Cypriot Outrage Over Tax Could Derail Euro-Area Bailout (Bloomberg)
While demanding that the levy raise the targeted 5.8 billion euros ($7.6 billion), finance officials said easing the cost to smaller savers was up to Cyprus. A vote on the tax, needed to secure 10 billion euros in rescue loans, was delayed for a second day. Banks may not reopen tomorrow after a holiday today, state-run broadcaster CYBC reported. “If the government wants to change the structure of the solidarity levy for the banking sector, the government can decide as such,” European Central Bank Executive Board member Joerg Asmussen said today in Berlin. “What’s important is that the planned revenue of 5.8 billion euros remain.”
Cyprus Can't Put 'Genie Back in the Bottle': O'Neill (CNBC)
"I'm still trying to get my head around [it]," O'Neill said in a "Squawk Box" interview. He added that Cyprus won't be able to "put the Genie back in the bottle" despite whether or not the depositor hair-cut gets approval. "This is a biggie, in my opinion," O'Neill said. "I think my biggest concern with this is not whether or not this ultimately gets done, not that the idea that Cyprus would come up with something like this, but that the EU (European Union) would back it and go along these things."
'Wash Trades' Are Scrutinized (WSJ)
U.S. regulators are investigating whether high-frequency traders are routinely distorting stock and futures markets by illegally acting as buyer and seller in the same transactions, according to people familiar with the probes. Such transactions, known as wash trades, are banned by U.S. law because they can feed false information into the market and be used to manipulate prices. Intentionally taking both sides of a trade can minimize financial risk for the trading firm while potentially creating a false impression of higher volume in the market.
Anti-Euro Party Mobilizes In Germany (WSJ)
A prominent group of anti-euro German economists and business leaders has formed a political party to challenge Germany's support for euro-zone bailouts, a move that could test the ruling center-right coalition's hold on conservative votes in the fall general election. With just six months until the election, the new party, which calls itself Alternative for Germany, is unlikely to gain enough traction to win seats in Parliament, analysts say. Yet even if the party comes in below the 5% threshold needed to win representation, it could still attract enough conservative votes to prevent a return of the current coalition government, a combination of Angela Merkel's Christian Democrats, their Bavarian sister party, and the pro-business Free Democrats.
Woman Busted In Alleged Deer Head Heist (NWFDN)
The story begins when a man and woman were evicted from their apartment on James Lee Boulevard and temporarily moved in with another woman, according to an arrest report. On Jan. 24 the couple argued with the woman and moved out, taking most of their belongings with them. They left behind two mounted deer heads the woman was storing in her motor home.
Divided Views of SAC Capital Settlement (NYT)
Inside SAC's Stamford, Conn., headquarters, the resolution of the civil actions — announced Friday by the Securities and Exchange Commission — was seen as a victory. In a statement, the fund, which neither admitted nor denied wrongdoing, called the settlements "a substantial step toward resolving all outstanding regulatory matters."...Friday's settlements — for $602 million and $14 million — were criticized by a number of rival hedge fund managers and securities lawyers as not tough enough. Despite the S.E.C.'s trumpeting the $602 million payment as the largest settlement of an insider trading case, critics said that the commission could have sought a harsher punishment. "While $616 million would normally be a massive penalty, for Cohen this is basically a drop in the bucket," said Bradley D. Simon, a criminal defense lawyer and former federal prosecutor in New York. "There is also no debarment or admission of wrongdoing."
HSBC Set to Cut Thousands More Jobs (FT)
HSBC is gearing up for thousands more job cuts, with Europe's biggest bank by market value set to outline the next stage in its strategic overhaul at an investor day in two months' time. "There is no fantastical new strategy out there," said one person familiar with the bank's planning. "But there's still huge potential to be more efficient."
Number Of Cases Filed By SEC Slows (WSJ)
The Securities and Exchange Commission is filing significantly fewer civil fraud cases this year, as its efforts to punish misconduct related to the financial crisis start to ebb. The agency is likely to fall short this fiscal year of its record-breaking number of enforcement actions in the previous two years, said people familiar with the matter.
Road Rage on I-78: Shot Fired at Woman's Car (Patch)
According to troopers: The victim, who troopers did not identify by name, encountered a silver-colored, compact, four-door SUV with New Jersey license plates that was traveling about 40mph in the left lane and swerving close to a tractor-trailer in the right lane. The 39-year-old Bethlehem woman blew her car horn at the compact silver SUV. The SUV driver responded by flipping her the middle finger, then taking off “at a high rate of speed.” The silver SUV then got into the right lane and slowed down. The Bethlehem woman continued driving east in the left lane and started to pass the silver SUV as they passed the Route 33 interchange. But as that happened, the woman heard a loud bang. The SUV then “sped off again at a high rate of speed.” The victim pulled over a short time later to call 911. Arriving troopers found a single bullet hole in the passenger side rear door. The victim was not injured.