Downgrades Hit Europe; PIMCO’s Gross Sees Greek Default
Friday the 13th turned out to be very unlucky indeed for the euro zone, as Standard & Poor's downgraded nine countries in the bloc, including triple-A rated France and Austria, and put 14 of the 17 countries on negative outlook.
Dutch Pension Plan Blacklists Walmart
The largest pension fund in the Netherlands, Algemeen Burgerlijk Pensioenfonds, with more than $300 billion in assets, has washed its hands of Walmart, divesting itself of shares in its longtime investment and citing the company's poor labor practices and anti-union position as its reasons.
Boehner Urges House to Scuttle Payroll Tax Cut Deal
A bipartisan negotiated two-month extension of payroll tax cuts and extended unemployment benefits, passed by the Senate on Saturday, looks doomed to fail if House Speaker John Boehner, R-Ohio, follows through with his insistence that the House vote it down late Monday.
Morgan Stanley CFO: Raise Taxes on Wealthy
The U.S. cannot cut its "way to greatness," says Ruth Porat at a New York conference.
EU Plans to Shake Up Ratings Agencies
A new draft law unveiled Tuesday by the European Union angered ratings agencies Moody's, Standard & Poor's and Fitch, although according to Internal Market Commissioner Michel Barnier it is designed to inject competition into the sector, currently dominated by the 'big three.'
Who’s More Reckless: Stockbrokers or Psychopaths?
Study at a Swiss University offers surprising results.
PIMCO’s El-Erian: Europe Headed for Recession
Mohamed El-Erian, CEO and co-CIO of PIMCO, said that Europe is headed for recession next year and the region’s economy will shrink by 1-2%. The U.S., he added, will stagnate.
Roubini, PIMCO’s El-Erian: Kick Out Greece to Save Euro
Mohamed El-Erian, CEO and co-CIO of PIMCO, said that one way to save the euro was by cutting the size of the 17-nation bloc through the exit of Greece and one or two other unspecified countries.
Solar Offers Opportunity Despite Setbacks
Despite setbacks and stiff competition from China and Europe, the U.S. solar industry is still thriving.
Madoff Whistleblower Markopolos Slams Banks Over Pension Fund Fees
Bernie Madoff whistleblower Harry Markopolos is back in the news, this time taking on the banking sector over the fees they charge in retirement plans.