Archive for the 'Economy' Category
FBI Finds Allen Stanford in Virginia
February 20th, 2009Not Langley, Virginia. The FBI didn’t arrest him. Via: Reuters: Texas billionaire Allen Stanford, accused of an $8 billion fraud that spooked investors around the world, was found in Virginia on Thursday and FBI agents served him with a complaint from U.S. regulators. FBI spokesman Richard Kolko said the Federal Bureau of Investigation had acted […]
How Much of the Federal Debt Is Financed with Drug Money?
February 20th, 2009Via: Clusterstock: Allen Stanford forfeited $3 million in drug money back in 1999, and it’s a sure thing that within his multi-billion empire he had many more drug dollars under his care. This is true not just of Stanford, but of the whole Caribbean offshore banking complex, as drug dealers are obviously interested in the […]
UK: Serious Fraud Office Looking at Stanford Link
February 19th, 2009Via: Reuters: The Serious Fraud Office is monitoring a possible link from the scandal surrounding Texas billionaire Allen Stanford after media reports that his firm was audited from the United Kingdom. Antigua-based accounting firm C.A.S. Hewlett, which the Evening Standard reported had audited Stanford’s books, moved its operations to London after its founder Charlesworth ‘Shelley’ […]
FDIC Having to Pay More to Make Financial Sausage
February 19th, 2009Does discount mean loss? Via: Bloomberg: U.S. regulators are being forced to sell the assets of failed banks at a discount to lure buyers spooked by the likelihood of increased loan losses amid a deepening recession. The assets of four banks have been sold to healthier rivals at a combined discount of $107 million this […]
Stanford Under Federal Drug Investigation
February 19th, 2009A Texas billionaire laundering drug money… Imagine my complete and total shock. But did you know that it’s SIR Allen Stanford? That’s right! He’s the first American to be knighted by Antigua and Barbuda. I wonder how close this guy is to Dubya and the gang… Via: Reuters: The U.S. Federal Bureau of Investigation and […]
‘Absurd’ Conspiracy Theories Prevalent in Afghanistan
February 19th, 2009Nato forces mistakenly supplied food, water and arms to Taliban forces in southern Afghanistan, officials today admitted. Containers destined for local police forces were dropped from a helicopter into a Taliban-controlled area of Zabul province. The coalition helicopter had intended to deliver pallets of supplies to a police checkpoint in Ghazni, a remote section of […]
BANK RUN: DEPOSITORS TURNED AWAY FROM STANFORD BANKS
February 19th, 2009Via: AP: Panicky depositors were turned away from Stanford International Bank and some of its Latin American affiliates Wednesday, unable to withdraw their money after U.S. regulators accused Texas financier R. Allen Stanford of perpetrating an $8 billion fraud against his companies’ investors. Some customers arrived in Antigua by private jet and were driven up […]
Gold: Trying to Clear $988 Intraday
February 19th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Gold tried to take out $988, but bounced off. It’s a make or break, right here.
Cost of Protecting Japanese Government Debt Hits Record High
February 18th, 2009Via: Reuters: The cost of protecting Japanese government debt against default has risen sharply as political uncertainty and worries about the nation’s fiscal position grew after data this week highlighted the depth of recession in the world’s second-biggest economy. Five-year credit default swaps on Japanese sovereign debt climbed to a record 130 basis points on […]
Greenspan Backs Bank Nationalisation
February 18th, 2009This wizened little troll belongs in a striped jumpsuit and handcuffs. Via: Financial Times: The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times. In an interview, Mr Greenspan, […]
