Europe Gives Greece An Ultimatum (WSJ)
"Does Greece want to remain part of the euro zone or not," German Chancellor Angela Merkel said. "That is the question the Greek people must now answer." French President Nicolas Sarkozy said the Greeks would get no more euro-zone rescue aid—"no French taxpayer money, no German taxpayer money"—until the question is answered. Without aid, Greece would be bankrupt within weeks.
Report: Papandreou to Resign; Greece to Form Coalition (CNBC)
Papandreou will meet Greek President Karolos Papoulias immediately after an emergency cabinet meeting has finished. He is expected to offer to resign and offer a coalition government in place of the current administration, with former Greek central banker Lucas Papademos at the helm.
Defections Deepen Greek Debt Crisis (WSJ)
Greek Prime Minister George Papandreou called an emergency cabinet meeting Thursday after more defections by his socialist party's lawmakers over his surprise plan for a euro referendum erased his majority in Parliament. Also coming out against the plan was Finance Minister Evangelos Venizelos, who like other cabinet colleagues, wasn't informed of Mr. Papandreou's plan before the surprise announcement on Monday. Mr. Venizelos said in a statement he is against a referendum that essentially will decide whether Greece remains in the euro zone.
ECB cuts rates in surprise move (Reuters)
The European Central Bank cut interest rates by a quarter point to 1.25 percent in a surprise move on Thursday, acting boldly to support the ailing euro zone economy at President Mario Draghi's first policy meeting in charge...The decision to cut rates was unexpected and came despite inflation in the 17-country euro zone staying at 3.0 percent for a second month running in October, well above the ECB's target of just below 2 percent. "What a starter. It is obvious that the ECB has caught the crisis virus and is trying everything it can to prevent a full-fledged recession," ING economist Carsten Brzeski said.
Facebook figures in Des Moines arson case (DMR)
Officials said the fire at 1 a.m., caused a popping sound and then a “boom.” The family was sleeping at the time but the sounds alerted family members to the danger. They managed to escape as the siding on their house began to melt from the heat of the fire in the detached garage. The roof of the garage collapsed on cars stored in the garage. Other stored property also was lost in the blaze. Officers asked Jim Rasmussen if anyone would want to harm him of his family and he provided the name Jennifer “Jen” Harris. He said Harris was a long-time friend of his wife but they were now involved in a dispute. A police report says that when an officer asked Nikki Rasmussen about Jen Harris, Rasmussen said “… the two are no longer friends due to a dispute over Facebook. According to Nikki, Jen is angry with her because she ended their friendship on Facebook.”
Jobless Claims Decline (WSJ)
Initial jobless claims fell by 9,000 to a seasonally adjusted 397,000 the week ended Oct. 29, the Labor Department said Thursday. In the prior week, jobless claims were revised up to 406,000 from an originally reported 402,000, according to the newly released figures. The four-week moving average of new claims, a more reliable indicator of the labor market's performance because it smooths out volatile weekly figures, dropped by 2,000 to 404,500 last week.
BNP Paribas Third Quarter Net Slides 72 Percent On Greek Writedown (BW)
Net income declined to 541 million euros ($741 million) from 1.91 billion euros a year earlier, the Paris-based company said in an e-mailed statement today. That missed the 1.24 billion-euro average estimate of 13 analysts surveyed by Bloomberg. The bank took a 2.26 billion-euro pretax writedown on Greek sovereign debt in the period.
Bernanke Gives Impetus To New Stimulus (Bloomberg)
Potential actions are “on the table,” including a third round of securities purchases, extending the period of record- low interest rates or being more specific about when rates would rise, Bernanke said at a press conference yesterday after officials met for two days in Washington.
Corzine Lived Up To Risk-Taking Reputation (Bloomberg)
In his 24-year career at Goldman Sachs Group, Jon Corzine made a name for himself as an intrepid trader who pushed the limits of risk. So it makes sense that when Corzine, after almost a decade as a U.S. senator and governor, was named chairman and chief executive officer of MF Global Holdings Ltd. (MF) in March, 2010, his plan for expanding the futures and commodities trader involved taking more risk, Bloomberg Businessweek reports in its Nov. 7 issue. Less than 20 months later, the company is bankrupt, days after posting a $192 million quarterly loss and disclosing $6.3 billion in bets on European government bonds.
83 year-old Centerville man arrested for prostitution (HC)
Centerville Police said they have arrested an 83-year-old man on charges of prostitution. The investigation of Ben Clifford Dawson of Centerville began on October 22. Dawson is listed as a candidate for Centerville City Council. According to police, they received a complaint that Dawson had offered to perform sex acts on a woman in exchange for repayment of a loan.