DeMarco plans to cut bonuses

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Source: Bloomberg
© Scanpix/Reuters

Edward J. DeMarco, Federal Housing Finance Agency's acting director is planning to reduce compensations and bonuses at Fannie Mae and Freddie Mac – state owned housing-finance firms. DeMarco, who also is a chief regulator for both banks, plots gradual reductions in executives' salaries especially when they leave the company. In 2009 two CEOs of Freddie Mac and Fannie Mae received $17 m in their two year award packages.

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Wed, 16 Nov 2011 09:48:26 GMT

US stocks close higher despite news from Europe

On Tuesday US stocks advanced as several US economic indicators including retail sales beat the forecasts and offset concerns about euro-region debt crisis. Dow Jones industrial average gained 0.1% or 17 points reaching 12,096. S&P 500 added 0.5% or 6 points and closed at 1,258, while Nasdaq advanced 1.1% or 29 points to 2,686. On Tuesday morning stocks opened lower on Europe news, however, erased losses

Wed, 16 Nov 2011 09:47:31 GMT

Greek PM faces a confidence vote on Euro

Lucas Papademos, the new Greek PM today faces confidence vote on 3-month mandate to secure financing needed to save Greece from default and keep it in Euro. Papademos is expected to implement budget provisions and guarantee a bailout package consisting of €130 bn. According to, Evangelos Venizelos, upcoming vote is the last chance for Greece to overcome crisis.

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