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Financial Times (May 16) The euro has touched an 18-month low against the dollar. Mourning this weakness, some Europeans hope the euro rapidly regains strength. The Financial Times calls this thinking wrongheaded. “A weaker euro would now be a blessing for the eurozone.” By making the region’s exports cheaper, a weak euro actually boosts the eurozone’s competitiveness.

Wall Street Journal (May 14) The WSJ hopes Nationally Recognized Statistical Ratings Organizations (NRSROs) will be eliminated. NRSROs include organizations such as S&P, Moody’s and Fitch which “put triple-A seals of approval on dubious securities at the heart of the financial panic.” In a promising development, a Senate amendment, which would eliminate NRSROs from U.S. laws and regulations, passed by 61-38.

The New York Times (May 12) “What could be worse than a 20-minute, 1,000-point drop in the stock market?” The newspaper answers “a 20-minute, 1,000-point drop that defies explanation.” Neither regulators nor stock exchange officials have been able to identify what caused the “Crash of 2:45.” The New York Times urges Congress to keep looking for answers and strengthen the regulatory framework in light of high-speed automated trading, which now accounts for the majority of trades.

Warren Buffet has released his annual Shareholder Letter   (86KB)
Sharing insight, the 79-year old chairman also admits he feels so lucky to
work at a business he loves that he “tap-dances to the office every day…
Stalled or Invigorated, the S.E.C. Leaves Most Wanting More   (59KB)
The SEC has proposed numerous changes, but only delivered a few.
Uncertainty remains about the final regulations and the job the SEC is doing…
Charismatic CEO Message Impacts Analyst Ratings   (72KB)
What the CEO says in his first letter to shareholders can influence analyst recommendations through the heavy use of charismatic language...
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