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04 Nov 2011 08:14

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Biz: BREAKING: Jon Corzine resigns from troubled, bankrupt MF Global

  • He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source
Posted by Ernie Smith • 0 Comments • Permalink

01 Nov 2011 11:30

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Biz: MF Global mixes its customers’ assets with its own sucky balance sheet

  • Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.
  • A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source
Posted by Ernie Smith • 0 Comments • Permalink

01 Nov 2011 10:25

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World: Stocks hate democracy: Greek PM puts aid package up for referendum

  • cause In a surprising move that threw off the entire world market, Greek Prime Minister George Papandreou said that he would put the country’s aid package up to a public referendum.
  • reaction Stocks worldwide reacted to the news poorly, including the U.S., which fell by more than two percent. The markets were already volatile; the danger of Greek default made things even worse. source
Posted by Ernie Smith • 0 Comments • Permalink

14 Sep 2011 00:15

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World: China’s Wen Jiabao: Developed countries need to show fiscal responsibility

  • Countries must first put their own houses in order. Developed countries must take responsible fiscal and monetary policies. What is most important now is to prevent the further spread of the sovereign debt crisis in Europe.
  • Chinese Premier Wen Jiabao • Telling all the deadbeat European nations to bump up their national credit scores before looking for a bailout from China. Wen previously said the country would lend a helping hand to Europe, which is suffering a crippling debt crisis. So, in case you were thinking of going to China for a little cash, you’re out of luck … unless you’ve proven yourself fiscally responsible (or China has a huge vested interest in seeing you succeed). Then China would be happy to let you into its deep coffers. source
Posted by Ernie Smith • 0 Comments • Permalink

07 Sep 2011 10:22

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World: Angela Merkel sticks to her fiscal guns amidst hostile political environment

  • We must make it very clear to people that the current problem, namely of excessive debt built up over decades, cannot be solved in one blow, with things like euro bonds or debt restructurings that will suddenly make everything okay. No, this will be a long, hard path, but one that is right for the future of Europe.
  • German Chancellor Angela Merkel • Arguing, amidst much jeering from leftist opposition parties, that Europe needs to change the way it approaches its growing debt crisis. Merkel argues for long-term fundamental change. “I’m convinced that this crisis, if a great crisis of the western world is to be avoided,” she said, “cannot be fought with a ‘carry on’ attitude. We need a fundamental rethink.” Merkel is facing a parliamentary vote later this month that could prove a great threat to her power, and her party is sinking in the polls right now. She suffered a setback earlier in the day after a court put strict limitations requiring her to get approval from lawmakers to grant future bailout aid to other European countries. source
Posted by Ernie Smith • 0 Comments • Permalink

10 Jul 2011 12:08

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Politics: Debt-reduction plan: The GOP wants the smaller deal. Wait, what?

  • biggish Republicans appear ready to agree to a $2.4 trillion debt-cutting agreement to allow the debt ceiling to go up, and to help prevent the country from defaulting on its loans. It’s something that Republicans have been fighting towards for a while. So what’s this drama we’re hearing about Boehner backing down last night?
  • bigger However, Obama’s eyeing a different deal — a much-larger $4 trillion one, which (over the next decade) would increase taxes for the top-fifth of incomes by cutting back tax credits and deductions — but in the process, trimming the debt significantly. Is it us, or does Obama seem more serious about fixing this issue? source
Posted by Ernie Smith • 0 Comments • Permalink

29 Jun 2011 11:42

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World: Greek austerity passes parliament, ensuring international loan

  • 155-138 mostly along party lines source
  • » Harsh words for the opposition: George Papandreou, the leader of the Socialist Party, had this to say towards the opposition New Democrats in the heat of the all-important vote: “All of Europe knows that your party is responsible for the current situation.” The vote, which only one member of parliament on either side crossed lines for, means that the country will receive a $17 billion rescue plan to make it through the Summer, with a second, much larger one in the works. Meanwhile, outside parliament, large-scale protests continued unabated.
Posted by Ernie Smith • 0 Comments • Permalink
 

28 Jun 2011 10:23

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World: Greeks protest austerity vote; police officers are ready for them

  • 5,000 police officers deployed to deal with mayhem source
  • » 48-hour general strike called: With Greece facing a difficult austerity vote today, protesters have shown up by the thousands outside of the country’s parliament. The strike has shut down most public services, including transit. Airports and hospitals have also suffered the deep effects of the strikes. The passage of the measures, however, is key — a large loan from the European Union and the International Monetary Fund rests on their passage. If they don’t get it, they risk going into default, which would be very bad.
Posted by Ernie Smith • 0 Comments • Permalink

27 Nov 2010 12:08

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World: Portugal smacked by debt crisis, high unemployment, brain drain

  • I will get out as soon as I graduate next year, to Brazil. It has a growing economy and people like me can do well there.
  • Portuguese college student Alexandria Silva • Explaining her long-term plan for surviving in this economy. That’s right. She plans to leave Portugal, which is about to get smacked with some debt crisis drama, to go to South America. There are some other issues, too – due to insane job-security (especially in the public sector), older Portuguese people already have a stranglehold on the good jobs, and worse, there’s an 11 percent unemployment rate. So, now, some of the country’s best and brightest are leaving. Sad, really. source
Posted by Ernie Smith • 0 Comments • Permalink

21 Nov 2010 11:27

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Biz, World: Ireland willing to take bailout money … VERY begrudgingly

  • Hey, yo, Ireland. ShortFormBlog here. We just wanted to commend you for coming to your senses and deciding to take a loan from the European Union. But there’s still a problem – you’re remaining way too timid about accepting help. You guys don’t want to end up like Greece or Iceland, do you? While we don’t know how much you’ll be willing to take (all you’re on the record for is saying €100 billion would be “too much”), but with that crappy housing market and contracting economy of yours, you might be wise to work on improving your economic stability with a bailout, not trying to figure out how little you can get. Again, if you don’t want the bailout money, we’ll take if off your hands. source
Posted by Ernie Smith • 0 Comments • Permalink
 
 
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