Daily Digest

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Daily Digest 12/22 - Former SAC Trader Is Indicted, Engineered Fish Moves Closer To Approval

Saturday, December 22, 2012, 1:16 PM

Economy

San Bernardino paid US$2M in employee cash-outs in months leading up to bankruptcy filing (westcoastjan)

Rhonda Haynes, the city’s acting human-resources director, said the timing of the payouts was a coincidence. July 31 is the normal cash-out payment date for employees who retired and received their final wage check on July 15, she said. Other city officials also suggested that general anxiety among older workers over the city’s finances led to a blip in retirements.

‘Grand bargain’ the only way to fix America’s fiscal mess (westcoastjan)

Their political operatives have embedded themselves in the Grand Old Party, or Republicans, and voted against any and all increases in taxation or spending. They have succeeded in holding the party hostage.

As Canada’s Ambassador to the U.S., Gary Doer, put it recently: “One-third of the Republicans are Tea Partiers, one-third are worried about the Tea Party and one-third are traditional dealmakers.”

Former SAC Trader Is Indicted (jdargis)

Mr. Cohen has not been charged with any wrongdoing, and a spokesman for SAC has said that he thinks that he and SAC have acted appropriately at all times. The Securities and Exchange Commission, which brought a parallel civil action against Mr. Martoma, has warned SAC that it is likely to file a fraud lawsuit against the firm related to the Martoma case.

Debt Reckoning: Military Looks To Phase In Spending Cuts (jdargis)

The cuts, which would start with $50 billion next year, would be disruptive. But military analysts say they could be phased in more gradually than originally thought, eliminating the need for furloughs or layoffs on Jan. 2.

As a result, White House officials and House Republicans believe that they can limit the fallout at the Pentagon if they miss that deadline and reach a larger budget deal sometime next year.

Environment

Hurricane Relief Bill Clears Hurdle in the Senate (jdargis)

While the bill falls short of the $82 billion requested by the governors of New York, New Jersey and Connecticut, its supporters have argued that its passage is vitally important as states seek to clean up storm damage and undertake long-term projects to protect against the effects of future storms.

Engineered Fish Moves a Step Closer to Approval (jdargis)

The Food and Drug Administration said it had concluded that the salmon would have “no significant impact” on the environment. The agency also said the salmon was “as safe as food from conventional Atlantic salmon.” While the agency’s draft environmental assessment will be open to public comment for 60 days, it seems likely that the salmon will be approved, though that could still be months away.

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1 Comment

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4060
Greece’s Big Banks Need Bailout Too

"Greece’s four biggest banks have reported they were so battered by losses imposed by a previous government on investors that they will need a 27.4 billion euros ($36.29 billion) injection as they try to stem more losses as the country’s economy continues to shrink.

The debt-write down earlier this year effectively wiped out the capital base of the National Bank of Greece (NBG,) Eurobank, Alpha Bank and Piraeus Bank, who are also struggling with a rapid growth of defaulted loans by consumers as Greeks have been hit with waves of pay cuts, tax hikes and slashed pensions."
 

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