He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source
Despite earlier reports to the contrary, Greek PM George Papandreou won’t be offering up his resignation, Greek officials say. This isn’t a confusing morning at all!
Greek officials OK referendum plans: Like we said earlier (sarcastically, kinda), the stock market doesn’t like democracy. Democracy often goes against the best interests of investors. It’s messy. It works in ways that don’t always work in the best interests of the people who vote for it. But you gotta give people the opportunity to take advantage of the democratic system. No matter how much it hurts. That’s what Greece will go through very soon. Democracy. Don’t like it? Take an Alka-Seltzer and give yourself five minutes to get in a happy spot.
Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source (via • follow)
Papandreou’s office says “next week is particularly crucial” to the country’s next bailout. The debt crisis is also so bad that a guy lit himself on fire yesterday because he couldn’t renegotiate his loan.
Countries must first put their own houses in order. Developed countries must take responsible fiscal and monetary policies. What is most important now is to prevent the further spread of the sovereign debt crisis in Europe.Chinese Premier Wen Jiabao • Telling all the deadbeat European nations to bump up their national credit scores before looking for a bailout from China. Wen previously said the country would lend a helping hand to Europe, which is suffering a crippling debt crisis. So, in case you were thinking of going to China for a little cash, you’re out of luck … unless you’ve proven yourself fiscally responsible (or China has a huge vested interest in seeing you succeed). Then China would be happy to let you into its deep coffers. source (via • follow)
We must make it very clear to people that the current problem, namely of excessive debt built up over decades, cannot be solved in one blow, with things like euro bonds or debt restructurings that will suddenly make everything okay. No, this will be a long, hard path, but one that is right for the future of Europe.German Chancellor Angela Merkel • Arguing, amidst much jeering from leftist opposition parties, that Europe needs to change the way it approaches its growing debt crisis. Merkel argues for long-term fundamental change. “I’m convinced that this crisis, if a great crisis of the western world is to be avoided,” she said, “cannot be fought with a ‘carry on’ attitude. We need a fundamental rethink.” Merkel is facing a parliamentary vote later this month that could prove a great threat to her power, and her party is sinking in the polls right now. She suffered a setback earlier in the day after a court put strict limitations requiring her to get approval from lawmakers to grant future bailout aid to other European countries. source (via • follow)
Today in headlines we could write without going to town hall meetings and doing the legwork required to turn that headline into a story.
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» Harsh words for the opposition: George Papandreou, the leader of the Socialist Party, had this to say towards the opposition New Democrats in the heat of the all-important vote: “All of Europe knows that your party is responsible for the current situation.” The vote, which only one member of parliament on either side crossed lines for, means that the country will receive a $17 billion rescue plan to make it through the Summer, with a second, much larger one in the works. Meanwhile, outside parliament, large-scale protests continued unabated.
» 48-hour general strike called: With Greece facing a difficult austerity vote today, protesters have shown up by the thousands outside of the country’s parliament. The strike has shut down most public services, including transit. Airports and hospitals have also suffered the deep effects of the strikes. The passage of the measures, however, is key — a large loan from the European Union and the International Monetary Fund rests on their passage. If they don’t get it, they risk going into default, which would be very bad.
They want to give people like me a two hundred thousand dollar tax cut that’s paid for by asking thirty three seniors to each pay six thousand dollars more in health costs? That’s not right, and it’s not going to happen as long as I’m President.Did Obama find his spine? He’s got some pretty sharply-tinged words in this speech today.
(Source: upfrontnewswire.com)
I will get out as soon as I graduate next year, to Brazil. It has a growing economy and people like me can do well there.Portuguese college student Alexandria Silva • Explaining her long-term plan for surviving in this economy. That’s right. She plans to leave Portugal, which is about to get smacked with some debt crisis drama, to go to South America. There are some other issues, too – due to insane job-security (especially in the public sector), older Portuguese people already have a stranglehold on the good jobs, and worse, there’s an 11 percent unemployment rate. So, now, some of the country’s best and brightest are leaving. Sad, really. source (via • follow)
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