Neel Kashkari, the at-the-time little-known Goldman Sachs banker who was put in charge (by Treasury Secretary and former Goldman Sachs CEO Hank Paulson) of the Troubled Asset Relief Program (that is, the bank bailouts) in 2008, has been named the new president of the Minneapolis Federal Reserve Bank.
In order to salvage a tanking economy, Greece is expected to pass a package of severe budget cuts — and many citizens are not taking it well. As Parliament prepared to vote on the new plan, which would cut 3.3 billion euro from people's wages and pensions, protesters began rising up, starting a series of fires using homemade explosives.
An Andy Warhol painting that Sotheby's hoped would auction for over $10 million netted just $7.6 million at auction over the weekend, and the work of several high profile artists including Jeff Koons, Jean-Michel Basquiat and Gerhard Richter went unsold at London's Frieze Art Fair. Auction houses are making brave sounds, but the declining economy has only begun to take its toll, a reality that has forced houses and collectors to look elsewhere.Christie's postwar and contemporary sale at Sunday's Frieze Art Fair managed just $55.5 million, against an expected $100 million to $132 million, with almost half the lots going unsold. Sotheby's sale the Friday before netted $38 million against pre-auction estimates of $54 million to $75 million, reported the WSJ. The featured piece in the Sotheby's auction was the assemblage of Warhol's Skulls series and it netted more than a million less than its lowest estimate. This was probably because it only had one bidder, collector and dealer Jose Mugrabi, who quipped, "I feel safer with Warhol than with U.S. Treasury bonds.'' Mugrabi's son Alberto doesn't agree. He told Bloomberg News why he passed on a different Warhol in the auction: