Germany, France See No Debt Deal By Sunday (WSJ)
"At the moment, several variations are under discussion that would allow partial insurance of future debt of endangered euro zone countries," Steffen Kampeter, Germany's deputy finance minister, wrote in a letter to lawmakers. "But it is still an open question whether and in what form this kind of improvement of the efficiency [of the fund] will be adopted in the guidelines."
S&P Likely To Cut Rating Of France, Others, If Economies Crash (Reuters)
"France would likely be downgraded to 'AA+' from 'AAA' because of a deteriorating fiscal position, even if the amount of stress applied remains modest," S&P analysts said.
Senate Blocks Funds For State Workers (WSJ)
The Senate blocked a proposal Thursday to send $35 billion to states to retain or rehire teachers and other public sector workers, marking a second setback for President Barack Obama's jobs package. The vote was 50-50 on a procedural issue, leaving the bill short of the 60 votes it needed to advance...All Republican senators opposed the measure.
Hedge Funds Top List Of Obama Boosters (AR)
The largest supporters as of the third quarter of 2011 include David Shaw, founder of DE Shaw and Orin Kramer of Boston Provident. Big name former supporters like Dan Loeb of Third Point and Ken Griffin of Citadel have publicly criticized the President, while others, including Paul Singer of Elliott Management and John Paulson of Paulson & Co, support Mitt Romney, the apparent industry darling.
Romney: ‘There’s a good shot I might become the next president’ (PT)
MT: "...there’s a good shot I might become the next president of the United States. It’s not a sure thing, but it’s a good shot.”
Groupon Reins In IPO Target (WSJ)
Groupon Inc. is seeking to raise as much as $621 million in an initial public offering, valuing the company at $11.4 billion, if underwriters sell the maximum number of shares at the top of the proposed $16-to-$18 price range, according to a filing.
New York Winter To Test Occupy Wall Street Momentum (Reuters)
"At some point, as with any tactic, one has to find a second act. That's true with any movement," said Michael Kazin, a professor of social movements at Georgetown University and co-editor of the magazine Dissent. "I hope that the protesters are flexible enough to be talking about what the next step will be once most of them leave the park," said Kazin. "I don't think the media's going to be writing about so many people sitting in the park if they're still there in December." "There's going to be a challenge in maintaining the same scale of a presence in the plaza in New York City in winter time but I think the movement is becoming more mobile," said Louis Guida, a union organizer and protest veteran. "There may not be a thousand people camping out in the park all winter long, but it's not a camping trip, it's a protest movement."
MBA's Seek To Occupy Wall Street (WSJ)
Financial-services industry hiring at the big Master of Business Administration programs hit a post financial-crisis high this year. Employers such as banks, hedge funds, investment managers, private equity and venture capital firms hired 39% of job-seeking 2011 graduates at Harvard Business School and the Yale School of Management, 36% at the Stanford Graduate School of Business and 51% at Columbia Business School...Feyisayo Oshinkanlu, a second-year student at Northwestern University's Kellogg School, accepted an offer from Bank of America Merrill Lynch in New York after working in its sales and trading department there over the summer. Getting a job on the Street means "there's definitely a weight taken off my shoulders, definitely a little swagger in my step," said Mr. Oshinkanlu.
Fed Poised For More Easing (WSJ)
The idea would be to target any new efforts by the central bank at the parts of the economy that are most severely impeding a recovery—the housing and mortgage markets—by working to push down mortgage rates. Lower mortgage rates, in turn, could encourage more home buying and mortgage-refinancing, and help the economy by freeing up cash for consumers to spend on other goods and services. Mortgage rates are already very low, but some Fed officials believe they might be pushed lower. Moreover, Fed officials believe their past purchase programs helped to lift stock markets, by driving investors from low-risk investments toward riskier investments.
BofA moves dodgy Merrill derivatives to bank (NYP)
At issue is BofA’s decision to shift what sources say is some $55 trillion in derivatives at Merrill Lynch to the retail bank unit, which houses trillions in deposits insured by the FDIC. Critics say the move potentially imperils everyday depositors by placing their money and savings at risk should BofA run into trouble. Sources say that the derivative transfers from Merrill to BofA’s bank subsidiary were sparked by credit-rating downgrades to the bank holding company and are meant to help BofA avoid having to fork over more money to post as collateral to its derivative counterparties. BofA officials who have talked privately say the move was requested by its counterparties and shouldn’t be perceived as problematic for the bank giant, sources said.
French Banks Fought To Avoid Oversight (WSJ)
Two years ago, a French banker flew to Washington on an emergency mission: Persuade International Monetary Fund chief Dominique Strauss-Kahn that his concerns about the health of the European banking sector were unfounded. The trip was a success. Mr. Strauss-Kahn agreed to keep his fears under wraps to avoid causing market panic, according to people familiar with the matter.
NJ Candidate Thought His Sex Tip Was 'Great' (UPI)
Phil Mitsch, a Republican candidate for the New Jersey Senate, says his advice to women to be a "lady in the living room, a whore in the bedroom" was sensible. Mitsch, a retired real estate broker running in a heavily Democratic district in Camden County, told The Philadelphia Inquirer he was actually advising men with his Twitter post. He told his 44,000 followers on Sept. 2: "Women, you increase your odds of keeping your men by being faithful, a lady in the living room and a whore in the bedroom." "That's a great tip," he said at a meeting Wednesday with the editorial board. "That shows the utmost respect for women."