Daily Digest

Daily Digest - April 24

Saturday, April 24, 2010, 9:40 AM
  • As Economy Tanked, SEC Officials Surfed Porn
  • Greece Asks for Loans from the EU and IMF
  • Extend and Pretend - U.S. Cash Crunch?
  • U.S. Shuts 7 Banks; Year’s Failures Rise to 57
  • Build A Tower, Build A Team
  • Appeal To Halt Mine Works In Alaska
  • Food Inc. on PBS This Week


As Economy Tanked, SEC Officials Surfed Porn (Davos)

A senior attorney at the SEC's Washington headquarters spent up to eight hours a day looking at and downloading pornography. When his government computer ran out of hard drive space, he burned the files to CDs or DVDs. He later agreed to resign.

Greece Asks for Loans from the EU and IMF (Ben Johnson)

After months of battling the markets, Greece raised the white flag on Friday. Prime Minister George Papandreou on Friday officially requested financial aid from his partners in the euro zone and the International Monetary Fund.

Embattled Greece has finally taken the step it fought so hard to avoid. On Friday, Prime Minister George Papandreou officially asked for billions in aid from the European Union and the International Monetary Fund.

Extend and Pretend - U.S. Cash Crunch? (kelvinator)

The US government is caught in a cash vise and is being squeezed between too slow a rebound in tax revenues and the limitations on how quickly it can realistically take its fundingrequirements to the US Treasury auction. The US Treasury was saved in March by what the government reports as “proprietary receipts.” Those receipts require an explanation that isn’t well publicized since it begs the question of what happens next month without the $117 billionjournal entry.

U.S. Shuts 7 Banks; Year’s Failures Rise to 57 (Nickbert)

The failure of Broadway Bank is expected to cost the F.D.I.C.’s deposit insurance fund $394.3 million. For the other banks, the estimated costs are: Amcore Bank, $220.3 million; New Century Bank, $125.3 million; Citizens Bank&Trust Company, $20.9 million; Lincoln Park Savings Bank, $48.4 million; Peotone Bank and Trust Company, $31.7 million; and Wheatland Bank, $133 million.

Build A Tower, Build A Team (Davos)

Kindergarteners do better than business school grads.


Appeal To Halt Mine Works In Alaska (Nickbert)

The campaigners say Pebble Mine, in the head waters of the state's Bristol Bay, threatens the world's most valuable wild sockeye salmon fishery. They fear the mine would create billions of tonnes of mining waste - some of it toxic - destroy salmon spawning habitat and threaten clean water supplies. Bristol Bay, where the fishery is certified as sustainable by the Marine Stewardship Council and is seen as an example for managing fish stocks, produces roughly half the world's commercial supply of wild sockeye salmon."


Food Inc. on PBS This Week (Donald S.)

Food, Inc. premiers April 21 through April 26, 2010, on PBS stations throughout the United States on its POV (Point of View) documentary series. Access the PBS TV schedule for your area by following the above link and clicking on the “TV Schedule” navigation button on that page. The movie may also be viewed online from April 22 - 29 by following the above link and clicking on the “Watch Video” navigation button.

Please send article submissions to: [email protected]


saxplayer00o1's picture
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Re: Daily Digest - April 24

Save "Are" Teachers (Mish)

"Here is an image from a teacher inspired protest in Des Moines Iowa.

Terry Hoffman, a language teacher, organized the kids.

It might behoove Hoffman to spend more time teaching grammar.

Fortunately she is retiring."


"April 23 (Bloomberg) -- U.S. government bailouts, including funds for Citigroup Inc. and American International Group Inc., will cost taxpayers about $87 billion, according to a letter Treasury Secretary Timothy F. Geithner sent congressional leaders.

The Troubled Asset Relief Program will lose about $117 billion, and funding related to Fannie Mae and Freddie Mac will cost taxpayers another $85 billion, Geithner said in a letter today to the Democratic and Republican leaders in the Senate and House. The government expects to make about $115 billion on Federal Reserve programs, including the purchase of mortgage- backed securities, he wrote."

"Greek riot police fired teargas on Friday at leftwing protesters marching through central Athens against austerity measures.

The main Greek public sector union brought nurses, teachers and other public service workers onto the streets of the Greek capital."

.................2A) Greece still in trouble, may delay bond payments

"Calling it a "sensible and modest" solution to Washington's historic budget crisis, Gov. Chris Gregoire on Friday approved a revenue package that nets roughly $780 million to avoid deeper cuts in education, health care and human services.

Consumers will pay more for a basketful of convenience-store favorites: Soda, bottled water, major-brand beer, candy and cigarettes. Service businesses will send the state a larger share of their gross sales, from attorneys and lobbyists to hairdressers and janitors.

Out-of-state companies also were targeted for more revenue, either by recalculating how taxes are charged or shrinking certain exemptions in response to court rulings. A collection of smaller loopholes and other exemptions also were closed or downsized."


"Look at this graph and be afraid. It does not come from Earth First. It does not come from the Sierra Club. It was not drawn by Socialists or Nazis or Osama Bin Laden or anyone from Goldman-Sachs. If you are a Republican Tea-Partier, rest assured it does not come from a progressive Democrat. And vice versa. It was drawn by the United States Department of Energy, and the United States military's Joint Forces Command concurs with the overall picture.

What does it imply? The supply of the world's most essential energy source is going off a cliff. Not in the distant future,but in a year and a half. Production of all liquid fuels, including oil, will drop within 20 years to half what it is today. And the difference needs to be made up with "unidentified projects," which one of the world's leading petroleum geologists says is just a "euphemism for rank shortage," and the world's foremost oil industry banker says is "faith based."

The original graph is available here "   (Graphs and info are from April 7)

"Nationally, employers took 1,628 mass layoff actions in March that resulted in 150,864 workers being laid off, according to the labor department’s data. The number of mass layoff events is 58 more than reported for February.

However, the number of events nationally has decreased in five of the last seven months, and the number of initial claims has decreased in six of the last seven months.

The national unemployment rate was 9.7 percent in March 2010, seasonally adjusted, unchanged from February but up from 8.6 percent a year earlier. Unemployment in the Albany metro area is 7.2 percent, the highest ever recorded for this time of year."

"Red-light cameras are winning favor in the Legislature because they generate fines for a cash-starved state.


Herald/Times Tallahassee Bureau

TALLAHASSEE -- The legislative debate Friday about red-light cameras pitted public safety against an Orwellian nightmare.

But in the end, Florida is poised to expand the use of the controversial monitoring devices for one reason: money.

The legislation -- which won approval in the House and is expected to pass the Senate next week -- allows localities to install cameras at intersections and charge a $158 civil fine to motorists caught running the red light.

With a $3.2 billion deficit, lawmakers made sure the state would receive a good chunk of the new money. In fact, state budget writers are already crafting plans to spend the first-year infusion of $39 million and expect an additional $122 million in revenues next year."

  • Other news and headlines:

Real estate bubble grows in S.Korea

Ukraine Seeks $20 Billion Program From IMF, Tigipko Says

Two Icelandic banks file for bankruptcy, state takes over

CF Industries Sells Debt as Junk Issuance Rises 58%

Ex-Moody's exec didn't know Paulson shorted Abacus

Hawaii hurricane fund may be tapped to end teacher furloughs (Hawaii)

Sales tax revenue plummets in Sacramento region

IN DEPTH: Pensions:City can't keep up with cost (Glendale)

All Palo Alto Crossing Guards May Lose Their Jobs

Cash Crunch Continues At MTA (NY)

Thailand turmoil shuts down scores of businesses

Don't believe the hype on GM's loan repayment

Alan Grayson Discloses That Dodd Bill Covertly Eliminates Already Passed Legislation Requiring Full Fed Audit (Zerohedge)


............Taking another Sunday off. Enjoy the weekend!

rjs's picture
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Posts: 445
Re: Daily Digest - April 24

A Chicken in Every VAT - Well, now we know why there is such a substantial disconnect between growing retail sales and falling state sales tax collections: the Census Bureau Retail and Food Service Sales report theorizers now must be incorporating the value of bartered goods and services, like healthcare for chickens, in light of the growing talk of creating a Value-Added Tax (VAT) on consumption. (Shhh...not 'til after the November elections.)

(he documents the disconnect)

gregroberts's picture
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Posts: 1024
Oklahoma City reality check

wildjo's picture
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Posts: 44
Re: Daily Digest - April 24

Minor correction: that graph is from April 7, 2009 not 2010.  I wonder how the estimate for demand has changed in the last year?

.'s picture
Status: Silver Member (Offline)
Joined: Oct 22 2008
Posts: 167
Re: Oklahoma City reality check

Hey GregRoberts,

More conspiracy theory.  The media and all the taking heads tell us that Terry Nichols and Timothy McVay were the perpetrators of this act of terrorism.  Surely the media and the powers that be would not lie to us.  Why would they lie to us?  They know what is best for us and will protect us and keep us from harm, even if we have to give up a few freedoms along the way.  The government is our friend.  

Excuse me, I have some grass to eat. 

Baaaaaaaa, baaaaaaaa.  

idoctor's picture
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Posts: 1731
Re: Daily Digest - April 24



King World News: http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/24_Gerald_Celente.html

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