Daily Digest 6/9 - Spain In Need Of $46B Bailout, Fight To Lead Union Heats Up, The Resource Shortage Is Real
- Ignorance Is A Temporary Condition
- Spanish Banks Need $46 Billion, I.M.F. Says in Audit
- Pressure Mounts for Spain to Request a Banking Bailout
- Spain: Simmering Anger In Seville
- The 5 Questions You Need to Ask Your Financial Advisor Right Now
- Trustee Sees Customers Trampled at MF Global
- For Labor, A Fight To Lead Heats Up
- The Resource Shortage Is Real
Ignorance Is A Temporary Condition (David B.)
Paying with cash, actually pulling the money from a wallet or purse is a vivid enough action to elicit a negative, and in some consumers a mildly painful, psychological reaction that’s absent when either a credit or debit card transaction takes place.
“The impulse dances inside the debt.” Jareb Teague
In a statement accompanying the audit, the fund said that the “core” of Spain’s financial sector is “well managed and appears resilient to further shocks.” But the report said that significant vulnerabilities remain, particularly among smaller banks and those with bigger exposure to the Spanish housing sector.
Fitch announced Thursday after the close of trading that it had cut Spain by three steps, leaving it to two notches above junk. The agency cited Spain’s economic problems and the cost of recapitalizing its struggling financial sector, which Fitch said could reach as much as 100 billion euros, or $125 billion.
Spain: Simmering Anger In Seville (jdargis)
Right now, policymakers across Europe have to be thankful for Pasion Sevilla and its cornets, Triana with its statues and incense, the tight knots of local people gathered at the corners of tiny cobbled streets. Because family and tradition, religion, brass bands and social solidarity are all that's holding many communities in Spain together.
The problem faced by many investors today is that they’ve always thought in terms of returns rather than risks. That’s backwards, especially at a time when the riskiest investments – bonds – were supposed to be the most secure.
This is compounded by the fact that many investors — having lost big twice in the last decade –remain underinvested and are faced with playing catch-up. They never should have stepped off the court in the first place.
Responsibility for accessing funds in segregated customer accounts and transferring them elsewhere rested with one employee, Edith O’Brien, an assistant treasurer in Chicago who reported to the firm’s treasurer in New York, who in turn reported to the chief financial officer, Henri Steenkamp. The treasury division’s main responsibility was meeting Mr. Corzine’s increasingly frantic demands for liquidity to support his high-risk and ultimately disastrous bet on the debt of shaky European nations.
For Labor, A Fight To Lead Heats Up (jdargis)
The union’s membership — nearly 1.4 million last year — has fallen as many states and cities have laid off workers. Labor experts expect that Tuesday’s election results in Wisconsin, San Diego and San Jose will embolden officials elsewhere to seek to curb collective bargaining and cut pensions for public sector employees. And the union, which worked hard to elect President Obama in 2008, is going up against far more Republican money in this year’s presidential election.
The Resource Shortage Is Real (Jeff B.)
Put simply, the world’s dwindling supplies of arable land, fresh water, energy and minerals — essential for the production of food and appliances such as mobile phones, cars, televisions and washing machines — cannot meet rising global demand.
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