Big Banks’ ‘Living Wills’ Promise Bankruptcy Instead of Bailouts By Jesse Hamilton, from Bloomberg July 3 (Bloomberg) — U.S. regulators, seeking to prevent a repeat of taxpayer-funded bailouts of the financial system, released summaries of plans for breaking up nine of the world’s largest banks in the event of an emergency. The Federal Deposit Insurance [...]
Gold Traders Bullish as Hedge Funds Increase Wagers By Maria Kolesnikova, from Bloomberg Gold traders are bullish for a fourth consecutive week after hedge funds added to bets that prices will rally, exchange-traded products backed by the metal expanded and Europe’s debt crisis roiled markets. Twenty-four analysts surveyed by Bloomberg said they expect gold to [...]
China May Surpass India as Biggest Gold Market, WGC Says From Bloomberg See Dr. Pinna’s comments below… Gold demand in China may surge as much as 30 percent this year as rising incomes boost consumption, helping the country topple India as the world’s largest bullion market on an annual basis, [...]
Goldman Exec Started at SEC After Earning $57M By Jesse Hamilton, from Bloomberg Weeks after Eileen P. Rominger left Goldman Sachs Group Inc. (GS), she took the helm of the U.S. Securities and Exchange Commission’s investment management division as one of the wealthiest people to ever join the agency. Rominger reported $57.5 million in income [...]
Huge, Ongoing Wall Street Subsidy Allows Banks to Coin Money Every Day at Savers’ Expense By Henry Blodget The latest quarterly reports from the big Wall Street banks revealed a startling fact: None of the big four banks had a single day in the quarter in which they lost money trading. For the 63 straight [...]
