The influx of Goldman Sachs' top proprietary trading talent into the hedge fund industry has not proven the boon to investors that many expected.read more...
The Magyar Nemzeti Bank kept its central bank base rate steady at 7.00%. The Bank said: "The Monetary Council has decided to leave the base rate unchanged. Monetary policy can best contribute to economic growth by maintaining a predictable economic environment, ensuring price stability and preserving the stability of the financial system. High volatility of risk perceptions and underlying inflation continue to warrant a cautious policy stance."
The Magyar Nemzeti Bank previously hiked the rate 50 basis points at its November and December meetings, after last raising it 25 basis points in January this year. Hungary reported annual inflation of 5.5% in December, up from 3.9% in October, 3.6% in September and August, 3.1% in July, 3.5% in June, 3.9% in May, and 4.7% in April. Hungary's Central Bank has a medium term inflation target of 3%, while the Bank said annual inflation for 2011 was 3.9 percent.
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The Central Bank of the Republic of Turkey kept its benchmark 1-week repo rate unchanged at 5.75%. The Bank also held the lending rate at 11.50% and the interest rate on borrowing facilities for primary dealers at 11.00%, and lending rate on late liquidity at 14.50%. The Bank said: "Inflation developments are in line with the path projected in the January Inflation Report. Yet, the Central Bank has implemented a new round of additional monetary tightening in order to eliminate the impact of recent cost developments on inflation expectations. Factors affecting inflation will be closely monitored in the forthcoming period and additional monetary tightening will be repeated, when necessary."
The Turkish central bank last cut the benchmark rate by 50 basis points when it held an emergency meeting in early August, the bank also cut its benchmark interest rate by 25 basis points to 6.25% in January last year. The Turkish central bank also adjusted required reserves in late July. Turkey reported annual consumer price inflation of 10.45% in December, up from 7.7% in October, 6.7% in August, 6.3% in July, 6.2% in June, 7.2% in May, 4.26% in April, and 3.99% in March, and above the Bank's full year inflation target of 5.5%.
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Elliott Management has thrown its weight against a plan that would see Fortress Investment Group buy Ally Financial's mortgage business.read more...
moneyscience: Culture Project Live Stream: Tonight 7:00 pm EDT "Blueprint for Accountability: The Wall St-Washington Connection" http:/
"Sometimes the law defends plunder and participates in it. Thus the beneficiaries are spared the shame and danger that their acts would otherwise involve. But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them and gives it to the other persons to whom it doesn't belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime." -- Frederic...