Today’s Headlines…

Today’s Headlines…

UBS Trader Racks Up $2B Loss, Raises Doubts About Risk Management

American Banker

ZURICH — UBS announced early Thursday that a rogue trader racked up about $2 billion in losses, a surprise blow that came hours after British police arrested a 31-year-old man in London on suspicion of fraud…

Bair Has Been Effective Watchdog at FDIC
New York Times
The FDIC has some advantages over other watchdogs. Its clear remit is to protect bank depositors’ interests, and it is financed by premiums levied on banks rather than being beholden to Congress. A major goal is to minimize losses to its insurance fund

Discover Shares Drop on News of FDIC Review
American Banker
By Andrew Johnson Discover stock price fell as much as 3% on Friday after the company disclosed that the FDIC is reviewing its marketing of payment protection and other fee-based products…

Visa’s Update to Shed Light on Rivals
Wall Street Journal
Shares of MasterCard Inc. and Visa last week soared when the US Federal Reserve approved a more lenient limit than expected on the fees banks charge retailers each time a consumer uses a debit card. But the rule likely will take a bite out of revenue

Analysis: End of Fed’s QE2 portends rocky ride for gold rally
By Frank Tang NEW YORK (Reuters) – The end of Federal Reserve emergency cash is unlikely to derail gold’s 10-year rally, but the precious metal might face a rockier road as the cheap money that had fueled its ascent dries up, at least for now.

Inside the Disappointing US Recovery
Wall Street Journal
Since the recovery started, banks have reduced money they make available through credit card lines from $3.04 trillion to $2.69 trillion and have reduced home equity credit lines from $1.33 trillion to $1.15 trillion, according to the Federal Reserve

Nageswaran Says Emerging Markets Shares May Outperform: Video
Washington Post
Anantha-Nageswaran also discusses the US economy and Federal Reserve monetary policy, the outlook for oil, and China’s economy and local government debt. He speaks with Rishaad Salamat on Bloomberg Television’s “Asia Edge.

Weak Economic Rebound Suggests Statistical Parallels to 1980 and Other Anemic
Wall Street Journal
By JON HILSENRATH The US economic recovery that began in June 2009 in many ways mirrors the short-lived one that started in 1980 and was quickly followed by another recession in 1982, induced when the Federal Reserve pushed up interest rates to fight