11 May, 2015 by The TZ Newswire Staff Comments Off on Goldman Sachs ordered to pay $80 million plus interest in 2006 case
Goldman Sachs ordered to pay $80 million plus interest in 2006 case
The May 7 decision, that came from an arbitration panel under the Financial Industry Regulatory Authority, granted NAB’s request for compensation and also awarded interest at a 3 percent annual rate since December 2006. The marketing materials on which the NAB relied for creating a collateralized debt obligation called Hudson Mezzanine Funding 2006-1, masked Goldman Sachs’s “significant conflict of interest with its clients”, the panel found. The NAB had argued for $230 million in total damages including $80 million in compensatory damages and interest of $60 million.
11 May, 2015 by The TZ Newswire Staff Comments Off on Fed said to have emergency plan to intervene if U.S. defaulted on debt
Fed said to have emergency plan to intervene if U.S. defaulted on debt
The Federal Reserve drew up extensive plans for handling a U.S. debt default that included scheduling deferred payments and lending cash to investors, according to a lawmaker who cited Fed documents. America courted disaster in 2011 and 2013 when political fights over the national debt nearly left the federal government unable to pay its bills. In a June 2014 letter to Treasury Secretary Jack Lew seen by Reuters on Monday, Republican Representative Jeb Hensarling of Texas said his staff had reviewed the Fed’s unclassified plans for how to handle a default.
11 May, 2015 by The TZ Newswire Staff Comments Off on Germany floats Greek referendum on reform, others doubt timing
Germany floats Greek referendum on reform, others doubt timing
EU paymaster Germany suggested on Monday that Greece might need a referendum to approve painful economic reforms on which its creditors are insisting, but Athens said it had no such plan for now and others warned a vote could delay vital aid. Greece calmed immediate fears of a default by making a crucial 750 million euro payment to the International Monetary Fund a day early.
11 May, 2015 by The TZ Newswire Staff Comments Off on Japanese Govt Bonds Are Crashing After Weakest Auction Since Lehman
Japanese Govt Bonds Are Crashing After Weakest Auction Since Lehman
Today’s 10Y JGB auction saw the lowest bid-to-cover ratio since Feb 2009 at just 2.24x with a notable tail of 1.1bps (the widest since March) as it appears once again, the total dissolution of liquidity from the largest bond market in the world has left the BoJ and Ministry of Finance losing control. The reaction is dramatic with 5Y through 30Y yields up 5-8bps (10Y +8bps at 47.6bps – the biggest absolute jump in yields in 2 years) leaving 30Y yields at 2-month highs above 1.49% and 10Y yields at 6-month highs.
11 May, 2015 by The TZ Newswire Staff Comments Off on The Wall Street Journal: Samsung questions game plan after Galaxy debacle
The Wall Street Journal: Samsung questions game plan after Galaxy debacle
After the 2014 Galaxy smartphone debacle, Samsung seems to be questioning whether it should follow through a previous 10-year expansion plan to quadruple annual sales and establish Samsung as the world’s No.
11 May, 2015 by The TZ Newswire Staff Comments Off on Chinese analyst uses TV show to predict stock market
Chinese analyst uses TV show to predict stock market
One stock analyst is trying a new approach to analyze China’s seemingly unpredictable equity markets: watching state TV.
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11 May, 2015 by The TZ Newswire Staff Comments Off on SoftBank shakes up leadership with former Google exec
SoftBank shakes up leadership with former Google exec
SoftBank’s plans to tap a foreigner as a potential CEO confirm its ambitions to become a global venture capital firm, according to analysts.