News links for 10 Apr 2014
A bank executive at the Austrian bank Hypo Aldria Alpe is getting 26 months in the slammer.
“Cisco Systems Inc. plans to begin offering “cloud” computing service to corporate customers, pledging to spend $1 billion over the next two years to enter a market now led by Amazon.com Inc.
Yes, the market is frothy but the problem with statements like this one below is that it undermines the entire argument. Facebook made $1.5 billion in net income last year. SO it’s simply not true to say there’s no value there. ““There’s nothing underlying the value of these companies””
“When I asked one of Europe’s most influential economic policy makers recently whether the euro crisis really is over, he replied: “No, it’s just moving from the periphery to the core.” The argument is that while worries about Portugal, Greece, Ireland and Spain have become less acute, concerns about Italy and even France should actually be rising. The statistics for Italy, in particular, are shocking. Since the onset of the crisis in 2008, Italy has lost 25 per cent of its industrial capacity and the real level of unemployment is now, according to senior Italian officials, about 15 per cent. “
“Citigroup agreed to pay US$1.13 billion to settle claims from mortgage-bond investors as it seeks to curb liabilities tied to the financial crisis. It took a US$100 million first-quarter charge. The 68 securitisation trusts covered by the settlement issued a combined US$59.4 billion in mortgage-backed securities from 2005 to 2008, the New York-based bank said in a statement on Monday”
“If you’re using a bitcoin wallet or an online wallet or exchange, heartbleed could be a very real problem for you and your BTC. Luckily, things have finally settled down after a few days of panic and there are few very easy ways to ensure you’re protected.”
“Dark pools are trading venues where investors are granted a greater degree of anonymity than in the public markets. About 14% of stock trading took place in dark pools in January, most of it routed through entities run by big banks, according to Rosenblatt Securities, which advises institutional investors. Goldman’s consistently ranks among the top five dark pools in the market, according to Rosenblatt.”
“Foreign profits held overseas by U.S. corporations to avoid taxes at home nearly doubled from 2008 to 2013 to top $2.1 trillion, said a private research firm’s report, prompting a call for reform by the Senate’s top tax law writer.”