London’s ‘Whale’ Loses $2 Billion for JPMorgan
CEO Jamie Dimon said that the office suffered an “egregious” failure and that losses from volatile synthetic credit securities could mount by another $1 billion in this quarter or the third.
GDP Grew 2.2% in Q1: Commerce Department
The GDP result, while showing slower growth than last quarter, suggests that the economy will continue to expand, slowly but steadily.
S&P Downgrades Spain
Spain suffered another downgrade as Standard & Poor's cut its sovereign credit rating and its unemployment rate rose to its highest level since the early 1990s—now one of the highest in the world.
Top Portfolio Products: E*Trade Launches Bond Center; Goldman Adds New Funds
The latest iShares debut, as well as details on a new REIT and the latest annuity introductions.
Moody's Warns More Downgrades on the Way
Moody's warned that it could downgrade the credit ratings of 131 institutions, including 17 banks and securities firms that have global operations as it reviews their long-term ratings and standalone credit assessments.
Are Central Banks Saving Economy or Destroying It? News Analysis
The question is whether the central banks’ combined $15 trillion bet will restore confidence in time for the economy to grow again, or whether the global economic system collapses, sending waves of pain on a scale greatly exceeding the fallout of the still unrecovered U.S. real estate market.
Moody’s Cuts Six Euro Countries
Italy was cut from A2 to A3, Spain went from A1 to A3 and Portugal dropped from Ba2 to Ba3. All received negative outlooks. Malta, Slovakia and Slovenia also saw their ratings fall.
Top Portfolio Products: ProShares ETF Focuses on Germany; BlackRock Offers New Fund
New products over the last week include a new ETF focusing on German debt from ProShares and a reintroduced multi-asset income fund from BlackRock.
ProShares Launches ETF Focused on German Debt
ProShares announced Thursday the launch of the first U.S.-based ETF focused on sovereign and sub-sovereign debt from Germany, which has the world's third-largest public debt market and is widely recognized for its fiscal strength.
Banks Turn Borrowers, Seek Cash from Customers
European banks have found a new way to bring in cash. They borrow it–but instead of turning to each other to bring in funds, they are borrowing it from companies that were once happy to deposit their excess cash in exchange for interest.