Tim's Feed
Jan 22, 2015

U.S. funds differ on managing tax liability as capital gains surge

BOSTON (Reuters) – Warning to mutual fund investors: the tax man is coming.

U.S. investors in stock funds will take a big tax hit this year on capital gains that could top $300 billion after portfolio managers exhausted most of their loss reserves to offset several years of stock market advances.

Jan 13, 2015

Ukraine debt slide haunts contrarian U.S. bond fund star Hasenstab

BOSTON, Jan 13 (Reuters) – A slide in Ukraine bond prices
continues to haunt U.S. bond fund star Michael Hasenstab, whose
multibillion-dollar bet on the troubled country’s debt is in
turmoil as analysts predict a major restructuring that could
spell losses for investors.

In recent weeks, Ukraine bond prices have plummeted to less
than 60 cents on the dollar on some issues. Analysts at Goldman
Sachs say the market is now pricing in a high default
probability with potential for a write-down in 2015.

Jan 9, 2015

Big banks park beat-up energy sector bonds in U.S. money funds

BOSTON (Reuters) – Big European and American banks have found a productive place to park the energy sector’s most distressed debt: the $2.7 trillion U.S. money market industry.

Barclays Bank plc, Credit Suisse and Wells Fargo and others get overnight and short-term loans from companies that run money market mutual funds such as Fidelity Investments, BlackRock Inc, American Beacon and others. The banks use the money to fund long positions in securities or to cover short positions. For collateral, the funds are accepting the junk-rated bonds of beat-up energy companies.

Jan 9, 2015

Insight – Big banks park beat-up energy sector bonds in U.S. money funds

BOSTON (Reuters) – Big European and American banks have found a productive place to park the energy sector’s most distressed debt: the $2.7 trillion U.S. money market industry.

Barclays Bank plc, Credit Suisse and Wells Fargo and others get overnight and short-term loans from companies that run money market mutual funds such as Fidelity Investments, BlackRock Inc, American Beacon and others. The banks use the money to fund long positions in securities or to cover short positions. For collateral, the funds are accepting the junk-rated bonds of beat-up energy companies.

Jan 5, 2015

Fed’s Williams: interest rate hike discussion on track for mid-2015

BOSTON (Reuters) – Discussions within the Federal Reserve about raising interest rates are still on track to happen about mid-2015, the head of the San Francisco Fed said on Monday.

John Williams made his remarks in Boston on the final day of the annual American Economic Association conference.

Jan 3, 2015

Fed’s Rosengren, Harvard’s Summers offer cautious view of US economy

BOSTON (Reuters) – As the Fed winds down its economic stimulus, former U.S. Treasury Secretary Lawrence Summers says the country’s next economic booster could be exporting its fossil fuels around the globe, a move that could make America the next Saudi Arabia.

“The United States has the chance to be to the energy economy of the next decade what Saudi Arabia has been for the last two to three decades,” Summers said on Saturday. “The effect of allowing oil exports … would reduce rather than increase American gasoline prices.”

Dec 31, 2014

Lawyers for accused Boston Marathon bomber lose delay bid

BOSTON (Reuters) – A federal judge on Wednesday denied
defense requests to move and delay the start of the trial of
Boston Marathon bombing suspect Dzhokhar Tsarnaev, whose lawyers
say they are overwhelmed by hundreds of thousands of pages of
documents.

Jury selection in the Tsarnaev’s case is set to begin on
Monday after U.S. District Judge George O’Toole rejected his
lawyers’ request to push it back until September.

Dec 17, 2014

U.S. charges two pharmacists with 25 murders in meningitis outbreak

BOSTON (Reuters) – Two pharmacists from Massachusetts were charged with second-degree murder in connection with a deadly 2012 meningitis outbreak that killed at least 64 people and injured about 750, according to an indictment made public on Wednesday.

The 131-count indictment accuses 14 people who either worked or acted as owners of New England Compounding Center (NECC), a specialty pharmacy that went into bankruptcy after the outbreak.

Dec 17, 2014

Fourteen charged in deadly 2012 U.S. meningitis outbreak -prosecutors

BOSTON (Reuters) – Fourteen owners and employees of a
Massachusetts pharmacy company were arrested on Wednesday in
connection with America’s deadliest fungal meningitis outbreak,
which killed 64 people in 2012, federal prosecutors said.

Those arrested include Barry Cadden and Gregory Conigliaro,
co-founders of the now-bankrupt New England Compounding Center
(NECC) in Framingham, according to the complaint.

Dec 17, 2014

U.S. officials charge 14 in deadly 2012 meningitis outbreak

BOSTON, Dec 17 (Reuters) – Fourteen owners and employees of
a Massachusetts pharmacy company were arrested on Wednesday in
connection with America’s deadliest fungal meningitis outbreak,
which killed 64 people in 2012, federal prosecutors said.

Those arrested include Barry Cadden and Gregory Conigliaro,
co-founders of the now-bankrupt New England Compounding Center
(NECC) in Framingham, according to the complaint.