Wednesday, 17 December 2008

Earlybird, Dec. 17, 2008

Headlines for Dec. 17, 2008

U.S. -- Obama Considers Overhauling TARP: (WSJ) The TARP under Obama may have a more active role, according to the WSJ. It will increase investments on cash-strapped financial institutions and provide mortgage holders with additional relief. 

U.S. -- SEC to Probe Its Own Ties to Madoff: (WSJ) Another one in the Madoff saga. Cox and his SEC are a disaster -- pretty much the same the SEC was under Harvey Pitt (the SEC chairman whose stint at the agency was tainted by the Enron scandal.) We should expect tougher corporate oversight under Obama.

BRAZIL -- House Lawmakers Discuss End of Re-Election: (Estado)  It is yet unclear whether this is beneficial for either the ruling party or the opposition. Last night, the Justice and Constitutional Committee of the lower house approved a total 62 amendments to the constitution, included changes to the current election rules. Under the changes, the presidential re-election (a maximum of two terms of four years each) would be changed with a five-year term. None of the proposals approved by the CCJ yesterday sought a second re-election of President Lula. 

BRAZIL -- Central Bank to Offer Currency Swaps Today: (Valor)  The currency swap auctions by the central bank are aimed at helping roll over contracts that settle on Jan. 2. The currency is recouping some of its losses against the dollar thanks partly to this strategy. 

COLOMBIA -- Congress Passes Uribe Re-Election Bill for 2014: (Tiempo) This is likely to increase political noise in Colombia ... 

COLOMBIA -- Government Has Seized 15 Bilion Pesos in Assets from DMG Pyramid Scheme: (Tiempo) In what seems to be the biggest financial scandal of the past ten years in Colombia, the government is rushing to find more assets belonging to DMG and return the money to depositors. So long as this doesn't imply the use of taxpayers' money ...

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