Wall Street Watch: Congress Addresses Hypocrisy, Verizon’s Anti-Trust Issue
German Economy Minister Philipp Roesler said no to the European Central Bank taking a cut on it Greek government debt holdings reported The Wall Street Journal. Rosesler said,”The current discussion is primarily about private-sector involvement. European states and their taxpayers already make a massive contribution to Greece’s restructuring process though their support efforts.”
While private creditors are finalizing plans for their Greek debt write-down, they have asked the public sector to partake in this situation too. In addition, the European Union and International Monetary Fund have suggested the ECB may need to also take part in some write-downs.
Panasonic(NYSE:PC) reported a YEN197.6 billion ($2.6 billion) net loss for its fiscal quarter three versus the previous year’s YEN 40 billion profit. The company has now forecast its full year results to be its worst on record with a projected YEN 780 billion loss. According to MarketWatch, the weak projection comes from a strong yen, production problems from Thai flooding, costs from its absorption of Sanyo, the global slowdown, and the euro zone-driven instability seen in the markets.
Politics may get in the way of the Verizon Wireless (NYSE:VZ) and Comcast Corp. (NASDAQ:CMCSA) marketing alliance. Worries are increasing that cooperation between the two companies could dampen competition and drive price increases.
To review the matter, Senate Antitrust Subcommittee chair Herb Kohl will hold a hearing on the deal, according to the Wall Street Journal. Verizon’s recent agreements to buy radio frequency licenses will also be examined.
On Thursday, the Senate passed the Stop Trading on Congressional Knowledge Act (Stock Act) with a 96-3 vote. This will ban legislators from trading shares based on insider information picked up on Capitol Hill. Next week the bill goes to the House for a vote.
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