Archive for the 'Collapse' Category
BofA Operating Under Secret Regulatory Sanction
July 16th, 2009Tick tock tick tock… I like to maintain my B of A balance at around $80. *grin* Via: Reuters: Bank of America Corp is operating under a secret U.S. regulatory sanction that requires it to overhaul its board and address perceived problems with risk and liquidity management, The Wall Street Journal reported, citing people familiar […]
Moody’s Downgrades Status of California Bonds
July 15th, 2009Via: AP: Gov. Arnold Schwarzenegger told state employee unions Tuesday his administration would cut another 2,000 jobs to help close California’s $26.3 billion budget deficit. Meanwhile, Moody’s Investor Services downgraded California bonds to near-junk status, from A2 to Baa1, and placed the state’s credit rating on watch for possible further reductions. Moody’s said the budget […]
U.S. Budget Deficit Tops $1 Trillion for First Time
July 14th, 2009Via: Bloomberg: The U.S. budget deficit topped $1 trillion for the first nine months of the fiscal year and broke a monthly record for June as the recession subtracted from revenue and the government spent to rejuvenate the economy. The shortfall for the fiscal year that began Oct. 1 totaled $1.1 trillion, the first time […]
Big Banks Stop Cashing California IOUs
July 13th, 2009Via: CNN: Residents have fewer places to cash in IOUs after large banks stop redeeming them. SEC warns potential buyers and sellers of possible scams. Californians have fewer places to redeem IOUs issued by the cash-strapped state. At least three major banks, Wells Fargo, JPMorgan Chase and Bank of America, stopped accepting the IOUs after […]
French Workers Threaten to Blow Up Factory
July 13th, 2009Via: Reuters: Workers at collapsed French car parts maker New Fabris threatened on Sunday to blow up their factory if they did not receive payouts by July 31 from auto groups Renault and Peugeot to compensate for their lost jobs. New Fabris was declared in liquidation in April, so the workers stand to get no […]
Americans Swap Homes for Hotels as Recession Bites
July 12th, 2009Via: Reuters: In many cities, foreclosures are a big part of a spike in homeless and rise in families living in hotels or motels. Nearly 80 percent of homeless services providers and advocacy agencies say at least some clients became homeless as a result of a foreclosure, according to a joint report by four of […]
CIT GROUP IN TROUBLE; HIRES BANKRUPTCY FIRM
July 11th, 2009Via: Bloomberg: CIT Group Inc., the century-old lender to 950,000 businesses that has been unable to persuade the Federal Deposit Insurance Corp. to guarantee its debt sales, hired bankruptcy specialist Skadden, Arps, Slate, Meagher & Flom LLP as an adviser amid a plunge in its stock and bonds. The FDIC is concerned that standing behind […]
Ireland Makes Blasphemy Illegal
July 10th, 2009Father McGreer buys an ice cold beer And a short for Father Loyola Father Joe’s got the clap again He’s drinking Coca-Cola —The Pogues, Rain Street Sane Response 1: I’ll Blaspheme Who I Want, You God Fearing Cunt Ahern Sane Resonse 2: Blasphemy Law is Silly, Dangerous and Unjust Via: Paliban Daily: Irish atheists are […]
True Unemployment Rate Already at 20%
July 8th, 2009Via: MSN: Really, how hard is it to find a job? Was June’s horrid numbers, in which 467,000 people lost their jobs compared to 345,000 in May, a one-time fluke? Or does it mean that all those Wall Street economists who believe the economic recovery is starting are dead wrong? Not to scare you, but […]
Big Banks Don’t Want California’s IOUs
July 7th, 2009Via: Wall Street Journal: A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap. The development is the latest twist in California’s struggle to deal with the effects of the recession. After state leaders failed to […]
