FURTHER FURTHER READING
- The IPO of you and me.
- The media, like the market, is a two-way street.
- Matt Klein on the secular stagnation thesis.
- The luck factor in great decisions.
- Stock market higher, percentage of adults invested in it lower.
FT EVENING ROUND-UP
JPMorgan agrees $13bn settlement over mortgage securities: "JPMorgan Chase agreed on Tuesday to pay $13bn in fines and consumer relief in a landmark settlement with the US Department of Justice and state authorities, admitting that it mis-sold mortgage securities in the lead-up to the financial crisis. Roughly $4bn of the pact will be in the form of consumer relief to help struggling homeowners. The rest will be divided between the DoJ, attorneys-general from states including New York and California, the National Credit Union Administration and the Federal Housing Finance Authority." (Financial Times)
US funds place big bets on euro bank recovery: "US fund managers have been making multibillion-dollar bets on the recovery of banks in the eurozone over the past four months in the belief that the region's stuttering economic recovery will soon start to gather steam. The move follows a slight increase in eurozone economic growth in the second quarter, which was seen by many investors as the clearest indication yet that the worst peacetime economic upheaval since the Great Depression is coming to an end." (Financial Times)
Democrats eye tax on US groups' overseas cash: "The US would impose a one-time 20 per cent tax on an estimated $2tn of cash held overseas by American multinationals under a proposal from Democrats on the Senate finance committee that would reshape international tax policy. The proposal by Max Baucus, the veteran Montana lawmaker who chairs the panel, was unveiled on Tuesday as a way to stoke momentum for a much more sweeping rewrite of the US tax code, which is facing uncertain political prospects." (Financial Times)
