owned by asset manager Legg Mason Inc., the ninth-largest fund, holds $848 million in Banco Santander, BBVA and Intesa.
Women accused of hiding merchandise in body fat (Orlando Sentinel)
Two women are arrested for shoplifting and police say they used their bodies to conceal the goods. Edmond police authorities say it was at the Edmond TJ Maxx that loss prevention officers found the duo stuffing items under their belly fat and breasts. They say they took four pair of boots, three pair of jeans, a wallet and gloves; $2,600 worth of store merchandise. Ailene Brown, 28, and 37-year-old Shmeco Thomas were arrested for shoplifting and are facing felony charges. Officer James Hamm said, "These two were actually concealing them in areas of their body where excess skin was, under their chest area and armpits."
State Street to Cut 1,400 Jobs as Low Rates Squeeze Revenue (Bloomberg)
The measures, which will pare State Street’s workforce by 5 percent, are part of an effort to save as much as $625 million a year by the end of 2014, the Boston-based company said yesterday. State Street said it will book restructuring expenses of up to $450 million before taxes over four years.
Madoff Trustee Goes After 'Net Winners' (WSJ)
he trustee seeking money for victims of Bernard Madoff's Ponzi scheme filed more than 100 lawsuits Tuesday seeking what he says were fictitious profits earned by some of Mr. Madoff's investors. Irving Picard has a legal deadline of Dec. 11, two years from the bankruptcy filing of Benard L. Madoff Investment Securities, to launch such so-called clawback lawsuits. Up to now, Mr. Picard has mostly targeted "feeder funds" that funneled money to Mr. Madoff's firm, other financial institutions and people with connections to Mr. Madoff and his operation. But many of the suits filed Tuesday were aimed at people Mr. Picard has termed "net winners." He does not allege that they had reason to know of the Ponzi scheme; rather, he says, they withdrew more money than they invested and should return the profits to reduce the losses of others.