- The Stimulus Plan: A Detailed List of Spending
- New Zimbabwe minister blames bank
- Irish government faces growing fears of debt default
- Will Eastern Europe Trigger a Financial Meltdown?
- Diluted to Oblivion, Dead Banks
- London Bankers – So Sorry (Video)
- Obama to Work on Executive-Pay Limits Amid Complaints
- Can Wall St. Dodge Government Pay Limits?
- Bill Moyers & Simon Johnson on Pay Limits part at9:00+/- Minute Point (Repost)
- Miami banker gives $60 million of his own to employees
- Economic Collapse, Celente (Commercial Real Estate, Revolution, Change?, Authority, WWIII)
- With Calif. lawmakers locked in, budget fix stalls
- Charlotte in same predicament as Wall Street
- Today’s work "Package" (Humor)
- Bank Failures, P/Year Chart
- Bank Failure, Assets Chart
- ABC Video, Nationalization (Pre-Privatization, Govt. Receivership)
- Debt to Equity Ratio Calculator
- Assets vs Derivatives
- Accountability $323,500,000
- Department of Agriculture – Office of Inspector General $22,500,000
- Department of Commerce – Office of Inspector General $10,000,000
- National Oceanic and Atmospheric Administration – Office of Inspector General $6,000,000
- Department of Justice – Office of Inspector General $2,000,000
- NASA – Office of Inspector General $2,000,000
- More…(much, much more!)
xxxFears are growing that Ireland could default on its national debt after the cost to insure against possible losses on loans to the country rose to record highs at the end of last week.zzzz
Zimbabwe’s central bank is at the heart of the nation’s economic decay, new Finance Minister Tendai Biti says, pledging to reform the institution.
With its economy in free fall, Zimbabwe would need South African help to recover, the Movement for Democratic Change politician told Reuters.
Zimbabwe has the world’s highest inflation rate, a virtually worthless currency, and 90% unemployment.
Meanwhile, MDC politician Roy Bennett is due to appear in court on Monday.
Mr Bennett, the MDC’s treasurer, was arrested on Friday shortly before President Robert Mugabe swore in Mr Biti along with other new ministers of the country’s unity government.
He is charged with conspiring to acquire arms with a view to disrupting essential services and remains in custody, his party said.
We’ve commented from time to time that a possible financial flashpoint is countries that got themselves in the same fix as Iceland , of having a banking sector engaged in the generally risky practices that were standard form recently, and was outsized relative to the economy (Willem Buiter also points out that that precarious situation is made worse by having your own teeny currency).
While Ireland is in that position, a more immediate trigger for trouble is Eastern Europe. We’ve mentioned in particular the precarious position of Austria, which was a big lender to the region. As Ambrose Evans-Pritchard remarks in the Telegraph:
Austria’s finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria’s GDP.
"A failure rate of 10pc would lead to the collapse of the Austrian financial sector," reported Der Standard in Vienna. Unfortunately, that is about to happen.
The European Bank for Reconstruction and Development (EBRD) says bad debts will top 10pc and may reach 20pc. The Vienna press said Bank Austria and its Italian owner Unicredit face a "monetary Stalingrad" in the East.
Mr Pröll tried to drum up support for his rescue package from EU finance ministers in Brussels last week. The idea was scotched by Germany’s Peer Steinbrück. Not our problem, he said…..
The USCongressional display of big bankers this week was a pathetic spectacle. They admitted fault. They should have genuflected and thanked the USGovt and legal authorities for not being directed to prison quarters with orange jumpsuits. The spectacle was reminiscent of the ‘Godfather’ movies when the Corleone family had the spotlight shined on them for involvement in organized crime. Even the London bankers had their more pathetic public apology session. Their failure was marred by ineptitude and purchase of fraudulent Wall Street bonds, more than criminal activity. See the video clip for a truly pathetic glimpse (CLICK HERE). The tragic reality is that both New York City and London are in the process of morphing into financial rust belts (not my original line). The Wall Street syndicates are not yet recognized as such criminal entities, but they are far more dangerous and deadly. Most syndicates do not kill their hosts. They killed the USEconomy. Heck, even the United Nations drug watchdog group has let the cat out of the bag, announcing that Western banks have been dependent upon narcotics trafficking money, but did not mention Afghanistan or New York City.
Feb. 15 (Bloomberg) — The Obama administration pledged to work with Congress on implementing tough executive-pay limitations at banks that get federal bailout money as critics said the new restrictions in economic-stimulus legislation will prompt talented managers to leave.
Now that the government has set a number of caps on Wall
St. pay packages, the question is whether the financial firms can get
around some of the rules. Certainly not. Congress has too much invested
in showing the public that it can bring down the people who tend to get
the most blame for the collapse of the of the credit system.
Pay Limits 9:00+/- Minute Point[video:http://www.youtube.com/watch?v=YEvwhqoUjMI&eurl=player_embedded]
Lots of bosses say they value their employees. Some even mean it.
And then there’s Leonard Abess Jr.
After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60 million of the proceeds — $60 million out of his own pocket — and hand it to his tellers, bookkeepers, clerks, everyone on the payroll. All 399 workers on the staff received bonuses, and he even tracked down 72 former employees so they could share in the windfall.
Economic Collapse, Celente (Video)[video:http://www.youtube.com/watch?v=9nJ7LM3iyNg&eurl=player_embedded]
SACRAMENTO (AP) – One vote shy of a budget deal, California Gov. Arnold Schwarzenegger on Sunday pressured reluctant Republicans in the state Legislature to pass a complex plan to close the state’s $42 billion deficit.
The head of the state Assembly locked the chamber down, forcing members to remain as the measure stalled in the Senate.
Many California Republicans are unwilling to raise taxes to deal with the state’s historic deficit, but at least three GOP voters were needed in each house for the two-thirds majority required to pass the budget.
"My guess is everybody’s arm is getting twisted," said Sen. Dave Cox, a Republican who had been the among Democrats’ best hopes for a deal. "My answer is no, and I’m not looking for additional information. I’ve made my decision."
CHARLOTTE, N.C. (AP) – The financial collapse has hit the city known as Wall Street South.
For years, Bank of America Corp. (BAC) (BAC) and Wachovia Corp. (WB) helped turn Charlotte into a financial powerhouse. Now, the big banks have thrust it into the same predicament as the real Wall Street – the city is losing thousands of jobs and an unquantifiable amount of prestige. Residents who invested heavily in the banks have seen their wealth dissipate and lifestyles change radically.
"It’s kind of sad, disheartening because the banks have been the backbone of Charlotte for so long," said Carl Clayton, a 55-year-old retired school teacher.
The loss of so many bank jobs is causing upheaval in other industries. Consumers who have been laid off or fear being out of work are curtailing their spending, forcing restaurants and retailers to close – among them Morton’s, a high-end steakhouse, and a 15-month-old Home Depot Design Center. Even some of the Charlotte’s lively night clubs have shuttered their doors.
Charlotte in same predicament as Wall Street[video:http://www.youtube.com/watch?v=u1WgYeAW7bI&eurl=player_embedded]
ABC Video, Nationalization (Pre-Privatization, Govt. Receivership)
Debt to Equity Ratio Calculator (Some Assets to Derivatives, not debt to equity) JPM 49, Citi 29