The Week Unpeeled
Hold the Phone: Interesting article in Financial Times over the weekend that examined how many times Treasury Secretary Timothy Geithner appeared to seek outside counsel by examining phone records. The highest number of outside-the-Beltway calls went to Larry Fink at Blackrock at 49 for the 18 months from Jan 2011 to June 2012, followed by Jamie Dimon at JP Morgan at 17.
- The US government posted a $1.089 trillion deficit in the fiscal year that ended Sept 30, actually down slightly from a year ago;
- The Dow ended a down week Friday at 13,328;
- The EU was named winner of the Nobel Peace Prize, probably surprising many;
- RBS plans to sell branches to Santandar collapsed with bidders led by Virgin Money rushing in for the large number of potential customers;
- The proposed merger between BAE Systems and EADS collapsed due to political deadlock among London, Paris and Berlin;
- Angela Merkel was guarded by 7,000 police officers during her first visit to Athens since eurozone crisis started;
- Insurance company Direct Line launched on the London stock market, with shares rising more than 7% on their debut trading session;
- Figures released by the Office for National Statistics (ONS) showed UK tourist numbers fell year-on-year by 5pc in August 2012, with 3m people visiting the UK in the month
- Cost of everyday items are set to rise due to the worst wheat harvest in Britain since the 1980s, a heat wave in Russia and the drought in the United States; and
- Npower and British Gas fuelled fears of a "cold winter" after they raised gas and electricity prices for households.