Released on: July 11, 2008, 2:43 am

Press Release Author: Fiona Davis

Industry: Financial

Press Release Summary: Cornerstone Worldwide Points to US Stimulus Checks as
Explanation for Blip

Press Release Body: Consumer spending probably rose in May by the most in six months
as tax rebates allowed households to weather soaring fuel bills a source close to
Cornerstone Worldwide reported.
Cornerstone Worldwide, the Asian-based private client financial services firm, are
thought to be confident that Americans used their stimulus checks to buy
electronics, clothes and furniture last month, helping to keep the economy expanding
. . . once they'd filled their gas tanks, of course. At the same time, the slump in
confidence, a loss of jobs and tighter credit make it almost certain that growth
will falter once the rebates\' effect fades, the Cornerstone Worldwide source
speculated.
Cornerstone Worldwide are thought to have been bearish on the US economy since early
2007 when two hedge funds affiliated to now-defunct Bear Stearns went into
liquidation as the first of many casualties of the subprime crisis. Cornerstone
Worldwide have over $35m under management for a core client base of high-net worth
individuals.


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