Obama Wants Compromise On Fiscal Cliff|
President Barack Obama, during a short statement from the White House on Friday,
invited Republican and Democratic congressional leaders to come to the White
House next week to compromise on the fiscal cliff. Obama said that any deal on
the fiscal cliff must include higher taxes on the wealthy. The President called
for the House of Representatives to swiftly pass an extension of middle-class
tax cuts for Americans earning under $250,000 - adding that the Senate has
already passed the measure. To reiterate the urgency to get the deal done, Obama
pulled out a pen and said he would sign the extension if the House acts. The
fiscal cliff is front and center as Obama and Congress approach the lame-duck
session due to begin next week. If the spending cuts and tax increases are
allowed to take full effect on January 1, the U.S. economy would likely shrink
by 0.5% in 2013 and the unemployment rate would likely rise to 9.1% from 7.9%,
per the Congressional Budget Office on Thursday.
The Federal Reserve and two other bank regulators introduced a proposal in June,
known as Basel III, to implement a global agreement that suggested an effective
date for institutions to comply as of January 1. Due to the wide range of views
expressed by interested institutions and others, on Friday, U.S. regulators
agreed to indefinitely delay the effective date. No new date was set as they
reportedly are "working as expeditiously as possible to complete" them.
Commodity Futures Trading Commission (CFTC), in U.S. District Court for the
Southern District of New York, charged a former trader from Goldman Sachs Group
Inc. (GS) with defrauding the firm by intentionally concealing an $8.3 billion
futures position that led to a realized loss of $118.4 million, for the firm.
According to a filing with the Financial Industry Regulatory Authority, during
2007, Matthew Marshall Taylor was a trader at Goldman Sachs and the CFTC alleges
Taylor entered fabricated trades in e-mini futures by bypassing Goldman's
internal system designed to enter and rout electronic trades to the Chicago
Mercantile Exchange. The CFTC alleges Taylor obstructed his employer's discovery
of the position by providing false, misleading or deceptive information. "Matt
Taylor provided false explanations when confronted about irregularities we
detected in his account during the Dec. 14, 2007 trading day," a Goldman
spokesman said in a statement. "He admitted his misconduct following market
close, and was promptly removed from his job and terminated soon thereafter."
The U.S. Commerce Department reported Friday that prices paid for goods imported
into the U.S. rose 0.5% during October, marking the third straight gain. During
October, excluding fuel, import prices rose by 0.3% and the price of imported
oil jumped 1.3%. Food-import prices rose 0.2% during October.
The U.S. Commerce Department reported on Friday that inventories at U.S.
wholesalers rose a seasonally adjusted $494.15 billion to1.1% during September.
During October, sales for wholesalers climbed 2% to $413.97 billion. The ratio
of inventories relative to sales edged down to 1.19 from 1.20. Inventories data
measures how many months it would take for a company to sell off its current
Preliminary reading of the University of Michigan/Thomson Reuters
consumer-sentiment index released on Friday came in at 84.9 in November from a
final reading in October of 82.6 - showed that consumer sentiment is at the
highest level seen in more than five years, led by improved views on current
conditions. Consumer-sentiment index is a gauge of consumers’ views on current
conditions which rose to 91.3 during November, up from 88.1 during October,
while the barometer of expectations increased to 80.8 from 79.
According to the latest update from the Energy Information Administration,
nearly 10% of customers that lost electricity service during Hurricane Sandy,
remain without power as of late Thursday. The day after Hurricane Sandy made
landfall, October 30, 8.2 million customers in the Mid-Atlantic, Northeast and
Ohio Valley region were without power. The EIA also said the storm that struck
the region earlier this week has slowed efforts to restore power to those
effected by Sandy.
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Nov 9, 2012