EURO: Banks Win, Greece And Euro Lose On Default.

NYTIMES/    Credit-default swaps, the same kind of trades that nearly brought down mammoth AIG and the U.S. economy, are now making it harder for Greece to raise money. “It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house," said one analyst. These CDS's are bets by speculators Greece will default on its debts.

BRASIL: Wall Street Favors Serra For President.

BLOOMBERG/
Big U.S. bank JP Morgan says that Sao Paulo Governor Jose Serra would probably be better in addressing long-term economic challenges than Lula's favored candidate Dilma Rousseff. Serra, 67, would resolve overlapping taxes, increasing investment and dropping interest rates “to more mundane levels,” says a bank report.

Santander Picks Mexican Stocks As Best Future Performers.

BLOOMBERG.

Mexican stocks were upgraded to “overweight” by Banco Santander SA saying that its economy will recover faster than others in the region.

“Mexico is now our favorite among the three largest markets of the region,” Cristian Moreno, a New York-based strategist for Spain’s biggest bank, wrote in a report. “Confidence in Mexico should increase going forward, with the economy posting the strongest improvement in Latin America.”

Santander follows JPMorgan Chase & Co. in recommending Mexico over Brasil, predicting Latin America’s second-largest economy will grow 2.3 percent next year after a 6.5 percent contraction in 2009.

JP Morgan Sees Stronger Brasilian Real... At 1.8 Level.

From Bloomberg.

On The Current Influence And Growing Arrogance of Jamie Dimon.

From the NYTimes.

"Mr. Obama has singled out Mr. Dimon for praise more than once. Yet some Democrats say Mr. Dimon can be too outspoken, and deaf to the anti-bank sentiment of the country. When he complained in a March speech about Washington’s vilification of Wall Street, more than 40 House Democrats shot off a protest letter."

What's the Matter with Jamie Dimon and JP Morgan/Chase?

J.P. Morgan/Chase chairman Jamie Dimon has been whining for months about the TARP program, calling inclusion in it "a scarlet letter," bitching and moaning about the government control that came with it.

Today, Dimon got his wish... permission to repay the US... the $25 Billion he says he was forced to take.

What a crybaby!

Dimon and JP Morgan/Chase really have little to whine about.

Dimon fleeced the stockholders of Bear Stearns for about $8.50 per share for a stock that not long before that had traded...at $172.

Initially, Dimon offered just $2!!! per share... insulting his future employees and stock holders.

(Full disclosure...my IRA account held only BSC stock...with all dividends re-invested... from 1985 until it was virtually wiped out by Paulson, Bernanke, Geithner and Dimond's in 2008 St. Pat's Day deal... rewarding Morgan for taking over SOME of BSC's assets and liabilities. That account now holds token of JPM stock. )http://www.huffingtonpost.com/raymond-j-learsy/is-jp-morgan-a-bank-or-a_b_212971.html