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Economy - Economics USA

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Reuters

Chief executives of some banks that received federal money, including Bank of America Corp, Morgan Stanley and Regions Financial Corp, used company jets for their personal use.   Many occasions when banks receiving federal money flew their planes to destinations near resorts or executives' vacation homes in Europe, Mexico, the Caribbean, south Florida and Aspen,

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AP

Credit ratings agency Standard & Poor's said it is unlikely to lower its rating on the U.S. government in the near-term despite noting a "significant" weakening in public finances.   S&P said in a report it will retain its top triple A rating for the U.S.'s long term debt and added that the outlook is stable. Last month, rival credit ratings agency Moody's Investors Service said the U.S. government's "AAA" rating is stable despite the country's swelling debt.

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Reuters

NYSE said it had signed a deal with Depository Trust & Clearing Corp to form a joint venture for clearing U.S. fixed income derivatives.

The new clearing house, New York Portfolio Clearing, will combine the NYSE Euronext's U.S. futures exchange and DTCC's Fixed Income Clearing Corp to offer risk management, clearing and settlement efficiencies for U.S. fixed income securities and derivatives.

 

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http://seekingalpha.com/

Here’s yet another huge financial story that has been virtually blacked out by the US financial media. Although on the surface, this story appears to be a non-event, if we consider some of the released facts about this case, you will understand why I consider it to be a huge story. On June 8th, the Asia News reported the following story:

“Italy’s financial police (Guardia italiana di Finanza) has seized US bonds worth US 134.5 billion from two Japanese nationals at Chiasso (40 km from Milan) on the border between Italy and Switzerland. They include 249 US Federal Reserve bonds worth US$ 500 million each, plus ten Kennedy bonds and other US government securities worth a billion dollars each. Italian authorities have not yet determined whether they are real or fake, but if they are real the attempt to take them into Switzerland would be the largest financial smuggling operation in history; if they are fake, the matter would be even more mind-boggling becaus

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