Morning roundup: Spain deal; Goldman witness skips trial

By Staff | June 8, 2012 | Last updated on June 8, 2012
2 min read

We’re committed to keeping you and your clients up-to-date with global industry news. Every morning, we offer articles from around the web. Here are some selections:

Spain deal turns attention to Greece

After spending a week insisting its banks didn’t need a bailout, Spain went hat in hand to European central bankers to secure a agreement.

The $125 billion deal is well within limits for the emergency fund established within the Eurozone but raises serious questions about whether Europe’s banks can kick their dependence on outside money. With a deal cut for Spain, all eyes now turn to Greece.

Goldman star witness won’t appear

The focus of the Goldman Sachs insider trading scandal won’t be testifying at his own trial. After numerous courtroom appearances by friends and former colleagues Rajat Gupta was expected to take the stand. Now, his lawyers say, he won’t speak in his own defense.

Gupta’s former firm is now said to be shopping a hedge fund unit, with State Street named as a likely purchaser.

Capitalism to the rescue!

Good news, sometimes Adam Smith’s invisible hand actually works. Bad news, the people it’s working for are heavily indebted U.S. homeowners.

Recent stats are finding persistent low mortgage rates, which last week hit a new trough, are spurring homeowners who have hung on through the recession to refinance at better, and now fixed, interest rates.

Bling can sting

CEOs who drive flashy cars and own multiple homes are no more likely to break the laws of the marketplace than their Chrysler steering peers. The employees who work for them? Well, that’s another matter.

A new study finds employees at companies whose owners show off their wealth have a higher propensity to commit fraud. Really, they had to do a study that proves seeing the boss cruise by in a Bentley when you’re waiting for the bus will make you want to pilfer from your employer? Thanks Captain Obvious!

Enjoy your day, The Editors staff


The staff of have been covering news for financial advisors since 1998.