Wednesday, February 29, 2012
Financial Services Hearing Highlights Feb 29 2012 - Dr. Ron Paul Unmatched Intellect !
Of course the MSM would never play this for their viewing audience. This would require you to actually think for yourself.
U.S. Independent Restaurants Account for 87 Percent of Industry Traffic Losses Since 2008
https://www.npd.com/wps/portal/npd/us/news/pressreleases/pr_120227
“Independent restaurant operators have neither the money nor resources that the chains have,” says Bonnie Riggs, NPD restaurant industry analyst. “They lacked the marketing power to drive traffic and the monetary buffer to get through the difficult times during the past several years.”
“Independent restaurant operators have neither the money nor resources that the chains have,” says Bonnie Riggs, NPD restaurant industry analyst. “They lacked the marketing power to drive traffic and the monetary buffer to get through the difficult times during the past several years.”
Fed finds housing, banking conditions improved - MarketWatch
Fed finds housing, banking conditions improved - MarketWatch
Home real estate markets and banking conditions are improving across most of the nation, according to the Federal Reserve's latest Beige Book reading of economic conditions released Wednesday. Overall, the report found a modest, moderate expansion underway, with only New York the only one of the dozen Fed districts to report slower activity through mid-February. Most economic conditions are similar to past reports. Manufacturing and nonfinancial services are expanding and reports of consumer spending were positive. Prices remained stable and there was no wage pressure, the report said.
Home real estate markets and banking conditions are improving across most of the nation, according to the Federal Reserve's latest Beige Book reading of economic conditions released Wednesday. Overall, the report found a modest, moderate expansion underway, with only New York the only one of the dozen Fed districts to report slower activity through mid-February. Most economic conditions are similar to past reports. Manufacturing and nonfinancial services are expanding and reports of consumer spending were positive. Prices remained stable and there was no wage pressure, the report said.
Yet the Long bond only moved 1% Laughable. Problem with Ben is, he does not want to reward savings. A Growing Economy DEMANDS! higher rates.
Fed beige book one year ago -
"Reports from the twelve Federal Reserve Districts indicated that overall economic activity continued to expand at a modest to moderate pace in January and early February"
Fed beige book one year ago -
"Reports from the twelve Federal Reserve Districts indicated that overall economic activity continued to expand at a modest to moderate pace in January and early February"
Operation Twist:
Operation Twist: New York Fed purchases $1.813 billion in Treasury coupons.
Operation Twist: New York Fed purchases $4.952 billion in Treasury coupons.
Feb 28th, 2012 11:17 by News
Operation Twist: New York Fed purchases $4.952 billion in Treasury coupons.
Feb 28th, 2012 11:17 by News
Oh really?
"...the Fed does not anticipate further “substantial declines” in the jobless rate"
While there has been improvement in the employment numbers, one of
the bigger drivers of the falling unemployment rate has been the large
increase in the number of people that have given up looking for a job.
This is borne out by the falling participation rate:
With the slow rate of hiring, it would require additional large
numbers to drop out in order to get continuing large drops in the
unemployment rate.
Abound Solar halts production, cuts 180 Colo. jobs » Ventura County Star
Another bama green company goes under:
Abound Solar halts production, cuts 180 Colo. jobs » Ventura County Star
Abound Solar halts production, cuts 180 Colo. jobs » Ventura County Star
The company received a $400 million loan guarantee from the federal
government as part of a stimulus package in 2010 but has drawn less than
$70 million, according to the U.S. Energy Department.
Fourth-quarter U.S. GDP growth revised up to 3%
http://www.marketwatch.com/story/fourth-quarter-us-gdp-growth-revised-up-to-3-2012-02-29
WASHINGTON (MarketWatch) - The U.S. economy grew 3% in the fourth quarter, faster than originally reported, mainly because of increased commercial construction and consumer spending and lower imports, the government reported Wednesday. It was still the fastest increase in a year and a half, according to revised Commerce Department data. Economists surveyed by MarketWatch projected GDP growth would be revised down to 2.7% from an initial reading of 2.8%. Real final sales in the U.S., which exclude imports and inventories, rose 1.1% instead of 0.9% as originally reported. Inventories, a major source of fourth-quarter growth, totaled $54.3 billion instead of $56 billion as initially reported. Inflation as measured by the consumer PCE index rose 1.2% in the fourth quarter, or by 1.3% on a "core" basis if food and energy are excluded. Real disposable income climbed 1.4% in the fourth quarter, compared with an earlier reading of 0.8%. The personal savings rate was 4.5%, up from an initial estimate of 3.7%.
WASHINGTON (MarketWatch) - The U.S. economy grew 3% in the fourth quarter, faster than originally reported, mainly because of increased commercial construction and consumer spending and lower imports, the government reported Wednesday. It was still the fastest increase in a year and a half, according to revised Commerce Department data. Economists surveyed by MarketWatch projected GDP growth would be revised down to 2.7% from an initial reading of 2.8%. Real final sales in the U.S., which exclude imports and inventories, rose 1.1% instead of 0.9% as originally reported. Inventories, a major source of fourth-quarter growth, totaled $54.3 billion instead of $56 billion as initially reported. Inflation as measured by the consumer PCE index rose 1.2% in the fourth quarter, or by 1.3% on a "core" basis if food and energy are excluded. Real disposable income climbed 1.4% in the fourth quarter, compared with an earlier reading of 0.8%. The personal savings rate was 4.5%, up from an initial estimate of 3.7%.
Tuesday, February 28, 2012
House Passes Bill That Will Make Protesting Illegal at Secret Service Covered Events
http://rt.com/usa/news/348-act-tresspass-buildings-437/
So wait......they can occupy private property, no biggy.....but **** me if theres a politician around all bets are off???...really?
Unsealed Complaint Provides Details on $1 Billion Bank of America Deal - New York Law Journal
Unsealed Complaint Provides Details on $1 Billion Bank of America Deal - New York Law Journal
Circuit Sends $8.5 Billion BofA Settlement Back to State Court
Bank of America's $8.5 billion settlement with investors over mortgage-backed securities is returning to state court.
The U.S. Court of Appeals for the Second Circuit on Feb. 27 said the
Class Action Fairness Act of 2005 requires that the case, settled in
2011, be sent back to New York state Supreme Court.
The decision came 12 days after oral argument at the circuit in
BlackRock Financial Management Inc. v. The Segregated Account of Ambac
Assurance Corp., 11-5309-cv.
Judges Dennis Jacobs (See Profile), Peter Hall (See Profile) and
Raymond Lohier vacated the decision of Southern District Judge William
Pauley (See Profile), who had allowed the case to be removed to federal
court.
Bank of America, purchaser of Countrywide Financial Corp. in 2008,
had settled with BlackRock and other large hedge funds over losses in
mortgage-backed bonds in June 2011.
Bank of New York Mellon, the indenture trustee for 530 Countrywide
mortgage-securitization trusts, brought an Article 77 proceeding in June
2011 in New York Supreme Court to confirm it had the authority to enter
into the settlement and that the settlement would not violate its
duties governing trust settlements and state law.
A quick confirmation of the settlement was sought by lawyers for both
sides—Gibbs & Bruns, representing about two dozen institutional
investors, and Wachtell, Lipton, Rosen & Katz for Bank of America.
But some investors objected and intervened in the case to have it
removed to the Southern District under the Class Action Fairness Act.
Led by Grais & Ellsworth attorneys, the investors argued that the
settlement was a class action in disguise that could harm other
investors, and the matter belonged in federal court.
Judge Pauley granted removal to federal court in Bank of New York
Mellon v. Walnut Place LLC, No. 111 Civ. 5988 (WHP), 2011 WL 4953907
(NYLJ, Oct. 21, 2011).
The case then headed to the Second Circuit on interlocutory appeal.
During oral argument on Feb. 15, Bank of America counsel Theodore Mirvis
of Wachtell told the panel that the case "is right within the sweet
spot of the securities exception" in the Class Action Fairness Act and
belonged in state Supreme Court.
The circuit agreed, finding "the case falls within [Class Action
Fairness Act]'s securities exception as one that solely involves a claim
that 'relates to the rights, duties (including fiduciary duties), and
obligations relating to or created by or pursuant to' a security."
The case, Judge Jacobs said, was one in which "everyone is a sophisticated investor."
He explained that the Class Action Fairness Act expanded federal
jurisdiction to allow removal to federal court of class actions "or
'mass action' notwithstanding the absence of complete diversity or
federal question otherwise required for removal."
Examining the securities exception at 28 U.S.C. §1332(d)(9), Judge Jacobs said the case was properly brought in state court.
"The proposed order that The Bank of New York Mellon submitted in
state court is consistent with the petition, and confirms that the
trustee is primarily seeking a construction of the trust documents and
an instruction about the reasonableness of its planned course of
action—the kinds of relief afforded under Article 77," Judge Jacobs
said.
But the Walnut Place intervenors claimed the petition also sought
other relief that would make the claim much more than just one relating
to a security. For example, the settlement, Walnut Place said, enjoins
Countrywide and Bank of America from suing Mellon and enjoins the
certificate holders, including Walnut Place, from suing Mellon as well.
Judge Jacobs, however, said, "This wish list does not alter the nature of the relief sought by the trustee."
He added, "The Bank of New York Mellon acted reasonably in entering
into the Settlement Agreement and in accordance with its duties as a
trustee for all certificateholders. Moreover, although we leave these
matters for New York courts to decide, there is no basis for an
injunction compelling the parties to execute the Settlement Agreement
because they have no present disagreement and unanimously seek only the
opportunity to consummate it."
The panel dismissed the petition for lack of jurisdiction, reversed
Judge Pauley and remanded with instructions to vacate the decision and
remand to state court.
Among the lead attorneys on the case were Andrew Frey of Mayer Brown
representing Bank of New York Mellon; Robert Madden of Gibbs & Bruns
for the institutional investors, including BlackRock, that supported
the settlement in state court; and Owen L. Cyrulnik of Grais &
Ellsworth for Walnut Place investors and others who sought removal to
federal court. 
IBM - Update
http://wraltechwire.com/business/tech_wire/wire/story/10784152/
By 6 a.m. Tuesday, internal documents provided by affected employs across 12 work groups totaled 870.
By 6 a.m. Tuesday, internal documents provided by affected employs across 12 work groups totaled 870.
Tick Tick Tick
German court raises hurdle to euro zone bailouts
| Reuters
| Reuters
| Reuters
The German constitutional court ruled that parliament may not delegate most decisions on disbursing bailout funds to a special committee meeting in secret, as Merkel had planned after a previous ruling bolstered lawmakers' oversight powers.UPDATE 1-ECB temporarily suspends Greek bonds as collateral
| Reuters
The European Central Bank said on Tuesday it was temporarily suspending the eligibility of Greek bonds for use as collateral in its funding operations and that national central banks would have to provide banks with liquidity using an emergency measure.
The move came after ratings agency Standard & Poor's cut Greece's long-term ratings to 'selective default' after Athens launched a bond swap to lighten its debt burden.
Monday, February 27, 2012
BREAKING S&P cuts Greece rating to selective default
BREAKING
S&P cuts Greece rating to selective default
http://www.marketwatch.com/story/sp-downgrades-greece-to-selective-default-2012-02-27?link=MW_story_latest_news
SAN FRANCISCO (MarketWatch) -- Standard & Poor's said late Monday it downgraded the sovereign credit ratings of Greece to selective default, or SD, because collective action clauses recently put into certain debt agreements. S&P had previously had a CC long-term rating and a C short-term rating on Greece. "The effect of a CAC is to bind all bondholders of a particular series to amended bond payment terms in the event that a predefined quorum of creditors has agreed to do so," S&P said in a statement. "In our opinion, Greece's retroactive insertion of CACs materially changes the original terms of the affected debt and constitutes the launch of what we consider to be a distressed debt restructuring."
S&P cuts Greece rating to selective default
http://www.marketwatch.com/story/sp-downgrades-greece-to-selective-default-2012-02-27?link=MW_story_latest_news
SAN FRANCISCO (MarketWatch) -- Standard & Poor's said late Monday it downgraded the sovereign credit ratings of Greece to selective default, or SD, because collective action clauses recently put into certain debt agreements. S&P had previously had a CC long-term rating and a C short-term rating on Greece. "The effect of a CAC is to bind all bondholders of a particular series to amended bond payment terms in the event that a predefined quorum of creditors has agreed to do so," S&P said in a statement. "In our opinion, Greece's retroactive insertion of CACs materially changes the original terms of the affected debt and constitutes the launch of what we consider to be a distressed debt restructuring."
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