When Japan's Financial Services Agency ordered Citigroup to close its private banking division a year ago, rivals in Tokyo were in no position to gloat. Sure, Citi's exit caused more than a bit of schadenfreude -- the shutdown followed FSA accusations of legal and regulatory violations, such as misleading some clients about their investments and giving loans to others that were used to manipulate stocks. But despite the troubles, at least Citi had a private banking business to lose. Others had barely made a dent in what should have been a booming trade.
The White House does not appear inclined to reverse sanctions against North Korea as Pyongyang demands as a prerequisite to resumption of multi-lateral talks on its illegal nuclear weapons programs.
Guam wobbled late last night in another quake. About 10:28 p.m., preliminary reports showed an earthquake of 5.5 magnitude with an epicenter about 50 miles southeast of Hagåtña.