(Reuters) – Greece will miss deficit targets set just months ago in a massive bailout package, sources said citing a budget draft being adopted by the cabinet on Sunday, in a setback in Europe’s efforts to stave off the country’s bankruptcy.
The dire forecasts come while inspectors from the International Monetary Fund, EU and European Central Bank, known as the troika, are in Athens scouring the [...]
The Department for Communities and Local Government published a list today of thousands of assets owned by 600 councils and public sector bodies. It includes shops, restaurants, pubs, golf clubs, theatres, hotels, stables, football clubs and leisure centres. Many are highly valued by communities and provide cost-effective access to the disabled and disadvantaged groups. [...]
by Hugh G Rection
1) All the global banks were up to their eye-balls in toxic assets. All the AAA mortgage-backed securities etc. were in fact JUNK. But in the balance sheets of the banks and their special purpose vehicles (SPVs), they were stated to be worth US$ TRILLIONS.
2) The collapse of Lehman Bros and AIG exposed this ugly truth. All the global banks had liabilities [...]
he White House says the assets held by President Barack Obama and Michelle Obama are valued between $1.8 million and nearly $12 million.
Financial disclosure documents released Monday showed the assets for last year. The couple’s assets, which include Treasury bonds and retirement accounts, were valued at a maximum of $7.5 million in 2009.
Assets are listed in wide ranges on the disclosure forms, making it difficult to [...]
LOS ANGELES (Hollywood Reporter) – While Hollywood scrambles to figure out ways to exploit the death of Osama bin Laden on screen, the first movie that could actually benefit from the news is likely to be the final Harry Potter movie, “Harry Potter and the Deathly Hallows: Part 2,” which comes out on July 15.
While distributor Warner Bros has never pushed the comparison, the [...]
WASHINGTON (MarketWatch) — President Barack Obama and First Lady Michelle Obama reported an adjusted gross income of $1.73 million in 2010, mostly from proceeds from the sale of the president’s books, the White House said Monday. The Obamas paid $453,770 in federal tax, the White House said, and donated $245,075 to 36 different charities. They also paid $51,568 in Illinois taxes. Vice President Joe Biden [...]
Allen Parkâ€” The city’s finance director said today that Allen Park must lay off 25 to 30 employees by June to avoid a $600,000 deficit for the current fiscal year.
Tim McCurley said in an interview that the city sent layoff notices to everyone in the fire department to comply with a clause in the firefighters’ union contract requiring a 30-day notice. He said some or [...]
Lansingâ€” Swift and severe changes are coming to Detroit Public Schools.
State education officials have ordered Robert Bobb to immediately implement a financial restructuring plan that balances the district’s books by closing half of its schools, swelling high school class sizes to 60 students and consolidating operations.
This week, Bobb, the district’s emergency financial manager, said he is meeting with Detroit city officials and will set up [...]
Jerry Brown, Californiaâ€™s governor, declared a state of fiscal emergency on Thursday for the government of the most populous US state to press lawmakers to tackle its $25.4 billion budget gap.
Democrat Brownâ€™s declaration follows a similar one made last month by his predecessor Arnold Schwarzenegger, the former Republican governor.
Democrats who control the legislature declined to act on Schwarzeneggerâ€™s declaration, saying they would instead wait to [...]
Dear Friend of GATA and Gold (and Silver):
Noting J.P. Morgan Chase & Co.’s central role in suppressing the price of the monetary metals, particularly silver, the international journalist and provocateur Max Keiser has been waging a campaign to smash the market-manipulating investment bank by persuading civic-minded people to buy and take possession of at least 1 ounce of the precious metal. A comic excerpt [...]
Bill Black, who will soon, together with Neil Barofsky, be a guaranteed shoe-in for the POTUS/VP position (both as independents, of course), was on the Ratigan show today, following on his op-ed from last week (here and here) callingÂ for the long-overdue nationalization of Bank of America, and discussing the rampant fraud at the heart of mortgage gate. And contrary to ongoing lowball estimates [...]
What was and IS the exposure to CDS/CDO..other not reported BAD loans of Failed and failing banks….?with the housing market Not Rebounding and won’t despite repeated US Government attempts to prop it up.the bad loan portfolio of not just the CU’s and Banks currently with Millions/Billions of underwater loans going through the system the Bigger Question is………????
Fannie and Freddie…subsidizing 90% of Loans currently made 65-75% previously made.
Why isn’t that [...]
Calif (Reuters) – The board of Calpers, the biggest U.S. public pension fund, voted on Wednesday to ask California’s government for an additional $600 million in funding to bolster its finances.
The vote by the board of the $202 billion California Public Employees’ Retirement System comes as Governor Arnold Schwarzenegger and lawmakers face the arduous task of balancing the state government’s books, which requires closing a budget gap of more than [...]
“One stark and sobering way to frame the crisis is this: if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by AmericaÃ¢â‚¬â„¢s citizens since the nationÃ¢â‚¬â„¢s founding 235 years ago, the government would remain totally bankrupt.
According to the Federal ReserveÃ¢â‚¬â„¢s most recent report on wealth, AmericaÃ¢â‚¬â„¢s private net worth was $53.4 trillion as of September, 2009. But at the same time, [...]