Archive for the 'Elite' Category
Social Security to See Payout Exceed Pay-In This Year
March 26th, 2010Via: New York Times: The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security. This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to […]
A London Trader Walks the CFTC Through a Silver Market Manipulation
March 26th, 2010Via: GATA: On March 23, 2010, GATA Director Adrian Douglas was contacted by a whistleblower by the name of Andrew Maguire. Maguire is a metals trader in London. He has been told first-hand by traders working for JPMorganChase that JPMorganChase manipulates the precious metals markets, and they have bragged to how they make money doing […]
Post-Apocalyptic Zombie Finance
March 24th, 2010Via: Asia Times: By 2014, International Monetary Fund official John Lipsky remarked March 21, the debt-to-gross domestic product (GDP) ratio of the Group of Seven countries will reach 100%, and the governments of the industrial world will carry the highest debt burden since shortly after the end of World War II. That is bad news; […]
Madoff Programmers Face Charges for Creating Software that Generated Bogus Trading Records
March 23rd, 2010Via: Register: A federal grand jury has indicted two computer programmers on fraud and conspiracy charges for developing programs used by Bernard Madoff to cook the books in his billion-dollar ponzi scheme. Jerome O’Hara and George Perez knowingly created the programs that removed or altered key data contained in reports submitted to regulators in the […]
U.S. Health Care Open Thread
March 22nd, 2010Let it rip, if you feel the need. Via: Bloomberg: The U.S. House passed the most sweeping health-care legislation in four decades, rewriting the rules governing medical industries and ensuring that tens of millions of uninsured Americans will get medical coverage.
Federal Reserve Must Disclose Bank Bailout Records
March 21st, 2010Via: Bloomberg: The Federal Reserve Board must disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever, a federal appeals court said. The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the […]
Australia: Electricity Prices to Rise by Up to 64%
March 19th, 2010Via: 9MSN: A NSW government rebate will be expanded to more than one million electricity consumers, to allay fears some families will be left in the dark by the state’s largest-ever electricity price increases. Electricity bills in NSW will soar by up to a total of 64 per cent over the next three years, with […]
South America to Create New EU-Type Bloc to Defy U.S.
March 19th, 2010Via: Deutsche Welle: The 24-strong bloc of Latin American states known as the Rio Group is to join the Caribbean Community to form a new trade body intended to present opposition to US dominance. What can it really hope to achieve? The Rio Group assertively announced the birth of its successor earlier this week, at […]
Bernanke Wants to Eliminate Reserve Requirements Completely
March 19th, 2010Via: The Economic Collapse Blog: Up until now, the United States has operated under a “fractional reserve” banking system. Banks have always been required to keep a small fraction of the money deposited with them for a reserve, but were allowed to loan out the rest. But now it turns out that Federal Reserve Chairman […]
Deutsche Bank, JPMorgan, UBS Charged With Derivatives Fraud
March 18th, 2010Via: Bloomberg: Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan. Judge Simone Luerti scheduled the trial of the four firms, 11 bankers and two former city officials for May […]
