It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
The Monetary Authority of Singapore may devalue the city state’s currency and allow it to drop 4 percent by the end of June to aid exporters and lift the economy out of its worst recession since independence in 1965.
The central bank will shift the mid-point of the Singapore dollar trading band at a twice-yearly review in April, according to 15 of 17 economists surveyed by Bloomberg News. The currency is “extremely and ridiculously overvalued,” Patrick Bennett, Asia foreign-exchange strategist at Societe Generale SA in Hong Kong, said last week.
Singapore’s exports fell for a 10th month in February as global demand for electronics and drugs tumbled and the government forecasts gross domestic product will shrink as much as 5 percent this year. Exporters are losing out to regional rivals after the currency weakened 6 percent in the past six months, compared with losses of 17 percent in the Indonesian rupiah and 12 percent in South Korea’s won.
“The central bank’s objective is to restore a measure of competitiveness,” said Wei Zheng Kit, a Singapore-based economist at Citigroup Inc., the world’s fourth-biggest currency trader. “A one-off depreciation will achieve this objective.”
Kit said the MAS may not allow much weakness in the currency after the devaluation because it wants to avoid damaging investor confidence. Singapore’s central bank conducts monetary policy by adjusting the center, slope or width of an undisclosed band in which the currency is allowed to fluctuate.
"I take this action after 11 years of dedicated, honorable service to AIG. I can no longer effectively perform my duties in this dysfunctional environment, nor am I being paid to do so. Like you, I was asked to work for an annual salary of $1, and I agreed out of a sense of duty to the company and to the public officials who have come to its aid. Having now been let down by both, I can no longer justify spending 10, 12, 14 hours a day away from my family for the benefit of those who have let me down." via Op-Ed Contributor -- "Dear AIG, I Quit!" -- NYTimes.com
Like a lot of people, I read Wednesday's New York Times editorial by former AIG Financial Products employee Jake DeSantis, whose resignation letter basically asks us all to reconsider our anger toward the poor overworked employees of his unit.
DeSantis has a few major points. They include: 1) I had nothing to do with my boss Joe Cassano's toxic credit default swaps portfolio, and only a handful of people in our unit did; 2) I didn't even know anything about them; 3) I could have left AIG for a better job several times last year; 4) but I didn't, staying out of a sense of duty to my poor, beleaguered firm, only to find out in the end that; 5) I would be betrayed by AIG senior management, who promised we would be rewarded for staying, but then went back on their word when they folded in highly cowardly fashion in the face of an angry and stupid populist mob.
I have a few responses to those points. They are 1) Bulls**t; 2) bulls**t; 3) bulls**t, plus of course; 4) bulls**it. Lastly, there is 5) Boo-F***ing-Hoo. You dog.
Bank of America Corp. plans to increase some investment bankers’ salaries by as much as 70 percent following the takeover earlier this year of Merrill Lynch & Co., people familiar with the proposal said.
“The concepts we are considering would not increase total compensation,” Brian Moynihan, Bank of America’s president of investment banking and wealth management, wrote yesterday in a memo to employees obtained by Bloomberg News. “Rather, we believe it is responsible, and consistent with the emerging public consensus, that a greater percentage of overall compensation come from fixed base salary.”
Bank of America, which has received $45 billion of taxpayers’ money, may raise the annual base pay for some managing directors to about $300,000 from $180,000, said the people, who declined to be identified because the final numbers are still under discussion. Salaries for less-senior directors would climb to about $250,000 from $150,000, and vice presidents would get $200,000, up from about $125,000, the people said.
Bonuses will become a “smaller” portion of total compensation, Moynihan wrote in the memo. The adjustments, which may be rolled out as soon as next month, are designed in part to align the salaries of employees at Charlotte, North Carolina- based Bank of America with workers at New York-based Merrill, one person familiar with the plans said. Salaries for traders and other employees outside the investment bank may also be adjusted, the person said.
The regulator of Fannie Mae and Freddie Mac is considering giving the government-backed mortgage companies another role: helping to finance small mortgage banks.
A spokeswoman for the regulator, the Federal Housing Finance Agency, said it is looking at ways that the two companies might help revive the market for so-called warehouse loans, which are loans made to mortgage banks. This possible role for Fannie and Freddie is the latest sign of how they are being used increasingly as instruments of government policy rather than corporations focused on shareholder returns.
Demand for mortgages is surging as low interest rates prompt millions of Americans to refinance. New U.S. first-lien home-mortgage loans granted this year will surge to $2.78 trillion, up 72% from 2008's depressed level, the Mortgage Bankers Association predicts. But mortgage banks have been hobbled in recent months by a dearth of credit, making it hard for them to respond to that demand.
Partly as a result of this credit crunch, giant full-service banks like Bank of America Corp. and Wells Fargo & Co., which don't need warehouse funding, are increasing their dominance of the mortgage market. Consumers will face higher interest rates and slower service if mortgage banks can't get enough credit to compete with the giants, mortgage bankers argue.
The regulator has asked representatives of mortgage banks, including the Mortgage Bankers Association, to come up with a detailed plan for Fannie and Freddie to help mortgage banks get credit. John Courson, chief executive officer of the association, said in an interview that the plan should be ready to be presented to the regulator within about a week. One possibility is that Fannie and Freddie will guarantee debt issued by warehouse lenders, making it easier for them to provide financing to mortgage banks.
When mortgage bankers complained about the lack of warehouse funding, officials in the Treasury and Federal Reserve urged them to seek help from the regulator of Fannie and Freddie.
By the way, there are a host of FUTURES to post and that's how a lot of us day traders plan our daily trades.
Market crash of 1929----- recovery
Trelleborg OH Plant Closing -90
Myers Industries Closing OH Plant -50
Whirlpool Closes Plant -750
Aleris -99 Federal Coach -42
Upper Pittsgrove School -3
London: Indian conglomerate Tata Group Chairman Ratan Tata has said job cuts will take place at Jaguar unless the British government guarantees loans worth millions of pounds to the car maker. In an interview to Sky News, Ratan Tata said, "Job cuts will be made unless the government can guarantee 500 million pounds in loans to the company".
March 30 (Bloomberg) -- Asian stocks fell, paring the MSCI World Index’s biggest monthly rally since 1991, and U.S. futures slumped as U.S. Treasury Secretary Timothy Geithner said some banks will need “large amounts” of government aid.
Mizuho Financial Group Inc., Japan’s second-largest listed bank, lost 8.8 percent after Goldman Sachs Group Inc. told investors to sell the shares. Aluminum Corp. of China Ltd. tumbled 11 percent after saying profit plunged. BHP Billiton Ltd., the world’s No. 1 mining company, dropped 4.3 percent in Sydney after oil and copper prices fell. Stocks deepened declines as the U.S. said General Motors Corp. and Chrysler LLC must overhaul recovery plans to justify further taxpayer aid.
“We’re seeing the brakes being put on the rally,” said Naoteru Teraoka, who helps oversee $21 billion at Tokyo-based Chuo Mitsui Asset Management Co. “Everyone knows the economic fundamentals are horrid, so the challenge becomes predicting when we’ll see a recovery.”
Originally posted by Hx3_1963
reply to post by Donny 4 million
Ah...it sounds like "Solitiation" not good...
If you really want to talk about "Whats up in the Market"...here...
These people REALLY know whats going on...