A Couple Hundredths Billion Bucks.

A Couple Hundredths Billion Bucks I go to call this stuff. Or "Don't try this at home" And start from the beginning. The children at the morning – is indeed, my cup of tea. But when any British junky start to dictate to the English speaking MP’s World – I don’t trust, and little willing to give them the opportunity to resolve present problems for themselves. For half medal of the cocaine Royal Family of Lancaster’s, let’s your intuition guide you. If not, it’s like the confidence you have at the crazy driver, if I’m not in control – I go to ask humbly whoever sitting behind the wheel to pull over – because I WANT to get out. If you remember, there is something to be said for going along the “group” consciousness, but I cannot stay and be “involved” with stuff you are unsure of – even if things are working out to everyone satisfaction. And I am like that banana, WALK and wondering what it can be? Half medal? The penny chares from Iceland share-holders? Or just the nation of the shit from camel turned around? This is seems to me, your very bad counted story which invite me to reveal something that has been hidden for too long. It’s funny how YOU look at the what we can see and conveniently (be offended like you like) ignore the INVISIBLE. For me you, like old saying goes: Out of sight – is out of mind. More, something may be out of sight now, like the f*** pirates from Brussels and Strasburg, but it are not so far out of our mind that we can’t find it again (i.e. Bank of England’s Volkswagen merge at the inch from your nose. Like the third taxi at the Vista Alegre police station: assimilate completely the Banco Privado Português…) if we want to. And you want it. Because there’s something within it that WE?, deserve a closer look. For instance, the invitation to the interned courses called @dvent where I, mighty tempted to banish, together with Willy-mai-dela, to some off-shore sand pit. My needs, desires, want and shouldn’ts I won’t to rebuff each time out. As the minutes tick by one opportunity to another, I feel rather disgusted with whatever the noble cause it will be. First and important at all is the behavior of the Dow. Than, “Royalties and Concessions’”. Than, “Only Two of Us Who Know”.

1). European Central Bank falls into line and embraces quantitative easing Rearguard action by Germans to stave off 'undesirable option' dismissed by central bank's governing council. Last Updated: 8:45AM BST 08 May 2009. The European Central Bank has cut interest rates a quarter point to a record low of 1pc and embraced quantitative easing (QE) for the first time, catching markets off guard with plans to buy €60bn (£53.5bn) of covered bonds. The hotly-disputed move to purchase assets brings the ECB into line with the central banks of the US, Britain, Japan, among others, that have begun "printing" money to stave off debt deflation. Julian Callow from Barclays Capital said the ECB had crossed the Rubicon. "This is likely to morph into fully-fledged quantitative easing. It's how the Fed began last October when it started purchasing commercial paper," he said. The step-change in policy follows an open clash within the ECB's governing council over its handling of Europe's worst slump since World War Two, pitting national governors from southern Europe and Ireland against the ECB's German-led hawks. Bundesbank chief Axel Weber has fought a rearguard battle to head off QE, calling it an "undesirable option" that risked inflation later. The majority also overruled his insistence on a 1pc "floor" for interest rates. Jean-Claude Trichet, the ECB's president, said the bank had not ruled out further cuts, "depending on future circumstances". The refusal to accept Frankfurt's lead is a turning-point for ECB, which inherited its authority a decade ago from the Bundesbank. The upsets touches on a raw nerve in Germany where critics have always suspected that EMU would turn "soft". It may set off a political backlash. Mr Trichet said covered bonds were picked because they have been hit hard by the crisis, but refused to rule out further assets later. The exact details are to be agreed at the ECB's June meeting. Covered bonds or "Pfandbriefe" form the AAA backbone of Europe's mortgage markets. "They are a very safe asset, so this is the least controversial market," said Mr Callow. The ECB also extended its liquidity scheme from 6 to 12 months and opened its window to the European Investment Bank, giving it a new crisis role. David Marsh, author of The Euro - The Politics of the New Global Currency, said the ECB is loath to follow Anglo-Saxon banks in purchasing government bonds because this would give most help to big debtors such as Greece and Italy. "They don't want to be seen as bail-out merchants by acting as a bond purchaser of last resort for hard-pressed nations," he said. The ECB has been widely criticised for its slow response over recent months, although it has quietly let its overnight deposit rate fall to 0.25pc. "The ECB needs to get ahead of this like the Bank of England or we'll face a Japanese scenario for the financial system," said Marco Annunziata, economist at Unicredito. The IMF says Europe's banks have written down just 17pc of likely losses, compared to half for US banks. They may need $500bn in fresh capital. "If the IMF is correct, the risk of a credit crunch is bigger than the ECB likes to admit," said Mr Annunziata. The European Commission has slashed its eurozone forecast to minus 4pc and highlighted the danger off a more vicious downward spiral if "adverse non-linearities" take hold. "One cannot exclude the risk of social and political unrest," it said. The ECB's policy shift is a vindication for Cypriot governor Athanasios Orphanides, a 17-year veteran of the US Fed, who has battled tenaciously for bold action.

2). Axe hangs over Corus’ Teesside plant May 8 2009 12:35. The future of steelmaking on Teesside was thrown into doubt on Friday after Corus said it may be forced to mothball its Teesside Cast Products plant, which employs nearly 2,000 people directly and thousands more indirectly. Corus said it had been forced to open consultations that may result in mothballing the plant because four international buyers of slab steel had failed to fulfil their obligations under a 10-year offtake agreement. It said the TCP operation had been made unviable by steps taken last month by the consortium of slab buyers to end the contract, which was due to run for 10 years until 2014. Under the 2004 agreement, the consortium – comprising Marcegaglia of Italy, Dongkuk of South Korea, Brazil’s Duferco and Alvory, a subsidiary of Latin American steelmaker Ternium – were to buy just under 78 per cent of the plant’s production for 10 years, underpinning its future. Three months ago, Tata, the Indian company that owns Anglo-Dutch Corus, also reached an outline agreement to sell the plant, based at Redcar, for $480m to a consortium headed by Mantova-based Marcegaglia. The FT reported last month that the sale was in danger of being scrapped. Corus said on Friday that the consortium had “unilaterally and unreasonably initiated moves to terminate the contract, thereby making the TCP operation unviable”. Kirby Adams, Corus chief executive, said in a statement: “I am extremely disappointed that the consortium members have seen fit to take this irresponsible action.” He warned: “Their unilateral termination of a legally binding 10-year contract could bring to an end a fine heritage of steelmaking at Teesside. We regret the distress their action will cause TCP’s dedicated employees, who have worked steadfastly in the interests of the consortium.” Peter Mandelson, business secretary, said: ”It is essential that Corus does everything it can legally, and with the government’s assistance, to reinstate the offtake agreement. It is unacceptable that such a development should threaten jobs on such a scale, with such a potentially devastating impact on the area.” He added: ”The government stands ready to do what it can to support the company. We are not prepared to reconcile ourselves to inevitable closure of this plant.” Corus said it was using “all legal means” to ensure the terms of the 10-year offtake agreement were fully enforced and that the four consortium members fulfilled their contractual obligations. However, the group immediately began discussions with employees and their representatives about what could be done to mitigate the impact of mothballing the plant, and what future action may be needed. It added: “Any decision to mothball is likely to lead to a very significant number of redundancies.” The announcement is a body blow to Teesside, whose very growth as an urban centre since the early 19th century is due to the development of steelmaking. Despite the downturn in steelmaking in recent decades, the Redcar site, with its distinctive blast furnace, employs nearly 2,000 workers on TCP’s payroll and about 1,000 regular contractors. Geoff Waterfield, chairman of the Teesside works’ multi-union committee, said earlier this week that the silence of Corus over the sale deal was “disconcerting” and that workers were seeking reassurances. He estimated that a total of about 10,000 jobs depended on the site. World steel output looks set to fall 15 per cent this year, the biggest annual drop since the end of the second world war. Tata bought Corus at the height of the steel boom two years ago for £6.7bn ($9.8bn), in the process becoming the world’s sixth-biggest steel producer.

3). BofA, Citi need capital; stress tests results loom Reuters, Wednesday May 6 2009 * Bank of America needs $34 bln new capital – source * Bank of America may sell $8 billion stake in China's CCB * Citigroup needs up to $10 billion – source * Stress test results due Thursday * Bank shares rise (Recasts; adds analyst comment, background, stock prices; changes byline and dateline) WASHINGTON/NEW YORK, May 6 (Reuters) - Regulators have told Bank of America Corp it needs $34 billion of capital to withstand a deep economic downturn, an industry source familiar with results of a government stress test said late on Tuesday. Citigroup Inc may need as much as $10 billion, a person familiar with the matter said this week. About 10 of the 19 big U.S. banks being stress-tested may need more capital, a person familiar with the official talks has said. The sources were not authorized to speak because the stress test results have not yet been made public. Results are due late Thursday. Early results of the tests may unnerve investors who had hoped they might show the industry was in less dire condition than feared. Bank of America's test results are also certain to increase pressure on Chief Executive Kenneth Lewis, who was ousted as chairman last week in a shareholder vote. That ouster could also lay the groundwork for his departure from the company he has served for 40 years, including the last eight as CEO. In morning trading, Bank of America shares rose 36 cents to $11.20, while Citigroup rose 14 cents to $3.45. Standard & Poor's 500 index futures rose 0.8 percent. Stocks rebounded from earlier losses after a report suggested the U.S. economy lost fewer private-sector jobs than expected in April. Analysts believe other banks that may need capital include Wells Fargo & Co, Fifth Third Bancorp, GMAC LLC, KeyCorp, PNC Financial Services Group Inc Regions Financial Corp and SunTrust Banks Inc. BANK OF AMERICA SURPRISE The government has spent three months conducting stress tests on the 19 largest U.S. banks to determine their capital needs should economic conditions worsen more than many economists now expect. It is unclear how Bank of America might raise capital, whether by selling assets, issuing more common stock or other steps. The largest U.S. bank has already received $45 billion of government help. Bank of America spokesman Scott Silvestri, the Federal Reserve and the U.S. Treasury Department declined to comment. Citigroup analyst Keith Horowitz raised his price target for the bank's shares to $14 from $10, though he believes Bank of America will need a "substantial increase" in common stock. Bank of America is struggling with its controversial Jan. 1 takeover of Merrill Lynch & Co as well as heavy credit losses. Lewis told analysts on an April 20 conference call that "we absolutely don't think we need additional capital," but added: "Make no doubt about it, credit is bad, and we believe credit is going to get worse." Through Tuesday, shares of Bank of America had fallen 68 percent since the Merrill purchase was announced Sept. 15. Bank of America could raise capital by selling some or all of its 16.6 percent stake in China Construction Bank Corp, that country's second-largest bank. It may sell 13.5 billion CCB shares, a 6 percent stake worth $8.3 billion, when a lock-up period ends on Thursday. Bank of America has also said it may sell its First Republic Bank business. If Bank of America cannot sell enough assets, it might be forced to convert some of its preferred shares held by the government into common stock, leaving the government as one of its biggest shareholders. Fed Chairman Ben Bernanke on Tuesday said most banks needing capital can raise it through "either issuance of new capital or through conversions and exchanges, or the sales of assets and other measures." GOVERNMENT PRESSURE Critics fault Lewis for failing in December to back away from the Merrill merger or disclose Merrill's sinking finances. Merrill later posted a $15.84 billion fourth-quarter loss. U.S. regulators are examining the Bank of America disclosures, as well as $3.6 billion of bonuses that Merrill paid out. Lewis has said in testimony that he felt pressure from Bernanke and former U.S. Treasury Secretary Henry Paulson to close the merger, so as to not upset the financial system. Law professors and governance experts say Lewis owed a fiduciary duty to his shareholders first, not to regulators. Bernanke on Tuesday told lawmakers he did not pressure Lewis to withhold information from shareholders about Merrill.