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Feb 15, 2011

From Prison, Bernard L. Madoff Says Banks 'Had to Know' About Fraud: NYT: Breaking News Alert:



Breaking News Alert
The New York Times
-----

From Prison, Bernard L. Madoff Says Banks 'Had to Know' About Fraud

Bernard L. Madoff said he never thought that the collapse of
his Ponzi scheme would bring down the sort of destruction on
his family that has occurred.

In his first interview for publication since his arrest in
December 2008, Mr. Madoff -- looking noticeably thinner and
rumpled in khaki prison garb -- continued to maintain that
family members knew nothing about his crimes.

But he asserted during a private two-hour interview in a
visitor room, and in earlier e-mail exchanges, that
unidentified banks and hedge funds were somehow "complicit"
in his elaborate fraud, an about-face from earlier claims
that he was the only person who knew.

Read More:
http://www.nytimes.com/2011/02/16/business/madoff-prison-interview.html?emc=na

Hard budget choices may hit families, students: MarketWatch - Personal Finance Daily

MarketWatch
Personal Finance Daily
FEBRUARY 15, 2011

Tuesday's Personal Finance Stories

By MarketWatch



Don't miss these top stories:
President Barack Obama opened what is expected to be a protracted battle with congressional Republicans on Monday, when he sent Congress a $3.7 trillion budget for fiscal 2012. The budget proposal pours billions of dollars into infrastructure, renewable energy and other projects, but, as Ruth Mantell writes, it spells out some hard decisions ahead that affect family finances, education and health-care spending. One positive: a $23 million fund that would support states that launch paid-leave programs.

Anne Stanley , Managing Editor, Personal Finance

Families face cuts in budget proposals

Programs that help our nation's youngest citizens aren't off limits when it comes to tightening the national budget, as can be seen in spending plans released by Democrats and Republicans in recent days.
Read more: Families face cuts in budget proposals.


ECONOMY AND POLITICS

Foreign investors buy fewer U.S. assets in December

Foreign investors purchase $65.9 billion of long-term U.S. assets during December, less than in November, Treasury Department data show.
Read more: Foreign investors buy fewer U.S. assets in Dec.


Obama defends tax and spending plans

President Obama says his budget for fiscal 2012 will require "tough negotiations" with Congress, but he defends plans for targeted spending on education and infrastructure as Republicans rip the $3.7 trillion proposal.
Read more: Obama defends tax and spending plans


U.S. retail sales increase 0.3% in January

Sales at U.S. retail stores register a seventh straight monthly increase, but January's growth comes in at the lowest seen since last summer.
Read more: U.S. retail sales increase 0.3% in January


INVESTING

NYSE Euronext, Deutsche Boerse to merge

The German-U.S. deal is likely to give rise to a powerhouse among the ranks of operators of financial exchanges.
Read more: NYSE Euronext, Deutsche Boerse to merge.


Fund managers' bullishness at a record, survey says

Fund managers are more bullish toward global equities than at any time in the past decade, a closely followed sentiment survey indicates. But a significant proportion of respondents trim their exposure to emerging markets.
Read more: Fund managers' bullishness at a record, survey says


Money market funds argue ways to avoid meltdown

Money market mutual funds are at odds over the best way to bail themselves out in the next financial crisis.
Read more: Money market funds argue ways to avoid meltdown


Look for Facebook in this Internet ETF

"Promising" is the word some use in describing the Internet's investment opportunities. What people probably have in mind is the expected initial public offerings of Facebook, LinkedIn and Twitter, which could buoy the entire stock market — at least for a while.
Read more: Look for Facebook in this Internet ETF.


Groupon's Super Bowl ads: Fail or boon?

Groupon's now-pulled Super Bowl commercials got millions of dollars' worth of extra coverage online and in the press, but Therese Poletti asks, did the quirky daily-deal company go too far?
Read more: Groupon's Super Bowl ads: Fail or boon?


Don't let long-term rate rise scare you ... yet

Don't let the rise in U.S. long-term interest rates scare you — yet, writes Irwin Kellner.
Read more: Don't let long-term rate rise scare you...yet.


Still for sale: Fannie and Freddie shares

With Fannie Mae and Freddie Mac back in the news recently, investors are getting a refresher course on a curious reality. Both companies have been under government conservatorship since 2008 and have lost more than $150 billion, but their shares still trade in the netherworld of the financial market.
Read more: Still for sale: Fannie and Freddie shares

NYT: Afternoon Business News: New York to Assure Legal Aid in Foreclosure Cases



BUSINESS

New York to Assure Legal Aid in Foreclosure Cases

By DAVID STREITFELD
Under new procedures, a foreclosure defendant without a lawyer will be supplied with one by volunteer groups.

Russia Embraces Risky Offshore Arctic Drilling

By ANDREW E. KRAMER and CLIFFORD KRAUSS
Safety and environmental fears made the United States wary, but oil companies are eager to follow Russia in.
Media Decoder Blog

New iPad Subscription Model Offered

By JEREMY W. PETERS
Apple has agreed to allow publishers to sell subscriptions through its popular App Store, an issue that has been a source of contention since the iPad went on the market.
DealBook

New York and German Exchanges Seal Merger

By MICHAEL J. DE LA MERCED
NYSE Euronext and Deutsche Borse agreed on Tuesday to a $10 billion all-stock merger, bringing together two stock exchanges into a trans-Atlantic powerhouse.
DealBook

Republicans Push for Exemptions to Derivatives Rules

By BEN PROTESS
Republican lawmakers implored financial regulators to exempt airlines, manufacturers and other non-financial companies from rules governing derivatives trading.

Wall Street ends lower on energy, tech shares: Wall Street ends lower on energy, tech shares. | Reuters - Daily Investor Update






News

LATEST NEWS
Wall Street ends lower on energy, tech shares
NEW YORK (Reuters) - Wall Street ended lower on Tuesday, weighed by energy and technology shares after a batch of lackluster economic data. | Full Article

Deutsche Boerse unveils NYSE mega-exchange deal
February 15, 2011 04:27 PM ET
FRANKFURT/NEW YORK (Reuters) - Deutsche Boerse will take over NYSE Euronext to create the world's largest exchange operator in a deal worth $10.2 billion, but the exchanges dodged key questions that could threaten the accord. | Full Article
Dell margins top Street view
February 15, 2011 04:35 PM ET
SAN FRANCISCO (Reuters) - Dell Inc posted much better-than-expected profit and margins, as large and small businesses continued to spend on new technology hardware. | Full Article
LSE close hit by technical glitch
February 15, 2011 01:26 PM ET
LONDON (Reuters) - The London Stock Exchange failed to stop trading Tuesday as scheduled -- one day after completing a major system upgrade -- causing confusion among its clients, who blamed a technical problem. The LSE, which ends normal trading at 1630 GMT before starting its closing auction, conceded on its website that normal trading did not cease until 42 seconds after the official close at 1630. | Full Article
Sanofi to buy Genzyme for about $19 billion: sources
February 15, 2011 03:40 PM ET
BOSTON/PHILADELPHIA (Reuters) - Sanofi-Aventis SA has reached an agreement in principle to buy Genzyme Corp for about $19 billion in cash plus future payments based on the performance of an experimental Genzyme drug, according to two sources with knowledge of the talks. | Full Article

Financial & Forex Info News : Wall St slides on inflation worries | The Australian Business Briefing







 
Wall St slides on inflation worries
Wall St Donna Kardos Yesalavich US stocks declined today as the latest round of economic data was mostly uninspiring and added to investors' inflation worries.
 
Howes declares war on Rio Tinto
Paul Howes Ewin Hannan, Industrial editor PROMINENT union leader Paul Howes has reopened a bitter feud with mining giant Rio Tinto, launching a tirade against the company's management.
 
SGX tries to calm national concerns
SGX CEO Magnus Bocker, left, with ASX CEO Robert Elstone Andrew Main SINGAPORE Exchange and ASX have recast key elements of their proposed $8 billion merger in an effort to secure government approval.
 
Nokia investors divided on strategy
Nokia Arild Moen and Christopher Lawton DISSENTING views among Nokia investors have emerged after a group called for the CEO's resignation and the Microsoft strategy to be scrapped.
 
Apple fee slice rankles publishers
Apple Nat Worden APPLE launched a new service for its App Store that allows for magazine and newspaper subscriptions, but publishers aren't rejoicing.
 
JP Morgan warns about 'stupid' capital
JP Morgan David Benoit THE CEO of JP Morgan says if regulators force banks to hold too much excess capital it could lead to some banks "doing stupid things".
 
Profits in patients: health stocks
nurses James Dunn INVESTORS seeking a reliable long-term trend to profit from often look at the healthcare sector and think they have hit paydirt.
 
Westpac and NAB lead mortgage wars
Gail Kelly Scott Murdoch THE major banks are hoping a rejuvenated mortgage market will cover the potential earnings shortfall created by weak business credit demand.
 
Financial Markets
Wall St slides on inflation worries
Wall St Donna Kardos Yesalavich US stocks declined today as the latest round of economic data was mostly uninspiring and added to investors' inflation worries.
 
Oil falls on US supply glut concerns
Gold prices rise on UK inflation woes
 
Financial Markets Coverage
 
Mining & Energy
Oil falls on US supply glut concerns
oil Dan Strumpf OIL settled at its lowest price in 2 1/2 months today as concerns about high US crude supplies overtook worries of Middle East unrest.
 
Gold prices rise on UK inflation woes
India risks reputation on Cairn sale
 
More Mining & Energy Coverage

Financial & Forex Info News: The PM's day, per the press office | The Australian Capital Circle




Capital Circle Newsletter

Grieving families, warring party
 
The funerals of asylum seekers lost in the SIEV-221 boat tragedy have exposed deep divisions in the Liberal Party.

The PM's day, per the press office: Julia Gillard has a big day ahead in New Zealand. She will attend meetings with Prime Minister John Key, address New Zealand parliamentarians and attend an official lunch. Her next trip overseas is to the United States in early March.
Tony Abbott is in Hobart today.
Paul Howes' comments about Rio Tinto may be making the news (more on that below). But Capital Circle wonders if the hand of Ms Gillard's speech writer and religious affairs adviser, Michael Cooney, can't be detected in the speech she gave at the Australian Workers Union conference. Acknowledging Mr Howes in her speech, the PM offered the union boss some "constructive criticism''.
"I am a stickler for grammar and for English language and its true meaning. I'm therefore very concerned that the title of your recent book should be Confessions of a Faceless Man. I think to have written this title you must have misunderstood the meaning of the word confession, and misunderstood the terminology 'faceless man.'"

"If I can explain to you where the word 'confession' comes from, it comes from a religious practice where one goes and acknowledges error and asks for forgiveness. It is therefore not appropriate to start any text with the words: 'I confess, I was right'."

"And, Paul, I also mean this in the spirit of constructive criticism, but it seems to me it is perhaps hard to describe oneself as a 'faceless man', having in the past described oneself as a media tart. These things would seem to me to be mutually inconsistent ... I'm sure in the future we will see further great works from your pen, and most of the room is living in fear of it."
Well-deserved: Lyndal Curtis is taking up the position of political editor on ABC News 24, replacing Chris Uhlmann. As yesterday's announcement noted, Curtis has reported on five Prime Ministers, seven elections and more budgets than she cares to count in a distinguished career. As part of her new role, Curtis will host ABC News 24's Capital Hill program which will be on air for 15 minutes a day from Monday to Thursday from March 21 and half an hour each Friday. What pe
Read more...

( 2) The GOP loves freedom, but not for Egypt: The Washington Post Afternoon Edition: Today's10 Most Read Opinions Columns.

Washington Post

1) Punter-in-chief

THE PRESIDENT PUNTED. Having been given the chance, the cover and the push by the fiscal commission he created to take bold steps to raise revenue and curb entitlement spending, President Obama, in his fiscal 2012 budget proposal, chose instead to duck. To duck, and to mask some of the ducking wi...

2) The GOP loves freedom, but not for Egypt

Egypt's historic opening for democracy has been hailed by everyone...except the conservatives.

3) In his new budget, Obama kicks the can one more time

In his new budget, Obama kicks the can one more time.

4) Cut Teach for America funding and we'll be closer to flunking the future

Slashing funding for Teach for America will only create expensive failures.

5) Will the GOP embrace immigration reform or continue to ostracize key voters?

If Republicans continue to ostracize minority voters, it might have a rendezvous with extinction.

6) The GOP's door of no return

The GOP cannot claim that cutting money on bed nets leads to budget crisis.

7) Five myths about the suburbs

In the early 1990s, I wrote a book called "Bomb the Suburbs" celebrating hip-hop culture and cities ("bomb" is slang for writing graffiti). The angry title captured the mood of many of my fellow Chicagoans: resentment at white flight and the asphyxiation of city and small-town life by chain stores...

8) Donald Rumsfeld's Iraq revisionism

His book paints an inaccurate and unfair history of U.S. policymaking in Iraq.

9) Channeling Egypt's energy of the crowd into positive change

Egypt's army will now have to make institutional changes.

10) High-speed rail is a fast track to government waste

Federal support for high-speed rail is a waste.

Forex MarketUpdate

Forex Market Update
Tuesday, February 15, 2011, 09:12


Economic News

The French economic growth failed to accelerate in the fourth quarter, defying expectations for a strong expansion. Full Article

Greek economy contracted again in the fourth quarter and at the steepest pace this year, latest figures showed Tuesday. Full Article

German economic sentiment indicator rose slightly in February after showing a sharp increase in January, results of a key survey showed Tuesday. Full Article

The Swedish central bank on Tuesday decided to raise its key interest rate by a quarter percentage point to 1.50% at the end of its two-day monetary policy meeting. Full Article

Italian economic growth slowed in the fourth quarter of 2010 as industrial production decreased, official data showed Tuesday. Full Article

U.S. retail sales rose for a seventh consecutive month in January, as consumers were careful about spending after the best holiday shopping season in years, official data showed Tuesday. Full Article

With prices for fuel imports showing another significant increase in the month of January, the Labor Department released a report on Tuesday showing that total import prices for the month also continued to show notable growth. Full Article

Conditions for New York manufacturers continued to improve in February, according to a report released by the Federal Reserve Bank of New York on Tuesday, with the index of regional manufacturing activity rising by slightly more than expected. Full Article

Forex Top Story

The Eurozone economy ended 2010 with a moderate growth, as December's exceptionally cold weather conditions hit activities in most of the member nations. Full Article

Boosted by higher sales tax and crude oil prices, British inflation in January hit its highest level since November 2008, adding pressure on the central bank to act sooner rather than later. Full Article

Germany's economic growth moderated more than expected in the fourth quarter, largely due to adverse weather. Meanwhile, exports and investment underpinned growth. Full Article

Japan's central bank on Tuesday decided to leave its benchmark interest rate unchanged at 0.0-0.1% as it continues to battle deflation.Full Article

Reserve Bank of Australia policy makers felt this month that a "slightly restrictive" monetary policy remains appropriate, and that inflation remains in check. Full Article

Chinese annual inflation accelerated in January after slowing down in December. Continuing price pressure in the fast growing economy is likely to force the central bank to tighten its monetary policy stance again. Full Article

Commodities

Crude prices edged up Tuesday morning after Chinese inflation rose less than expected, easing concerns monetary policy will be tightened aggressively for the world's second-largest oil consumer of oil. Full Article

The price of gold moved up Tuesday morning amid inflation concerns after China said its inflation exceeded the government's 2011 target for a fourth month. Full Article

Political News

The United States has declared support to the rally taken out by the Opposition in Tehran expressing solidarity with the Egyptian uprising. Full Article

A man was killed when security forces opened fire on a restive funeral crowd outside the Salmaniya Medical Complex in Bahrain's capital Manama on Tuesday, further fueling unrest in the Sunni-ruled Shia majority Gulf country. Full Article

Eurozone finance ministers have agreed to set up a permanent sovereign bailout fund for the region worth 500 billion euros ($675 billion).Full Article

At least two people were injured as anti-government demonstrators demanding the resignation of President Ali Abdullah Saleh clashed with ruling party supporters in the Yemeni capital Sana'a on Tuesday. Full Article

Analyst Currency Comments

Analysts at Westpac noted on Tuesday that the Chinese CPI, which rose less than expected in January, helped risk appetite in Asian deals. Full Article

Singapore-based DBS bank downgraded its forecast for the Vietnam dong and said it expects the currency to decline by another 3.75% against the U.S. dollar, after the 8.5% devaluation on February 11. Full Article

Currency Alerts

The European common currency that traded higher in the Asian session on Tuesday on China's inflation data pared gains following a report showed at 2:00 am ET that the German economy expanded less than analysts had predicted in the fourth quarter. Full Article

During Asian deals on Tuesday, the Australian and the New Zealand dollars strengthened against the currencies of US and Japan after a report showed that China's annual consumer price inflation rose less than expected in January. Full Article

Tuesday in Asia, the yen dropped against most major currencies as traders sold the safe-haven Japanese currency after a report showed that China's inflation rose less than expected in January. Full Article

Tuesday, the pound that staged a decline against its major rivals after the U.K. inflation data reversed direction around 5:00 am ET as domestic stocks snapped back some of their early losses. Full Article

The dollar was under pressure against most majors Tuesday morning, as official data showed inflation heating up in China and the U.K.Full Article

General News

More than 1,000 school children and teachers fell sick in a suspected food poisoning in Japan's northern Hokkaido island on Tuesday.Full Article

The Colombian Navy has seized a fully submersible submarine believed to be used by drug cartels to smuggle cocaine to Mexican shores.Full Article

Stocks To Watch

Feb 15, 2011 Promising Packets...
This technology company has grown revenues by more than ten-fold from 2006 to 2009. Advancing to the next generation of internet protocols called Ipv6, this company is expanding its domestic and inter Full Article

Morning Market Briefing

Morning Market Briefing
Tuesday, February 15, 2011, 09:06

Commentary
Stocks are poised to open modestly lower on Tuesday, as the markets are digesting a retail sales number that was below expectations and an improvement in New York manufacturing conditions. The major index futures are all in negative territory, with the Dow futures down by 15 points. Full Article
Economic News
Japan's central bank on Tuesday decided to leave its benchmark interest rate unchanged at 0.0-0.1% as it continues to battle deflation.Full Article
Reserve Bank of Australia policy makers felt this month that a "slightly restrictive" monetary policy remains appropriate, and that inflation remains in check. Full Article
Chinese annual inflation accelerated in January after slowing down in December. Continuing price pressure in the fast growing economy is likely to force the central bank to tighten its monetary policy stance again. Full Article
Germany's economic growth moderated more than expected in the fourth quarter, largely due to adverse weather. Meanwhile, exports and investment underpinned growth. Full Article
The Eurozone economy ended 2010 with a moderate growth, as December's exceptionally cold weather conditions hit activities in most of the member nations. Full Article
Boosted by higher sales tax and crude oil prices, British inflation in January hit its highest level since November 2008, adding pressure on the central bank to act sooner rather than later. Full Article
Conditions for New York manufacturers continued to improve in February, according to a report released by the Federal Reserve Bank of New York on Tuesday, with the index of regional manufacturing activity rising by slightly more than expected. Full Article
With prices for fuel imports showing another significant increase in the month of January, the Labor Department released a report on Tuesday showing that total import prices for the month also continued to show notable growth. Full Article
Earnings News
Hospitality real estate company Host Hotels & Resorts Inc. (HST) said Tuesday fourth-quarter funds from operations, or FFO, surged 57% from last year. Revenues also increased 9%, thanks to higher occupancy and increased room rates, and topped analysts' estimates.Full Article
Financing company CIT Group Inc. (CIT) Tuesday reported fourth-quarter results, with earnings and net interest revenues falling short of analysts' estimates. The company emerged from bankruptcy on December 10, 2009 and commenced “fresh start” accounting at December 31, 2009. Full Article
Fiber-optic network provider Qwest Communications International Inc. (Q) Tuesday reported a fourth-quarter loss on one-time charges. Revenues declined 3.2%, but were in line with the market view. Full Article
Satellite radio company Sirius XM Radio Inc. (SIRI) reported Tuesday a fourth-quarter loss as one-time charges more than offset a 9% growth in revenues. Despite the increase, revenues fell short of expectations. The company guided 2011 revenues below consensus. Full Article
Risk and strategy solutions provider Marsh & McLennan Companies Inc. (MMC) Tuesday announced a sharp increase in fourth-quarter profit, reflecting lesser impact of unusual items. Both adjusted earnings and revenues topped estimates. Full Article
Feb 15, 2011 FMC Tech Q4 Profit Up
Oil and gas equipment provider FMC Technologies Inc. (FTI) reported Monday a higher fourth-quarter profit as result of a lower tax provision. The results beat analysts' estimates. The company also issued an earnings guidance for 2011. Full Article
Feb 15, 2011 Marriott Q4 Profit Jumps
Hospitality company Marriott International Inc. (MAR) said Monday fourth-quarter profit increased from last year, thanks to higher revenues on a per-room basis and also a tax benefit.. Both adjusted earnings and revenues exceeded expectations. The company also announced a plan to separate its timeshare operations into a publicly traded company. Full Article
Measurement technology firm Agilent Technologies Inc. (A) Monday reported a sharply higher first-quarter profit on higher revenues from all geographic regions. While adjusted earnings topped estimates, revenues fell short. The company also guided second quarter above consensus and raised its outlook for fiscal year 2011. Full Article
Corporate News
CB Richard Ellis Group Inc. (CBG) has agreed to acquire majority stake in ING NV's (ING) real estate investment management business in a $944 million deal expected to close in the second half of 2011, the real estate services firm said Tuesday. Full Article
Broker Ratings Changes
Feb 15, 2011 KeyBanc Capital Markets Ups GREEN MTN COFFEE ROASTER (GMCR) To Buy From Hold With $55 Price Target
Todays WS Events
Feb 15, 2011 Google To Present At Goldman Sachs Conference; Webcast At 8:20 AM ET
Google Inc. (GOOG) will present at Goldman Sachs Technology and Internet Conference in San Francisco. The event is schedule to begin at 8:20 AM ET, February 15, 2011. To acess the live audio webcast, log on to http://investor.google.com/webcast.html
Feb 15, 2011 Microsoft To Present At The ISI Annual Conference; Webcast At 9:00 AM ET
Microsoft Corporation (MSFT) CFO, Peter Klein, will present at the ISI Annual Conference. The event is schedule to begin at 9:00 AM ET, February 15, 2011. To access the webcast, log on to www.microsoft.com/investor/Events/default.aspx
Feb 15, 2011 Cisco Systems To Present At Goldman Sachs Conference; Webcast At 12:00 PM ET
Cisco Systems Inc. (CSCO) will present at Goldman Sachs Technology and Internet Conference 2011 in San Francisco, CA. The event is scheduled to begin at 12:00 PM ET on February 15, 2011. To access the webcast, log on at http://investor.cisco.com
Feb 15, 2011 ConocoPhillips To Present At ISI Group 2011 Annual Conference; Webcast At 2:10 PM ET
ConocoPhillips (COP) will present at ISI Group 2011 Annual Conference in New York. The event is scheduled to begin at 2:10 PM ET on February 15, 2011. To access the live webcast, log on at www.conocophillips.com/investor
Feb 15, 2011 Dell Q4 11 Earnings Conference Call At 5:00 PM ET
Dell Inc. (DELL) will host a conference call at 5:00 PM ET, February 15, 2011, to discuss its Q4 11 earnings results. To access the live webcast, log on at www.dell.com/investor
Stocks To Watch
Feb 15, 2011 Promising Packets...
This technology company has grown revenues by more than ten-fold from 2006 to 2009. Advancing to the next generation of internet protocols called Ipv6, this company is expanding its domestic and inter Full Article