Foreign investment in Spanish public debt has decreased by 78.168 million in the first six months of the year, standing at 203.271 million euros, compared to 281.439 million which reached the end of 2011. This is a break of 27.7% over last year.
According to the General Secretariat of the Treasury and Financial Policy,foreign investors piled at the end of June the 35.24% of the Spanish sovereign debt, compared to 50.48% which amounted last year.
The largest decreases [...]
Wednesday night on “The Colbert Report,” host Stephen Colbert dedicated this nightly “The Word” segment to the phrase “Free Lunch” and to discussing the corrosive influence of labor unions on the American way of life.
Unions are killing America’s small towns, said Colbert, “Their demands for a livable wage and accessible fire exits have gutted our economy.”
Fortunately, he said, public employee unions in Wisconsin have been stripped of their right to [...]
Lending via three websites that link savers with borrowers – bypassing the banking system – has topped £250m.
The “new age” finance carries no protection for deposits, but is being tipped as a serious threat to traditional banks.
The peer-to-peer sites are led by Zopa, which has lent more than £200m since it started in 2005.
Funding Circle, specialising in business loans, has topped £34m, and RateSetter has reached £24m.
Last month the [...]
As Wisconsin public sector unions attempt to oust Governor Walker in a recall vote today for his cuts in government spending and curbs on public sector union bargaining power, the San Francisco Chronicle, in a cover blockbuster, has listed the “top 100 donors who influence state campaigns the most in California.
Donations in millions by the Top 5 GROUPS to all California campaigns between 2001 and 2011 are as follows:
DETROIT (Reuters) – General Motors Co will cut nearly a quarter of its U.S. pension obligation by transferring the management of its pension plans for 118,000 white-collar retirees to a third party and offering lump-sum buyouts.
The two moves unveiled on Friday will cut $26 billion from the automaker’s massive U.S. pension liability of nearly $109 billion. GM’s pension overhang is a top concern for investors. It was one of a handful [...]
Almost 70% of workers in Britain have little or no knowledge of the government’s plan to automatically enrol people in their company pension scheme from 1 October 2012. The change to pensionslegislation means millions of people who have so far not been saving for their retirement will begin putting money aside for the first time.
Up to 10 million people will be placed into schemes from this autumn, under government plans [...]
1. It is an election year.
5. If the market goes down, pensions will need to pull more from the general fund – which is already deeply in debt.
If the market goes down the house of cards collapses now. Too soon to the election. Wait for [...]
As growing numbers of baby boomers face retirement with inadequate savings, some state officials are considering a novel proposal to rebuild America’s ailing retirement system — having state pension funds run retirement plans for companies.
Because more companies are ditching their own pension plans or not offering retirement benefits at all, the idea would be to give companies an easy way to offer a firm pension without having to run the [...]
The region’s local governments will spend near-record amounts this year shoring up pension plans – more than enough to build the proposed new arena for the Sacramento Kings – even as they cut public services.
According to a Bee review of actuary reports, this year’s hefty payments – $510 million – are necessary because pension plans remain underfunded. They have been battered by the recession and bruised by enhanced worker benefits approved a decade ago.
Local cities, counties [...]
In a country where pensioners will need all the help they can get, hedge fund manager AIJ Investment Advisors operations have been suspended over regulator concerns that the company has lost enormous amounts in pension savings. According to Bloomberg Businessweek, Japan, the country with the world’s fastest growing aging population could be in major trouble as two decades of slumped markets, the effects of a massive tsunami, and pension losses have [...]
Pension liabilities to hit earnings of US blue-chips
“The funding gap for pension plans of S&P 500 companies almost doubled in 2011, analysts say, to around $450bn, as bond yields dropped, causing the size of future liabilities to grow. ”
……..Google search showing the quote.
by Mike “Mish” Shedlock
American Airlines filed for bankruptcy in November 2011. Here is the question at hand: Will Taxpayers Be On The Hook For American Airlines’ Pensions?
American Airlines needs $18.5 billion to cover its pension promises to current and former employees, but it has only set aside $8.3 billion.
American Airlines is asking the bankruptcy court for permission to drop its pension plans. If the court allows that, the plans will be taken over [...]
American Airlines parent AMR Corp. Wednesday said it will seek to cut 13,000 jobs and terminate pensions in pursuit of $2 billion in annual costs savings, tipping its hand for the first time in what could be a long and painful bankruptcy proceeding.
The company said it wants to reduce labor costs by $1.25 billion a year, or 20%. That includes cutting its work force of 88,000 by nearly 15%, imposing [...]
Thinking of taxes and state budget deficits?
Special caution states: Illinois and Kansas.
U.S. State Pension Funding Levels (February 18, 2010)
From Reddit: I work in Wall Street and work in hedge fund analysis. I’m the only person in my office who supports OWS
This is a self-post, so I’m not trying to karma-whore or anything. I have a message I want to share with anyone who’s interested.
I’m writing this in hopes that the OWS movement can have a better understanding of the hedge fund industry and the financial markets. With OWS being the [...]
Uploaded by BrotherJohnF on Nov 8, 2011
Silver Update 11/8/11 – Pension Ponzi
Software Provided By Netdania.com http://www.netdania.com/Products/live-streaming-currency-exchange-rates/real-…
by Charles Hugh Smith from Of Two Minds
Next In Line for Implosion: Pension Plans
Pension plans are based on 8% annual growth forever. What happens to these plans in a zero-interest rate world as the global economy and stock markets contract?
I’m afraid it’s time for an intervention. I don’t enjoy being the bearer of difficult news, but now that Europe has stumbled drunkenly into the pool and been “rescued,” it’s once again [...]
SPRINGFIELD — — Two lobbyists with no prior teaching experience were allowed to count their years as union employees toward a state teacher pension once they served a single day of subbing in 2007, a Tribune/WGN-TV investigation has found.
Steven Preckwinkle, the political director for the Illinois Federation of Teachers, and fellow union lobbyist David Piccioli were the only people who took advantage of a small window opened by lawmakers a [...]
While it won’t say much new to those “stupid enough” to exist in the intersection of the “Retired” and “Alive” Venn circles under the Bernanke central planning regime, we suggest any pensioners who hope to see their life savings generate some…any… return (on capital, or of capital) in their lifetime, to simply skip this article and read some of our cheerier [...]
In the second episode of Meltdown, we look at how the financial tsunami swept the world. We hear about a renegade executive who nearly destroyed the global financial system and the US treasury secretary who bailed out his friends.
Henry ‘Hank’ Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm – the [...]
China’s yuan to become reserve currency -Nigeria c.bank chief
ECB Says Banks Deposited 166.8 Billion Euros Overnight
Senate Debates Austerity Plan As Workers Strike Across Italy
Gov. Pat Quinn plans to issue layoff notices to thousands of state workers this week (Illinois)
Food Pantry Director: Middle Class are the “New Hungry”
Millbrae may be the next city to outsource its police (California)
Unpaid bills decimate hospital owner
San Francisco Muni already projecting $23M shortfall
Gap?in?US pension plans [...]
“…Executive pay changes to get flat 15% corporate tax rate:
1. Tie executive pay to “average worker” pay.
2. Eliminate all options, deferred compensation plans, special executive retirement plans for the top executives.
3. Eliminate “golden parachutes” or make them company wide.
4. Make a significant portion of executive pay be in the form of restricted stock and make the holding period five years [...]
House Minority Leader Nancy Pelosi (D-Calif.) saw her net worth rise 62 percent last year, cementing her status as one of the wealthiest members of Congress.
Pelosi was worth at least $35.2 million in the 2010 calendar year, according to a financial disclosure report released Wednesday. She reported a minimum of $43.4 million in assets and about $8.2 in liabilities.
For 2009, Pelosi reported a minimum net [...]
Question # 1: What are your plans if you become mayor?
1) Eliminate property taxes in 4 years;
2) Create 150,000 private sector jobs in 3 years;
3) Stop foreclosure and stabilize housing and real estate market;
4) Reduce 40% of the energy costs,
5) Make low-cost loans and mortgages available to private households and small businesses;
6) Fix county’s pension problems;
7) Secure and attractive pay for teachers, police and firefighters.
Question # 2: [...]
From abcnews :
Walker, faced with a $3.6 billion deficit, denies he is trying to bust the unions.
“The bottom line is we’re broke. We can’t negotiate for something we don’t have the ability to give on,” said Walker.
But Miller sees Walker making tax breaks elsewhere.
“The early part of the legislator the governor declared a special session of which he created $140 million in tax breaks for corporations in Wisconsin,” [...]
BY E.S. BROWNING
After making the same kinds of investment blunders as many individuals, corporate pension funds now are seeking the same remedies: fleeing stocks for the perceived safety of bonds.
A growing number of pension managers are concluding their pursuit of maximum returns was a mistake, interviews with managers and consultants show. Instead, many funds are trying to achieve stable returns that more or less keep [...]
Total Consumer Debt (including mortgages, car loans, and credit card debt and interest)
Source Jim Quinn’s Burning Platform and I used it in my last [...]
I would have picked something that cannot possibly be outsourced.
If they want to fix the country and the economy and create more jobs, they need to drastically down size government and privatize as much as they can.
Get rid of unions.
If private companies want unions, ridiculously over-paid union AND executive wages, ridiculous pension plans, and all the rest, I could care less. But then, when they get in financial trouble because [...]