Archive for the 'Economy' Category
AIG Enters Record Books with $61.7 Billion Quarterly Loss
March 2nd, 2009Via: Reuters: American International Group Inc posted a $61.7 billion fourth-quarter loss — the biggest quarterly loss in corporate history — after reaching a revised rescue deal with the U.S. government that wards off for now the prospect of crippling credit rating downgrades. The massive quarterly loss, equal to $22.95 a share, was AIG’s fifth […]
UK: Contingency Plan for Deployment of British Army in Case of Bank Riots
March 2nd, 2009Let me know if there’s a better source on this. Via: Daily Express: TOP secret contingency plans have been drawn up to counter the threat posed by a “summer of discontent” in Britain. The “double-whammy” of the worst economic crisis in living memory and a motley crew of political extremists determined to stir up civil […]
Gordon Brown: ‘Globalisation is Not an Option , it is a Fact’
March 2nd, 2009I have obtained secret surveillance video from inside Number 10 that sheds some light on Gordon Brown’s “Global New Deal”: Via: Times Online: Historians will look back and say this was no ordinary time but a defining moment: an unprecedented period of global change, and a time when one chapter ended and another began. The […]
Delphi Allowed to Cancel Benefits for 15,000 Workers
March 1st, 2009Via: Bloomberg: Delphi Corp., the bankrupt auto- parts maker, won permission to cancel health-care benefits for 15,000 current and former salaried workers, saving $1.1 billion as it tries to emerge from court protection amid falling vehicle sales. U.S. Bankruptcy Judge Robert Drain in New York issued the ruling today after witnesses for Troy, Michigan-based Delphi […]
Arsonists Torch Berlin Porsches, BMWs on Economic Woe
February 28th, 2009Via: Bloomberg: When Berlin resident Simone Klostermann returned from vacation and couldn’t find her Mercedes SLK, she thought it had been towed. Police told her the 35,000- euro ($45,000) car had been torched. “They’d squirted something flammable into the car’s engine block in the gap between the windshield and the hood,” said Klostermann. “The engine […]
New York: Apartment Buyers Abandoning 6-Figure Deposits
February 28th, 2009Via: New York Times: At 304 Spring Street, a sleek condominium building in SoHo with stunning Hudson River views, the buyer for the duplex penthouse recently decided he would not go through with the deal and walked away from a $780,000 deposit. At 1120 Park Avenue, a classic prewar co-op filled with multimillion-dollar apartments, it […]
Schwarzenegger Declares California Drought Emergency
February 28th, 2009Via: AP: Gov. Arnold Schwarzenegger declared a state of emergency Friday because of three years of below-average rain and snowfall in California, a step that urges urban water agencies to reduce water use by 20 percent. “This drought is having a devastating impact on our people, our communities, our economy and our environment, making today’s […]
FDIC Raising Fees on Banks, Adds Emergency Fee
February 27th, 2009Via: AP: Facing a cascade of bank failures depleting the deposit insurance fund, federal regulators on Friday raised the fees paid by U.S. financial institutions and levied an emergency premium in a bid to collect $27 billion this year. The Federal Deposit Insurance Corp. now expects that bank failures will cost the insurance fund around […]
U.S. Economy Suffers Sharp Nosedive
February 27th, 2009Via: BBC: The US economy shrank by 6.2% in the last three months of 2008, official figures have shown, a far sharper fall than had previously been reported. Plunging exports and the biggest fall in consumer spending in 28 years dragged the figure down from the 3.8% estimate the government gave earlier. The decline was […]
Dear Mr. President, With All Due Respect
February 27th, 2009Via: Mish: Dear Mr. President, I read your New Era $3.6 Trillion Budget Proposal. I also listened to your speech Tuesday night. You made a great campaign speech. However, the campaign is over. You won. And the reason you won is you offered hope as well as a promise of change. With all due respect […]
