Archive for the 'Economy' Category
Phoenix Budget Situation: “Much Worse Than the Worst-Case Scenario”
September 14th, 2009Via: Arizona Republic: Seven months after Phoenix made its largest budget cuts in history, City Manager Frank Fairbanks has informed City Council members that the cutting may not be over. The city could face a budget shortfall of $65 million to $95 million in the middle of the current fiscal year, Fairbanks said, as Phoenix […]
Captain Obvious: Banking Crisis Bigger Than Before
September 14th, 2009Via: Bloomberg: Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc. “In the U.S. and many other countries, the too-big-to-fail banks have become even bigger,” Stiglitz said in an interview today […]
Indicted Financier Danny Pang Dies in California
September 13th, 2009Via: Bloomberg: Danny Pang, the founder of Private Equity Management Group Inc., who U.S. regulators claim bilked Taiwanese investors, died today, a spokesman for the Pang family said. Pang, 42, had been taken from his Newport Beach, California, home yesterday afternoon by paramedics who had responded to a call from the house, said Sergeant Doug […]
10 Bubbles In The Making
September 13th, 2009Business Insider: 10 Bubbles in the Making Research Credit: Lagavulin
Christopher Kelly, Key Figure in Blagojevich Corruption Probe, Is Dead
September 13th, 2009Oh Sure: Possible Overdose on Over-the-Counter Medicines Via: Chicago Tribune: Christopher Kelly, a key figure in the federal corruption probe into former Gov. Rod Blagojevich, is dead. The Cook County medical examiner’s office today confirmed that Christopher Kelly of Burr Ridge was pronounced dead at Stroger Hospital at 10:46 a.m. The office said Kelly died […]
FDIC Friday: Corus Goes Down, Two Others
September 12th, 2009Via: Bloomberg: Corus Bankshares Inc.’s Corus Bank, the Chicago lender crippled by construction loans for condominiums, was seized by regulators and its $7 billion in deposits were acquired by MB Financial Inc. MB Financial Bank, which has more than 80 branches in the Chicago area, agreed to pay a premium of 0.2 percent for the […]
The Coming Consequences of Banking Fraud
September 12th, 2009Via: Seeking Alpha: The Double Dip Recession, or the “W” shaped recovery that a minority of economists, such as Joseph Stiglitz, is now stating as a strong possible outcome of this current rally, should not be discussed in the realm of economics but rather in the more apropos realm of financial fraud. The fact that […]
Miami’s Ex-DEA Chief Charged with Shredding Documents for Allen Stanford
September 11th, 2009Via: Miami Herald: The former chief of the U.S. Drug Enforcement Administration’s Miami office who led the agency’s cases against infamous Panama strongman Manuel Noriega and Medellin cartel kingpin Fabio Ocho, was indicted by a federal grand jury Thursday for ordering the shredding of records once belonging to disgraced banker Allen Stanford. Tom Raffanello, who […]
Glock’s Secret Path to Profits
September 11th, 2009You can’t even shake a stick at all the weird stuff in this one. Via: Business Week: Allegations of corruption permeate Gaston Glock’s empire. His former business associate, Charles Marie Joseph Ewert, now resides in a prison in Luxembourg, having been convicted in 2003 of contracting to have Glock killed. The murder plot—thwarted when the […]
Insiders Sell Like There’s No Tomorrow
September 11th, 2009Just put some more lipstick on Maria Bartiromo and everything will be fine. Via: CNN: Can hundreds of stock-selling insiders be wrong? The stock market has mounted an historic rally since it hit a low in March. The S&P 500 is up 55%, as U.S. job losses have slowed and credit markets have stabilized. But […]
