Daily Digest 4/20 - Why Wall St. Can't Escape Euro Crisis, BofA Focusing On Profit, Gulf Seafood "Horribly Deformed"
- Why Wall Street Can't Escape The Eurozone Crisis
- A Message on the Need to Reform the Financial System -- From Herbert Hoover
- In Spain, Euro Rescue Fund May Face Its Biggest Test
- Bank of America, Focusing Less on Retail, Leans on Trading for Profit
- Pressure Builds for Tougher Line as Syria Is Said to Shun Peace Plan
- Gulf seafood "horribly deformed"
European banks reportedly will have more than 600 billion euros ($787 billion) in redemptions by the end of the year. They come at a time when the banks have sustained billions in capital losses they can’t make up.
Worse, they’ve borrowed a staggering 316.3 billion euros ($414.9 billion) from the ECB through March, which is 86% more than the 169.8 billion euros ($222.7 billion) they borrowed in February. This accounts for 28% of total EU-area borrowings from the EU, according to the ECB.
There will undoubtedly be more borrowing and more losses ahead as interest rates rise further.
Instead of acting quickly to correct the causes of the financial collapse, he expended most of his early political capital on a healthcare plan that, despite some genuinely beneficial changes, serving to increase the control and reach of a few private healthcare monopolies by requiring all people to purchase insurance from them.
Fed policy still serves the few and is largely opaque in its dealings, becoming even more powerful as regulator.
Mr. Regling heads the European Financial Stability Facility, the emergency bailout fund that still has about €248 billion, or $325 billion, of its original €440 billion of lending power. In July, that fund is to be superceded by a permanent strongbox, the European Stability Mechanism, which will have a firepower of about €500 billion — beyond the €192 billion already committed to Ireland, Portugal and Greece.
There were plenty of other signs of how Bank of America was slimming down and cutting back. The company has closed 51 branches in the quarter, giving it 5,651 banking centers, and executives said more reductions could be coming as the company “optimizes” its network. Head count fell by 3,100 in the quarter, to 278,700, as the company cost-cutting initiative, called New BAC, gained momentum. More cuts are expected in the coming quarters.
President Nicolas Sarkozy of France set the tone as his government convened a meeting of diplomats from nations in the Friends of Syria coalition seeking to aid the opposition to President Bashar al-Assad. Mr. Sarkozy compared Mr. Assad to the late Libyan leader, Col. Muammar el-Qaddafi. “Bashar al-Assad is lying in a shameful way; he wants to wipe Homs from the map like Qaddafi wanted to wipe Benghazi from the map,” Mr. Sarkozy said on Europe 1 radio. “The solution is the creation of humanitarian corridors so an opposition can exist in Syria.”
Gulf seafood "horribly deformed" (jdargis)
Pathways of exposure to the dispersants are inhalation, ingestion, skin, and eye contact. Health impacts can include headaches, vomiting, diarrhea, abdominal pains, chest pains, respiratory system damage, skin sensitisation, hypertension, central nervous system depression, neurotoxic effects, cardiac arrhythmia and cardiovascular damage. They are also teratogenic - able to disturb the growth and development of an embryo or fetus - and carcinogenic.
Article suggestions for the Daily Digest can be sent to dd@PeakProsperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."