Business, Economics and Jobs

Macro chatter: "You're fired," love JPMorgan and Yahoo


Supporters wave flags as Greek New Democracy leader Antonis Samaras (not pictured) addresses a pre-election rally, on May 03, 2012 in Athens, Greece. The country held an election May 6, with poll results showing the center-right New Democracy and socialist PASOK parties losing their long-held political dominance.


Milos Bicanski

Need to know:
Euro zone central bankers' are thinking of a post-Greece world.

The European Commission won't ease up on the rules of Greece's bailout, and the country's still fledgling government doesn't want to play along. That's increasing the likelihood that Greece will have to leave the euro zone.

European officials are trying figure out how the handle the fallout, Bloomberg reported

Euro zone finance ministers are scheduled to meet today in Brussels. 

Want to know:
The casualties are piling up at JPMorgan and Yahoo.

The hedge fund that’s been trying to win power by getting Scott Thompson booted from Yahoo has finally succeeded.

Thompson stepped down Sunday, just a few months after he started the job. Patti Hart, the board member who helped recruit Thompson, is also gone. Daniel Loeb's Third Point is getting three board spots. 

At JPMorgan, one of the most powerful women on Wall Street is out.

Ina Drew has resigned over the bank’s $2 billion-and-counting trading loss. Two other traders also are gone.

Meanwhile Bruno Iksil, the London Whale whose bad bets led to the losses, appears to have joined Twitter. He  tweets that he'll be hanging around awhile longer. 

Dull but important:
China, Japan and South Korea want to do more business together.

The countries are planning to set up a three-way free trade area, but it won’t be easy. Each of the countries has a at least one powerful business sector that will likely have a problem with the increased competition they'll face.  

China, Japan and South Korea already trade a combined nearly $700 billion among them. Combined, the countries are home to 1.5 billion people. 

Just because:
Facebook co-founder Eduardo Saverin is renouncing the US citizenship his parents emigrated to get him.

Saverin, who was born in Brazil and lives in Singapore, will likely save about $600 million by giving up his US passport, Pando Daily’s Farhad Manjoo calculated.

Saverin owns about 4 percent of Facebook’s shares. While he may be among the wealthier Americans renouncing their citzenship, he definitely is not alone.

Nearly 1,800 people gave up their citizenship next year to avoid the IRS.

Strange but true:
You too can be in charge of the Fed, at least on the Internet.

The San Francisco Federal Reserve has come up with an online game that gives users the chance to step into the Fed chairman’s shoes, bad headlines and all.

Players start with a fairly good economy. Unemployment is under 5 percent, inflation is barely above the Fed’s target and interest rates are at 4.5 percent. Players hold the power to hike interest rates or cut them but aren’t immune from spiking oil prices or inflation.

It can be really easy to get canned as one Bloomberg Federal Reserve reporter learned this weekend.