Archive for the 'Collapse' Category
Taxpayers Could Own Up to 40% of Citi’s Common Stock, Diluting Value of Shares
February 23rd, 2009But before you read about that, here’s the setup: Would CNBC Let Gasparino Say This On-Air? Earlier this year, high-flying hedge fund Paulson & Co. retained [former Federal Reserve chief Alan Greenspan] for its “advisory board.” The firm is a noted “short seller” of banks and financial stocks – meaning it makes money when these […]
Roubini: The Banks That Were Too Big to Fail Are Now Even Bigger to Fail; He Sees Nationalization and Breakups Ahead
February 23rd, 2009What does this mean for the dollar? Two economics professors discuss what would be the most radical financial policy in the U.S. in the last century and the fate of the dollar doesn’t come up once? All of this bailout nonsense seems to have been a series of shell games. The pea they’re trying to […]
Financial Crises And Public Finances: Where Is The Greatest Risk?
February 22nd, 2009Does the band play on for U.S. Treasuries? This looks like a beauty pageant in a leper colony. Via: BCA Research: Our fixed income team has just published a Special Report comparing 22 developed government debt in the face of the current financial crisis. The Special Report reviewed the vulnerability of these markets to rating […]
U.S. Bank Stress Tests to Show Capital Needs
February 22nd, 2009Via: Reuters: U.S. financial regulators will soon launch a series of “stress tests” to determine which of the largest U.S. banks should get bigger capital cushions in case of a deeper recession, a person familiar with Obama administration plans said on Saturday. The person, speaking on condition of anonymity, said if institutions were found to […]
Confidence Destroyed – Capital Flight from the U.S.
February 21st, 2009This small passage doesn’t do the piece justice. It’s worth clicking through to read the whole thing. Via: Market Ticker: What’s “really going on” is that our entire financial system has turned into a gigantic clown car. There hasn’t been any recognition that the fundamental problem over the last two decades has been fraudulent lending […]
Drought to Cut Off Federal Water to California Farms
February 21st, 2009Via: AP: Federal water managers said Friday that they plan to cut off water, at least temporarily, to thousands of California farms as a result of the deepening drought gripping the state. U.S. Bureau of Reclamation officials said parched reservoirs and patchy rainfall this year were forcing them to completely stop surface water deliveries for […]
Japan Turns to ‘Work-Sharing’ to Avoid Layoffs
February 20th, 2009Via: AP: Yasuo Igarashi spends a lot of time these days on the jungle gym with his daughter, after his employer joined the growing ranks of Japanese companies adopting “work-sharing” to ride out the global slump. Common in parts of Europe, work-sharing means slashing employees’ pay and hours instead of firing people outright. Two or […]
GM UNIT SAAB BANKRUPT
February 20th, 2009HA! Socialist Sweden isn’t as socialist as the U.S. when it comes to corporate bailouts. Via: AP: General Motors Corp.’s Swedish-based subsidiary Saab went into bankruptcy protection Friday so the unit can be spun off or sold by its struggling U.S. parent, officials said. The move comes after Sweden turned down GM’s request for government […]
Newly Poor Swell Lines at Food Banks Nationwide
February 20th, 2009Via: New York Times: Once a crutch for the most needy, food pantries have responded to the deepening recession by opening their doors to what Rosemary Gilmartin, who runs the Interfaith Food Pantry here, described as “the next layer of people” — a rapidly expanding roster of child-care workers, nurse’s aides, real estate agents and […]
UK: Serious Fraud Office Looking at Stanford Link
February 19th, 2009Via: Reuters: The Serious Fraud Office is monitoring a possible link from the scandal surrounding Texas billionaire Allen Stanford after media reports that his firm was audited from the United Kingdom. Antigua-based accounting firm C.A.S. Hewlett, which the Evening Standard reported had audited Stanford’s books, moved its operations to London after its founder Charlesworth ‘Shelley’ […]
