Washington
· Financial regulatory reform – Dems spar over best fix for derivatives market - The House bill could make it less costly than the Senate version for businesses to hedge risks. WSJ http://online.wsj.com/article/SB10001424052748703627704575299063089949260.html?mod=ITP_pageone_1
· Financial regulatory reform – Frank expects stronger version of Volcker rules in the final reconciled bill. Bloomberg
· Financial regulatory reform – Fed’s Hoenig backs the Lincoln derivatives bill (Bloomberg)
· New stock trading circuit breaker trials to kick off on Fri June 11 following SEC approval on Thurs (CNBC)
· Does Sen Reid want to extend the homebuyers tax credit? Not really - U.S. Senate leader Reid seeks homebuyer tax extension (wants to extend the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract....currently have to close by June 30) this won't drive NEW housing sales - this means that if you have a contract signed by Apr 30, you will have some extra time to close on that contract.....
· GM – an IPO of the co won’t take place prior to Q4:10 according to the Treasury (Bloomberg)
· Small businesses to be highlighted by Obama during Fri event; the president will meet w/small business owners on Fri and will push Congress to pass a $30B plan that would boost lending to this section of the economy (Reuters)
· Corporate America building up record amounts of cash – US companies have built up stocks of cash that exceed any other time in the history of such records (companies are sitting on $1.84T worth of cash according to data from the Fed). Cash accounts for 7% of all companies assets, the highest level since ’63 (WSJ)
· NY State may issue IOUs (similar to what California did months ago) – b/c the state has failed to enact a budget, it may be forced to resort to IOUs to pay bills (Reuters)
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