Top of the Morning – Paulson “Made a Mistake”, Groupon IPO, Zynga IPO

US Currency Bill Passes Senate 63-35 (FT)

A bill that aims to punish Beijing for holding down its currency passed the Senate on Tuesday despite a warning from China that the legislation could plunge the global economy into a 1930s-like depression.

largest hedge funds in the world

AIG Offers Reputation Insurance (WSJ)

After taking heaps of blame for the financial crisis and accepting a $130 billion government bailout to survive, American International Group Inc. knows a thing or two about bad publicity. Now it wants to help others weather such storms—for a price.

Dollar Falls (WSJ)

The dollar came under significant pressure across the board in European trading hours Wednesday as hopes for a plan to recapitalize ailing European banks boosted confidence in the euro and other risk-sensitive currencies such as the Australian dollar.

European Banks Require 9% Capital Ratio (FT)

European authorities plan to set a higher than expected capital threshold for the region’s banks and give them six to nine months to achieve that level or face government recapitalisations under the auspices of the eurozone’s €440bn rescue fund, senior regulators said.

Casadei and Frazzetto Charged in Tax Evasion Case (WSJ)

Two Swiss bankers were charged Tuesday by federal prosecutors with allegedly helping wealthy U.S. clients hide their money from the Internal Revenue Service, the latest move in a multiyear crackdown by U.S. authorities on Swiss financial institutions.

News Corp Under Scrutiny (FT)

News Corp is facing a new wave of scrutiny of the fall-out from the News of the World scandal in the coming weeks, as new testimony to UK officials investigating phone hacking coincides with rising shareholder pressure on the US media group and its UK affiliate, British Sky Broadcasting.

Blackberry Disruptions Continue (WSJ)

BlackBerry users around the world experienced further disruptions in service Wednesday, the third consecutive day of problems that have now spread further into Asia.

Volcker Proposal Released (WSJ)

Wall Street trading appears headed for an inhibited new era after the U.S. government on Tuesday outlined a rule sharply limiting banks’ ability to make bets with their own capital.

Julius Baer in Tax Probe (FT)

Julius Baer has become directly embroiled in a US probe into allegations that Swiss private bankers helped rich Americans evade tax, after the group on Wednesday admitted it was the unnamed bank in a new indictment.

Alcoa Weaker than Predicted (WSJ)

Alcoa Inc. reported third-quarter earnings far short of analysts’ recently reduced forecasts as slower global economic growth and a drop in prices weighed down the aluminum maker.

HPQ May Cancel Spinoff (WSJ)

Hewlett-Packard Co. is rethinking its plan to spin off its personal-computer division, as fresh analyses show the costs might outweigh the benefits, according to people familiar with the matter.

Beijing and Moscow Invest in Russian Direct Investment Fund (FT)

China’s main sovereign wealth fund will invest $1bn with its Russian counterpart, in a move that will be matched by the Russian Direct Investment Fund as it sees its first capital commitment since it was established in June.

Paulson Tells Investors, “We Mad a Mistake” (WSJ)

John A. Paulson had a simple message on Tuesday to investors in his ailing hedge fund: “We made a mistake.”

Groupon and Zynga Prepare for IPOs (NYTimes)

Both Groupon and Zynga are slowly stumbling toward their initial public offerings. But don’t feel sorry for either company — it’s largely their own fault.

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