Billionaire investor George Soros said yesterday (Monday) that the U.S. recovery would be a slow one because of all the “basically bankrupt” financial companies impeding it.

U.S. Federal Reserve Chairman Ben S. Bernanke and Congress agreed Friday that the financial system – not the American taxpayer – should bear the costs of bank bailouts. Sheila Bair, head of the Federal Deposit Insurance Corp. (FDIC), wants the banks to ante up $45 billion – three years’ worth of deposit-insurance premiums – to bail out the fund that insures bank deposits.

When it comes to bank stocks, we all know that there were a number of Money Morning readers shrewd enough to buy Citigroup Inc. (NYSE: C) shares when the foundering giant’s stock price was below $1 a share.

If you’re one of those investors, good for you: With Citi’s shares now trading at nearly $4.70 a share,

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Russia's budget deficit widened last month to the equivalent of 3.6% of gross domestic product, increasing by $4.5 billion in May.  Growth of bad bank loans is apparently slowing for the first time since the start of the crisis.  Reuters considers whether the recession will lead to reform.  Aeroflot may lose some of its annual $300 million overflight royalties if a new proposal to the Federal Anti-Monopoly Service is accepted.  In a new bill, Russian holdings may be allowed to protect their overseas assets in the event of bankruptcy.  Grain firm Rosinteragroservis has asked that the 56,000 tons of wheat held in Egypt for quality checks be returned to Russia so it can be sold to Indonesia.  Reports abound on the opening of HSBC's first retail bank in Russia, which hopes to target ...