Financial News Update – 06/15/10



Tue Jun 15 2010 19:09:43 ET

BP America President and Chairman Lamar McKay: “BP supports an economy-wide price for carbon based on fair and equitable application across all sectors and believes that market based solutions, like a cap and trade or linked-fee, are the best solutions to manage GHG emissions.” (Committee on Energy and Commerce, Subcommittee on Energy and Environment, U.S. House Of Representatives, Hearing, 6/15/10)

Shell President Marvin E. Odum: “That is why Shell supports legislating a solution to energy and climate issues as a means to create a secure U.S. energy future, reduce dependence on foreign oil and decrease greenhouse gas emissions. This requires setting a price for carbon, and we recommend cap and trade.” (Committee on Energy and Commerce, Subcommittee on Energy and Environment, U.S. House Of Representatives, Hearing, 6/15/10)

ConocoPhillips CEO James J. Mulva: “Another key element of a comprehensive energy policy should be federal action to address global climate change. As you are aware, ConocoPhillips supports passage of a comprehensive federal law establishing a clear and transparent price for carbon.” (Committee on Energy and Commerce, Subcommittee on Energy and Environment, U.S. House Of Representatives, Hearing, 6/15/10)

Price increases fuel fears of food ‘crises’




BP was founding member of ‘cap-and-trade’ lobby

U.S. Pays $400 Million in Bonuses to Federal Employees (Hat Tip: Jean Stoner)

61% Underfunded Illinois Teachers Pension Fund Goes For Broke,…By Selling Billions In CDS (Hat Tip: Jean Stoner)

Credit spreads jump as investors seek safety (even risky muni-bonds popular?) (Hat Tip: Jean Stoner)

Administration: 51% Of Companies’ Health Plans Won’t Pass Muster (Hat Tip: Jean Stoner)

Union Contract Can Exempt Health Plan From ObamaCare (Hat Tip: Jean Stoner)

What does Wachovia know that we don’t? (Hat Tip: Jean Stoner)

Called Wachovia early this morning to reorder checks. In the process, I must have hit a button I wasn’t supposed to.

The next thing I hear is a recording. “As of November First, all emergency procedures will be in place, and all Wachovia personnel should stay with their families. If you have any questions, please contact your Sector Supervisor.”

Now, I’m not a nut, but the next thing I know an operator came on the line and asked me, by name what they could help me with. Got me looking over my shoulder, and I don’t have nerves, just nerve.

The Oil Spill Liability Trust Fund (OSLTF) (Hat Tip: Jean Stoner)

Gulfo Regional Currency Fails

Obama: BP Spill Is Green 9/11

You Thought California State Pensions Were Out Of Control? Wait Until You See This Top 100 List of School Administration Pensions From Illinois…

Californians figuring out that unions are the problem

Philadelphia City Council’s spending comes into question

“Now is the time to become grounded”

Bank of America, MUST READ CONVERSATION (Hat Tip: Jean Stoner)

Morning Bell: The Obama Energy Tax Game Plan

Oval Office Speech Should not Endorse China’s Renewable Investments

Does FEMA Know Where Its Homeland Security Grants Are Spent?

State Plan Makes Fund Both Borrower and Lender (Hat Tip: Brian B.)

Report: Fed Isn’t Going to Raise Rates ‘Any Time Soon’

Kudlow: Take Profits Before Tax Man Gets Them

Federal Health Care Legislation Adds to Push for Medical Tourism (Hat Tip: Jean Stoner)

Spain: Bond sales spark fears for Spanish economy (Hat Tip: Jean Stoner)

Fed Study Hints Rates to Stay at Record Lows Until 2012 (Hat Tip: Jean Stoner)

Fed officials beginning to debate quietly steps they might take if the recovery falters (Hat Tip: Jean Stoner)


Trickles, Floods and the Escalating Consequences of Debt (gov-mandated servitude?) (Hat Tip: Jean Stoner)

Obama’s Other Disaster (Taxpayers on hook for $50 Billion for Cutting off Yucca Mountain, NV site) (Hat Tip: Jean Stoner)

Dems look to use oil spill in push for carbon caps

Obama’s call for economic stimulus, jobs spending a tough sell in Congress

Financial Coup (Hat Tip: Jean Stoner)

Virginia governor reduces government, creates surplus

Will White House Make BP Pay For Obama’s Moratorium Disaster?

Another day, another Waxman inquisition

EU Chief lays out ‘apocalpytic’ vision as some countries run out of money Warns ‘democracy could disappear’ in Greece, Spain and Portugal…

New Dem tax bill moves toward vote in Senate

Kudlow: Take Some Profits — Before the IRS Does

OWN YOU: China’s US govt debt holdings hit high

Crackdown may hike energy prices

Stocks, Oil Advance on New York Manufacturing Growth; Greek Bonds Decline

Fed Sells $1.15 Billion of Term Deposits in Test of Credit-Tightening Tool

Tesla to Sell Shares at $14 to $16 in IPO of California Electric-Car Maker

Argentina May Lift Capital Controls After Debt Swap, Exchange Chief Says

BP’s Credit Rating Is Lowered Six Levels by Fitch to Two Grades Above Junk

New York Fed’s Enhanced Power May Come at Expense of Reduced Independence


Congress considers more stimulus as economy shows signs of slowing.

Dallas Fed Chairman: White House (& Congress) “Dead Wrong” on Financial Reform

Japan’s Prime Minister Naoto Kan warns of ‘collapse’ under debt pile.

Euro to hit dollar parity in 2011, if still exists: analyst

Economist Predicts Greek Default in August

Pick-up Sales Picking Up and Economy Hitches A Ride

Report: Employers to See 2011 Medical Costs Jump

Stocks Extend Gains on Signs of European Growth

6-Week Slide in Gasoline Prices May be Ending

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