Buisness Insider

FAIL: Euro Finance Ministers' Meeting Ends With No Greek Package

Christine Lagarde Jean Claude Juncker

After 11 hours of talks, euro area finance ministers ended their meeting with no debt-reduction package for Greece, reports Bloomberg.

However, they "made progress in identifying a consistent package of credible initiatives aimed at making a further substantial contribution to the sustainability of Greek government debt," said Jean-Claude Juncker in a statement.

They'll meet again on November 26.

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Disney's CEO Is Selling His Company's Stock And Buying Apple (DIS, AAPL)

Bob Iger

On Monday, Disney CEO Bob Iger bought $1 million worth of Apple shares, an SEC filing revealed. He's on Apple's board of directors.

That's really interesting, because Iger exercised a million options on Disney stock last week, netting $17.9 million.

“He’s just diversifying his investments and still has a very large portfolio of Disney stock,” Zenia Mucha, a Disney spokesperson, told Bloomberg at the time.

So he seems to have put some of that cash right to work, in a company he happens to be very familiar with.

When an insider, like a board member, buys stock on the open market, it's usually considered a bullish sign. Apple shares have slumped lately amid concerns of increasing competition and tightening profit margins.

Iger also bought $1 million worth of shares a year ago at prices around $375 a share, shortly after joining Apple's board.

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Increased Tax Rate Makes Jose Reyes The Biggest Loser In Marlins Mega-Trade

Miami Ballpark Miami Marlins Jose Reyes

Last night, the Miami Marlins essentially gutted its team (again), sending five players to the Toronto Blue Jays.

The biggest loser in the deal may be Jose Reyes, who will now have the $96 million left on his contract taxed at a much higher rate.

With the Marlins, Reyes was playing in tax-friendly Florida. And without a state income tax, Reyes would have paid just 39.6% in taxes, or about $38 million over the next six years. In Ontario, Reyes will pay over $43 million in taxes, based on a 45% tax rate cited by Darren Rovell of ESPN.com.

In other words, this trade will cost Reyes over $5 million in taxes.

Then again, the Marlins made this trade just one year after moving into a new $600 million stadium paid in large part by the citizens of Miami-Dade County. So maybe the Marlins fans are the biggest losers.

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