Archive for the 'Economy' Category
California Throws Away Enough Food to Fill 35 Stadiums Per Year
May 22nd, 2010Over at Technofascism Blog, Tony writes, “Keep this story in mind next time you hear that nonsense from people like Bill Gates insisting we need GM crops to feed a hungry world.” Besides Atomic Audit, this represents just about the clearest proof that the depth of our society’s madness is infinite. Via: San Francisco Chronicle: […]
FDIC: ‘Problem’ Banks at 775 or 10% of the Total
May 21st, 2010Via: Wall Street Journal: A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.’s list of “problem” institutions in the first quarter, as bad loans in the commercial real-estate market weighed on bank balance sheets. Poor loan performance in other sectors also continued to hurt banks, with […]
BP Admits Underestimating Oil Leaking from Gulf of Mexico Well
May 21st, 2010Imagine our shock. Via: Telegraph: BP was on Thursday accused of seriously underestimating the flow of oil from its Gulf of Mexico well. In a further blow the beleaguered oil giant was also ordered to use less toxic chemicals to disperse its growing slick. It came as more damaging, heavy crude hit Louisiana’s coastal wetlands […]
TD Ameritrade Clients Unable to Log In, Trade
May 20th, 2010Say what? Morningstar analyst Michael Wong said all of the online brokers had similar problems during the sudden market plunge on May 6. There was sharp selling today as well. Still believe that ‘fatfinger’ nonsense from May 6? Via: AP: Some clients of online brokerage T.D. Ameritrade Holding Corp. were unable to log into their […]
Recovery: Jobless Claims Rise by Largest Amount in 3 Months
May 20th, 2010Via: AP: The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows. Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, […]
Nine Chipmakers Fined by EU for Price-Fixing
May 19th, 2010Via: BBC: Nine chip makers have been fined 331m euros (£283.1m, $404.2m) by European Union regulators for illegally fixing prices. The companies involved are Samsung, Hynix, Infineon, NEC, Hitachi, Mitsubishi, Toshiba, Elpida and Nanya. A 10th chip maker, Micron, was also part of the price-fixing cartel but escaped a fine in return for alerting the […]
U.S. COAST GUARD THREATENED CBS NEWS CREW WITH ARREST FOR FILMING OIL SPILL DISASTER; COAST GUARD SAID THAT THEY WERE ACTING UNDER AUTHORITY OF BRITISH PETROLEUM; “THIS IS BP RULES. IT’S NOT OURS.”
May 19th, 2010Via: CBS: Kelly Cobiella reports that a CBS News team was threatened with arrest by Coast Guard officials in the Gulf of Mexico who said they were acting under the authority of British Petroleum. Watch CBS News Videos Online
LifeLock CEO’s Identity Stolen 13 Times
May 19th, 2010Via: Threat Level: Apparently, when you publish your Social Security number prominently on your website and billboards, people take it as an invitation to steal your identity. LifeLock CEO Todd Davis, whose number is displayed in the company’s ubiquitous advertisements, has by now learned that lesson. He’s been a victim of identity theft at least […]
Goldman Sachs Hands Clients Losses in Seven of Nine ‘Top Trades’
May 19th, 2010Mmm hmm. Via: Bloomberg: Goldman Sachs Group Inc. racked up trading profits for itself every day last quarter. Clients who followed the firm’s investment advice fared far worse. Seven of the investment bank’s nine “recommended top trades for 2010” have been money losers for investors who adopted the New York-based firm’s advice, according to data […]
Euro Collapse Continues, Germany Bans Speculation on Naked Swaps
May 19th, 2010Via: Bloomberg: Credit-default swaps rose as German Chancellor Angela Merkel’s curb on using the contracts to speculate on European sovereign debt sparked concern among investors about increasing government regulation. The Markit iTraxx Crossover index of swaps on 50 European companies surged 50 basis points to 582, according to Markit Group Ltd. The jump in the […]
