Bank and Investment Bank credibility!  June U.S. Jobs Report

None of the foregoing can be seen as ‘good economic news’ for America


Why Read: Because current events could be a ‘logs that collectively break the camel’s back’. Featured Articles: Two articles today jump up and beg for notice:
  • the first reports that JPMorgan has been subpoenaed by U.S. energy regulators to produce twenty-five 2010 and 2011 e-mails in conjunction with an investigation into whether it manipulated electricity markets in California and the U.S. Midwest; and,
  • the second reports that a Spanish national court has ordered Rodrigo Rato, former IMF head and political ally of Spain’s Prime Minister, to face criminal fraud accusations over his recent stewardship of Spain’s fourth largest bank, Bankia SA. Bankia SA is the Spanish bank that came to the fore on May 9 when it was announced Bankia was estimated to need a 15 billion euro capital infusion. That estimated amount has since grown substantially, and is yet to be finally crystallized.
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