Archive for January, 2009
Halliburton to Pay $559 Million to Settle Bribery Probe
January 27th, 2009Via: Reuters: Halliburton Co will pay a $559 million fine to end an investigation of its former KBR Inc unit if the U.S. government approves the settlement, the largest penalty against a U.S. company for charges of bribery under federal law. Halliburton, once headed by former Vice President Dick Cheney, said it was awaiting final […]
Man Freezes to Death After City Limits Electricity
January 27th, 2009Via: AP: A 93-year-old man froze to death inside his home just days after the municipal power company restricted his use of electricity because of unpaid bills, officials said. Marvin E. Schur died “a slow, painful death,” said Kanu Virani, Oakland County’s deputy chief medical examiner, who performed the autopsy. Neighbors discovered Schur’s body on […]
‘Credit Losses Could Balloon Unpredictably’ As Unemployment Nears 10%
January 27th, 2009Via: Wall Street Journal: Despite all the pain in the financial sector, bank executives’ biggest fear has yet to materialize. Now, it is rearing its ugly head. Bankers’ worst nightmare is the unemployment rate climbing toward 10%, a level at which credit losses could balloon unpredictably because of high defaults among people with previously strong […]
Dividends Being Cut at Fastest Pace in 50 Years
January 27th, 2009Via: AP: Dividends are being cut at the fastest pace in at least 50 years, and many of the reductions are coming from U.S. companies investors have been relying on to provide income during the recession. Already this year, seven companies in the Standard & Poor’s 500 index have decreased their dividends, removing some $12 […]
CATERPILLAR MOVES TO CUT 20,000 JOBS
January 26th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. DISCLOSURE: I’m long DBA. There are so many layoff stories that I decided to only mention the real shockers. There are just too many stories in the 1000 to 5000 magnitude to mention. Perhaps you guys know of some good sites […]
Elite Flock to Davos to Discuss Economic Crisis
January 26th, 2009The birthing-a-New-Word-Order theme is strong this n0oZ cycle. Via: Reuters: Political leaders and central bankers will dominate this week’s annual Davos forum as a chastened business elite is sidelined in the drive to reboot the world economy, improve global security and slow climate change. More than 40 heads of state and government — almost double […]
U.S. Economy in Free Fall in Fourth Quarter
January 26th, 2009Via: MarketWatch: The U.S. economy contracted violently in the fourth quarter, with gross domestic product falling at its fastest pace in more than 25 years, economists said ahead of what promises to be a grim week of economic news. “Real economic activity fell off a cliff during the fourth quarter, producing a sharp drop in […]
Britain a ‘Bigger National Ponzi Scheme Than the U.S.’; on the Brink of an Economic Depression
January 26th, 2009Via: Telegraph: Britain is heading for economic depression for the first time since the 1930s, economists have warned. Families must brace themselves for a slump of far greater severity and longevity than the recessions of the 1980s and 1990s, they warned. They said the current crisis will be of a scale to rival the biggest […]
California One Week Away from Issuing IOUs… Which May Not Be Accepted by Many Banks
January 26th, 2009Via: SacBee: The controller says California is down to Plan D on its checklist of paying bills. Its cash reserves are piddling; the special funds it borrows from are tapped out, and no one in the private sector is going to lend it any cash at a reasonable interest rate. That leaves what in state […]
U.S. Soldiers Did ‘Dirty Work’ for Chinese Interrogators
January 26th, 2009Via: ABC: U.S. military personnel at Guantanamo Bay allegedly softened up detainees at the request of Chinese intelligence officials who had come to the island facility to interrogate the men — or they allowed the Chinese to dole out the treatment themselves, according to claims in a new government report. Buried in a Department of […]
