Archive for the 'Economy' Category
Fund Manager Tied to Madoff Case Found Dead
December 24th, 2008For the first time, I’m preemptively adding a story, this story, to the Assassination category. —The Desperate Final Hours of the World’s Biggest Ever Financial Fraud Via: AP: A fund manager who lost more than $1 billion of his clients’ money to Bernard Madoff was discovered dead Tuesday after committing suicide at his Manhattan office, […]
NEW ZEALAND FOREIGN DEBT SITUATION CRITICAL: “ADJUSTMENT” IMMINENT, WILL BE FORCED ON THE COUNTRY IF NECESSARY
December 23rd, 2008If you’re holding NZD, know that the scheme relies heavily on two factors: 1) The price of milk. Milk solids, actually. That’s right. If milk solids tank, watch out. 2) Japanese carry trade investors. High dairy prices are part of the reason why the New Zealand Dollar is an attractive carry trade destination for Japanese […]
“It makes you wonder who exactly is lining up out there to buy it.”
December 23rd, 2008As long as there are takers for this slop, the band plays on. I was worried that the situation in Japan would affect this auction. Nope. Via: Bloomberg: Two-year Treasury notes dropped for a second day as the government sold a record $38 billion of the securities at a higher yield than forecast. While the […]
Money Market Funds Closing Down as Yields Near Zero
December 22nd, 2008Via: Financial Times: Money market funds, an increasingly popular place to park cash, will need to raise fees or close to new money to remain profitable as yields hover at near-zero, according to industry managers. The funds, which manage $3,800bn and have seen big cash inflows, are reeling from frozen credit markets, subprime exposure and […]
Change: Rice Says That Obama Will Follow Bush Foreign Policy
December 22nd, 2008The argument that the two parties should represent opposed ideals and policies, one, perhaps, of the Right and the other of the Left, is a foolish idea acceptable only to doctrinaire and academic thinkers. Instead, the two parties should be almost identical, so that the American people can “throw the rascals out” at any election […]
JAPANESE EXPORTS PLUNGE RECORD AMOUNT
December 22nd, 2008Via: AP: Japanese exports plunged a record 26.7 percent in November, the Ministry of Finance said Monday, highlighting the drop in global consumer demand for automobiles, electronics parts and other Japanese products. Economists warned that exports — a mainstay of the world’s second-largest economy — would tumble further with no recovery in sight for the […]
Banks Not Disclosing What They Did with Bailout Cash
December 22nd, 2008Total, blatant, shameless, top to bottom fraud. Via: AP / CNBC: It’s something any bank would demand to know before handing out a loan: Where’s the money going? But after receiving billions in aid from U.S. taxpayers, the nation’s largest banks say they can’t track exactly how they’re spending the money or they simply refuse […]
Bank of Spain Chief: World Faces “Total” Financial Meltdown
December 22nd, 2008Via: AFP: The governor of the Bank of Spain on Sunday issued a bleak assessment of the economic crisis, warning that the world faced a “total” financial meltdown unseen since the Great Depression. “The lack of confidence is total,” Miguel Angel Fernandez Ordonez said in an interview with Spain’s El Pais daily. “The inter-bank (lending) […]
Toyota Forecasts Its First Operating Loss in 71 Years: “We’re facing an unprecedented emergency situation. Unfortunately, we can’t see the bottom.”
December 22nd, 2008Via: Bloomberg: Toyota Motor Corp., the world’s second-largest automaker, forecast its first operating loss in 71 years on plummeting demand, prompting Moody’s Investors Service to consider downgrading the company’s top-rated credit. The carmaker will post a 150 billion yen ($1.7 billion) loss in the year through March, it said in a statement today, scrapping a […]
‘The Hit Charade: Lou Pearlman, Boy Bands, and the Biggest Ponzi Scheme in U.S. History’
December 22nd, 2008The Hit Charade: Lou Pearlman, Boy Bands, and the Biggest Ponzi Scheme in U.S. History by Tyler Gray Ponzi schemes? Check. Aircraft leasing? Check. Questionable activities with young boys? Check. Florida? Check. It’s an unfortunate choice for a title, with the Madoff situation just coming into view… Via: Orlando Sentinel: Credit for the biggest American […]
