FXstreet.com (Barcelona) - ZEW sentiment survey showed a very large decline in the EMU and Germany in June: -20.1 (from -2.4) and -16.9 (from 10.8). A very negative economic sentiment as the euro area is deep in a tough financial and political crisis, with highlights in Greece and Spain.
Meanwhile, Spain raised €3.04B in the 12 and 18 month Treasury bill auction with higher yields as expected. The independent bank-audit report scheduled to be revealed on July 31 was delayed till September. A Spanish newspaper believes the final report will conclude there's a need of €150B for bank recapitalization, which would be much higher than the agreed €100B bailout.
After reaching as low as 1.2568, the EUR/USD was able to regain the 1.2600 level and is now hovering 1.2610/20. "On the upside, only regain of strong barrier at 1.2665 would turn focus higher", wrote Windsor Brokers analyst Slobodan Drvenica.
Forex Flash: 'JPY to weaken to 83 for Q4 2012' - Scotiabank - FXStreet.com
Why Adelson's Money Shouldn't Bother Us - Daily Beast
Sheldon Adelson, the billionaire casino mogul and Director of the Republican Jewish Coalition, is not shy—or cheap—about his politics. After donating $21 million to Newt Gingrich’s failed Republican primary bid, Adelson has now thrown his support behind Republican nominee Mitt Romney, beginning with a $10 million donation to the pro-Romney "super PAC" Restore Our Future, another $35 million to conservative nonprofits, and the promise of “limitless” funds to Romney-backers over the course of the election. Adelson’s eye-popping contributions will surely shape the coming campaign; according to some liberals, they also represent a shameless attempt to buy the presidency.
Trial continues for former WV soldier accused of bribery, money laundering - msnbc.com
A former contracting specialist at Camp Arifjan in Kuwait testified June 19 that he was told steering contracts to certain contractors in exchange for bribes was common practice among contract officers and specialists.
James Momon was one of several witnesses called by federal prosecutors in the trial of a former Army Sgt. 1st Class Richard Allen Evick, 41, of Parsons, and his alleged associate, Crystal Yvette Martin, 48, of Pontiac, Mich. Evick and Martin are charged in a bribery and money-laundering scheme.
The trial began June 19 and continues June 20 in U.S. District Court for the Northern District of West Virginia in Elkins.
According to court documents, Evick is charged with receiving more than $170,000 in bribes from two firms that had contracts with the U.S. Department of Defense in Kuwait.
Martin is accused of laundering the bribe money. Martin is a former Army master sergeant who operated a concession to sell clothing at U.S. military bases in Kuwait, a news release from the Department of Justice stated. Prosecutors accuse Martin of arranging transfers of bribe money to the U.S. that eventually went to Evick, his wife and his girlfriend.
The indictment also alleges Evick and former majors Momon and Christopher Murray "improperly disclosed contracting information to two firms that were seeking contracts from the U.S. military," the news release stated.
As a result, the news release continued, firms received almost "$25 million from contracts to deliver bottled water and other commodities to the U.S. military bases in Iraq and Kuwait as well as to paint and clean Department of Defense facilities in Kuwait."
"In exchange, Evick, Momon and Murray allegedly received cash, airplane tickets, hotel accommodations and the ability to conceal large amounts of cash in a hidden safe located in the villa of Wajdi Rezik "Dino" Birjas, a Department of Defense contract employee who worked in the host nation affairs at Camp Arifjan," the news release stated.
During testimony June 19, Momon, who previously has guilty to bribery and conspiracy for his role in receiving bribes, said the first time he heard about bribes was from a contract specialist who was his sponsor.
"He was telling me all contract specialists and officers engaged in accepting bribes and that it was an opportunity of a lifetime and to take advantage of it," Momon testified.
Momon said the first time he left Kuwait, he got Evick to manage the bottled water project. When Momon arrived back in Kuwait, a contractor asked both Momon and Evick to meet with him, Momon said.
At that time, Momon said he told the contractor to give $75,000 that he had received in bribe money to Evick.
Momon said he did not witness the conversation between Evick and the contractor, but he said Evick came out of the office with a briefcase filled with $150,000.
"He stated he could give it to a friend," Momon said, noting he thought that friend was Martin. "I was a little concerned because it's difficult handling that amount of money. … He said ‘I'm not bringing it back to Arifjan.' … We split. I went to Dino's house, and he took the vehicle and went to the friend."
Momon said the first time he met Martin was when he and Evick were flying to Saudi Arabia for contract training. Once Martin arrived, Momon said they moved upstairs in the airport to a "less conspicuous" place to talk.
Momon said Evick told him that Martin had a jewelry business that she used to move money to the United States.
"A sales receipt was created so there would be an appearance of propriety in the sale and then they sent it (the money) to the states as payments," he said.
Momon said he and Evick talked about using bank accounts in the Cayman Islands but he said Evick preferred Martin to hold on to the money. Momon, meanwhile, said his bribe money — totaling $1 million — was hidden in a safe in a closet of Birjas' house.
Momon said when he left Kuwait again, Evick was to oversee the bottled water project. However, Momon said he tried to protect Evick from other large contractors from strong-arming him.
"I didn't want him to be in the same position I was in where the large companies had leverage," Momon said mentioning much of the leverage came from the person who managed the bottled water project before him. "I told contractors that he was not to be approached. He was not that type of person."
Momon said only one contractor, the same one they had met earlier when Evick allegedly received the suitcase, was allowed to approach him.
Momon said when he heard of an investigation of a former contract specialist, he chiseled away defining marks on expensive jewelry he received and had burned his money.
However, he was approached by federal investigators later who seized remaining items. Momon said he agreed to cooperate with investigators from then on.
Investigators planted a recording device on Momon for a meeting with Evick. Momon said he met Evick behind an Italian restaurant in Alexandria, Va.
Momon said Evick talked about law enforcement's presence at Camp Arifjan and talked about the possibility of Martin bringing back the money Birjas was holding. Momon said he was expecting $250,000, but Evick told him Martin was only given $50,000.
Is Ron Paul's campaign better with money than Mitt Romney's? - The Christian Science Monitor
Ron Paul had a pretty good May, money-wise. According to his just-filed Federal Election Commission financial disclosure form he raised $1.78 million during the month, despite the fact that Mitt Romney is now the presumptive Republican presidential nominee. And Mr. Paul entered June with no listed debt and $3.28 million in the bank. That’s $800,000 more in cash on hand than he had at the end of April.
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Peter Grier is The Christian Science Monitor's Washington editor. In this capacity, he helps direct coverage for the paper on most news events in the nation's capital.
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In Pictures: Ron Paul: populist for president
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So the Texas libertarian is in decent financial shape as he heads into the summer. He’s certainly better off than, say, Newt Gingrich, whose defunct campaign still owed over $4.7 million to various vendors last time we looked.
But what’s Paul’s spending pattern? As it happens, we think where his money goes is as interesting as how much he has, if not more so. Compare Paul’s balance sheet with Mr. Romney’s, and one might come to this conclusion: Paul’s campaign is more efficiently run.
You don’t see this just flipping through the line items in the latest report. (Although we would like to know who in the Paul campaign is spending all that money at Whole Foods. WalMart has groceries, and they’re cheaper.)
In May, Paul’s biggest expenditure was $297,852 in credit card payments. Next was $116,338 in airfare. His campaign spent $104,795 on hotels, then $81,750 on political consultants.
The picture becomes clearer when these payments are grouped into larger categories. The experts at the Center for Responsive Politics have done this for the whole 2012 cycle. (For the record, they haven’t yet patched Paul’s May report into their findings.) What they found is that overall 26.7 percent of Paul’s expenditures have gone to campaign administration. The comparable figure for the Romney campaign is a bit better, at 23.8 percent. Twenty-nine percent of Paul’s spending has gone to media – ad production, airtime, and such. That’s almost the same as Romney’s comparable 30 percent.
But what really jumps out is the cost of soliciting all that cash to begin with. Six percent of Ron Paul’s spending goes to fundraising. Romney devotes almost a quarter of his entire budget – 23 percent – to the same thing.
The reason for this is obvious. Romney raises money the old-fashioned way, a meal-based fundraiser at a time. Paul runs online “money bombs” and gets contributions in small contributions via the Web. That’s cheaper and takes much less of the candidate’s time.
Perhaps due to this, Paul is able to devote a significantly larger share of his budget, 37 percent, to campaign expenses. Romney’s comparable figure is 21 percent. Yes, Romney is dealing in bigger sums – through April he raised just under three times as much as Paul. But who is running on their business acumen here – the Bain Capital honcho, or the lawmaker/physician?
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