Monday, December 26, 2011

CNBC : brain drain?

CNBC : brain drain? 
one small voice

I have to laugh a recent headline in the NY Post categorised the spat of departures from CNBC as ' brain drain" . I guess they haven't watched the has been network in quite some time.
The Post story goes on to say that CNBC has been saying goodbye to a lot of staff in the last few months. CNBC Europe chief Mike Buckley, and London correspondent Guy Johnson, are leaving as well as anchors Melissa Francis, Erin Burnett and Trish Regan all departed earlier this year unable to displace the very able and well qualified Maria Bartiromo as anchorwoman.

According to the Post former staffers for some time have dubbed the changes “brain drain” even speculating that CNBC’s often pompous and slightly out of it   David Faber, might also be ready for a new challenge. The truth is Farber's one time spot on reporting has devolved in clueless self indulgence in recent years covered in a know it all smugness  others  suggest that few people out side of DC beltway insiders and the mainstream media establishment would consider the loss of Erin Bernett ,brain drain ?

CNBC has been over the years been plagued with questions of manipulation by skeptics and has over exposed itself to guests like Jon Corzine .A  bad market as well as an extreme drift to the left by the network has lead to a loss to loyal viewers and perhaps the real reason is that the writing is on the wall with Fox business news already poached the better talent like Neil Cavuto and Liz Claman.

Last year Fox Business Network's Charlie Gasparino and MSNBC's Dylan Ratigan were on "The O'Reilly Factor" and "The Colbert Report," respectively, where each took the opportunity to sound off on the network they used to work for, CNBC. Both attacked the network editorial policy's .

Melissa Francis will join her former colleagues at Fox while Trish Regan will move to Bloomberg TV’s “Street Smarts,” . Bloomberg TV and news are also in desperate need of some quality editorial as they too have made a rabid shift to the left perhaps even rivaling MSNBC .

The drop in CNBC's ratings and the continued encroachment by Fox has left the once mighty business network scrambling for rating and and subleting time to infomercials and silly programs like American greed which belong more on daytime TV or TMZ.

The network doesn’t deny it has spent much of 2011 bringing in fresh legs. CNBC hired Seema Mody, Kayla Tausche, Andrew Ross Sorkin, Brian Sullivan and gave Gary Kaminsky, a permanent contract this year.Aussie import Amanda Drury, who moved from the Asian bureau in May 2010, remains in the mix as well with her midday market show. But the Post’s Page Six reported recently that the cable business channel didn’t make its budget and raised the possibility of cuts in the coming months all the while management is pushing for more "American Greed" type tripe to air on the network.

Wednesday, December 21, 2011

Investors Lose Faith in Stocks As Billions Pour Out of Funds

Investors Lose Faith in Stocks As Billions Pour Out of Funds
Published: Tuesday, 20 Dec 2011 | 4:50 PM ET

Investors appeared to have lost faith in stocks this year.

Just over a week ago, equity mutual funds globally had the second-biggest one-day outflow of money in 2011, capping four straight weeks of net redemptions, according to data from EPFR Global.

Worldwide, investors have yanked $34 billion out of equity funds this year and put $75 billion into bonds.

In the U.S., stock funds, including both exchange-traded funds   and mutual funds, squeaked out a miniscule $4 billion net inflow this year, while fixed income-focused managers collected a monster $86 billion, according to EPFR.

Burned by two bubbles in the last decade and facing the second global financial crisis in three years, investors simply don’t have the risk appetite for stocks.

Investors tried to embrace equities in the first part of the year, but began to pull money out during the summer as the debt ceiling debate domestically flared up and fears of a Greek bailout grew.

US asks banks to keep more cash at hand

US asks banks to keep more cash at hand
Dec 20 03:33 PM US/Eastern

The US Federal Reserve on Tuesday moved to toughen capital requirements for the country's largest banks, saying their size and stretch could threaten the overall financial system.
The Fed said it was preparing to implement new capital and liquidity rules outlined by an international banking pact on nearly three-dozen banks with assets over $50 billion.

Rebuffing resistance from some of the country's most powerful financiers, the Fed said it would apply the extra-tough standards of the Basel III pact on 29 "globally systemically important banks."

That could mean even tougher standards for the eight American banks and bank holding companies on that list: Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, State Street and Wells Fargo.

Friday, December 16, 2011

IMF chief warns over 1930s-style threats

IMF chief warns over 1930s-style threats
By Hugh Carnegy in Paris, George Parker in London and Peter Spiegel in Brussels

The managing director of the International Monetary Fund has warned that the global economy faces the prospect of “economic retraction, rising protectionism, isolation and . . . what happened in the 30s [Depression]”, as European tensions again flared over suggestions in Paris that the UK’s credit rating should be downgraded before France’s.

“There is no economy in the world, whether low-income countries, emerging markets, middle-income countries or super-advanced economies that will be immune to the crisis that we see not only unfolding but escalating,” Christine Lagarde said in a speech at the US state department in Washington. “It is not a crisis that will be resolved by one group of countries taking action. It is going to be hopefully resolved by all countries, all regions, all categories of countries actually taking action.

Wednesday, December 14, 2011

Euro Skids to 11-Month Low vs Dollar, Fed Weighs

Euro Skids to 11-Month Low vs Dollar, Fed Weighs
Published: Tuesday, 13 Dec 2011
By: Reuters

The euro dropped to an 11-month low against the dollar Tuesday, weighed down by fears of more rating downgrades in the euro zone, with the greenback supported by reduced expectations of further monetary easing following the Federal Reserve's less pessimistic assessment of the U.S. economy.

Tuesday, December 06, 2011

S&P Puts 15 EU Nations on Negative Credit Watch

S&P Puts 15 EU Nations on Negative Credit Watch
Published: Monday, 5 Dec 2011 | 4:41 PM ET Text Size
By: AP with

Standard & Poor's put 15 European Union nations on watch for a possible downgrade of their credit ratings as the continent's debt crisis lingers.

The threat to downgrade the euro zone countries — including the ones that enjoy the stellar triple-A-rating — comes ahead of a crucial summit of EU leaders later this week.

The nations include Austria, Belgium, Estonia, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, the Solvak Republic, Slovenia and Spain.

Anxious Greeks Emptying Their Bank Account

Anxious Greeks Emptying Their Bank Accounts
By Ferry Batzoglou in Athens

Georgios Provopoulos, the governor of the central bank of Greece, is a man of statistics, and they speak a clear language. "In September and October, savings and time deposits fell by a further 13 to 14 billion euros. In the first 10 days of November the decline continued on a large scale," he recently told the economic affairs committee of the Greek parliament.

With disarming honesty, the central banker explained to the lawmakers why the Greek economy isn't managing to recover from a recession that has gone on for three years now: "Our banking system lacks the scope to finance growth."

He means that the outflow of funds from Greek bank accounts has been accelerating rapidly. At the start of 2010, savings and time deposits held by private households in Greece totalled €237.7 billion -- by the end of 2011, they had fallen by €49 billion. Since then, the decline has been gaining momentum. Savings fell by a further €5.4 billion in September and by an estimated €8.5 billion in October -- the biggest monthly outflow of funds since the start of the debt crisis in late 2009.,1518,802051,00.html