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UK banks abandon eurozone over Greek default fears
June 19, 2011
Senior sources have revealed that leading banks, including Barclays and Standard Chartered, have radically reduced the amount of unsecured lending they are prepared to make available to eurozone banks, raising the prospect of a new credit crunch for the European banking system. Standard Chartered is understood to have withdrawn tens of billions of pounds from the eurozone inter-bank lending market in recent months and cut its overall exposure by two-thirds in the past few weeks as it has become...
June 19, 2011
Senior sources have revealed that leading banks, including Barclays and Standard Chartered, have radically reduced the amount of unsecured lending they are prepared to make available to eurozone banks, raising the prospect of a new credit crunch for the European banking system. Standard Chartered is understood to have withdrawn tens of billions of pounds from the eurozone inter-bank lending market in recent months and cut its overall exposure by two-thirds in the past few weeks as it has become...
Why Germany must exit the euro
June 19, 2011
Imagine you’re in charge of Europe. Not, I grant you, the opportunity of a lifetime, but let’s narrow down the job description to one specific question. The only way you can save the single currency is to eject one country from the eurozone. So, who is it to be? You might be tempted this weekend to say Greece, for understandable reasons. Not only is it facing almost certain default, it has been a constant thorn in the side of the euro – spending too much, saving too little, and displaying...
June 19, 2011
Imagine you’re in charge of Europe. Not, I grant you, the opportunity of a lifetime, but let’s narrow down the job description to one specific question. The only way you can save the single currency is to eject one country from the eurozone. So, who is it to be? You might be tempted this weekend to say Greece, for understandable reasons. Not only is it facing almost certain default, it has been a constant thorn in the side of the euro – spending too much, saving too little, and displaying...
With executive pay, rich pull away from rest of America
June 19, 2011
It was the 1970s, and the chief executive of a leading U.S. dairy company, Kenneth J. Douglas, lived the good life. He earned the equivalent of about $1 million today. He and his family moved from a three-bedroom home to a four-bedroom home, about a half-mile away, in River Forest, Ill., an upscale Chicago suburb. He joined a country club. The company gave him a Cadillac. The money was good enough, in fact, that he sometimes turned down raises. He said making too much was bad for morale. Forty...
June 19, 2011
It was the 1970s, and the chief executive of a leading U.S. dairy company, Kenneth J. Douglas, lived the good life. He earned the equivalent of about $1 million today. He and his family moved from a three-bedroom home to a four-bedroom home, about a half-mile away, in River Forest, Ill., an upscale Chicago suburb. He joined a country club. The company gave him a Cadillac. The money was good enough, in fact, that he sometimes turned down raises. He said making too much was bad for morale. Forty...
IMF cuts U.S. growth forecast, warns of crisis
June 17, 2011
SAO PAULO (Reuters) - The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits. The IMF, in its regular assessment of global economic prospects, said bigger threats to growth had emerged since its previous report in April, citing the euro zone debt crisis and signs of overheating in emerging market economies. The Washington-based...
June 17, 2011
SAO PAULO (Reuters) - The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits. The IMF, in its regular assessment of global economic prospects, said bigger threats to growth had emerged since its previous report in April, citing the euro zone debt crisis and signs of overheating in emerging market economies. The Washington-based...
Allied Irish Banks ‘default’ triggers cash payouts
June 16, 2011
Allied Irish Banks (AIB) has been deemed to be effectively in default on its debts by the association of banks that trade in credit derivatives. The ruling means the writers of $500m (£306m) of the insurance-like contracts will now have to make cash payouts. On Thursday, the Irish lender stopped interest payments on some of its bonds and postponed their repayment dates. 4899
June 16, 2011
Allied Irish Banks (AIB) has been deemed to be effectively in default on its debts by the association of banks that trade in credit derivatives. The ruling means the writers of $500m (£306m) of the insurance-like contracts will now have to make cash payouts. On Thursday, the Irish lender stopped interest payments on some of its bonds and postponed their repayment dates. 4899
US Housing Crisis Is Now Worse Than Great Depression
June 16, 2011
It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression. Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data. 4852
June 16, 2011
It's official: The housing crisis that began in 2006 and has recently entered a double dip is now worse than the Great Depression. Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data. 4852
Payroll giant ADP investigating hack
June 15, 2011
SAN FRANCISCO — US payroll-handling firm Automatic Data Processing (ADP) said Wednesday that hackers broke into one of its benefits administration business systems. ADP believed the "system intrusion" at recently acquired Workscape was limited to one client, whose name was not disclosed. "ADP immediately notified the client... and continues to take all appropriate measures to investigate and to help mitigate any issues," the New Jersey-based company said in a release. 4905
June 15, 2011
SAN FRANCISCO — US payroll-handling firm Automatic Data Processing (ADP) said Wednesday that hackers broke into one of its benefits administration business systems. ADP believed the "system intrusion" at recently acquired Workscape was limited to one client, whose name was not disclosed. "ADP immediately notified the client... and continues to take all appropriate measures to investigate and to help mitigate any issues," the New Jersey-based company said in a release. 4905
1.9 Million Fewer Americans Have Jobs Today Than When Obama Signed Stimulus
June 15, 2011
Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed. In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million. While the number of people with...
June 15, 2011
Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed. In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million. While the number of people with...
Lagarde Strengthens Lead for IMF Chief as Fischer Discarded Over Age Limit
June 14, 2011
Christine Lagarde strengthened her lead in the race for the International Monetary Fund’s top job after the institution discarded the candidacy of Bank of Israel Governor Stanley Fischer and rival Agustin Carstens described his chance of winning as “slim.” The IMF executive board said in a statement late yesterday inWashington that it retained Lagarde and Carstens as the candidates for the post of managing director, excluding Fischer, who exceeds the age limit for the job. Earlier, Carstens...
June 14, 2011
Christine Lagarde strengthened her lead in the race for the International Monetary Fund’s top job after the institution discarded the candidacy of Bank of Israel Governor Stanley Fischer and rival Agustin Carstens described his chance of winning as “slim.” The IMF executive board said in a statement late yesterday inWashington that it retained Lagarde and Carstens as the candidates for the post of managing director, excluding Fischer, who exceeds the age limit for the job. Earlier, Carstens...
Prominent Bilderberg Insider Injected Into IMF Race At Last Minute
June 13, 2011
Will kingmaker power group work its dark magic once more? Following the annual Bilderberg meeting in St. Moritz Switzerland...
June 13, 2011
Will kingmaker power group work its dark magic once more? Following the annual Bilderberg meeting in St. Moritz Switzerland...
