Archive for October, 2008
Nikkei Down 11.4 Percent, Worst Fall Since ’87 Crash
October 16th, 2008Down 10%. Up 14%. Down 11%. Via: Reuters: The Nikkei average tumbled more than 11 percent on Thursday in its biggest one-day fall since the 1987 stock market crash, after weak U.S. data fuelled fears that bank rescue measures would not stave off a global recession.
SEC Agrees to Accounting Shift Sought by U.S. Banks Which Will Allow Them to Keep Pretending that They Haven’t Been Wiped Out
October 16th, 2008Via: Bloomberg: The U.S. Securities and Exchange Commission agreed to back an effort by banks that may let them delay writedowns on a type of security that has declined in value during the collapse of the credit markets. Banks in limited cases may account for so-called perpetual preferred securities as debt, letting them wait to […]
The Potential Cost of the Latest Bailout Package Comes to $2.25 Trillion, Triple the Size of the Original $700 Billion Rescue Package
October 16th, 2008Via: IHT: What happened during those three and a half hours is a story of high drama and brief conflict, followed by acquiescence by the bankers, who felt they had little choice but to go along with the Treasury plan to inject $250 billion of capital into thousands of banks — starting with theirs. Paulson […]
One Million Britons On The Dole By Christmas
October 15th, 2008Via: Guardian: More than a million Britons will be out of work and on the dole by next month as the toxic fallout from Black October filters down to ordinary families, economists are warning. A bleak Christmas lies ahead for many as the City turmoil spreads into the so-called real economy. Companies are now being […]
The Godfather: Paulson Makes Offer Banks Can’t Refuse
October 15th, 2008The backstories for what follows are: Wall Street Chop Shop Unloading Toxic Waste Mortgage Backed Securities: “We Americans Were Very Clever” Here’s part of an email that I sent to someone a couple of days ago: I’ve never been as close to honest to god mobsters as I was when I was contracted out to […]
Icelandic Shoppers Clean Out Supermarkets in Wake of Currency Collapse
October 15th, 2008Via: Bloomberg: After a four-year spending spree, Icelanders are flooding the supermarkets one last time, stocking up on food as the collapse of the banking system threatens to cut the island off from imports. “We have had crazy days for a week now,” said Johannes Smari Oluffsson, manager of the Bonus discount grocery store in […]
Europe Stuns with €1.5 Trillion Bank Rescue
October 15th, 2008Via: Telegraph: Germany, France, Italy, Spain, Holland and Austria have joined forces to launch the greatest bank bail-out in history, offering over €1.5 trillion in guarantees and fresh capital in a “shock and awe” blitz to halt the credit panic. The move – unveiled simultaneously in the six states to maximise the show of unity […]
Cryptogon Readers Send Contributions
October 14th, 2008Thank you. Pookie $75 MW $20 AF $65 PP $10 DT $20 RR CA$25
One in Three Recent Atlanta Police Academy Graduates Have Criminal Records
October 14th, 2008Career advancement. Via: Atlanta Journal Constitution: Keovongsa Siharath was arrested in Henry County on charges he punched his stepfather. Jeffrey Churchill was charged with assault in an altercation with a woman in a mall parking lot. Calvin Thomas was taken into custody in DeKalb County on a concealed weapons charge. All three are now officers […]
Cybercrime Supersite Was FBI Honeypot
October 14th, 2008Via: Wired: DarkMarket.ws, an online watering hole for thousands of identify thieves, hackers and credit card swindlers, has been secretly run by an FBI cybercrime agent for the last two years, until its voluntary shutdown earlier this month, according to documents unearthed by a German radio network. Reports from the German national police obtained by […]
