The Bitcoin trading platform Mt. Gox in Tuesday was issued a warrant that stopped its ability to send or accept transfers of the electronic currency through its Dwolla payment service.
The Department of Homeland Security issued a “seizure warrant” for the Dwolla account, and a copy of the warrant revealed it was for “unlicensed money transmitting.”
The warrant, in part, states:
(a) Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or [...]
Despite making enormous strides professionally and financially, almost half of American women fear becoming bag ladies, even many of those earning six-figure salaries, according to a new survey.
Six in 10 women describe themselves as the primary breadwinners in their households, and 54% manage the family finances, according to the poll by Allianz Life Insurance Company of North America.
More than four in 10 Americans are living paycheck to paycheck and nearly one in 10 doesn’t earn enough to pay for essentials, according to a study released Tuesday.
The survey, conducted for the Allstate insurance company by FTI Consulting Inc., underscored the conflicted emotions and attitudes about personal finances among ordinary people.
It showed the challenges that people are facing in a soft economy and troubled labor market, but it also [...]
An estate has sold in the wealthy northern California community of Woodside for $117.5 million, making it one of the highest-priced residential sales ever in the U.S.
Woodside is known for its striking equestrian neighborhoods and billionaire Silicon Valley homeowners, among themOracle Corp. chief Larry Ellison. It also is the site of Filoli, a landmark country estate designed by Willis Polk, with 16 acres of gardens and another 654 acres of grounds used in [...]
California gasoline prices have dropped by an average of 24.4 cents a gallon since hitting a record for the state on Oct. 9. But the decline hardly amounts to the relief from high prices that most motorists would love to see.
Even with the drop in prices, the average cost of a gallon of gasoline in California is still a whopping 56.5 cents a gallon higher than the old record for [...]
WASHINGTON – China filed a World Trade Organization complaint Monday challenging U.S. anti-dumping measures on billions of dollars in goods as trade tensions escalated between the two economic superpowers.
The move came as the Obama administration said Monday it was complaining to the WTO that China was illegally subsidizing exports of automobiles and auto parts.
Americans are throwing out nearly every other bite of food, wasting up to 40% of the country’s supply each year – a mass of uneaten provisions worth $165 billion, according to a new report from the Natural Resources Defense Council.
An average family of four squanders $2,275 in food each year, or 20 pounds per person per month, according to the nonprofit and nonpartisan environmental advocacy group.
Read more: http://www.latimes.com/business/money/la-fi-mo-food-waste-nrdc-20120821,0,7810321.story
The velocity of money is at an all-time low, even lower then it was in the 50’s.
The new June retail sales reports are out and it does not look good. If this trend continues in to the winter we’ll run in to a new round of layoff and business closings.
Money in circulation is at an all-time high but the average dollar is being used in fewer transactions per year than [...]
By Michael HiltzikMay 18, 2012, 2:46 p.m.
Maybe the dumb money wasn’t so dumb this time.
The stock market did turn out to be a voting machine on Facebook on Friday (to quote Warren Buffett and Benjamin Graham), and the vote was thumbs-down on flapdoodle.
Market pros will be debating the lessons to be drawn from the disastrous first-day trading in Facebook’s initial public offering. But one lesson is that when given enough information, investors can [...]
Bank of America, which has been working to downsize its consumer operations by 30,000 employees, now is targeting highly compensated investment bankers and non-U.S. wealth managers — efforts expected to reduce the job rolls at the bank by 2,000 people.
The cuts, first reported in the Wall Street Journal on Tuesday, also will cost some commercial bankers their jobs at BofA, the second-largest U.S. bank as measured by assets.
The actions include [...]
The state is poised to seize more than $169 million in housing money from New Jersey municipalities, because of a deadline set four years ago as part of then-Gov. Jon Corzine’s affordable housing reforms, though towns are prepared to challenge the takeover.
The state, as part of the 2008 reform, gave towns until July 17 to spend or account for money raised by their affordable housing trust funds. According to the [...]
By Ronald D. WhiteFebruary 17, 2012, 12:31 p.m.
Just in time for Presidents Day: get ready for the long holiday weekend’s highest prices ever in Southern California as $4 gasoline is expected to arrive in Los Angeles, Long Beach, and probably Orange County, too.
That’s what energy analysts are predicting as the average price of a gallon of gasoline in the Los Angeles-Long Beach area reached $3.996 a gallon overnight, up nearly 2 [...]
by Simon Black, Sovereign Man
November 7, 2011
Last week, I sent my 4th Pillar subscribers an issue warning them of a sharp rally in the US dollar. Since then, the euro has fallen from above 1.40 to 1.379. The pound weakened from 1.6165 to 1.603. And the currency we watch most closely in the 4th Pillar, the Aussie dollar, dipped from above 1.06 to 1.0375.
I issued this warning because it is becoming [...]
“He said he understood the anger at the use of taxpayers’ cash to prop up stricken banks, allowing them to earn huge profits,” the BBC reported on Monday.
”I think I can sympathize with their views,” said Soros. “Actually I can understand their sentiment, frankly … since they were relying on that credit to run their businesses an awful lot of them actually were put out of [...]
The flow of phony paper
1. Banks mark up their junk paper to full value.
2. This mark up was accounted for in the prop trading accounts.
3. Because it was a mark up there was no cash income but only a balance sheet change and artificial prop trading department profit.
4. Major sickening bonuses were paid to all members of these firms because it was the last draw from the well.
by Jan Paul
It should be noted that it is not some certain quantity of money injected into the banking system that will cause hyperinflation; rather, it will be the repudiation of all dollars already in circulation. Holders of physical dollars will panic to exchange them for anything tangible, causing the dollarâ€™s value to fall to zero in mere days. Everything needed to trigger this collapse is already baked in the [...]
Looks like starting in 2012 (this new reg was part of the health care overhaul), every business that does $600 or more wortha biz with any other business will have to file a 1099 detailing the transactions. Yeah, just in my little mom’n’pop shop, we’ll have to file an additional 20+ 1099s that year (for ’09 we filed 3). It boggles the mind to consider what the ramifications [...]
That is all that is happening. We have an economic empire being marginalized and replaced and that is very normal, not the end of anything.
Jobs, business and investment money continue to flow to the emerging markets where there is growth and out of the U.S. that has been in decline for a couple decades or so.
I think you just have to adjust the view you have of the market from [...]