TODAY: US missile defense in Eastern Europe plans officially scrapped in favor of 'more efficient' new program.  A matter of concession or conviction on Obama's part; mixed reaction from former would-be host countries fearful of Russian dominance; is the US expecting Russian cooperation in Iran in return wonders media - and will it get it?  NATO to have increased involvement in new plans. Georgia and Russia to negotiate.  Gapzrom may get its tower. The US plans to build missile defense bases in Poland and the Czech Republic have been binned; the Moscow Times reprints President Obama's speech on the decision here.  'This is not about Russia',  White House spokesman Robert Gibbs has said.  According to the ...

Grow Rich Automatically with the World’s Only Gold-Backed “Cash” The U.S. Treasury Dept. has finally approved the new gold-backed “cash.” And according to gold expert Peter Schiff, this new money, called “Gold Dollars,” is not only the best place for your savings today… it could prove very profitable. Why? Because every “dollar” you hold in your bank account is backed by 1 gram of solid gold, held in Fort Knox-like security. So when each gram of gold goes up in value, so does your cash! (Meanwhile, you can spend your money just like you would regular paper dollars.) For Schiff’s full report, please go here.

With a deadline looming for financial firms that received government bailout funds to submit their 2009 compensation plans to Treasury Department’s pay czar, there’s a possibility that Citigroup Inc. (NYSE: C) will lose the head of its secretive and extremely profitable …

TODAY: EU to extend Georgia monitoring mission; Kyrgyz opposition turns to Moscow.  China-Russia relations strain over river proposal.  Activist shot in face following threats.  Moscow Patriarch Kirill appeals for unity in Ukraine.  Putin song.White House spokesman Robert Gibbs has apparently played down the suggestion that US Vice President Joe Biden made a U-turn on the reset.  Reuters analyzes the change in posture of an arguably more modest Mikheil Saakashvili?  South Ossetian President Eduard Kokoity has argued that the US, Ukraine and Israel bare grave responsibility for rearming Georgia 'to the teeth'.   The EU has extended a cease fire monitoring mission in Georgia for one more year, but the idea of other countries joining ...

The Obama administration yesterday (Wednesday) continued its assault on highly paid Wall Street executives, announcing plans to appoint a “pay czar” to oversee compensation at financial firms receiving Troubled Asset Relief Program (TARP) funds.

The government also will create a new program to give shareholders at nonparticipating firms a vote on executive pay packages.

President Barack Obama has targeted executive pay practices as part of a larger effort to overhaul regulations and prevent a repeat of the worst financial crisis since the Great Depression.

Obama will unveil a “series of specific proposals” on June 17 designed to streamline and reorganize regulations, White House spokesman Robert Gibbs told Bloomberg News.

The administration originally proposed regulations in early February to put a $500,000 per year lid on the salaries of executives at firms that tapped into the government’s $700 billion TARP rescue fund. The only exceptions would be in the form of restricted

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The Obama administration yesterday (Wednesday) continued its assault on highly paid Wall Street executives, announcing plans to appoint a “pay czar” to oversee compensation at financial firms receiving Troubled Asset Relief Program (TARP) funds.

The government also will create a new program to give shareholders at nonparticipating firms a vote on executive pay packages.

President Barack Obama has targeted executive pay practices as part of a larger effort to overhaul regulations and prevent a repeat of the worst financial crisis since the Great Depression.

Obama will unveil a “series of specific proposals” on June 17 designed to streamline and reorganize regulations, White House spokesman Robert Gibbs told Bloomberg News.

The administration originally proposed regulations in early February to put a $500,000 per year lid on the salaries of executives at firms that tapped into the government’s $700 billion TARP rescue fund. The only exceptions would be in the form of restricted

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Stocks break-even for 2009… 2 charts detail the strange path to “profitability”… Chris Mayer on Buffett, Berkshire and the latest shareholder’s meeting…Dan Amoss with a sector begging to be shorted…Our in-house bankruptcy adviser on the fate of Chrysler…Plus, a rare Overtime Briefing… investing in the “swine flu”

Arriba! Cinco de Mayo heralds big news for the S&P 500 this morning:

After a manic 36% bounce from its March lows, the S&P 500 has turned positive for the year. It’s now sitting on a whopping 0.4% gain, thank you very much.

But before you down the Cuervo Gold and shimmy onto the parquet for a hat dance… consider this: The resurgence in S&P 500 is being driven by only three sectors: Consumer discretionary, materials and tech. See for yourself.

It’s hard to believe in “bull market”

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Even as investors awaited anxiously the release of the stress test results, Asian markets rose to fresh seven-month peak amid optimism that the global economy is on a path to recovery.  However, gains in Asia were modest as media reports suggested about 10 of the 19 banks undergoing stress tests in the U.S. have been directed by regulators to raise more capital. Oil prices hovered near $54 on optimism about the economy.

The Hang Seng index in Hong Kong ended the day up 49.03 points, or 0.3%, at 16,430.08.  The Shanghai Composite Index in Mainland China edged up 0.3% to 2,567.34, its highest close in nine months.  Japan's Nikkei 225 Stock Average added 1.7% to close at 8,977.37.

On Tuesday, U.S. stocks advanced as better-than-expected housing data and comments from U.S. officials that the Obama Administration is not seeking additional funds for banks boosted sentiments.  Investors heaved a

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U.S. President Barack Obama has opened the door to a broader relationship with Cuba by loosening travel and communication restrictions. But will pressure from numerous Latin American states and a promise to usher in a new era of cooperation and dialogue in the Western Hemisphere ultimately result in the revocation of the 47 year-old trade embargo? And what would it mean if the Cuban trade embargo were actually abolished? President Obama has already loosened several restrictions enacted by his predecessor George W. Bush. Prior to his arrival at the Summit of the Americas in Trinidad and Tobago last weekend, Obama relaxed restrictions on travel to Cuba, making it easier for Cuban Americans to visit and transfer money to relatives on the island. “There are no better ambassadors for freedom than Cuban Americans,” Obama said in a campaign speech last year. “It’s time to ...

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Businesses worry U.S. money to bring rules, regulations Companies in the U.S. are concerned that the government’s push for improved accountability and transparency in stimulus spending will bring with it additional rules and regulations, a study by auditing and consulting firm Deloitte found. Of the executives responding, 58% said they do not think it is possible to make a link between stimulus spending improved transparency. Reuters (20 Apr.)

Watchdog: Chrysler rejected loan to dodge executive-pay rules: The U.S. Treasury’s special inspector general for the bailout of Chrysler and General Motors said Chrysler Financial, which loans to Chrysler dealers and car buyers, turned down a $750 million federal loan to avoid limits on executive pay. Chrysler Financial said in a ...

A couple of weeks ago, media outlets were abuzz over the revelation that Treasury Secretary Tim Geithner’s, ouster was publicly traded on InTrade.  For those of you unfamiliar with InTrade, it creates a market for buyers and sellers who bet on the probability of an event.  In this case, you can buy or sell shares based on whether or not you believe Secretary Geithner will leave his post by June 30, 2009.  

I’m not a big InTrade follower, but since Secretary Geithner plays such a prominent role in the health of the economy, I’ve watched this trade pretty closely.  At the time this article was written, this event was trading at $14.00.  Traders believe there is a very low probability of this event taking place.  However, if you choose to buy this event, and it takes place, you’ll earn a nice return.  Let’s take a look at several reasons to

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