Daily Dispatches

Trade dollars for an even more imaginary currency -- just please don't spend them!

Submitted by cpowell on Mon, 2007-12-10 19:47 Section: Daily Dispatches

7:41p ET Monday, December 10, 2007

Dear Friend of GATA and Gold:

What may be a trial balloon was floated today in the Financial Times via an essay by a former U.S. Treasury Department official, Fred Bergsten, headlined "How to Solve the Problem of the Dollar," which is appended here.

Read more about Trade dollars for an even more imaginary currency -- just please don't spend them!

Citigroup quietly unloads toxic SIVs to junior investors

Submitted by cpowell on Mon, 2007-12-10 19:10 Section: Daily Dispatches

By Paul J. Davies, David Wighton, and Adam Jones
Financial Times, London
Monday, December 10, 2007

http://www.ft.com/cms/s/0/e35b3628-a769-11dc-a25a-0000779fd2ac.html?ncli...

Read more about Citigroup quietly unloads toxic SIVs to junior investors

Societe Generale rescues SIV fund to avoid fire sale

Submitted by cpowell on Mon, 2007-12-10 18:27 Section: Daily Dispatches

By Sebastian Boyd and Gregory Viscusi
Bloomberg News Service
Monday, December 10, 2007

http://www.bloomberg.com/apps/news?pid=20601087&sid=aoqP2ef8rtgM&refer=home

Societe Generale SA, France's second-biggest bank by market value, will bail out a $4.3 billion fund after losses related to the collapse of the U.S. subprime-mortgage market to avoid a fire sale of assets.

Read more about Societe Generale rescues SIV fund to avoid fire sale

Troubled bond insurer gets $1 billion investment from buyout firm

Submitted by cpowell on Mon, 2007-12-10 17:48 Section: Daily Dispatches

By Dane Hamilton
Reuters
Monday, December 10, 2007

http://www.reuters.com/article/ousiv/idUSN0619739020071210

NEW YORK -- Buyout firm Warburg Pincus LLC said on Monday it would invest $1 billion in MBIA Inc., bolstering the finances of the world's largest bond insurer amid concern about its ability to pay claims on faltering mortgage-backed bonds.

Read more about Troubled bond insurer gets $1 billion investment from buyout firm

MineWeb notes GATA campaign for Fed, Treasury gold documents

Submitted by cpowell on Mon, 2007-12-10 08:54 Section: Daily Dispatches

8:53a ET Monday, December 10, 2007

Dear Friend of GATA and Gold:

MineWeb's Dorothy Kosich takes note of GATA's campaign to compel the U.S. Federal Reserve and Treasury Department to disclose documents about swaps of U.S. gold reserves. You can find the MineWeb report here:

http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=41691&sn=Detail

CHRIS POWELL, Secretary/Treasurer

Read more about MineWeb notes GATA campaign for Fed, Treasury gold documents

Blackstone reported assembling China bid for Rio Tinto

Submitted by cpowell on Mon, 2007-12-10 08:50 Section: Daily Dispatches

By David Litterick
The Telegraph, London
Monday, December 10, 2007

http://www.telegraph.co.uk/money/main.jhtml;jsessionid=VNDKSWF4XJY53QFIQ...

Rio Tinto shares climbed in London trading after the Daily Telegraph revealed that private equity firm Blackstone is planning an audacious break-up bid for the miner.

Read more about Blackstone reported assembling China bid for Rio Tinto

UBS admits $10 billion subprime loss, gets rescue from Singapore

Submitted by cpowell on Mon, 2007-12-10 08:44 Section: Daily Dispatches

By Andrew Hurst
Reuters
Monday,December 10, 2007

http://www.reuters.com/article/ousiv/idUSL1049891520071210

ZURICH, Switzerland -- UBS revealed a $10 billion writedown and an emergency injection of funds from Singapore and the Middle East, making it the biggest victim of the U.S. subprime crisis to date among major European banks.

Read more about UBS admits $10 billion subprime loss, gets rescue from Singapore

Brazil plans sovereign wealth fund to counter rising currency

Submitted by cpowell on Sun, 2007-12-09 23:55 Section: Daily Dispatches

By Jonathan Wheatley
Financial Times, London
Sunday, December 9, 2007

http://www.ft.com/cms/s/0/a0a3dcc8-a687-11dc-b1f5-0000779fd2ac.html?ncli...

SAO PAULO, Brazil -- Brazil will create a sovereign wealth fund with the primary aim of intervening in foreign exchange markets to counter the appreciation of Brazil's currency, according to finance minister, Guido Mantega.