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The Deep, Inner Meaning Of Bank of America's (BAC) TARP Repayment

Fri, 04 Dec 2009 14:19:07 GMT

As expected, Bank of America (BAC) will repurchase its $45 billion TARP preferreds, funded in part by an additional $18.8 billion in "common stock equivalents", $4.0 billion in asset sales, and $1.7 billion in restricted stock issued to employees in lieu of cash bonuses.[More...]

Forget Yesterday, It's All About Jobs

Fri, 04 Dec 2009 13:21:30 GMT

Good morning. Stocks tanked in the last half-hour on Thursday and while the major news outlets attributed the decline to either profit taking or some trepidation in front of this morning's big Jobs report, we'd like to offer a little more substantial reason for the 85 point dive on an otherwise subdued day of trading.[More...]

Fed Balance Sheet Declines By $15 Billion After Improbable Reduction In MBS, Excess Reserves, Monetary Base Hit Record

Fri, 04 Dec 2009 04:14:41 GMT

The Federal Reserve's balance sheet declined by $15 billion to $2,183 billion from the prior week, after the Fed presumably offloaded $2.7 billion in MBS: this is the first time since QE started that MBS holdings have declined. If anyone can tell us just who the idiots are who bought MBS from the Fed (and at what price), and who the even greater idiots are who are supposed to believe this, please send us an email.[More...]

China Will Continue To Drive The Global Economic Recovery In 2010

Thu, 03 Dec 2009 14:38:07 GMT

China isn’t just leading the global economic recovery – it’s lapping the field.[More...]

Interesting Stat: How Much Private Sector GDP Is From Construction And Real Estate?

Thu, 03 Dec 2009 13:15:56 GMT

Back in June, we discussed commercial real estate at length following attendance at a large real estate conference in NYC. Our tone was cautious and one question we wondered about was the percentage of GDP that real estate represents. We actually came across the answer back in August and meant to share then, but didn't get to it. Since the question/topic remains highly relevant to considering the potential negative economic drag from depressed real estate activity, we're sharing now -- the following table is from an 8/28/09 NYTs article, "Construction That Fueled Growth in the Sun Belt Slows":[More...]

Credit Market Overview: Dec 3, 2009

Thu, 03 Dec 2009 12:59:02 GMT

The credit crunch crisis of confidence which we appear to be crawling out of even though the debt and equity markets catapulted themselves higher earlier this year could be similarly argued to be a crisis that started in the credit markets which crunched confidence around the world as it could a collapse in confidence in the value of the securities investors held which corrupted the credit markets causing them to cease funding.[More...]

Grab Some Northern Exposure With EWC

Wed, 02 Dec 2009 21:39:42 GMT

Emerging markets are captivating investors again, but tidy profits aren’t always far away. Placing your bets on well-established global markets can also prove rewarding. That's why we're looking at Canada.[More...]

Unemployment Struggling To Turn A Corner As Job Losses Mount In November

Wed, 02 Dec 2009 21:20:20 GMT

U.S. job losses in the private sector slowed in November but still exceeded economists’ projections, a report by payroll-processing firm Automatic Data Processing (Nasdaq: ADP) indicated yesterday (Wednesday).[More...]

Why Barrick Closed Their Gold Hedge

Wed, 02 Dec 2009 19:15:14 GMT

It sure looks like gold is going to close above $1,200 an ounce today in New York. And large open market purchases from central banks in China, India and Russia are only helping the price surge more. (Just one year ago, some of these same central banks were actually selling gold in an attempt to fill an annual 10,000-ton supply gap.)[More...]

How To Profit From The 'Next' Dubai

Wed, 02 Dec 2009 13:51:42 GMT

The Dubai World default is a matter of only $60 billion – mere peanuts when compared to other elements of the global financial crisis. It’s thus of concern only to those silly enough to invest in real estate there (and the European banks foolish enough to finance it.) For the rest of us, it is a useful reminder that sudden collapses don’t really come out of nowhere – they can be foreseen, and smart investors can plan for them.[More...]

IBM, EIM, C-Lock to Jointly Deliver GreenCert

Wed, 04 Mar 2009 17:33:38 GMT

IBM, Enterprise Information Management (EIM), C-Lock Technology, a subsidiary of Evergreen Energy, and Foxconn/Hon Hai Technology Group have entered into a global agreement to jointly deliver and deploy GreenCert, an enterprise content management system that can accurately calculate and certify the amount of greenhouse gas emissions produced by a facility.[More...]

Eaton Vance Insured Municipal Bond Funds Declare Monthly Distributions

Mon, 31 Aug 2009 20:07:00 GMT

BOSTON, Aug. 31 /PRNewswire-FirstCall/ -- Eaton Vance Management, the Boston-based investment adviser, today announced the monthly distributions declared on the common shares of eleven of its closed-end insured municipal bond funds ("Funds").
The distribution per share, closing market price on August 28, 2009 (or last trade price), and annualized market yield for each Fund is as follows:
Distribution Closing Annualized Fund Per Share Market Yield Price Eaton Vance Insured Municipal Bond Fund (NYSE Amex: EIM) $0.074667 $12.49 7.17% Eaton Vance Insured Municipal Bond Fund II (NYSE Amex: EIV) $0.076874 $12.95 7.12% Eaton Vance Insured California Municipal Bond Fund (NYSE Amex: EVM) $0.069917 $12.40 6.77% Eaton Vance Insured California Municipal Bond Fund II (NYSE Amex: EIA) $0.070916 $11.87 7.17% Eaton Vance Insured Massachusetts Municipal Bond Fund (NYSE Amex: MAB) $0.069167 $14.14 5.87% Eaton Vance Insured Michigan Municipal Bond Fund (NYSE Amex: MIW) $0.071999 $13.98 6.18% Eaton Vance Insured New Jersey Municipal Bond Fund (NYSE Amex: EMJ) $0.075417 $13.82 6.55% Eaton Vance Insured New York Municipal Bond Fund (NYSE Amex: ENX) $0.066917 $13.16 6.10% Eaton Vance Insured New York Municipal Bond Fund II (NYSE Amex: NYH) $0.072666 $13.23 6.59% Eaton Vance Insured Ohio Municipal Bond Fund (NYSE Amex: EIO) $0.061833 $13.06 5.68% Eaton Vance Insured Pennsylvania Municipal Bond Fund (NYSE Amex: EIP) $0.069000 $12.91 6.41%

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Investment Industry Regulatory Organization of Canada - Trade Resumption - Exchange Income Corporation - EIF

Fri, 21 Aug 2009 12:11:00 GMT

TORONTO, August 21 /CNW/ - Trading resumes in: Issuer Name: Exchange Income Corporation TSX Ticker Symbol: EIF[More...]

Investment Industry Regulatory Organization of Canada - Trading Halt - Exchange Income Corporation - EIF

Thu, 20 Aug 2009 20:24:00 GMT

TORONTO, Aug. 20 /CNW/ - The following issues have been halted by Investment Industry Regulatory Organization of Canada (IIROC): Issuer Name: Exchange Income Corporation[More...]

Notice of Exchange Income Corporation (formerly Exchange Industrial Income Fund) 2009 second quarter results conference call

Fri, 07 Aug 2009 11:25:00 GMT

WINNIPEG, Aug. 7 /CNW/ - Exchange Income Corporation (formerly Exchange Industrial Income Fund) (TSX: EIF, formerly EIF.UN) (the "Company") will release its fiscal 2009 second quarter financial results on August 14th, 2009 prior to 1:00 p.m. (ET). Management will hold a conference call at 1:00 p.m. (ET) to review the financial results. The call will be hosted by Mike Pyle, President and Chief Executive Officer, and Adam Terwin, Chief Financial Officer. All interested parties are invited to participate.[More...]

Eaton Vance Insured Municipal Bond Funds Declare Increases in Monthly Distributions

Fri, 31 Jul 2009 20:12:00 GMT

BOSTON, July 31 /PRNewswire-FirstCall/ -- Eaton Vance Management, the Boston-based investment adviser, today announced the monthly distributions declared on the common shares of eleven of its closed-end insured municipal bond funds ("Funds").
The distribution per share, closing market price on July 30, 2009 (or last trade price), and annualized market yield for each Fund is as follows:
Closing Distribution Market Annualized Fund Per Share Price Yield Eaton Vance Insured Municipal Bond Fund (NYSE Amex: EIM) $0.074667 $12.03 7.45% Eaton Vance Insured Municipal Bond Fund II (NYSE Amex: EIV) $0.076874 $12.63 7.30% Eaton Vance Insured California Municipal Bond Fund (NYSE Amex: EVM) $0.069917 $11.36 7.39% Eaton Vance Insured California Municipal Bond Fund II (NYSE Amex: EIA) $0.070916 $10.99 7.74% Eaton Vance Insured Massachusetts Municipal Bond Fund (NYSE Amex: MAB) $0.069167 $13.60 6.10% Eaton Vance Insured Michigan Municipal Bond Fund (NYSE Amex: MIW) $0.071999 $13.47 6.41% Eaton Vance Insured New Jersey Municipal Bond Fund (NYSE Amex: EMJ) $0.075417 $13.38 6.76% Eaton Vance Insured New York Municipal Bond Fund (NYSE Amex: ENX) $0.066917 $12.91 6.22% Eaton Vance Insured New York Municipal Bond Fund II (NYSE Amex: NYH) $0.072666 $12.57 6.94% Eaton Vance Insured Ohio Municipal Bond Fund (NYSE Amex: EIO) $0.061833 $12.05 6.16% Eaton Vance Insured Pennsylvania Municipal Bond Fund (NYSE Amex: EIP) $0.069000 $12.55 6.60%

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Eaton Vance Insured Municipal Bond Funds Annual Meetings of Shareholders

Fri, 24 Jul 2009 20:13:00 GMT

BOSTON, July 24 /PRNewswire-FirstCall/ -- At each of their meetings held today, shareholders of Eaton Vance Insured California Municipal Bond Fund (NYSE Amex: EVM), Eaton Vance Insured California Municipal Bond Fund II (NYSE Amex: EIA), Eaton Vance Insured Massachusetts Municipal Bond Fund (NYSE Amex: MAB), Eaton Vance Insured Michigan Municipal Bond Fund (NYSE Amex: MIW), Eaton Vance Insured Municipal Bond Fund (NYSE Amex: EIM), Eaton Vance Insured Municipal Bond Fund II (NYSE Amex: EIV), Eaton Vance Insured New Jersey Municipal Bond Fund (NYSE Amex: EMJ), Eaton Vance Insured New York Municipal Bond Fund (NYSE Amex: ENX), Eaton Vance Insured New York Municipal Bond Fund II (NYSE Amex: NYH), Eaton Vance Insured Ohio Municipal Bond Fund (NYSE Amex: EIO) and Eaton Vance Insured Pennsylvania Municipal Bond Fund (NYSE Amex: EIP) each a closed-end investment company, voted to elect William H. Park and Lynn A. Stout as Class I Trustees of the Funds for a three-year term, and Helen Frame Peters as Class III Trustee of the Funds for a two-year term to coincide with the term of office of her class.
Ralph F. Verni was elected as a Class I APS Trustee of all other Funds, elected solely by holders of APS, for a three-year term.
Each Funds' other Class II and Class III Trustees, who serve staggered three-year terms, were not up for election and remain in office.

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Eaton Vance Closed-End Municipal Bond Funds

Tue, 21 Jul 2009 14:34:00 GMT

Eaton Vance Management today disclosed certain data for the Eaton Vance closed-end municipal bond funds :Earnings per Common Share -- The average monthly net investment income per common share for the three months ended June 30, 2009;Dividend per Common Share -- The monthly dividend per common share paid in June 2009;Undistributed Net Investment Income per Common Share -- The average balance at month end of undistributed net investment income per common share for the three months ended June 30, 2009; andLeverage -- The ratio of outstanding auction rate preferred shares to total assets as of June 30, 2009. Earnings and UNII will fluctuate over time due to fund activity and /or market factors.For more information about a Fund, please see the Funds' annual and semi annual shareholder reports or contact your financial adviser. In addition, Eaton Vance Management will make available periodic summary information regarding portfolio investments. Those interested should call Eaton Vance at 262-1122.The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. , based in Boston, one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $136.3 billion in assets as of June 30, 2009, offering individuals and institutions a broad array of investment products and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit www.eatonvance.com.[More...]

Eaton Vance Tax-Managed Buy-Write Opportunities Fund June 2009 Distribution

Tue, 30 Jun 2009 20:43:00 GMT

Eaton Vance Tax-Managed Buy-Write Opportunities Fund , today announced important information concerning its distribution declared in June 2009. This press release is issued as required by the Fund's managed distribution plan and an exemptive order received from the U.S. Securities and Exchange Commission. The Board of Trustees has approved the implementation of the Plan to make quarterly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the June distribution. It is not determinative of the tax character of the Fund's distributions for the 2009 calendar year. Shareholders should note that the Fund's total regular distribution amount is subject to change as a result of market conditions or other factors.[More...]

Eaton Vance Insured Municipal Bond Funds Declare Monthly Distributions

Tue, 30 Jun 2009 19:13:00 GMT

BOSTON, June 30 /PRNewswire-FirstCall/ -- Eaton Vance Management, the Boston-based investment adviser, today announced the monthly distributions declared on the common shares of eleven of its closed-end insured municipal bond funds ("Funds").
The distribution per share, closing market price on June 29, 2009 (or last trade price), and annualized market yield for each Fund is as follows:
Distribution Closing Annualized Fund Per Share Market Price Yield

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Form 4 BRANDON CRAIG R For: Dec 15 (10K)

Thu, 18 Dec 2008 18:59:00 GMT

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