The following list comprises the most-read Bloomberg News reports from the past week.
1. Fed Tapers QE Pace to $75 Billion as Job Market Outlook Improves
Dec. 18 (Bloomberg) -- The Federal Reserve is trimming its monthly bond purchases to $75 billion from $85 billion, taking the first step toward unwinding the unprecedented stimulus that Chairman Ben S. Bernanke put in place to help the economy recover from the worst recession since the 1930s.
2. At 61 She Lives in Basement While 87-Year-Old Dad Travels World
Dec. 18 (Bloomberg) -- Eighty-seven-year-old Lew Manchester has just returned from a three-week trip touring Buddhist temples in Laos and cruising the Mekong Delta in Vietnam. His 61-year-old daughter Lee lives year-round in the basement of her friend’s Cape Cod cottage, venturing into the winter cold to get to the bathroom.
3. JPMorgan, Deutsche Bank Expand Multitrader Chat-Room Bans
Dec. 18 (Bloomberg) -- JPMorgan Chase & Co. and Deutsche Bank AG are cracking down on multitrader chat rooms amid investigations into currency manipulation.
4. S&P 500 Surges to Record as Treasuries Decline After Fed Tapers
Dec. 18 (Bloomberg) -- U.S. stocks surged, sending benchmark indexes to record highs, while Treasuries fell as the Federal Reserve expressed enough confidence in the labor market to taper asset purchases while still promising to hold interest rates close to zero. Commodities and the dollar advanced.
5. Accidental Tax Break Saves Wealthiest Americans $100 Billion
Dec. 17 (Bloomberg) -- Sheldon Adelson makes no secret of his disdain for the estate tax.
6. Man Who Said No to Soros Builds BlueCrest Into Hedge Fund Empire
Dec. 20 (Bloomberg) -- When BlueCrest Capital Management LLP founder Michael Platt expanded into stocks this year to compete with Millennium Management LLC and SAC Capital Advisors LLP for traders, he tapped an unusual funding source: his banks.
7. Facebook, Zuckerberg Plan to Sell Shares Worth $3.9 Billion
Dec. 19 (Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg is selling shares to help pay taxes, joining the company and board member Marc Andreessen in an offering worth about $3.9 billion.
8. Citigroup Said to Keep Bonuses Flat or Down for Traders, Bankers
Dec. 19 (Bloomberg) -- Citigroup Inc.’s bonuses for investment bankers and traders probably will be little changed or drop from last year as the third-largest U.S. lender seeks to reduce costs, a person briefed on the policies said.
9. Secret Inside BofA Office of CEO Stymied Homeowners Seeking Help
Dec. 16 (Bloomberg) -- Isabel Santamaria thought she finally caught a break in her effort to save her Florida home from foreclosure after nine frustrating months: She reached Bank of America Corp.’s Office of the CEO and President.
10. Secret Currency Traders’ Club Devised Biggest Market’s Rates
Dec. 19 (Bloomberg) -- It’s 20 minutes before 4 p.m. in London and currency traders’ screens are blinking red and green. Some dealers have as many as 50 chat rooms crowded onto four monitors arrayed in front of them like shields. Messages from salespeople and clients appear, get pushed up by new ones and vanish from view. Orders are barked through squawk boxes.
1. So How Much Did Goldman Sachs Pay Fabrice Tourre?: Jonathan Weil
Dec. 17 (Bloomberg) -- Here’s a new one. In the same court document yesterday, as part of the penalty phase for former Goldman Sachs Group Inc. Vice President Fabrice Tourre, the Securities and Exchange Commission simultaneously did the following: (1) asked the judge in the case to keep information about Tourre’s pay at Goldman a secret and (2) asked the judge to reveal the information and to make it a matter of public record.
2. To Catch Up, First Understand How West Got Ahead: Pankaj Mishra
Dec. 16 (Bloomberg) -- In “Free to Choose,” Milton and Rose Friedman first posed the binary of private markets versus state intervention, which would come to underpin World Bank and International Monetary Fund reports, policies and prescriptions for the next two decades. According to the Friedmans, places such as Japan, South Korea, Taiwan, Hong Kong and Singapore had succeeded due to their reliance on “private markets.” India, China and Indonesia had stagnated after “relying heavily on central planning.”
3. The One Thing Ben Bernanke Must Not Do Tomorrow: Caroline Baum
Dec. 17 (Bloomberg) -- A “coin toss.” That’s how most economists describe the outcome of this week’s Federal Reserve meeting and the decision on whether to start slowing its asset purchases tomorrow or wait until early next year.
4. Time for China to Address Its Kim Jong Un Problem: William Pesek
Dec. 17 (Bloomberg) -- Just when it seemed Hu Jintao’s record as China’s president couldn’t look any worse, Kim Jong Un adds another black mark to his legacy.
5. Lower Your Economic Expectations and Be Surprised: Caroline Baum
Dec. 19 (Bloomberg) -- After green shoots, false dawns and any other overused metaphor you can think of to describe spring’s awakening (sorry) for the U.S. economy, is this the real deal?
1. Bernanke Says Fed to Cut QE Pace on Job Market Outlook
Dec. 18 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke speaks about policy makers’ decision to cut the Fed’s monthly bond purchases to $75 billion from $85 billion, the outlook for policy and the U.S. economy.
2. Boomer Lives in Basement as 87-Year-Old Dad Tours World
Dec. 18 (Bloomberg) -- Lee Manchester, a 61-year-old former mid-level manager and entrepreneur who lost two jobs in the aftermath of the financial crisis, talks about how she downsized and is living with a friend on Cape Cod.
3. Fed Cuts QE Pace to $75 Billion on Labor Market Outlook
Dec. 18 (Bloomberg) -- The Federal Reserve is cutting its monthly bond purchases to $75 billion from $85 billion, taking the first step toward unwinding the unprecedented stimulus that Chairman Ben S. Bernanke put in place to help the economy recover. Bloomberg’s Peter Cook reports.
4. Stars Learn About Wall Street for ‘Wolf’ Roles
5. The Real ‘Wolf of Wall Street’ Owes $110 Million to Victims
Dec. 16 (Bloomberg) –- “The Wolf of Wall Street" starring Leonardo DiCaprio as disgraced Wall Street broker party boy Jordan Belfort hits theaters on Christmas day. Bloomberg spoke to the real Jordan Belfort to find out what he thinks about the movie and to get his perspective on modern-day Wall Street.
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