Archive for the 'Economy' Category
Defying U.S., EU Scraps Cuba Sanctions
June 20th, 2008Via: Reuters: European Union states agreed on Thursday to scrap sanctions against Cuba in a move aimed at encouraging democratic reforms on the Communist island, officials said. The lifting, agreed despite U.S. calls for the world to remain tough on Havana, will pave the way for a new dialogue with Cuba but come with calls […]
Unbelievable Pictures of Iowa Flooding
June 20th, 2008Must see. Via: Boston Globe.
FBI Arrests Two Former Bear Stearns Hedge Fund Managers
June 19th, 2008Just two? Via: WNBC: FBI agents have arrested two former Bear Stearns hedge fund managers, sources familiar with the case said. Former Bear Stearns managers Ralph Cioffi Jr. and Matthew Tannin are charged in connection with allegations they misled investors as the two hedge funds they helped run collapsed amid the subprime mortgage meltdown. The […]
Wealthy Investors Shift Funds from Global Banks to Reduce Risks
June 19th, 2008Via: Bloomberg: High-net worth individuals, those coveted financial-services customers with at least $2 million to invest, are shifting assets from brokerages and large global banks to smaller, more conservative alternatives. “For the first time in my career, I saw concern about the location of one’s assets,” said Robert Balentine, the head of Wilmington Trust Corp.’s […]
Giant Oil Companies to Return to Iraq Under No Bid Contracts
June 19th, 2008Imagine my complete and total shock. Via: IHT: Four Western oil companies are in the final stages of negotiations this month on contracts that will return them to Iraq, 36 years after losing their oil concession to nationalization as Saddam Hussein rose to power. Exxon Mobil, Shell, Total and BP — the original partners in […]
Flooded Corn Fields = Higher Gasoline Prices
June 19th, 2008This situation represents a massive, slow moving disaster and few people (outside of commodity trading circles) even realize it yet. The criminal corn lobby, and the whores in Congress who service it, are the ones to thank for this. Via: Reuters: U.S. gasoline prices, which have already jumped to a nationwide average over $4 per […]
The Best Farmland in the U.S. Is Flooded; Most Americans Are Too Stupid to Panic
June 19th, 2008The best commentary I could offer is a link to a previous story: World’s Largest Maker of Crop Nutrients: Famines May Occur Without Record Harvests But I’ll ramble on a bit more about this, anyway. As soon as I became aware of the flooding situation in the American Midwest, I posted the story with the […]
MEXICO FREEZES PRICES ON FOOD ITEMS TO STEM INFLATION
June 19th, 2008Via: Houston Chronicle: Moving to stem rising inflation and civil discontent, President Felipe Calderon and Mexican industrialists announced an agreement Wednesday to freeze prices on more than 150 food items. The pact, which will be in effect through the end of the year, comes amid escalating costs of corn and other staples of the Mexican […]
$1.3 Trillion in Writedowns; Only 1/3 of the Way Through Credit Crisis
June 18th, 2008Via: Bloomberg: John Paulson, founder of the hedge fund company Paulson & Co., said global writedowns and losses from the credit crisis may reach $1.3 trillion, exceeding the International Monetary Fund’s $945 billion estimate. “We’re only about a third of the way through the writedowns,” Paulson, 52, told the GAIM International hedge fund conference in […]
RBS ISSUES GLOBAL STOCK AND CREDIT CRASH ALERT
June 18th, 2008Via: Telegraph: The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. “A very nasty period is soon to be upon us – be prepared,” said Bob Janjuah, the bank’s credit strategist. A […]
