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Frontrunning: May 29
- Former House Speaker Hastert indicted on federal charges (Reuters)
- Blatter expected to win re-election despite soccer corruption scandal (Reuters)
- NYSE Looks to Ease Late-Day Pileup (WSJ)
- What Will Happen to a Generation of Wall Street Traders Who Have Never Seen a Rate Hike? (BBG)
- Japan spending slump casts doubt on central bank optimism (Reuters)
- Unclear rules, market volatility take toll on bank capital (Reuters)
- Greece Told Budget a Red Line for Creditors Venting at G-7 (BBG)
- The Economist Who Realized How Crazy We Are (Michael Lewis)
- Pimco Said to Have Considered Goldman’s Cohn for Top Job (BBG)
- Reading Beijing's mind leaves investors living on their nerves (Reuters)
- European rescue fund struggling with low returns (Reuters)
- Everyone Is Fleeing Oil's Biggest Fund (BBG)
- ECB fears 'abrupt reversal' for global assets on Fed tightening (AEP)
- Breaking Silence, Richard Fuld Speaks on Love, Putin and ‘Rocky’ (NYT)
Overnight Media Digest
WSJ
* The New York Stock Exchange is preparing a new plan to make it easier to buy or sell thinly traded stocks, to counter slow midday trading and uneven liquidity. (on.wsj.com/1LPhaq5)
* Former House Speaker Dennis Hastert was indicted by a federal grand jury on charges related to bank withdrawals of large sums of money that he allegedly paid to keep someone quiet about his "prior misconduct." (on.wsj.com/1FGdsxo)
* Avago Technologies Ltd CEO Hock Tan, a media-shy financial whiz now mounting the largest takeover in high-tech history, is stepping into the limelight with a $37 billion cash-and-stock deal to buy chip maker Broadcom Corp. (on.wsj.com/1SFF5gR)
* China's stock market and more favorable domestic regulations are driving tech firms to plan to list shares in China instead of the United States. (on.wsj.com/1FGIYeK)
* Amazon.com Inc is preparing to broadly expand its fledgling lineup of private-label brands to include grocery items such as milk, cereal, and baby food, as well as household cleaners. (on.wsj.com/1QdHFH9)
FT
British PM David Cameron embarked on a visit to four European capitals prompting a hardening of rhetoric in London and in the rest of Europe on the future of Britain in the EU.
Royal Bank of Scotland has invited bids from top banks to pitch for a broad corporate broking role that also includes acting as privatisation advisers.
Network Rail workers will go on a strike for 24 hours from 5 p.m. on June 4 and for 48 hours from the same time on June 9, after the union representing the workers rejected a fresh pay offer made by Network Rail.
Scottish National party MP Alex Salmond has warned that it would be a "fatal mistake" for UK to proceed with its plan to renew Britain's nuclear deterrent, refusing to rule out calling a second independence referendum if it does so.
NYT
* Google Inc is introducing several initiatives to highlight its inexpensive virtual reality viewer, including a partnership with GoPro Inc and plans to post virtual reality videos on YouTube. (http://nyti.ms/1BsZStp)
* The Federal Trade Commission announced that its seven-year lawsuit against Cephalon Inc, now owned by Teva Pharmaceutical Industries Ltd, would be settled for $1.2 billion. The agency accused the company of illegally blocking generic competition to Provigil, a sleep-disorder drug. (http://nyti.ms/1HyIUvU)
* David Friehling, who worked for the Ponzi scheme mastermind Bernard Madoff, won plaudits from federal prosecutors as a cooperating witness, and because of that he will not serve any time in prison for his role in the financial fraud, which lasted more than two decades. (http://nyti.ms/1cmxzWP)
* The Obama administration, aiming to keep a finicky, chickenlike bird called the greater sage grouse off the endangered species list, moved to limit petroleum drilling and other activities on some of its wide-ranging habitat in the American West. (http://nyti.ms/1Bt4obj)
* At least 20 companies have removed their ads from the TLC's popular reality show "19 Kids and Counting" after a report that one of its stars had been investigated on suspicion of molesting underage girls. (http://nyti.ms/1G5pgN4)
China
CHINA SECURITIES JOURNAL
- China should speed up reform and innovation to build an open, inclusive and competitive derivatives market, which could provide better services for China's economic development, said Xiao Gang, vice president of the China Securities Regulatory Commission (CSRC).
SHANGHAI SECURITIES NEWS
- China's state planner plans to provide subsidies of up to 200 million yuan each to transport infrastructure projects in the Yangtze Delta region.
CHINA DAILY
- More than 70 percent doctors in China have suffered physical violence or verbal abuse, the Chinese Medical Doctor Association said in a white paper.
CHINA BUSINESS NEWS
- China's currency liberalisation reform and capital account opening might be completed within one to two years, said Shen Song, director of central bank's statistics department.
Britain
The Times
The former head of Lehman Brothers, Dick Fuld, told a financial conference in New York that he had "no regrets" about what happened in the 2008 global financial crisis. Fuld, who was vilified over the collapse of Lehman, blamed regulators, borrowers and the government for the 158-year-old bank's implosion under debts of $619 billion. (http://thetim.es/1LOoClc)
European football nations raised the prospect of a World Cup boycott if Sepp Blatter, president of FIFA, remains in charge of the game's ruling body. (http://thetim.es/1LOoSka)
The Guardian
The head of the International Monetary Fund Christine Lagarde has warned that a Greek exit from the eurozone is a "possibility" as debt talks reach a critical stage. (http://bit.ly/1LOp1UZ)
Former head of investment banking at UBS Jerker Johansson personally approved a 2.5 million pound ($3.83 million) bonus for Tom Hayes, the man described as the "ringmaster" of the Libor fraud scandal, a jury heard. (http://bit.ly/1LOpnec)
The Telegraph
Google unveiled its own contactless payment system Android Pay at its annual I/O conference in San Francisco, which will allow people to pay for items in shops via their mobile phones. (http://bit.ly/1LOpypH)
The global asset boom is an accident waiting to happen as the U.S. prepares tighten monetary policy and the Greek crisis escalates, the European Central Bank has warned. (http://bit.ly/1LOpOFl)
Sky News
Sponsors of the FIFA World Cup McDonald's, Coca-Cola , Adidas, Budweiser and Hyundai have released statements expressing their serious concern at allegations of "rampant, systemic and deep-rooted corruption" at the heart of the organisation. (http://bit.ly/1LOqyKD)
Members of the RMT union at Network Rail, after rejecting a new pay offer from the rail company, will stage a 24-hour and 48-hour strike next month over pay. (http://bit.ly/1LOqSsH)
The Independent
The former Thomas Cook chief executive, Harriet Green, has agreed to donate about 3 million pounds to charity from a bonus she is due, in the latest fallout from the travel company's handling of the death of two British children at one of its holiday bungalows in Corfu. (http://ind.pn/1LOr0IM)
IAG chief Willie Walsh says he is "hopeful" that rival Ryanair would not scupper his 1.4 billion euros ($1.53 billion) bid to snap up the Irish carrier Aer Lingus. (http://ind.pn/1LOrFtE)
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Anyone understand what it is that Hastert did that was illegal? He obviously was paying black mail but is he being charged with simply moving his own cash without full disclosure as to its purpose? Is this what we all have to look forward to, where we can't spend our own money without the FBI up our ass??? This doesn't look to be any indication that he came by the money nefariously or failed to pay his taxes. Just simply spending HIS money without THEIR permission.
No, he was spending THEIR money without THEIR permission. There is no such thing as YOUR money.
Nonetheless I think extortion and bribery is still illegal. But who the hell knows these days?
I thought it was the extortionist who was breaking the law, not the extorted. If bribery is illegal then we best shut down the government and half the businesses in the world. Or is this just more of the government claiming that the money is guilty? What are the charges?
so hastert committed some atrocity that was so bad he was willing to pay $3.5M to cover it up but the only way the fbi was ever going to catch him was when he started withdrawing blackmail cash? wow, the war on cash is on and it's for real bitchez.
Oh Denny, Denny. When are you guys going to learn? You don't pay people like that man! You get rid of them, like Slick W, hitlery and barry's boyfriends.