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US stock market daily report (January 09, 2013, Wednesday)
White House press secretary Jay Carney said Wednesday that the Obama administration will not use the 14th Amendment to the U.S. Constitution in the battle over raising the debt ceiling. Carney said it is up to Congress to raise the country's borrowing limit although house Democrats are urging President Obama to consider invoking the constitutional provision. The 14th Amendment states in part that "the validity of the public debt of the United States...shall not be questioned."
With the recent jump in Treasury yields and as market conditions deem good enough with plentiful eager buyers to make deals go smoothly, companies have flooded the market with new debt for 2013, having sold $52.75 billion in debt in five business days. Here are a few that made mention: Bank of America Corp. sold $6 billion in debt; Berkshire Hathaway Finance Corp., an arm of Warren Buffetts Berkshire Hathaway Inc. sold $500 million in debt; Comcast Corp. sold $2.95 billion in bonds; Mexico issued $1.5 billion in 30-year bonds at a record low yield of 4.19%; Staples sold more than $1 billion in debt; Toyota Motor Credit sold more than $1 billion in debt and Turkey sold $1.5 billion in 10-year debt at a record low 3.47%.
Senator Bernie Sanders, Independent of Vermont, seized an opportunity in the departure of J.P. Morgan Chase & Co. CEO Jamie Dimon from the New York Federal Reserves board. Dimon left the New York Fed board after his second term expired at the end of December. Sanders believes the departure of Dimon represents a good time to make public his intent to re-introduce a bill this year that would ban any financial industry executive from sitting on any of the 12 regional Fed boards. Sanders says Dimon represented a major conflict as he sat on the New York Fed board during the 2008 crisis, while J.P. Morgan Chase & Co. received more than $390 billion in low-interest loans as part of a Fed bailout. If enacted, the Sanders measure would represent a dramatic overhaul of the Feds structure first established in 1913. Sanders would have all three classes of directors chosen by the Federal Reserve board of governors in Washington, which is made up of individuals nominated by the president and confirmed by the Senate. Jamie Dimon was the poster child for why we need to end the serious conflicts of interest at the Fed, but he was not alone. Two-thirds of the directors at the New York Fed are hand-picked by the same bankers that the Fed is in charge of regulating, said Sanders in a statement. Allowing Wall Street CEOs to serve as Federal Reserve directors and hand-pick its members and staff is a clear example of the fox guarding the henhouse.
A report out on Wednesday indicates Morgan Stanley is planning to start laying off 1,600 workers or nearly 6% of the bank's institutional services and infrastructure support units, starting on Monday. In Morgan's most recent annual report, they reported 61,899 employees worldwide.
On Wednesday, New York Governor Andrew Cuomo said he wants to close loopholes in a state ban on so-called assault weapons and ammunition clips with a capacity of more than 10 rounds. Additionally, Cuomo's plan would require follow-up investigation of handgun permit holders to ensure they are still legally qualified to hold them.
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