Archive for the 'Economy' Category
Greece Downgraded Over High Debt
December 9th, 2009Via: Financial Times: Greece saw its credit ratings downgraded to the lowest level in the eurozone on Tuesday as fears mounted over its deteriorating public finances. Heavy selling of Greek stocks and bonds came amid fears that the country was heading for financial disaster unless politicians tackled dangerously high debt levels. Shares on the Athens […]
China Executes Rogue Trader, Millions Still Missing
December 9th, 2009Via: Reuters: China on Tuesday executed a former securities trader for embezzlement, the first person in the industry to be put to death, but millions of yuan are still missing, a state newspaper said. Yang Yanming was sentenced to death in late 2005 and took the secret of the whereabouts of 65 million yuan ($9.52 […]
Woman Who Invented Credit Default Swaps is One of the Key Architects of Carbon Derivatives
December 9th, 2009Via: Washington’s Blog: Bloomberg notes that the carbon trading scheme will be largely centered around derivatives: The banks are preparing to do with carbon what they’ve done before: design and market derivatives contracts that will help client companies hedge their price risk over the long term. They’re also ready to sell carbon-related financial products to […]
I Live in a Van Down by Duke University
December 8th, 2009I have a good friend who did something like this for a year as he finished his PhD. He slept under his desk in his lab and “bathed” in the women’s bathroom during early AM hours. (Men, in case you don’t know, the women’s bathroom is usually much cleaner than the men’s.) He bought an […]
Jobless Professionals Learn How to Ask: Paper or Plastic?
December 8th, 2009Via: AP: Mara Proctor used to design limestone hearths and columns for luxury homes near Kansas City, drawing on her college education and six years of training. These days, she’s leading customers around a store that sells sculptured snowmen and Santa figurines. It isn’t by choice. Until a few weeks ago, Proctor was among the […]
Brussels Gives CIA the Power to Search UK Bank Records
December 7th, 2009Via: Times Online: THE CIA is to be given broad access to the bank records of millions of Britons under a European Union plan to fight terrorism. The Brussels agreement, which will come into force in two months’ time, requires the 27 EU member states to grant requests for banking information made by the United […]
IRS Sells Native American Tribe’s Land to Settle Tax Debt
December 7th, 2009Via: Oakland Tribune: The Internal Revenue Service on Thursday auctioned off a large swath of land owned by an impoverished Indian tribe to help pay off more than $3 million in back taxes, penalties and interest—a sale the tribe says is illegal under federal laws protecting Indian land. The 7,100 acres, or 11 square miles, […]
Tens of Thousands Rally Against Berlusconi in Rome
December 7th, 2009Via: BBC: Tens of thousands of people have rallied in Rome, demanding the resignation of Italian Prime Minister Silvio Berlusconi. The No B (Berlusconi) Day march was organised by grassroots groups via the internet and social networking sites. Mr Berlusconi faces separate tax fraud and bribery trials after he lost his immunity from prosecution in […]
Family Doesn’t Earn Enough to Satisfy the IRS Magic 8 Ball, Gets Audited
December 6th, 2009It wouldn’t surprise me in the least if a minimum income law was passed… —Men Who Took Food in Trash Sentenced to Six Months in Jail Via: Seattle Times: Rachel Porcaro knows she’s hardly rich. When you’re a single mom making 10 bucks an hour, you don’t need government experts to tell you how broke […]
AmTrust Largest of Six Bank Failures on FDIC Friday
December 6th, 2009Via: RTT News: Regulators on Friday shut down six U.S. banks, taking the total number of bank closures in the year to 130. The banks closed on Friday include AmTrust Bank in Ohio, which is the fourth-largest bank to fail this year. The Federal Deposit Insurance Corporation, or FDIC, said it took over AmTrust Bank, […]
