Thursday, April 29, 2010

Misc: "99ers", Puerto Rico and Goldman

by Calculated Risk on 4/29/2010 09:05:00 PM

Three followup stories ...

From Alana Semuels at the LA Times: '99ers' dread future without jobless benefits

In California, state officials estimate there are nearly 100,000 people who are still looking for work but can no longer draw an unemployment check. Federal labor officials could not provide a number nationally, but private-sector experts say it could easily top 1 million.

What is certain is that, as the jobless rate remains stubbornly high, more Americans will have to face the challenge of making ends meet without a monthly check.

"People are going off a cliff and we're not really doing anything about it," said Andrew Stettner, deputy director of the National Employment Law Project.
From Eric Dash at the NY Times: Puerto Rican Lenders Face Their Own Crisis
At least three of Puerto Rico’s banks — Eurobank, R-G Premier Bank and Westernbank — are operating under cease-and-desist orders from regulators ...

Now that the deadline has come and gone, regulators have been working on a confidential plan to auction off the lenders ... It is known as Project Themis ... the efforts could cost the F.D.I.C. insurance fund as much as $5 billion, some analysts estimate.
And from Susan Pulliam and Evan Perez at the WSJ: Criminal Probe Looks Into Goldman Trading . No real details, but earlier the NY Post reported that Goldman "may soon settle its [civil] fraud case".

And Q1 2010 GDP will be released in the morning. Consensus is for 3.4% annualized real GDP growth, but the details will be important.