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Keyword: bankrupt

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  • Closure of Border Patrol Stations Across Four States Triggers Alarm

    07/11/2012 11:37:23 AM PDT · by ex-Texan · 20 replies
    Fox News ^ | 7/11/2012 | By Judson Berger
    The Obama administration is moving to shut down nine Border Patrol stations across four states, triggering a backlash from local law enforcement, members of Congress and Border Patrol agents themselves. * * * [One] soon-to-be-shuttered station in Amarillo, Texas, is right in the middle of the I-40 corridor; another in Riverside, Calif., is outside Los AngelesU.S. Customs and Border Protection says it's closing the stations in order to reassign agents to high-priority areas closer to the border. * * *
  • Budget Insanity

    07/11/2012 4:16:49 AM PDT · by Kaslin · 31 replies
    Townhall.com ^ | July 11, 2012 | John Stossel
    Last year, Congress agreed to $1.2 trillion in automatic spending cuts, unless politicians find other things to cut. They didn't, of course. So now, with so-called sequestration looming in January, panic has set in. Even the new "fiscally responsible" Republicans vote against cutting Energy Department handouts to companies like Solyndra and subsidies to sugar producers. Many claim that any cut in military spending will weaken America and increase unemployment. It's another demonstration of the politicians' addiction to spending -- and how we are complicit. "One more infrastructure bill" or "this jobs plan" will jumpstart the economy, and then we'll kick...
  • Barack Obama Keeps Campaign Promise – Patriot Coal Corp Files For Bankruptcy

    07/10/2012 2:10:04 PM PDT · by KeyLargo · 35 replies
    The Gateway Pundit ^ | July 10, 2012 | Jim Hoft
    Barack Obama Keeps Campaign Promise – Patriot Coal Corp Files For Bankruptcy Posted by Jim Hoft on Tuesday, July 10, 2012, 5:57 AM A one man wrecking crew– Barack Obama promised to bankrupt the coal industry during the 2008 campaign. “So if someone wants to build a coal-powered plant, they can. It’s just that it will bankrupt them.” On Monday Patriot Coal Corp filed for bankruptcy. Barack Obama kept this promise. Reuters reported: Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to...
  • Essential Air Service House Chamber, Washington, D.C.

    06/27/2012 2:36:56 PM PDT · by Congressman Tom McClintock
    Congressman Tom McClintock ^ | June 26, 2012 | Congressman Tom McClintock
    Mr. Chairman: If the House is to live up to the promises the Republican majority made to the American people to bring spending under control, some tough choices are going to have to be made. But this amendment isn’t one of them. This is about the easiest choice the House could possibly make: to put an end to the so-called “Essential Air Service” that lavishly subsidizes some of the least essential air services in the country. This program shells out nearly $200 million a year – including $114 million of direct taxpayer subsidies – to support empty and near-empty flights...
  • Obama’s Fannie Mae failure

    06/17/2012 2:26:57 PM PDT · by TurboZamboni · 5 replies
    salon ^ | 6-15-12 | andrew leonard
    Amid all the rhetoric and posturing that have accompanied every twist and turn of the great housing bust and the ensuing slow, stuttering recovery of the United States economy, a comment made last week by new Fannie Mae CEO Tim Mayopoulos to the Wall Street Journal might have seemed consequential only to the most wired-in housing wonk. ”From my perspective, I don’t believe we need principal reduction to modify loans and make [modifications] work for homeowners,” Mr. Mayopoulos said.
  • "The End Game: 2012 And 2013 Will Usher In The End" - The Scariest Presentation Ever?

    05/31/2012 6:25:01 PM PDT · by SatinDoll · 58 replies
    The Zero Hedge ^ | 5/31/2012 | Tyler Durden
    If Raoul Pal was some doomsday spouting windbag, writing in all caps, arbitrarily pasting together disparate charts to create 200 page slideshows, it would be easy to ignore him. He isn't. The founder of Global Macro Investor "previously co-managed the GLG Global Macro Fund in London for GLG Partners, one of the largest hedge fund groups in the world. Raoul came to GLG from Goldman Sachs where he co-managed the hedge fund sales business in Equities and Equity Derivatives in Europe... Raoul Pal retired from managing client money in 2004 at the age of 36 and now lives on the...
  • Americans: Too broke to go bankrupt

    05/07/2012 8:01:47 AM PDT · by crosshairs · 18 replies
    Yahoo ^ | 5/7/12 | Blake Ellis
    This year, hundreds of thousands of Americans are expected to be too broke to file for bankruptcy. The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research. As a result, anywhere between 200,000 and one million consumers are estimated to be unable to afford that steep cost this year. The research, conducted by a group of professors from Columbia University, the University of Chicago and Washington University in St. Louis, examined how bankruptcy filings spiked after people...
  • Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft (Illinois)

    05/02/2012 5:07:10 AM PDT · by KeyLargo · 62 replies
    Champion News ^ | Apr 27, 2012 | Bill Zettler
    Retired College Teacher With $152,000 Pension Claims Pension Reform is Theft April 27, 2012 By Bill Zettler Michael Corn, a retired college teacher, recently wrote a letter-to-the-editor at the Daily Herald equating the unfunded Illinois pension system with theft. And I agree it is theft but I would argue the thief is the public employee not the legislature or taxpayer as Mr. Horn claims. Mr. Corn laments that he paid 8% for his pension and for that unholy contribution he feels he has earned his $12,707.59 monthly pension or $152,490.84 per year. Mr. Corn paid his 8% for all of...
  • Why Comrade Brown's People's Socialist Republic of California is Broke as a Joke

    04/26/2012 8:50:46 AM PDT · by Reaganite Republican · 12 replies
    Reaganite Republican ^ | April 26, 2012 | Reaganite Republican
    Current list of California state agencies: California Academic Performance Index (API) * California Access for Infants and Mothers * California Acupuncture Board * California Administrative Office of the Courts * California Adoptions Branch * California African American Museum * California Agricultural Export Program * California Agricultural Labor Relations Board * California Agricultural Statistics Service * California Air Resources Board(CARB) * California Allocation Board * California Alternative Energy and Advanced Transportation Financing Authority * California Animal Health and Food Safety Services * California Anti-Terrorism Information Center * CaliforniaApprenticeship Council * California Arbitration Certification Program * California Architects Board * California...
  • When Has Romney EVER Done A Tough Conservative Thing? SS Fund Bankrupt by 2016

    04/24/2012 3:49:09 PM PDT · by rightjb · 2 replies
    PolitiJim.com ^ | 4/24/2012 | Libertarian Neocon (@LibNeocon)
    The Wheels Are Already Coming Off: Social Security Disability Insurance Fund to Go Bankrupt by 2016 |And We Have No Confidence Obama or Romney Would Know What To Do http://bit.ly/Jmx8Kx
  • Ann Barnhardt on Green Energy Bankruptcies

    04/24/2012 11:34:51 AM PDT · by ml/nj · 30 replies
    Ann Barnhardt ^ | Apr 23, 2012 | Ann Barnhardt
    I just want to point something out that I'm not sure people are appreciating. All of these so-called "green energy" companies that Obama throws billions of dollars at and then file for BK - these companies are taking less than 18 months to go from signing the papers for the government loans to full-liquidation BK. The speed with which these companies collapse is, in and of itself, proof that these companies are set up PURELY as mechanisms to loot the United States Treasury. They were never intended to actually produce anything. They are shells that are set up to fail....
  • Public Unions Bankrupt Illinois

    04/24/2012 8:29:07 AM PDT · by Kaslin · 18 replies
    Townhall.com ^ | April 24, 2012 | Mike Shedlock
    Governor Pat Quinn rammed through the largest tax hikes in Illinois history last year. On January 13, 2011, Governor Pat Quinn signed off on a 67% hike in personal income taxes and a 46% hike in corporate taxes. The result is not what the governor thought. Businesses have fled, more have threatened to leave and Quinn responded with sweeteners. Moreover, Illinois pension plans are still the worst funded in the nation, and the state is still struggling to pay bills. Bloomberg reports Illinois ‘Treads Water’ as Unpaid Bills Top $9 Billion
  • Report: Warren Sapp files for bankruptcy, has lost Super Bowl ring

    04/07/2012 8:33:34 AM PDT · by shortstop · 82 replies
    Tampa Bay Times ^ | 04/07/12 | Tampa Bay Times Staff
    Former Bucs defensive lineman Warren Sapp has filed for Chapter 7 bankruptcy in Florida on claims he has racked up millions in debt, TMZ.com reported Friday. One of the most surprising claims in Sapp's filing is that lost his 2002 Super Bowl ring from the championship with the Bucs and his 1991 national championship ring from the University of Miami, TMZ reported. The future Hall of Famer owes more than $6.7 million to various creditors, including hundreds of thousands of dollars in child support payments to at least four women, the celebrity news website reported. He owes $853,000 to the...
  • Another Gov’t-Backed Clean Energy Co. Touted by Obama Admin Goes Bankrupt

    04/02/2012 2:53:49 PM PDT · by Nachum · 14 replies
    The Blaze ^ | 4/2/12 | Becket Adams
    A California solar energy company that was unable to meet a deadline for an Energy Department loan guarantee last year has sought bankruptcy protection in Delaware. “Solar Trust of America LLC…holds the development rights for the world’s largest solar power project,” Reuters reports, “which last April won $2.1 billion of conditional loan guarantees from the U.S. Department of Energy. It is unclear how the bankruptcy will affect that project [emphasis added].” Solar Trust of America’s Chapter 11 filing on Monday listed assets between $1 million and $10 million, and liabilities between $10 million and $50 million. “We have been working...
  • White House gives up more Solyndra docs (only the third time)

    02/03/2012 10:39:51 PM PST · by Libloather · 4 replies
    The Hill ^ | 2/03/12 | Andrew Restuccia, Ben Geman
    White House gives up more Solyndra docsBy Andrew Restuccia and Ben Geman - 02/03/12 06:45 PM ET Amid threats by a top House Republican to pursue contempt charges, the White House on Friday sent lawmakers more internal documents related to the $535 million loan guarantee to failed solar firm Solyndra. The White House, in providing the 313 pages of documents, again denied that approval of the loan guarantee in 2009 was influenced by politics, an allegation that Republicans have repeated for months. “Notwithstanding the lack of any evidence supporting the Committee’s allegations of favoritism to campaign donors or other alleged...
  • Sugar as Dangerous as Alcohol and Tobacco? (libs: tax sugar)

    02/01/2012 2:55:04 PM PST · by EagleUSA · 92 replies
    ABC News ^ | 2/1/2012 | Carrie Gann
    Is sugar as dangerous as alcohol and tobacco? One group of researchers from the University of California, San Francisco, says so. And they are urging a tax on sugary treats and some action by the government to get Americans to cut back on sugar. In an editorial published today in the journal Nature, the UCSF doctors, Robert Lustig, Laura Schmidt and Claire Brindis, said the ballooning rates — and costs — of obesity, diabetes and other diseases, mean it’s time for regulators to lump sugar into the same category as booze and cigarettes and put similar restrictions on its sale...
  • California To Run Out Of Cash In One Month, Controller Warns

    01/31/2012 2:13:45 PM PST · by Zakeet · 45 replies
    Zero Hedge ^ | January 31, 2012 | Tyler Durden
    If anyone is tired of the daily European soap opera with surrealistic tragicomic overtones, they can simply shift their gaze to the 8th largest economy in the world: the insolvent state of California, whose controller just told legislators has just over a month worth of cash left. From the Sacramento Bee: "California will run out of cash by early March if the state does not take swift action to find $3.3 billion through payment delays and borrowing, according to a letter state Controller John Chiang sent to state lawmakers today. The announcement is surprising since lawmakers previously believed the state...
  • Video: Obama Touts Investment in EnerDel, Now Bankrupt

    01/27/2012 9:40:19 AM PST · by Nachum · 5 replies
    Verum Serum ^ | 1/27/12 | John
    Yesterday I noted that another green energy investment by the Obama administration had gone bankrupt. I posted video of the Vice President visiting the company. Today I’ve got video of the President touting his green investment in Indiana, including the now bankrupt EnerDel. This is from August 2009:
  • United Welfare States of America: In 2011 Nearly Half The Population Recv'd Benefits

    01/23/2012 3:53:49 AM PST · by RobertClark · 1 replies
    ZeroHedge ^ | 01/23/2012 | Tyler Durden
    While politicians may debate whether or not America is the most "generous" (with other generations' money of course) socialist welfare state in the history of mankind, the undoctored numbers make the affirmative case quite clear and without any chance for confusion. The single most disturbing statistic: in 2011 nearly half of the population lived in a household that receives some form of government benefit, which in turn accounted for 65% of total federal spending, or $2.5 trillion, and amount to 15% of GDP. And yet some people out there still think these people, long since indoctrinated to do little but...
  • Obama delays budget for 2013 [third time the administration has missed the legal deadline]

    01/23/2012 12:15:29 PM PST · by Sub-Driver · 29 replies
    Obama delays budget for 2013 By Erik Wasson - 01/23/12 02:08 PM ET President Obama will release his 2013 budget one week late, an administration official said Monday, the third time the administration has missed the legal deadline. Under the law, the budget is to be released on the first Monday in February, but the Office of Management and Budget (OMB) will be releasing the 2013 budget on Feb. 13. The Obama administration also delayed the release of the budget last year, waiting until Feb. 14. House Budget Committee Chairman Paul Ryan (R-Wis.) said the delay is symptomatic of a...
  • Taxpayers getting sunburned again

    01/23/2012 11:38:40 AM PST · by Mark Landsbaum · 5 replies
    The Orange County Register ^ | 1-22-2012 | Mark Landsbaum
    Despite history – and current events involving alternative energy companies – many Americans buy into the notion that for good things to happen, the government needs to be involved, even in charge. How many Solyndras is too many?
  • Obama Was Warned By His Economic Team That His Campaign Promises Would Create A Mountain Of Debt

    01/23/2012 7:15:24 AM PST · by blam · 22 replies
    TBI ^ | 1-23-2012 | Michael Brendan Dougherty
    Obama Was Warned By His Economic Team That His Campaign Promises Would Create A Mountain Of Debt Michael Brendan Dougherty Jan. 23, 2012, 8:57 AM Ryan Lizza reports for the New Yorker that on December 15 2008, a few short weeks before his inauguration, president-elect Obama was presented with a 57-page memo on the depth of the economic crisis drafted by Lawrence Summers and other economic advisors. The memo informed the president that if he enacted his campaign promises in the current environment, he would shoot a gigantic hole into the nation's budget. “Since January 2007 the medium-term budget deficit...
  • Uncle Sam Tells Americans How to Get Out of Debt

    01/23/2012 9:15:46 AM PST · by Altariel · 7 replies
    Reason ^ | January 19, 2012 | Shikha Dalmia
    After saddling the country with as much new debt as the rest of the world combined in one year flat, one would think that Uncle Sam wouldn’t have the cojones to dish out debt advice to others. But one would be wrong. In an unwitting self-parody worthy of Froma Harrop on The Daily Show, the Federal Trade Commission has created a step-by-step web guide for Americans “Knee-Deep in Debt.” The first step, says the agency, which represents a government that went over 800 days without passing a budget, is: create a budget! Get a “realistic assessment of how much money...
  • Debt? What’s the big deal. Do you have kids?

    01/18/2012 1:14:57 PM PST · by Mark Landsbaum · 4 replies
    Orange Punch Orange County Register blog ^ | 1-18-2012 | Mark Landsbaum
    Sometimes it helps to offer an analogy to show how utterly out of their minds they are in Washington when it comes to financial matters. We offer for your consideration, this short video. The names have been changed to protect the politicians.
  • Bankrupt Solyndra seeking to pay bonuses

    01/12/2012 2:58:36 AM PST · by afraidfortherepublic · 20 replies
    The Washiington Times ^ | 1-11-12 | Jim McElhatton
    Now seems an unlikely time for handing out bonuses at bankrupt Solyndra LLC, but that’s the plan of company attorneys intending to dole out up to a half-million dollars to persuade key employees to stay put. Nearly two dozen Solyndra employees could receive bonuses ranging from $10,000 to $50,000 each under a proposal filed by Solyndra’s attorneys in U.S. Bankruptcy Court in Delaware. The attorneys say the extra money will add motivation at a time when workers at the solar company have little job security and more responsibilities because so many of their colleagues have been fired. The names of...
  • How The U.S. National Debt Could Drain Your Savings

    01/11/2012 8:33:20 AM PST · by blam · 28 replies
    Money Morning ^ | 1-11-2011 | David Zeiler
    How the U.S. National Debt Could Drain Your Savings January 9, 2012 By David Zeiler, Associate Editor, Money Morning Now that Congress has allowed the U.S. national debt to grow bigger than the American economy, it won't be long until the American public suffers the consequences by losing most of its savings to inflation.Figures for last year show the national debt officially exceeded 100% of the nation's gross domestic product (GDP). According to government figures, the national debt stood at $15.23 trillion at the close of 2011, compared to a GDP of $15.18 trillion. "The 100% mark means that your...
  • Illinois Lottery Winners Get Stiffed When State Checks Don’t Cash

    01/06/2012 1:50:31 PM PST · by jakerobins · 22 replies
    CHICAGO (CBS) — Eighty-five Illinois Lottery winners last week probably thought they were lucky — until they tried to cash in their winnings, that is. Their checks, totaling $159,000 in lottery winnings, were no good. Two days after Christmas, Maureen Furio of Lake Zurich bought an instant scratch-off ticket and won $1000. The next day, she got a check from the lottery. “I deposited it the same day and went ahead and paid some extra Christmas bills,” Furio says. “And Jan. 3, it bounced.”
  • Bloomberg Hides Government Causes of Financial Crisis

    01/05/2012 2:33:19 PM PST · by neverdem · 6 replies
    American Spectator ^ | 1.4.12 | Peter Ferrara
    Media propagandists continue to advance the Democratic Party line. On December 21, Bloomberg News breathlessly reported, "The leading Republican candidates for president have embraced an explanation of the financial crisis that has been rejected by the chairman of the Federal Reserve, many economists and even three of the four Republicans on the government commission that investigated the meltdown." Reporter David J. Lynch further explained, "Both former House Speaker Newt Gingrich and former Massachusetts Governor Mitt Romney lay much of the blame on U.S. government housing policies, saying they led to the real estate crash that almost brought down the banking...
  • Fed says expand Fannie, Freddie role to aid housing

    01/05/2012 9:25:34 AM PST · by mojito · 19 replies
    Reuters ^ | 1/5/2012 | Mark Felsenthal and Margaret Chadbourn
    The U.S. government-run mortgage finance firms Fannie Mae and Freddie Mac could play a bigger role in turning around the battered U.S. housing market, the Federal Reserve told Congress, a call that looks set to run into stiff political opposition. The Fed, in a paper sent to lawmakers on Wednesday, outlined an array of steps that could be taken to help the housing sector, including allowing Fannie and Freddie to provide cheaper mortgages to a broader pool of homeowners. The two companies, the biggest sources of U.S. mortgage funding, were seized by the government in 2008 when they were on...
  • Aloha Obamas! First Family's Vacation Comes to an End, but Taxpayers Left with Hefty Bill

    01/03/2012 9:12:49 AM PST · by Responsibility2nd · 28 replies
    Hawaii Reporter ^ | 01/02/2012 | MALIA ZIMMERMAN
    KAILUA, HAWAII - President Barack Obama and his family and friends left Oahu on January 2, 2012, after a 17-day, notably low key vacation. While the Obamas were in the islands, they visited the grave of Stanley Dunham, President Obama's grandfather, at the National Memorial Cemetery of the Pacific and an exhibit at the East West Center that featured work of Stanley Ann Dunham, the president's deceased mother. The family also stopped at the President's favorite Kailua shave ice store, Island Snow, and the President played golf with his friends at Mid Pacific Country Club in Kailua and at Ko'olau...
  • Obama delays seeking debt-ceiling increase

    12/30/2011 3:27:04 PM PST · by mdittmar · 18 replies · 1+ views
    UPI ^ | Dec. 30, 2011 | UPI
    The Obama administration delayed asking Congress to raise the U.S. debt ceiling by $1.2 trillion after congressional leaders objected to the time frame. The White House said the delay won't affect the nation's creditworthiness, The Washington Post reported.Under the request the administration originally planned to submit Friday, Congress would have had 15 days to disapprove the request or else the debt ceiling automatically would have been raised from $15.2 trillion to $16.4 trillion.Congressional leaders, however, objected to the timeline, saying it would have been difficult for lawmakers to vote on the measure. The House doesn't return until Jan. 17 and...
  • Debt limit request delayed

    12/30/2011 11:42:54 AM PST · by ColdOne · 7 replies
    Politico44/whiteboard ^ | 12/30/11 | Jennifer Epstein
    HONOLULU -- President Obama will hold off on asking Congress to raise the debt limit on Friday as the Treasury Department had originally intended, White House principal deputy press secretary Josh Earnest said. Listening to requests from House Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.) to have more time so that both houses can vote on a measure of disapproval. As part of the $1.2 trillion deal reached in August, both houses voted on a similar incremental increase in September. It passed in the House but fell in the Senate, and would need a two-thirds majority...
  • MF Global Chief Who Oversaw Missing $1.2 Billion Also Top EPA Financial Adviser

    12/29/2011 9:16:30 AM PST · by Smokeyblue · 25 replies
    Big Government ^ | December 29, 2011 | Wynton Hall
    The same man who oversaw MF Global’s $1.2 billion in missing funds, Bradley I. Abelow, is also currently listed on the Environmental Protection Agency’s website as the current chairman of the EPA’s Financial Advisory Board. SNIP Mr. Abelow also served as former New Jersey Governor Jon Corzine’s chief of staff before Mr. Corzine went on to become MF Global’s CEO. Interestingly, current EPA Administrator Lisa Smith also previously served as then-Gov. Corzine’s chief of staff. Whether the Corzine connection played any role in Mr. Abelow’s appointment to the chairmanship of the EPA’s Financial Advisory Board is as yet unclear. Mr....
  • 10 Things Medicare Won't Tell You (payments to the dead, estimated annual fraud - $60 billion)

    12/22/2011 7:28:41 AM PST · by Libloather · 13 replies · 1+ views
    Smart Money ^ | 12/20/11 | CATEY HILL
    10 Things Medicare Won't Tell YouThe government's massive entitlement program is full of costly glitches By CATEY HILL DECEMBER 20, 2011, 6:05 P.M. ET 1. "We fork over millions for unproven procedures." 2. "Think Social Security is broke? Just look at Medicare." 3. "We pay for dead people." 4. "Don't expect a five-star plan." 5. "We're not popular with many doctors." 6. "We get ripped off a lot." 7. "We don't cover a lot of the care seniors need most." 8. "Paws off that cash, grandpa: Your settlement is ours." 9. "Complain all you want ..." 10. "Want Your Way?...
  • Fitch again warns U.S. debt burden threatens AAA rating

    12/21/2011 2:39:31 PM PST · by Idabilly · 4 replies
    IBTimes ^ | December 21, 2011 | Daniel Bases
    Fitch, when it lowered its outlook to negative, had said it was giving the U.S. government until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade from the AAA status. "A key task of an incoming Congress and administration in 2013 is to formulate a credible plan to reduce the budget deficit and stabilize the federal debt burden. Without such a strategy, the sovereign rating will likely be lowered by the end of 2013," Fitch reiterated. Rival ratings agency Standard & Poor's cut its credit rating on the United States to...
  • Tax Cut? No, Just Another Raid On Social Security

    12/21/2011 1:26:04 PM PST · by IBD editorial writer · 31 replies
    Investor's Business Daily ^ | 20 Dec 2011 | Editorial
    Politics: Lost in Beltway wrangling over a payroll tax cut, an ugly reality lurks: Our politicians are plotting yet another raid on the Social Security "trust fund," which is already near insolvency. When will this madness stop? President Obama and his congressional Democrats know well how bad their spendthrift reputation is among voters as election day approaches. With Obama at sub-50% approval numbers and Gallup reporting Congress clocking in at a record-low 11%, they expect a bloodbath at the polls in November — and maybe another slashed debt rating, too. What then could be better for Democrats than to be...
  • MF Global and the great Wall St re-hypothecation scandal (Where the Money Went - Must Read)

    12/08/2011 10:49:36 AM PST · by mojito · 19 replies
    Reuters ^ | 12/7/2011 | Christopher Elias
    A legal loophole in international brokerage regulations means that few, if any, clients of MF Global are likely to get their money back. Although details of the drama are still unfolding, it appears that MF Global and some of its Wall Street counterparts have been actively and aggressively circumventing U.S. securities rules at the expense (quite literally) of their clients. MF Global's bankruptcy revelations concerning missing client money suggest that funds were not inadvertently misplaced or gobbled up in MF’s dying hours, but were instead appropriated as part of a mass Wall St manipulation of brokerage rules that allowed for...
  • Corzine's fortune could invite more lawsuits (Obama's Wall Street friend stole billions)

    12/07/2011 3:42:13 AM PST · by tobyhill · 27 replies
    google ^ | 12/7/2011 | MARCY GORDON / ap
    The millions that Jon Corzine amassed as head of Goldman Sachs have become an alluring target for investors who were crushed by the collapse of MF Global, the brokerage firm he led until earlier this month. And Corzine isn't the only one who may be financially vulnerable after the eighth-largest bankruptcy in U.S. history. Others include MF Global's other top executives; its auditor, PricewaterhouseCoopers; and some big Wall Street banks. Even MF Global itself, which can't be sued while in bankruptcy protection, could sue its former executives.
  • Joe Biden "Jokes" About Bringing Hundreds Of Millions Of US Taxpayer Dollars To Bail out Greece

    12/05/2011 11:50:30 AM PST · by SeekAndFind · 8 replies
    Zero Hedge ^ | 12/05/2011 | Tyler Durden
    Vice President Joe Biden, now best known for being the man who relies primarily on Jon Corzine for financial advice, continued his recent roll of epic linguistic blunders this morning. As Reuters reports, the VP, "joked during a visit to debt-choked Athens on Monday about bringing money to help Greece out of its deepest financial crisis in decades. Introducing a member of his delegation during a meeting with Greek President Karolos Papoulias, Biden said: "This man represents the Treasury department. He's brought hundreds of millions of dollars." His comments drew laughs from both the Greek and U.S. delegations." It...
  • Solyndra saw staff "mutiny" before Obama visit

    12/02/2011 6:12:05 AM PST · by Libloather · 8 replies
    Yahoo ^ | 12/01/11 | Roberta Rampton
    Solyndra saw staff "mutiny" before Obama visitBy Roberta Rampton | Reuters – 15 hrs ago **SNIP** An initial public offering was on the skids, and finally, there was a "mutiny" by the company's entire executive team, who flagged the crisis to the company's board of directors. The e-mails between senior advisers to George Kaiser, a major investor in the company, provide the best view yet into how problems took root early at Solyndra. The company had received a $535 million federal loan guarantee in 2009 and was held up by the Obama administration as an example of how it could...
  • KYLE BASS: This Is What The End Of The Global Debt Super-Cycle Looks Like

    12/01/2011 8:22:21 AM PST · by blam · 72 replies · 1+ views
    TBI ^ | 12-1-2011 | Joe Weisenthal
    CHART OF THE DAY: KYLE BASS: This Is What The End Of The Global Debt Super-Cycle Looks Like Joe Weisenthal Dec. 1, 2011, 10:39 AM In his latest investor letter (via Gurufocus), Kyle Bass lays out his case that a wave of hard defaults is coming. His basic argument: The world is just saddled with too much debt. Throughout history, he says, total debt-to-GDP only ever breached 200% when nations were spending on war. Today we're at 310%. Says Bass: "There is no savior large enough with a magical pool of capital to stafe off this unfortunate conclusion to the...
  • The Big Dig: Fed Data Shows Households Attack Mountain of Debt

    11/29/2011 10:13:07 AM PST · by Hojczyk · 12 replies
    Yahoo Finance ^ | November 29,2011 | Daniel Gross
    The long slog continues. The feature of the post-crisis economy has been a two-speed recovery. As a group, companies have done extremely well. Corporate profits and cash holdings are at record highs. The stock market has bounced back smartly since the lows of March 2009. But consumers haven't done quite as well. For consumers, it takes a lot longer to restructure debt. Families can't fire their kids, or walk away from financial commitments so easily. For most families, the biggest fixed cost is generally housing. And while it's possible to cut housing costs by defaulting, or refinancing, or downsizing, people...
  • Live Feed From The Protester Occupied Electric Power Company In Athens (Greece)

    11/22/2011 4:24:00 PM PST · by dynachrome · 2 replies
    zerohedge.com ^ | 11-22-11 | Zero Hedge
    As was reported yesterday, while nobody gives a rat's behind about events in Greece any more now that the focus is completely on Italy, Spain, Belgium, Austria, and France, or in other words, the core, things in Greece have been getting far worse since the so called coalition government was implemented. As AP reported recently, "protesting power and municipal workers blockaded several state electricity company buildings around Greece Monday, in protest at an emergency property tax being collected through electricity bills. Members of an electricity workers' union cut off power last week to the Health Ministry for four hours, and...
  • Gary Brown: Detroit could run out of cash in December, plan must include layoffs

    11/17/2011 7:31:31 PM PST · by Hojczyk · 48 replies
    MLive.com ^ | November 16,2011 | Jonathan Oosting
    With Detroit Mayor Dave Bing preparing to explain the city's fiscal crisis tonight in a rare televised address, Council President Pro Tem Gary Brown says the situation is even worse than anyone has let on. Bing is expected to discuss a confidential Ernst & Young report obtained by the Detroit Free Press that suggests Detroit could run out of cash by April without steep cuts to staff and public services. That's a grim prognosis, but according to Brown, the city actually could be unable to make payroll "as early as December." "I know the report says April, but there are...
  • Exclusive: Tea Party Would Cut $9 Trillion

    11/17/2011 9:32:38 AM PST · by mdittmar · 62 replies
    U.S.News & World Report ^ | November 17, 2011 | Paul Bedard
    Scoffing at Washington's troubled effort to cut just $1.2 trillion in federal debt over 10 years, the Tea Party's own debt commission today unveiled a shocking plan to slash nearly $10 trillion over the next decade, in part by eliminating several federal agencies, balancing the budget by 2015, and killing foreign aid to unfriendly nations. "Go bold or go home," says the report from the Tea Party Debt Commission. "Are you listening, Washington?"The FreedomWorks-led effort started months ago by asking Tea Party members for ideas on what to cut from the federal budget. They ended up going much further than...
  • A Super Tax Hike Spells Disaster: Better to Fall Back on the Trigger

    11/17/2011 8:49:50 AM PST · by Hojczyk · 9 replies
    Rea Clear Politics ^ | November 17,2011 | Larry Kudlow
    Trouble is, Democrats don't buy into it -- at least not yet. Senate supercommittee members Patty Murray and John Kerry have opposed real tax reform. And it has been reported that House supercommittee member Xavier Becerra opposes it (although Chris van Hollen might be looking at it). But the whole trouble with the machinations of the two sides in this deficit-cutting episode is that the closer you get to the Nov. 23 deadline, the more compromises are made. Democrats are pulling hard for higher tax rates, which would damage the economy, while Republicans are making no progress getting any meaningful...
  • Victor Zuckerman, Bialek's "witness" and his fun lawsuit escapades

    11/14/2011 10:23:05 AM PST · by struggle · 347 replies · 2+ views
    HOLY S*** GUYS STRUGGLE STRIKES GOLD AGAIN! http://il.findacase.com/research/wfrmDocViewer.aspx/xq/fac.20110324_0000757.NIL.htm/qx LOLOLOLOLLLOLOLOLOLOLOOLOL So that’s why Zuckerman wants money! Send this to Cain and all your media outlets!
  • Obama's Team Relied on Jon Corzine for Economic Advice (great!!)

    11/14/2011 8:43:17 AM PST · by Driftwood1 · 5 replies
    The Atlantic ^ | 11-14-11 | Conor Freidersdorf
    Jon Corzine has been the CEO of Goldman Sachs, a United States senator, and the governor of New Jersey, the position he held in 2009, when the Obama administration was preparing to take office. His mix of Wall-Street and public-sector executive experience is doubtless why the Obama transition team called on him for advice. As Joe Biden tells it, they'd gathered a few dozen economists in Chicago to talk over the financial crisis. Some were suggesting a bank holiday. "I literally picked up the phone and called Jon Corzine and said Jon, what do you think we should do," Biden...
  • DC leads list of most shopaholic cities in America - and New York doesn't even make it into top ten

    11/08/2011 1:10:11 PM PST · by Hunton Peck · 9 replies
    Daily Mail [UK] ^ | 11/7/2011 | Daisy Dumas
    The biggest fashion spenders in America aren't New Yorkers, Los Angelinos or even Chicagoans. They're Washington, DC locals. A new list by Bundle.com focuses on different spending habits across the U.S. - and has thrown some less than predictable cities into the fashion spotlight. Focusing on average monthly spend on clothes, shoes and other wear, the figures show that DC - not normally associated with fashion - is packed with shopaholics who spend, on average, a massive $263 each month on clothes and shoes. Serious spending: As much as NYC is viewed as a shoppers' city, it is Washington DC...
  • Bankrupt church wants donations for pastor’s sick wife ferried in limo

    11/04/2011 3:35:48 PM PDT · by InvisibleChurch · 21 replies
    yahoo.com ^ | 11.4.11
    Some members of a bankrupt Orange County, Calif. megachurch are expressing outrage after fielding an email request for congregants to deliver food to waiting limos so that it can ferried to the founder's sick wife. The appeal comes weeks after a lawsuit charged that the founder of the Crystal Cathedral house of worship, Rev. Robert Schuller, and his family had been paying themselves lavish salaries and other benefits while the church was in financial straits. "They've completely depleted the church's funds," one member, Bob Canfield, told the Orange County Register. "But they have shown that they have absolutely no remorse...