FDIC Boosts 2010 Budget, Staff as Bank Failures Rise…
The Federal Deposit Insurance Corp., overseeing the dissolution of failed banks at the fastest pace in 17 years, boosted its 2010 budget 56 percent to $4 billion to manage further shutdowns. The additional 1,643 FDIC staff will include 1,559 temporary workers and 84 permanent employees, with a majority of positions added to the division that handles bank failures.
Morgan Stanley, the securities firm that spent more than $8 billion on commercial property in 2007, plans to relinquish five San Francisco office buildings to its lender two years after purchasing them from Blackstone Group LP near the top of the market. The San Francisco transfer would mark the second real estate deal to unravel this year for Morgan Stanley, which bet big on the property markets as prices were rising.
Wholesale prices in the U.S. increased more than anticipated in November, led by a jump in fuel costs and a rebound in truck prices. Near-record excess capacity and a jobless rate that is projected to average 10 percent in 2010 may prevent suppliers from passing on a rebound in commodity costs even as the economy recovers.
Confessions of an Underwater Homeowner. My family's modest, suburban New Jersey house is now worth about $30,000 less than our current balance. We never dreamed of walking away, but the idea of "strategically defaulting," is something we had to at least consider. Many others have, too.
Capturing Trends. Intuitively, investors feel like the more nimble they are, the better they will do. They put tremendous pressure on themselves to capture every wiggle in the market. Yet, much of the time, going faster is counterproductive.
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