The Fiscal Cliff Drama.Considering that the media and investors are likely to cheer an agreement between Congress and President Obama to avert the Fiscal Cliff and raise the federal debt ceiling yet again, without taking firm action to trim the federal deficit by a significant amount, it would appear that the politicians in Washington have made a marvelous effort to encourage the public to celebrate their continued irresponsibility. Senate Majority Leader Harry Reid (D-Nev.) on Tuesday said that there had been "little progress" in negotiations between Democratic and Republican leaders in Congress, and that "we have to get away from the happy talk and start talking about specific things," according to a Reuters report. Reid did throw a carrot the GOP, saying he was "extremely hopeful, and I do not believe that the Republicans are going to allow us to go over the cliff."
A Dimmer Outlook for Zions.
While updating the company's twelve month outlook at the FBR Investors Conference in New York, Zions CFO Doyle Arnold said that the company could report other-than-temporary-impairment, or OTTI, charges of "around $20 million pretax" during the fourth quarter, on "that rather large CDO portfolio that we have," according to a transcript provided by Thomson Reuters.
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