Global Markets See Inflation Breaking Out to Multiyear Highs
The Federal Reserve targets an inflation measure that historically has trailed the rise in the consumer price index by about 40 basis points on average, suggesting that the breakeven rate needs to reach about 2.40% to express confidence that officials will reach their goal.
2021-02-08 13:00   (msn.com)
Amid rising tensions, China likely to reduce US debt holdings
China may gradually reduce its holdings of US Treasury bonds to about $800 billion from the current level of more than $1 trillion
2020-09-03 19:18   (globaltimes.cn)
China banks, regulators move to cool gold rush
The scramble to limit risks comes as gold prices hit record highs this week, spurred by investors hunting for safe haven assets in markets rattled by worries of rising coronavirus cases, lofty equity valuations and a falling U.S. dollar.
2020-07-29 05:36   (reuters.com)
Chinese banks urged to switch away from SWIFT as U.S. sanctions loom
The report said that if the United States were to take the extreme action of cutting off some Chinese banks' access to dollar settlements, China should also consider stopping using the U.S. dollar as the anchor currency for its foreign exchange controls.
2020-07-29 02:52   (mobile.reuters.com)
Time for China to decouple the yuan from US dollar, former diplomat urges
China should now make preparations to insulate itself from "dollar hegemony and gradually achieve the decoupling of the renminbi from the US currency", Zhou said. "The US dollar could become a major risk issue that 'has us by the throat'."
2020-07-05 20:00   (scmp.com)
Meijer not accepting cash at self-scan checkout machines due to shortage
The retail giant announced Friday that self-scan checkout machines at most its nearly 250 supercenters temporarily will accept card payments only.
2020-06-30 00:00   (abc12.com)
Wirecard CEO exits as search for missing billions hits dead end in Asia
Wirecards chief executive quit on Friday as the German payments firms search for $2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial lifeline from its banks.
2020-06-19 02:45   (reuters.com)
Strategic Allocation of Coin Inventories
To ensure a fair and equitable distribution of existing coin inventory to all depository institutions, effective June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes, and quarters to depository institutions as a temporary measure.
2020-06-11 00:00   (frbservices.org)
Shanghai gold boss wants super-sovereign currency for post-crisis times
The president of the Shanghai Gold Exchange (SGE) called for a new super-sovereign currency to offset the global dominance of the U.S. dollar, which he predicted would decline long term, while gold prices rally.
2020-04-28 06:27   (reuters.com)
Paper money shunned due to coronavirus
A growing number of businesses and individuals worldwide have stopped using banknotes in fear that physical currency, handled by tens of thousands of people over its lifetime, could be a vector for the coronavirus.
2020-03-20 11:11   (cbsnews.com)
Due to COVID-19 Concerns, Mackinac Bridge Authority Will Not Accept Cash Transactions Starting Saturday
Until further notice, Mackinac Bridge customers will need to pay with a credit or debit card, or use a MacPass card or windshield sticker. The MBA and toll staff will be encouraging transition to non-cash payments for the next few days until cash is no longer accepted.
2020-03-18 00:00   (michigan.gov)
Dirty money: The case against cash in times of the coronavirus outbreak
The ongoing spread of coronavirus is forcing institutions around the world to rethink one particularly germy surface that most consumers touch every day: cash.
2020-03-07 09:34   (cnn.com)
Fed quarantines U.S. dollars repatriated from Asia on coronavirus caution
A 2014 study by researchers at New York University identified 3,000 types of bacteria on dollar bills due to how widely and frequently they change hands.
2020-03-06 09:48   (reuters.com)
Dirty banknotes may be spreading the coronavirus, WHO suggests
People have been warned to wash their hands after using banknotes - and if possible to use contactless payments instead
2020-03-02 21:00   (telegraph.co.uk)
Plymouth Rock vandalized in graffiti; Pilgrim Maiden statue damaged
The graffiti occurred on Presidents Day and in 2020, which is the 400th anniversary of the pilgrims landing at Plymouth Rock.
2020-02-17 14:34   (usatoday.com)
China diversifying FX reserves, assets to counter US dollar exposure
Beijing is gradually reducing its holdings of U.S. Treasurys, which it is heavily invested in, and it has been going on a gold buying spree.
2019-11-17 19:21   (cnbc.com)
Share of Dollar in Russia National Wealth Fund's Structure to Be Reduced
The Russian Finance Ministry will reduce the US dollar's share in the structure of the National Wealth Fund (FNB) and is currently studying different currencies, including the yuan, Deputy Finance Minister Vladimir Kolychev said on Wednesday.
2019-11-13 12:07   (sputniknews.com)
Russia, China, EU are motivated to shift away from USD
"We don't know what's going to come next, but what we do know is that the current situation is unsustainable,"
2019-10-30 19:27   (cnbc.com)
Rosneft switches contracts to euros from dollars due to U.S. sanctions
Russian President Vladimir Putin has called for de-dollarisation that should help limit exposure to the lasting risk of more U.S. sanctions, while the Russian central bank has lowered the amount of U.S. Treasuries in its reserves in 2018.
2019-10-24 08:08   (reuters.com)
Russia says exploring settlement in euros, roubles for energy exports
Russian Economy Minister Maxim Oreshkin said the country is considering alternatives to the U.S. dollar for energy transactions and is exploring currency settlements in euros and roubles for energy exports to minimize U.S. exposure.
2019-10-13 01:24   (reuters.com)
NY Fed to extend operations to pump money into markets through Nov 4
The New York Fed adds or removes liquidity to keep interest rates in line with the desired target, but the cash shortage last month prompted it to pump funds into the short-term repo market as rates threatened to break out of the target range set by the Fed's policy-setting Federal Open Market Committee.
2019-10-04 00:00   (news.yahoo.com)
China and Russia to edge closer to reducing US dollar reliance with Moscow set to launch first yuan bond
Led by several banks including Gazprombank and China International Capital Corporation, the yuan-denominated bond could be launched this year
2019-09-06 19:45   (scmp.com)
Russia undermines US dollar dominance by shifting trade to local currencies
Russia has nearly halved the share of the US dollar in trade with India and China and continued to reduce the use of the greenback in deals with the EU, sticking to its pledge to de-dollarize the economy.
2019-08-05 12:04   (rt.com)
Watch out, America: China and Russia are stockpiling gold
And there's an obvious reason for China to buy gold. It wants to break up the global hegemony of the U.S. dollar - the hegemony that former French President Charles de Gaulle called America's "exorbitant privilege."
2019-07-29 13:48   (marketwatch.com)
JP Morgan says dump US dollar as its century of global dominance coming to end
The only advice here, according to the bank, is to get rid of US dollar 'overweights' in investment portfolios and to diversify. While some banks are dumping the dollar in favor of the euro, others prefer a more stable source of value, gold.
2019-07-24 10:21   (rt.com)
Russia calls to develop independence from US financial system
Russia calls on the international community to move towards independence from the US-controlled international financial system and the US dollar as its key currency, Russian Deputy Foreign Minister Sergei Ryabkov said on Sunday.
2019-07-21 13:18   (tass.com)
Social justice warriors are going to utterly maul Joe Biden
His problem is that Biden doesn't understand the social justice movement that has migrated from the campus ideological fringes to the center of Democratic politics. That movement isn't sated by apologies.
2019-04-25 20:41   (nypost.com)
Facebook hit with three privacy investigations in a single day
2019-04-25 00:00   (techcrunch.com)
Lawyer demands Boy Scouts open up the 'perversion files'
The Boy Scouts of America has locked away in its "perversion files" the names of 7,819 scout leaders who allegedly preyed on boys, a lawyer who is representing the sexual abuse victims claimed Tuesday.
2019-04-24 11:25   (nbcnews.com)
Donald Trump is 'Putin's Bitch' According to Vandalized Walk of Fame Star
The guy's homage to alleged Russian collusion didn't last long -- about 4 hours later, the star was cleaned up and almost as good as new. You can still see black specks on it.
2019-04-24 10:28   (tmz.com)
Trump suggests Mexican soldiers confronted US troops as cover for drug smuggling
2019-04-24 08:24   (thehill.com)
University hosts no-whites-allowed faculty and staff listening sessions to promote inclusivity - The College Fix
Wake Forest University is hosting a series of "listening sessions" for faculty and staff of color that aim to advance inclusion efforts on campus.
2019-04-24 00:00   (thecollegefix.com)
FBI Admits Hillary Clinton Emails Found in Obama White House
Judicial Watch announced today that a senior FBI official admitted, in writing and under oath, that the agency found Clinton email records in the Obama White House, specifically, the Executive Office of the President.
2019-04-23 00:00   (judicialwatch.org)
Police are now taking roadside blood samples to catch impaired drivers - PBS NewsHour
2019-04-19 15:51   (pbs.org)
Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC'
They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had been discussed with OPEC members and one source briefed on Saudi oil policy said Riyadh had also communicated the threat to senior U.S. energy officials.
2019-04-04 20:06   (reuters.com)
Ocasio-Cortez chief of staff diverted $1M in campaign cash to his companies
2019-03-04 00:00   (washingtonexaminer.com)
Riley Roberts, Alexandria Ocasio-Cortez's Boyfriend: 5 Fast Facts - Heavy.com
2019-02-03 00:00   (heavy.com)
Russia shifts $100bn of its reserves into yuan, yen & euro in a great dollar dump
The Central Bank of Russia has moved further away from reliance on the US dollar and has axed its share in the country's foreign reserves to a historic low, transferring about $100 billion into euro, Japanese yen and Chinese yuan.
2019-01-10 08:46   (rt.com)
U.S. Shooting Itself With Steps That Harm Dollar, Putin Says
"The instability of dollar payments is creating a desire for many global economies to find alternative reserve currencies and create settlement systems independent of the dollar. We're not the only ones doing it, believe me."
2018-11-28 07:35   (bloomberg.com)
Russia and China preparing to ditch dollar for national currencies in trade - top official
Russia's Ministry of Economic Development said on Thursday that Moscow and Beijing are working on an inter-governmental agreement to boost the use of the ruble and yuan in mutual trade settlements.
2018-10-18 15:07   (rt.com)
Democratic staffer accused of doxxing GOP senators denied bail
2018-10-09 00:00   (foxnews.com)
Europe Finally Has an Excuse to Challenge the Dollar
A new plan by Germany, France, Britain, China and Russia to create special financial infrastructure to work with Iran could be a credible challenge to the U.S. dollar's long global dominance.
2018-09-25 10:45   (bloomberg.com)
Time has come for Russia to finally ditch US dollar - Foreign Ministry
"The time has come when we need to go from words to actions, and get rid of the dollar as a means of mutual settlements, and look for other alternatives," he said in an interview with International Affairs magazine.
2018-08-24 09:24   (rt.com)
Alexandria Ocasio-Cortez bans media from two 'public' events
2018-08-18 00:00   (washingtonexaminer.com)
IMF projects Venezuela inflation will hit 1,000,000 percent in 2018 - Reuters
Venezuela's inflation rate is likely to top 1,000,000 percent in 2018, an International Monetary Fund official wrote on Monday, putting it on track to become one of the worst hyperinflationary crises in modern history.
2018-07-23 18:31   (reuters.com)
China's crude oil futures market liquidity hits record high in early June
...a positive sign that a wide variety of financial market players have been keen to contribute liquidity into the new derivative market.
2018-06-05 07:20   (spglobal.com)
Ulster Bank blames human error for vanishing cash problem
While the bank has now established the cause of the issue following an "urgent investigation" it is not expected to be resolved and money is not set to return to customer accounts until Wednesday morning at the earliest.
2018-04-24 11:39   (irishtimes.com)
Iran switches from dollar to euro
Iran's feud with the US is set to get worse after Tehran announced yesterday that it will start reporting foreign currency amounts in euros rather than US dollars, as part of the country's effort to reduce its reliance on the American currency due to political tension with Washington.
2018-04-19 13:11   (middleeastmonitor.com)
China taking first steps to pay for oil in yuan this year - sources
China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing's efforts to establish its currency internationally.
2018-03-29 06:58   (reuters.com)
Shanghai crude futures roar into action as global merchants dominate trade
At the end of afternoon session, Shanghai prices were up 3.34 percent at 430.2 yuan, with 40,656 lots traded. Brent and WTI, in contrast, were down by that time, weighed down by concerns over a looming U.S. trade dispute with China.
2018-03-25 10:51   (reuters.com)
Russia's gold rush continues, with reserves at all-time high
In January, Russia surpassed China, which reportedly held 1,843 tons of the precious metal at that time. Over the last 15 years, Moscow and Beijing have been aggressively accumulating gold reserves to reduce their dependence on the US dollar.
2018-03-19 10:47   (rt.com)
What the weakest Hong Kong dollar in 30 years means for firms, workers and travellers
Traders fear the American central bank will raise US interest rates, thus widening the gap between Hong Kong's borrowing costs and those stateside.
2018-03-07 09:17   (scmp.com)
Russian banks ready to switch off SWIFT official
Russian financial institutions and firms are ready to work without SWIFT's interbank cash transfer services, according to Deputy Prime Minister Arkady Dvorkovich.
2018-02-13 13:28   (rt.com)
China plans to launch crude oil futures on March 26: securities regulator
China plans to launch its long-awaited crude oil futures contract on March 26, the country's securities regulator said on Friday, a move that could potentially shake up pricing of the worlds largest commodity market.
2018-02-09 01:32   (reuters.com)
Chinese agency Dagong cuts U.S. sovereign ratings to BBB from A-
"The market's reversing recognition of the value of U.S. Treasury bonds and U.S. dollar will be a powerful force in destroying the fragile debt chain of the federal government," Dagong said.
2018-01-16 02:30   (reuters.com)
China Weighs Slowing or Halting Purchases of U.S. Treasuries
hina added to bond investors jitters on Wednesday as traders braced for what they feared could be the end of a three-decade bull market.
2018-01-10 05:26   (bloomberg.com)
How China Will Shake Up the Oil Futures Market
There are implications for the U.S. dollars well-established role as the global currency of the oil market.
2018-01-01 12:00   (bloomberg.com)
Russia may turn to cryptocurrencies in oil trade to challenge sanctions
The gradual acceptance of digital currencies, with major exchanges about to launch bitcoin futures trading, may prompt some oil producing nations to ditch the US dollar in crude trade in favor of cryptocurrencies, an oil analyst says.
2017-12-10 07:52   (rt.com)
Will Cash Disappear?
Cash is unlikely to go away soon. Coins and paper currency remain the most popular ways to pay for things in most countries. But longer term, cash appears to be in a losing battle with electronic payment methods.
2017-11-14 07:03   (nytimes.com)
Iran asks Vladimir Putin to ELIMINATE US dollar and isolate America
IRAN'S supreme leader has urged Russian president Vladimir Putin to join forces with Tehran to beat the United States' sanctions against them by ditching the dollar.
2017-11-02 19:58   (express.co.uk)
It's Getting More Expensive to Borrow in Dollars - And It Could Get Worse
Signs of global dollar-funding pressures are bubbling up in currency derivatives, making it costlier for international investors to protect against swings in the greenback when they buy U.S. debt.
2017-10-18 16:00   (bloomberg.com)
China is living the future of mobile pay right now
The dominance of mobile pay also means companies like Ant Financial and Tencent have access to hordes of personal data. That data can then be shared with the Chinese government, which prioritizes control.
2017-10-08 21:45   (cnbc.com)
Russia's rush for gold sees record reserves for Putin era
"Gold is an asset that is independent of any government and, in effect, given what is usually held in reserves, any Western government," said Matthew Turner, metals analyst at Macquarie Group in London. "This might appeal given Russia has faced financial sanctions."
2017-10-02 02:30   (independent.ie)
Cash Is in Short Supply in Storm-Ravaged Puerto Rico
Cash was in short supply. Many Puerto Ricans were still living off what money they thought to withdraw ahead of the storm. Most ATMs on the island still werent working because of the power outage or because no one had refilled them.
2017-09-25 17:31   (bloomberg.com)
Putin orders end to trade in US dollars at Russian seaports
Russian President Vladimir Putin has instructed the government to approve legislation making the ruble the main currency of exchange at all Russian seaports by next year, according to the Kremlin website.
2017-09-19 13:41   (rt.com)
Venezuela's Maduro says will shun U.S. dollar in favor of yuan, others
Venezuelan President Nicolas Maduro said on Thursday his cash-strapped country would seek to "free" itself from the U.S. dollar next week, using the weakest of two official foreign exchange regimes and a basket of currencies.
2017-09-07 10:13   (reuters.com)
The real BRICS bombshell
"To overcome the excessive domination of the limited number of reserve currencies" is the politest way of stating what the BRICS have been discussing for years now; how to bypass the US dollar, as well as the petrodollar.
2017-09-05 16:15   (atimes.com)
China sees new world order with oil benchmark backed by gold
China's move will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold on exchanges in Shanghai and Hong Kong.
2017-09-01 20:56   (asia.nikkei.com)
China sees new world order with oil benchmark backed by gold
China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.
2017-09-01 20:56   (asia.nikkei.com)
China has three trump cards to counter Trump administration's trade probe: experts
China regained the title of Uncle Sam's largest creditor in June. America's financial stability would be impacted if China unloads its dollar assets on a large scale.
2017-08-22 16:17   (en.people.cn)
Major 'De-Dollarization' Trend Seen in Russian Economy, Minister Says
Russian Deputy Foreign Minister Sergey Ryabkov said prior to that that the cutting dependence on US payment systems has "become a necessity," adding that Moscow plans to intensify the work on the issue.
2017-08-16 13:01   (sputniknews.com)
CommBank money laundering scandal blamed on 'outdated' banknotes
THE Commonwealth Bank money-laundering scandal has given ammunition to the anti-cash crusade, with one analyst asking whether "outdated" $100 and $50 notes are the "root of the problem".
2017-08-14 13:35   (news.com.au)
Prepare for negative interest rates in the next recession, says top economist
"The growth of electronic payment systems and the increasing marginalisation of cash in legal transactions creates a much smoother path to negative rate policy today than even two decades ago."
2017-08-13 19:21   (telegraph.co.uk)
Russia aims to cut dependence on U.S. payment systems - RIA
Russia will speed up work on reducing its dependence on U.S. payment systems and the dollar as a settling currency in response to U.S. sanctions, RIA new agency cited Deputy Foreign Minister Sergei Ryabkov as saying on Monday.
2017-08-07 10:16   (news.trust.org)
Black Economy Taskforce: Consumer groups slam 'completely unfair' proposal
Estimates for the size of Australia's so-called black economy vary from $23 billion to $50 billion. The government claims tax avoidance through cash payments costs the budget up to $10 billion in revenue, money that could go towards funding welfare and other services.
2017-08-01 13:29   (news.com.au)
Former Spanish banker found dead with shot to the chest
The former head of the now defunct Caja Madrid savings bank was awaiting the result of an appeal to a six-year prison sentence for misusing corporate credit cards issued by Bankia SA, another defunct bank.
2017-07-19 07:32   (ctvnews.ca)
Switzerland's legendary banking system gave bitcoin vote of confidence
"I would assume it would not be long before the rest of the banking sector will follow suit," Nikolajsen said. "The genie is out of the bottle and crypto assets bring a value proposition that you can't ignore."
2017-07-12 13:47   (cnbc.com)
Visa Takes War on Cash to Restaurants - WSJ
Visa Inc. has a new offer for small merchants: take thousands of dollars from the card giant to upgrade their payment technology. In return, the businesses must stop accepting cash.
2017-07-12 07:48   (wsj.com)
$100, $50 notes should be tracked with nano-chips: Cash crackdown chief
Hi-tech nano-chips would be implanted in Australia's "disappearing" cash under a plan floated by Michael Andrew, the head of the federal government's Black Economy Taskforce.
2017-07-04 12:33   (news.com.au)
Dir Mulvaney: Balanced Budgets Are "The Ordinary Course Of Business" Except For The Federal Government
2017-05-24 00:00   (youtube.com)
World Money: Five Hidden Signals from the IMF
As was confirmed by both the IMF report and the elite panel on special drawing rights, the U.S dollar is facing severe competition while undergoing a fiscal crisis.
2017-05-17 00:00   (dailyreckoning.com)
In Cashless Sweden, Even God Now Takes Collection Via an App
"A drive for innovation has been created in Sweden to come up with cost-effective and user-friendly alternatives to cash," Skingsley said. Cash is likely to "more or less disappear" as a means of payment in the private sector, she said.
2017-05-14 06:00   (bloomberg.com)
Cashless society getting closer, survey finds
More than a third of Europeans and Americans would be happy to go without cash and rely on electronic forms of payment if they could, and at least 20 percent already pretty much do so, a study showed on Wednesday.
2017-04-25 20:09   (reuters.com)
ATMs run out of cash in north coastal AP
Sources said more than 90 per cent of the ATMs in the region do not have cash while in the plains and Agency areas running dry.
2017-04-16 10:35   (timesofindia.indiatimes.com)
Hedge fund exec sought help for depression before suicide plunge
Murphy, dressed in a dark business suit, landed on a fourth-floor terrace at the hotel and was pronounced dead at the scene at 4:48 p.m., police said.
2017-03-28 11:30   (nydailynews.com)
Moscow and Beijing join forces to bypass US dollar in world money market
Financial regulators from the two countries agreed last May to issue home currency-denominated bonds in each other's markets, a move that was widely viewed as intended to "dethrone" the US dollar.
2017-03-18 12:00   (scmp.com)
India's Feb gold imports surge on pent-up demand-GFMS
India's February gold imports surged to 50 tonnes, up more than 82 percent from a year ago, on pent-up jeweller demand and as retail consumers ramped up purchases for weddings, provisional data from consultancy GFMS showed on Wednesday.
2017-03-01 02:58   (reuters.com)
'Depressed' Wall Street exec jumps to his death
Bell, a graduate of Duke University, worked at Arrowgrass Capital Partners, where he was head of credit risk, according to his LinkedIn page. He previously worked at Saba Capital Management, Citadel Investment group, Citigroup and Deutsche Bank, according to his page.
2017-03-01 00:00   (nypost.com)
Indian Sales Fall as Demonetisation Effects Hit Small and Medium Size Businesses
The Indian Sales Managers Index (SMI) for February, shows the after effects of the December demonetisation policy which was intended to crack down on corruption and "black money". The February Headline SMI has fallen to an index level of 60.2 in unadjusted terms, the lowest level in over 3 years.
2017-02-21 00:00   (worldeconomics.com)
Iran to Ditch US Dollar in Official Reports
Iran will stop using the US dollar as its currency of choice in its financial and foreign exchange reports from the new fiscal year that begins in March, announced the governor of the Central Bank of Iran late Saturday.
2017-01-30 00:00   (financialtribune.com)
Cash controls - European Commission
On 21 December 2016 the Commission proposed to extend the already existing controls on amounts of cash entering or leaving the Union equal to or in excess of 10.000 euros.
2016-12-21 00:00   (ec.europa.eu)
$100 note to be scrapped? Australia to crack down on cash payments
Australia looks set to follow in the footsteps of Venezuela and India by abolishing the country's highest-denomination banknote in a bid to crack down on the "black economy".
2016-12-14 13:08   (news.com.au)
Forget Bitcoin and Mobile Pay. Cash Is Still King of the World
But try as everyone may, cash registers are still bursting with paper bills and metal coins. Cash is alive and well, according to a new study of the spending habits of more than 18,000 people in seven countries.
2016-12-14 04:00   (bloomberg.com)
Turkey seeks trade in local currencies with Russia, China, Iran: Erdogan
"I proposed Putin the following: Lets do our trade in local currencies. Whatever I buy [from you] I shall pay you in Russian ruble, and whatever you buy from me make the payment in Turkish Liras," said Erdo?an on Dec. 3.
2016-12-04 16:33   (hurriyetdailynews.com)
China ready to slow yuan descent, worried about capital outflows
Indeed, traders said large Chinese state banks had offered dollars in the domestic currency market on Thursday in an apparent effort to slow down the depreciation of the yuan. They said there had been no sign of state dollar selling in previous sessions.
2016-11-18 05:19   (mobile.reuters.com)
Australia Should Scrap Big-Denomination Bank Notes, UBS Says
"Removing large denomination notes in Australia would be good for the economy and good for the banks," UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include reduced crime and welfare fraud, increased tax revenue and a "spike" in bank deposits, he said.
2016-11-13 18:45   (bloomberg.com)
In one stroke, demonetisation has shaken the trust our monetary system is based on
Our entire monetary system depends on trust. A banknote is a piece of paper that says the RBI will give the bearer another similar piece of paper, or make an entry in an electronic ledger for that amount. The system works because everybody believes that those pieces of paper will be accepted by everybody else and therefore, money serves as an useful medium of exchange. This move has shaken that trust.
2016-11-12 10:23   (scroll.in)
Anger grows in India as banks struggle to swap banned notes
Tempers frayed as hundreds of thousands of people queued for hours outside banks for a third day to swap 500 and 1,000 rupee bank notes after the notes were abolished earlier in the week.
2016-11-12 07:29   (reuters.com)
Standard Chartered receives approval to issue SDR bonds in China
A successful offering would be the first from a commercial issuer, and comes after the World Bank printed three-year SDR bonds at 0.49 percent on August 31, the first time securities have been issued in the synthetic reserve currency in 35 years.
2016-10-14 00:00   (reuters.com)
EU Readies Plan for Clearing Crisis, the New Too-Big-to-Fail
The authorities would be able to recapitalize the clearinghouse by seizing variation margin, exercising cash calls defined in recovery or resolution plans and writing down capital and converting debt securities. They would also be able to auction off the defaulters' positions, tear up some or all contracts and access default funds. The relevant central bank would be able to facilitate resolution by supplying temporary liquidity.
2016-10-05 05:04   (bloomberg.com)
Russia is hoarding gold at an alarming pace
My point is that Russia's most potent weapon may not be its nuclear warheads. The fastest-evolving "weapon" in Russia's geopolitical arsenal is that nation's hoard of gold, along with Russias national currency, the ruble.
2016-10-04 19:31   (businessinsider.com)
Renminbi officially added to the IMFs Special Drawing Rights currency basket
Together, this group of currencies, known as Special Drawing Rights (SDR), forms a kind of pseudo-currency-used only by the IMF-to supplement countries' official reserves. The value of the SDR is determined by the set of currencies in the basket, each of which is given a weighting toward the final calculation.
2016-10-01 00:00   (qz.com)
Cash in a Box Catches On as Swiss Negative Rates Bite
This year, though, the levels have jumped, prompting some banks to warn that they may one day have to charge ordinary savers -- not just big customers -- for liquidity.
2016-09-06 04:33   (bloomberg.com)
The Sinister Side of Cash
Dr. Rogoff is Thomas D. Cabot Professor of Public Policy at Harvard University and the former chief economist of the International Monetary Fund. This essay is adapted from his new book, "The Curse of Cash"
2016-08-25 11:08   (wsj.com)
RBS becomes the first bank (in UK) to set negative interest rates
RBS becomes the first bank to set negative interest rates: It's charging large firms to hold cash - so could families be next?
2016-08-20 05:07   (dailymail.co.uk)
Rusya ile alisveriste Turk Lirasi ve Ruble
President of Turkey Recep Tayyip Erdogan gave an interview to journalists upon return from Russia following the meeting with Russian President Vladimir Putin. According to Marja, one of the issues was related to the use of Turkish lira and ruble in trade between the two countries instead of dollar.
2016-08-11 00:00   (gunes.com)
IMF and China Accelerate Creation of New Global Reserve Currency
IMF members have it and can trade it with each other for actual currencies, which indebted nations like Greece and Sudan frequently do. The average Joe or the average company on the street can't hold the instrument right now, let alone spend it.
2016-07-25 19:31   (theepochtimes.com)
Why Chinese Rating Firm Thinks Russia Is Safer Bet Than U.S.
"Someone may think that the U.S. could print more money because U.S. dollars are accepted internationally," Guan said. "But that's why they can have risks more easily, because they are transforming bad loans to the whole world."
2016-06-21 00:00   (bloomberg.com)
Commerzbank considers hoarding billions to avoid ECB charges
Commerzbank, one of Germany's biggest lenders, is examining the possibility of hoarding billions of euros in vaults rather than paying a penalty charge for parking it with the European Central Bank
2016-06-08 08:28   (reuters.com)
Draghi Fires Starting Gun on Corporate Bond Purchases in Europe
The ECB is adding investment-grade corporate notes to its 80 billion-euro monthly purchase program, which already includes covered bonds, asset-backed securities and sovereign debt, as part of efforts to encourage growth. The central bank has bought more than 800 billion euros of government bonds since March 2015.
2016-06-07 19:01   (bloomberg.com)
The Shift to a Cashless Society is Snowballing
Governments and central banks have a different rationale behind the elimination of cash transactions, and as a result, the so-called "war on cash" is on.
2016-05-17 12:15   (visualcapitalist.com)
Inside the Secret Meeting Where Wall Street Tested Digital Cash
Financial firms have been reluctant to embrace bitcoin, however, as its anonymous users could entangle banks in violations of anti-money-laundering and know-your-customer regulations. Digital U.S. dollars, or any other fiat currency, on the other hand, doesn't pose those risks.
2016-05-02 09:00   (bloomberg.com)
Putin's Decade-Old Dream Realized as Russia to Price Its Own Oil
The goal is to increase revenue from Urals crude by disconnecting the price-setting mechanism from the world's most-used Brent oil benchmark. Another aim is to move away from quoting petroleum in U.S. dollars.
2016-04-27 20:00   (bloomberg.com)
China Starts Gold Fixing to Expand Global Market Sway
"The gold reserve on the China balance sheet has almost doubled since 2009. By holding gold, and moving away from a US-dollar centric system, we actually require less US dollars."
2016-04-19 23:14   (bloomberg.com)
Dollar Falls to Lowest Level Since June as Housing Starts Slump
The U.S. currency weakened against most of its major peers in New York as the central bank is scrutinizing data to measure whether the economy is meeting its goals of full employment and a 2 percent inflation rate.
2016-04-19 19:01   (bloomberg.com)
China launches yuan gold fix to boost power in global bullion market
As the world's top producer, importer and consumer of gold, China has baulked at depending on a dollar price in international transactions, and believes its market weight should entitle it to set the price of gold. The new benchmark may not be an immediate threat to London, but with time and full convertibility of the yuan it could become widely used and help China's efforts to boost the global use of its currency.
2016-04-19 11:13   (reuters.com)
China Embracing Gold In Advance of Post Dollar Era
To challenge the US dollar hegemony and increase its power in the global realm of finance, China has a potent gold strategy. Whilst the State Council is preparing itself for the inevitable decay of the current international monetary system, it has firmly embraced gold in its economy. With a staggering pace the government has developed the Chinese domestic gold market, stimulated private gold accumulation and increased its official gold reserves in order to ensure financial stability and support the internationalisation of the renminbi.
2016-04-17 00:00   (allchinareview.com)
Hungary to Issue Dim-Sum Bond as It Seeks to Curry Favor With China
Hungary has become the first Eastern European country to issue a yuan-denominated sovereign bond, in a deal that shows how currying favor with China may be a more important driver for the market than funding.
2016-04-15 00:00   (wsj.com)
Nigeria Considers Panda Bonds to Help Plug Record Budget Gap
Nigeria has only sold dollar bonds on the international markets previously. Yields on its $500 million notes due in July 2023 rose two basis points to 7.93 percent by 11:52 a.m. in Lagos on Monday. They have fallen from a peak of 9.37 percent on Jan. 15.
2016-04-11 00:00   (bloomberg.com)
Moscow and New Delhi transitioning to trade in national currencies
India and Russia are developing a road map for mutual settlements in national currencies which could open prospects for both countries, India's Ambassador to Russia Pankaj Saran told RIA Novosti on Wednesday.
2016-02-24 14:31   (rt.com)
It's time to kill the $100 bill
Harvard's Mossavar Rahmani Center for Business and Government, which I am privileged to direct, has just issued an important paper by senior fellow Peter Sands and a group of student collaborators. The paper makes a compelling case for stopping the issuance of high denomination notes like the 500 euro note and $100 bill or even withdrawing them from circulation.
2016-02-16 07:00   (washingtonpost.com)
Iran wants euro payment for new and outstanding oil sales
Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief.
2016-02-05 17:15   (reuters.com)
Bring On the Cashless Future
Cash had a pretty good run for 4,000 years or so. These days, though, notes and coins increasingly seem declasse: They're dirty and dangerous, unwieldy and expensive, antiquated and so very analog.
2016-01-31 17:00   (bloombergview.com)
The Death of Cash
To fight money-laundering, Germany's Social Democrats have proposed an upper limit on cash transactions and the abolition of the €500 note. It could prove a tough sell in a country that still loves paying with paper money.
2016-01-26 12:00   (global.handelsblatt.com)
Saudi Arabia Said to Ban Betting Against Its Currency
With speculation mounting that the world's biggest oil exporter won't be able to maintain the riyal's peg to the dollar as revenue plunges, the Saudi Arabian Monetary Agency told lenders to halt the sale of options contracts on riyal forwards. The directive, issued at a Jan. 18 meeting in Riyadh, applies to local banks and the Saudi branches of international banks, the people said.
2016-01-20 02:29   (bloomberg.com)
De-Dollarization: Russia's Oil Benchmark Futures to Be Priced in Rubles
"The move is part of a longer-term strategy of decoupling Russia's economy and especially its very significant export of oil, from the US dollar, today the Achilles Heel of the Russian economy
2016-01-09 20:35   (sputniknews.com)
Russia's Putin threatens Ukraine with court over $3 billion debt
The Kremlin reacted sharply after the Washington-based Fund announced it was changing its lending rules to allow it to continue supporting countries if they fail to repay official creditors, a change that would help Ukraine if it misses payment on the Moscow-held Eurobond, falling due on Dec. 20.
2015-12-09 12:07   (reuters.com)
IMF Approves Reserve-Currency Status for China's Yuan
The IMF will add the yuan to its basket of reserve currencies, an international stamp of approval of the strides China has made integrating into a global economic system dominated for decades by the U.S., Europe and Japan.
2015-11-30 23:12   (bloomberg.com)
Caparo steel boss Angad Paul dies after falling from London flat
His death comes after large-scale job cuts were announced at his steel company, Caparo, as administrator PwC tries to salvage the company. Some 450 redundancies were announced last month in what trade unions described as a devastating blow to the British steel industry. The future of another 1,200 jobs is uncertain.
2015-11-11 00:00   (theguardian.com)
Iran to join BRICS NDB bank
The NDB's main goal is to promote sustainable development in BRICS states. In July, it opened for operations in Shanghai with the startup capital of $50 billion. The paid-in reserves are planned to be denominated in each country's currency. The Chinese renmimbi is also expected to replace the dollar at the BRICS Bank, especially for projects in Asia. The NDB will name its first investment in April next year and the first loan will be issued in Chinese yuan not dollar.
2015-10-26 14:04   (presstv.ir)
IMF Said to Give China Strong Signs of Reserve-Currency Nod
The U.S. took a step toward backing China's SDR bid last month, when it softened its insistence that the Chinese implement financial reforms to win support. The U.S. now says it will support inclusion of the yuan if it demonstrates it meets the IMF's technical criteria.
2015-10-23 13:33   (bloomberg.com)
US Regulators Mandate Next Stage Of Textbook Financial Repression
With comparatively little fanfare, Fidelity Investments has announced that 100% of their $115 billion Cash Reserves fund, the world's largest money fund, will be invested in US government debt by December 1st of 2015. It is expected that many other money fund companies will also change their policies and invest only in US government and agency securities, because of a change in regulations that will occur in 2016.
2015-10-22 00:00   (danielamerman.com)
Lew: I worry there could be a debt limit accident that could be terrible
Lew dismissed the idea that the government could prioritize what bills to pay. "Once you no longer consider all of your obligations rock solid, you're no longer the full faith and credit of the United States."
2015-10-19 07:04   (cnbc.com)
Argentina's Ruling Party Eyes Bigger Banknotes amid Soaring Prices
Congressman Carlos Kunkel, author of the initiative, claims the measure has nothing to do with inflation, which runs at 25-35 percent annually, according to private estimates. Instead, the larger bill - US$12.50 at the black-market rate - would "reduce the cost of printing and circulating money," Kunkel told a local radio station on October 8. "It will be more convenient for the people."
2015-10-13 09:30   (panampost.com)
Yuan Overtakes Yen as World's Fourth Most-Used Payments Currency
China's yuan overtook Japan's yen to become the fourth most-used currency for global payments, shrugging off a surprise devaluation to rise to its highest ranking ever and boosting its claim for reserve status.
2015-10-06 08:29   (bloomberg.com)
OPM Now Admits 5.6m Feds' Fingerprints Were Stolen By Hackers | WIRED
When hackers steal your password, you change it. When hackers steal your fingerprints, they've got an unchangeable credential that lets them spoof your identity for life. When they steal 5.6 million of those irrevocable biometric identifiers from U.S. federal employees - many with secret clearances - well, that's very bad.
2015-09-24 00:00   (wired.com)
Giant U.S. Pension Fund Calstrs to Propose Shift Away From Stocks, Bonds
The nation's second-largest pension fund is considering a significant shift away from some stocks and bonds, one of the most aggressive moves yet by a major retirement system to protect itself against another downturn. Calstrs to discuss shifting up to $12 billion to Treasurys, hedge funds, other investments. NOTE: China Selling UST, Putin wanting out of USD so someone has to buy...PENSIONERS!
2015-09-02 21:16   (wsj.com)
Putin says dump dollar
Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union. I's now up to the State Duma, Russia's lower house of parliament, to ratify the president's bill to become law.
2015-09-02 10:30   (rt.com)
The Dollar is Slowly Losing Status as Reserve Currency
However, the dollar is slowly losing its status as the world's undisputed reserve currency. This is not an unusual event as far as history goes. In fact, about every century or so since the Renaissance, the global reserve currency has shifted. Portugal, Spain, The Netherlands, France, and Britain have had dominant currencies at different times.
2015-07-13 14:08   (visualcapitalist.com)
S&P lowers ratings of Barclays, Deutsche and RBS
S&P downgraded Barclays by one notch to "A negative" and Deutsche Bank to "BBB positive," three notches above junk territory.
2015-06-09 11:32   (uk.reuters.com)
HSBC Poised To Unveil Thousands More Job Cuts
The precise job cuts number that will be outlined by Mr Gulliver on June 9 was unclear on Monday, although insiders said that it was likely to be between 10,000 and 20,000.
2015-06-01 19:35   (news.sky.com)
J.P. Morgan Aims to Cut 5,000 Jobs
The cuts already have begun, according to people familiar with the decision, and are part of a broader industry move toward Internet and mobile banking. The bank will cut at least 2% of its current workforce in the next year.
2015-05-28 16:44   (wsj.com)
China tests yuan gold fix process amid pricing ambitions
China conducted trial runs for the planned launch of a yuan-denominated gold fix last month, three sources familiar with the matter said, in a sign the world's second-biggest bullion consumer was moving closer to creating a benchmark price.
2015-05-05 11:29   (reuters.com)
Carinthia asks Vienna for financial support over Heta
The home province of defunct lender Hypo Alpe Adria, Carinthia, is asking Vienna for financial support, saying it will run out of money by the beginning of June without external help. Carinthia provided debt guarantees for years to fuel Hypo's rapid expansion before the practice was stopped in 2007, but the last ones do not expire until around 2017.
2015-04-23 07:03   (reuters.com)
The Fed Still Wants Easy Money
Janet Yellen wants you to know that while the era of zero rates may be drawing to a close, money will stay cheap for a long time to come. The Federal Reserve chair and her colleagues have stressed in recent speeches that monetary policy will remain unusually easy after they begin to tighten this year for the first time in almost a decade. They are telling investors that the pace of increases is more important than the liftoff date.
2015-04-21 00:00   (bloomberg.com)
Citi Economist Says It Might Be Time to Abolish Cash
Yes, Buiter's solution to cash's ability to allow people to avoid negative deposit rates is to abolish cash altogether. (Note that he's far from being the first to float this idea. Ken Rogoff has given his endorsement to the idea as well, as have others.)
2015-04-10 11:03   (bloomberg.com)
Vietnam to Join Free Trade Area with Russian-led Economic Bloc
All of the principle aspects in creating a free trade zone between the countries of the Eurasian Economic Union and Vietnam have been agreed, Russian Prime Minister Dmitry Medvedev said Monday.
2015-04-06 10:32   (sputniknews.com)
The Pentagon's $10-billion bet gone bad
TAX MONEY VAPORIZED: Trying to fashion a shield against a sneak missile attack, military planners gambled on costly projects that flopped, leaving a hole in U.S. homeland defense.
2015-04-05 00:00   (graphics.latimes.com)
More countries say to join China-backed AIIB investment bank
Russia, Australia and the Netherlands on Saturday became the latest three countries to say they plan to join the China-led Asian Infrastructure Investment Bank (AIIB), adding clout to an institution seen as enhancing China's regional and global influence.
2015-03-28 14:47   (uk.reuters.com)
Sensitive Military Gear Ended up on EBay, Craiglist
The Pentagon lost track of sensitive equipment from a $750 million program to help U.S. soldiers spot roadside bombs - and some of it wound up for sale on eBay, Craigslist and other websites, according to a Navy intelligence document obtained by The Intercept.
2015-03-26 00:00   (firstlook.org)
Pentagon loses track of $500 million in weapons, equipment given to Yemen
$3/TAX PAYER VAPORIZED: The Pentagon is unable to account for more than $500 million in U.S. military aid given to Yemen, amid fears that the weaponry, aircraft and equipment is at risk of being seized by Iranian-backed rebels or al-Qaeda, according to U.S. officials.
2015-03-17 12:31   (washingtonpost.com)
Moscow Exchange launches Chinese Renminbi futures
The launch has been driven by a substantially increasing Renminbi turnover on the Exchange, growing volume of settlement in the currency between Russia and China as well as newly arising demand for hedging of such transactions.
2015-03-17 10:00   (moex.com)
Asian Infrastructure Investment Bank: France, Germany and Italy said to join
A growing number of close allies were ignoring Washington's pressure to stay out of the institution, the Financial Times reported, in a setback for US foreign policy. In China the state-owned Xinhua news agency said South Korea, Switzerland and Luxembourg were also considering joining.
2015-03-17 02:09   (theguardian.com)
Support for China-led development bank grows despite US opposition
Support for a Chinese-led development bank is growing despite US opposition, with Australia indicating that it could join the UK and New Zealand as a founding member.
2015-03-13 23:31   (theguardian.com)
UK support for China-backed Asia bank prompts US concern
But the US sees the Chinese effort as a ploy to dilute US control of the banking system, and has persuaded regional allies such as Australia, South Korea and Japan to stay out of the bank.
2015-03-13 12:33   (bbc.com)
As U.S. hits debt limit, Treasury takes steps to extend borrowing
"Protecting the full faith and credit of the United States is the responsibility of Congress, because only Congress can extend the nation's borrowing authority," Lew wrote. "No Congress in our history has failed to meet that responsibility."
2015-03-13 11:58   (latimes.com)
Euro spirals toward 1:1 parity with USD
The euro and the dollar are nearly trading one for one, as the EU single currency continues to fall to new depths after the announcement of the ECB's quantitative easing, the €1.1 trillion bond-buying program launched Monday.
2015-03-12 19:38   (rt.com)
IMF approves $17.5bn bailout package for Ukraine
In addition to IMF funds, the US has guaranteed $2 billion in Eurobonds, the EU has promised a €2.2 billion loan, and other Western allies - Germany, Japan, and Canada - have also pledged multimillion dollar aid packages. This brings total aid to Kiev, including IMF funds, to more than $40 billion.
2015-03-12 11:43   (rt.com)
Russia gets seat on SWIFT board
"By the end of 2014 the SWIFT traffic growth in Russia allowed us to reach thirteenth place in the world, so Russia has increased its stake to a level that allows it to nominate a candidate to the Board of Directors", the executive director of the Russian National SWIFT Association Roman Chernov told RBC.
2015-03-11 12:33   (rt.com)
U.S. banks' buybacks, dividends may be no reason for shareholder celebrations
Much of the money for buybacks and higher dividends is coming from the banks issuing securities known as preferred shares. These shares are a type of equity that pays regular, relatively high dividends. To investors they look a lot like bonds that pay interest. But for regulators, preferred shares serve as a cushion against any future losses, in part because they never have to be repaid. Critics of the strategy question how sustainable it is, as banks essentially take money from one set of investors and give it to another, and at an added cost.
2015-03-11 01:17   (reuters.com)
China's international payments system ready, could launch by end-2015 - sources
The launch of the China International Payment System (CIPS) will remove one of the biggest hurdles to internationalizing the yuan and should greatly increase global usage of the Chinese currency by cutting transaction costs and processing times. It will also put the yuan on a more even footing with other major global currencies like the U.S. dollar, as CIPS is expected to use the same messaging format as other international payment systems, making transactions smoother.
2015-03-10 00:00   (mobile.reuters.com)
Heta Damage Spreads in Austrian Downgrades, German Losses
Carinthia's guarantees, which peaked at 25 billion euros in 2006, were the main justification for Hypo Alpe's public rescue in 2009 and the biggest conundrum in its wind-down...The guarantees "could exceed Carinthia's liquidity resources, lead to increased financial leverage and could require some form of extraordinary central government support," Moody's said.
2015-03-07 06:46   (bloomberg.com)
Austria On Track to Bail in Heta Creditors After Aid Stop
Austria won't give fresh capital to Heta Asset Resolution AG, making the "bad bank" of failed Hypo Alpe-Adria-Bank International AG the first case under new European Union rules imposing losses on bank bondholders.
2015-03-01 12:46   (bloomberg.com)
Banco Popular De Puerto Rico, Hato Rey, Puerto Rico, Assumes all of the Deposits of Doral Bank, San Juan, Puerto Rico
As of December 31, 2014, Doral Bank had approximately $5.9 billion in total assets and $4.1 billion in total deposits. As part of the transaction with the FDIC, Banco Popular will purchase $3.25 billion of Doral Bank's assets. Banco Popular agreed to pay the FDIC a premium of 1.59 percent for the right to assume Doral Bank's deposits.
2015-02-27 00:00   (fdic.gov)
JPMorgan to Charge Some Large Customers Fees on Certain Deposits
The world's largest investment bank plans to reduce its non-operating deposits, or extra cash held in client accounts, which have become a "costly and inefficient use of our balance sheet," JPMorgan said in a memo seen by Bloomberg News and confirmed by a spokesman in London. The bank will encourage other products, while likely charging for some deposits and asking some clients to hold their money at a different firm.
2015-02-24 05:25   (bloomberg.com)
Russian offers Iran latest anti-aircraft missiles
Russia has offered Iran its latest Antey-2500 missiles, the head of Russian state defense conglomerate Rostec said on Monday according to media reports, after a deal to supply less powerful S-300 missiles was dropped under Western pressure.
2015-02-23 04:41   (reuters.com)
Russia ratifies $100bn BRICS New Development Bank
The Russian State Duma has ratified the $100 billion BRICS bank that'll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.
2015-02-20 14:55   (rt.com)
Russia Dumps Most US Paper Ever As China Reduces Treasurys Holdings To January 2013 Levels
It wasn't just Russia: the country that has ever more frequently been said to be in the same camp as Russia - and against the US - namely China, also sold another $6 billion in Treasurys in the last month of 2014...
2015-02-18 17:02   (zerohedge.com)
Russia Launches Own 'SWIFT' Service, Links Up 91 Credit Institutions
The new service, will allow Russian banks to communicate seamlessly through the Central Bank of Russia. It should be noted that Russia's Central Bank initiated the development of the country's own messaging system in response to repeated threats voiced by Moscow's Western partners to disconnect Russia from SWIFT.
2015-02-13 21:37   (sputniknews.com)
The Death Of The Petrodollar Was Finally Noticed
On the death of the Petrodollar we commented that unlike previously, when petrodollar recycling funneled the proceeds from oil-exports into financial markets, helping to boost asset prices and keep the cost of borrowing down, henceforth "oil producers will effectively import capital amounting to $7.6 billion." We added that "oil exporters are now pulling liquidity out of financial markets rather than putting money in. That could result in higher borrowing costs for governments, companies, and ultimately, consumers as money becomes scarcer."
2015-02-09 00:00   (zerohedge.com)
JPMorgan Worker Choked Wife to Death Before Suicide, Police Say
A JPMorgan Chase & Co. employee strangled and stabbed his wife to death before turning the knife on himself, according to police who are treating the couple's death in Bergen County, New Jersey as a murder-suicide.
2015-02-08 15:21   (bloomberg.com)
World heading for financial crisis worse than in 2008 China's Dagong rating agency head
"The current crisis in Russia is caused by Western countries' sanctions rather than internal factors. If we look at the US and the EU countries, their crises were caused by internal and not external factors," the president of China's Dagong rating agency said. "As distinct from Russia, the scope of crediting in these countries exceeded the potential for the production of goods and created a bubble. This crisis was transmitted to the entire world through the policy of quantitative easing and the use of the printing press. All the countries had to pay for that," he said.
2015-02-04 13:34   (itar-tass.com)
NBC's Brian Williams recants Iraq story after soldiers protest
The propagandist mind at work: "I would not have chosen to make this mistake," Williams said. "I don't know what screwed up in my mind that caused me to conflate one aircraft with another."
2015-02-04 00:00   (stripes.com)
Experts advise Chinese people not to hoard greenback
Prompted by the robust performance of the US dollar, growing numbers of Chinese are considering converting renminbi to dollar-denominated assets, for which experts are advising them to think carefully before making the move.
2015-01-29 14:09   (wantchinatimes.com)
Senator Rand Paul re-introduces 'Audit the Fed' bill
The Kentucky senator's move to re-introduce the bill, along with 30 co-sponsors, comes as Republican lawmakers and some Democrats increase their efforts to rein in the U.S. central bank and make it more transparent. The Fed gained broad regulatory powers and implemented massive stimulus measures after the 2007-2009 financial crisis, expanding its balance sheet to $4.5 trillion.
2015-01-29 00:00   (ca.news.yahoo.com)
While Deflategate and Chaitgate Rage, America Quietly Robs Its Elderly
2015-01-29 00:00   (rollingstone.com)
Hasenstab Sees $3 Billion Vanish in Ukraine as Big Bet Sours
"The fund's management team is nothing short of brilliant," Gilbert Armour, a financial adviser in San Diego who owns the fund for clients, wrote in an e-mail. "I wouldn't let a short-term dip in performance deter one from sticking with a long-term winner."
2015-01-28 00:00   (bloomberg.com)
Russia to respond to possible disconnection from SWIFT
Western countries' threats to restrict Russia's operations through the SWIFT international bank transaction system will prompt Russia's counter-response without limits, Prime Minister Dmitry Medvedev said on Tuesday. "We'll watch developments and if such decisions are made, I want to note that our economic reaction and generally any other reaction will be without limits," he said.
2015-01-27 16:18   (itar-tass.com)
Russia, Iran to create account for payments in their currencies
Russia and Iran plan to create a mutual account for bilateral payments in national currencies, RIA news agency quoted Mehdi Sanaei, Iran's ambassador to Moscow, as saying. "Both sides plan to create a mutual bank or a mutual account to make payments in rials and roubles possible," the ambassador said.
2015-01-27 02:46   (reuters.com)
U.S. to back $2 billion in loan guarantees for Ukraine
The United States plans to provide up to $2 billion in loan guarantees to Ukraine this year, the U.S. Treasury said on Tuesday, as part of a broader international package to stave off bankruptcy....The cost of insuring exposure to Ukrainian debt rose to a new 5-1/2 year high on Tuesday, according to data from Markit, a financial information provider, amid fears the country may have to restructure its debt.
2015-01-13 09:38   (reuters.com)
China Extends Forwards, Swaps Trading to Three More Currencies
A plunge in Russia’s ruble this month to a record low sparked a selloff in developing nations’ assets, leading to a surge in currency volatility. The new contracts come amid efforts by China to increase the international use of the yuan, as the world’s second-largest economy promotes it as an alternative to the U.S. dollar for global trade and finance.
2014-12-26 02:57   (bloomberg.com)
Swiss National Bank Starts Negative Interest Rate of 0.25% to Stave Off Inflows
Swiss National Bank President Thomas Jordan cited the Russian turmoil as a “major contributory factor” for the surprise decision to introduce a charge of 0.25 percent on sight deposits, the cash-like holdings of commercial banks at the central bank. The SNB also lowered its target range for the three-month Libor in an attempt to push the rate below zero. It fell to minus 0.046 percent today.
2014-12-18 11:37   (bloomberg.com)
Russia may seek China help to deal with crisis
Russia could fall back on its 150 billion yuan (HK$189.8 billion) currency swap agreement with China if the rouble continues to plunge. ...The deal was signed by the two central banks in October, when Premier Li Keqiang visited Russia. The swap allows the central banks to directly buy yuan and rouble in the two currencies, rather than via the US dollar. Two bankers close to the People's Bank of China said it was meant to reduce the role of the US dollar if China and Russia need to help each other overcome a liquidity squeeze.
2014-12-18 07:51   (scmp.com)
Russia Defends Ruble With Biggest Rate Rise Since 1998
In a surprise announcement just before 1 a.m. in Moscow, the Russian central bank said it would raise its key interest rate to 17 percent from 10.5 percent, effective today. The move was the largest single increase since 1998, when Russian rates soared past 100 percent and the government defaulted on debt.
2014-12-15 07:38   (bloomberg.com)
Treasury Department Seeking Survival Kits For Bank Employees
The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets. The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4.
2014-12-10 13:00   (freebeacon.com)
Sanctioned Russian banks begin testing national payment system next week
The move comes as a part of Russia’s ambitious initiative to move away from the Western dominance of its financial markets. Last month the Russian Central Bank said it would have its own international inter-bank payment system, an alternative to the global SWIFT network up and running by May 2015.
2014-12-08 13:18   (rt.com)
National Bank of Ukraine optimizes the composition of international reserves
The global foreign exchange markets have been excessively volatile recently due to the appreciation of the U.S. dollar against other world currencies. Therefore, the National Bank of Ukraine has decided to reduce the share of gold in the international reserves to 8%. To this end, it has sold 0.46 million troy ounces in the international markets and bought U.S. dollars. Accordingly, the share of gold in international reserves has been reduced to 7.9%.
2014-11-24 00:00   (bank.gov.ua)
Residents shocked MassMutual vice president Melissa Milan killed on a Simsbury bike path considered safe
A memorial of candles and dozens of bouquets of flowers sat in the spot where Melissa Millan, 54, the mother of two and a senior vice president at MassMutual Financial Group, was killed at about 8 p.m., Thursday when she was running.
2014-11-23 20:33   (masslive.com)
De Nederlandsche Bank adjusts its gold stock location policy
Under the previous policy, 11% of the gold stock was located in the Netherlands, 51% in the United States, with the remainder held in Canada (20%) and the United Kingdom (18%). Under the new policy, the breakdown by location is as follows: 31% in Amsterdam, 31% in New York, with the relative holdings in Ottawa and London remaining unchanged at 20% and 18%, respectively. Following this adjustment, DNB is in line with other central banks holding a greater part of their gold stock in their own countries. Beyond realising a more balanced distribution of the gold stock across the different locations, this may also have a positive effect on public confidence.
2014-11-21 00:00   (dnb.nl)
Where has all Ukraine's gold gone?
Ukraine’s Central Bank chief has divulged some shocking intel: its gold stockpile has reached a new nadir - almost zero. Since the beginning of the year, gold reserves have dropped nearly 16-fold, which begs the question, where did all of it go? "Official statistics of the National Bank show that the amount of gold in the vaults drastically fell, and it is unclear where it went. At the beginning of this month, the volume of gold was about $1 billion, or 8 percent of the total gold reserves,” the head of Ukraine’s National Bank, Valeria Gontareva, said in an interview with Ukraine’s Kharkiv TV.
2014-11-20 20:27   (rt.com)
Banker found dead with throat slit in apparent suicide: cops
Miller was last seen on surveillance video getting off an elevator at about 6 p.m. Monday with a mysterious man who was not his beau. The unidentified male was later spotted on camera leaving alone. Investigators, however, believe the death is a suicide because of the nature of the wounds and the fact a knife was found under his body, sources said.
2014-11-19 06:30   (nypost.com)
Frankfurt Open for Yuan Clearing as Liquidity Rises
Frankfurt became the first financial center in Europe to win the right to clear and settle payments in yuan when the Bundesbank and the People’s Bank of China signed a memorandum of understanding on March 28. The clearing bank makes it easier for German lenders and their clients to access the yuan and cut costs by making euros directly convertible with the Chinese currency without having to be changed into U.S. dollars first.
2014-11-17 10:54   (bloomberg.com)
Putin stockpiles gold as Russia prepares for economic war
Russia has taken advantage of lower gold prices to pack the vaults of its central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West. The latest research from the World Gold Council reveals that the Kremlin snapped up 55 tonnes of the precious metal - far more than any other nation - in the three months to the end of September as prices began to weaken.
2014-11-14 06:00   (telegraph.co.uk)
Swiss regulator flags attempt to manipulate bullion benchmarks
The FINMA regulator revealed its findings just days after the precious metals industry decided to automate the setting of reference prices for gold, ending the twice-daily "fix" by a panel of banks which has been used for almost a century. Along with other precious metal benchmarks, the gold fix has come under increased regulatory scrutiny since a scandal broke in 2012 over manipulation of the Libor interest rate, followed by revelations of similar behavior on the global currency market.
2014-11-12 12:03   (reuters.com)
FCA fines five banks £1.1 billion for FX failings and announces industry-wide remediation programme
The G10 spot FX market is a systemically important financial market. At the heart of today’s action is our finding that the failings at these Banks undermine confidence in the UK financial system and put its integrity at risk. Between 1 January 2008 and 15 October 2013, ineffective controls at the Banks allowed G10 spot FX traders to put their Banks’ interests ahead of those of their clients, other market participants and the wider UK financial system. The Banks failed to manage obvious risks around confidentiality, conflicts of interest and trading conduct.
2014-11-12 00:00   (fca.org.uk)
Russia to launch alternative to SWIFT bank transaction system in spring 2015
Russia intends to have its own international inter-bank system up and running by May 2015. The Central of Russia says it needs to speed up preparations for its version of SWIFT in case of possible ”challenges” from the West.
2014-11-11 15:55   (rt.com)
Canada, China sign currency deal aimed at boosting trade
Canada and China have signed a reciprocal currency deal that's expected to dramatically boost exports. The hub will foster far easier trade between the Canadian dollar and the Chinese yuan, also known as the renminbi. It makes Canada the first country in the Americas to have a deal to trade in the renminbi.
2014-11-08 05:23   (cbc.ca)
Petrodollars leave world markets for first time in 18 years
In other words, oil exporters are now pulling liquidity out of financial markets rather than putting money in. That could result in higher borrowing costs for governments, companies, and ultimately, consumers as money becomes scarcer.
2014-11-03 10:07   (reuters.com)
China central bank signs $6 bln currency swap with Qatar
China's central bank has signed a 35 billion yuan ($5.7 billion) currency swap deal with its Qatari counterpart, in a step towards expanding use of the Chinese yuan in a region long dominated by the U.S. dollar.
2014-11-03 08:48   (reuters.com)
Singapore and China to start direct currency trading
The Sing dollar will be added to the China Foreign Exchange Trade System (CFETS) platform, which currently offers transactions between the yuan and 10 foreign currencies. The announcement came on Monday (Oct 27), after an agreement at the Joint Council for Bilateral Cooperation (JCBC) in Suzhou, co-chaired by Deputy Prime Minister Teo Chee Hean and Chinese Vice Premier Zhang Gaoli. Previously, companies that wanted to convert a large amount of Sing dollars to renminbi (RMB) or vice versa had to do so via an intermediate currency such as the US dollar.
2014-10-27 23:16   (channelnewsasia.com)
Deutsche Bank Lawyer's Death in New York Ruled Suicide
Calogero Gambino, a Deutsche Bank AG (DBK) lawyer and managing director, was ruled a suicide by New York City officials. Gambino, 41, an 11-year veteran of the Frankfurt-based bank, was involved in negotiating legal matters for the company, including a probe into the rigging of the London interbank offered rate and currencies markets, the newspaper said, citing people familiar with his duties.
2014-10-25 00:00   (bloomberg.com)
Thierry Leyne, Strauss-Kahn's Hedge-Fund Partner, Dies at 49
Thierry Leyne, the French-Israeli entrepreneur who last year started an investment firm with former International Monetary Fund Managing Director Dominique Strauss-Kahn, has died. He was 49.
2014-10-24 05:20   (bloomberg.com)
McDonald's Costly Burgers Send Diners to Fancier Rivals
The loss of bargain-seeking customers like Hiner underscores a growing challenge for McDonald’s Corp.: While the company still offers several items for $1, its menu is quietly getting more expensive. McDonald’s said its prices were up about 3 percent through the end of June compared with 12 months earlier. That’s more than the 2.5 percent gain in prices for food Americans purchased away from their homes in the year through August, according to the Bureau of Labor Statistics.
2014-10-20 16:39   (bloomberg.com)
U.S. Air Force probed for scrapping costly planes bought for Afghans
A U.S. government watchdog agency is asking the Air Force to explain why it decided to destroy 16 aircraft initially bought for the Afgan air force and turn them into $32,000 of scrap metal instead of finding other ways to salvage nearly $500 million in U.S. funds spent on the program.
2014-10-09 16:33   (reuters.com)
GT says confidentiality pact rules out bankruptcy explanation
Lawyer Luc Despins of Paul Hastings told U.S. Bankruptcy Judge Henry Boroff an unspecified confidentiality agreement prevented GT Advanced from disclosing the cause of its bankruptcy, or its turnaround plan. He also acknowledged the 90 percent drop in the company's stock price in the first three trading days of this week. "I want to convey to all shareholders and creditors that the company feels terrible about that loss of value and will work every day to recover that value," he said. "That's an aspirational statement, not a guarantee."
2014-10-09 14:00   (finance.yahoo.com)
Pimco's outflow headaches only just beginning
Pimco was already on watch at a number of institutional investors after Gross's surprise resignation, including the $46 billion Teachers' Retirement System of the State of Illinois, the $23.4 billion Texas Municipal Retirement System and the $9.4 billion North Dakota Retirement and Investment Office. Those three pension systems alone have almost $5 billion invested with Pimco, and they're only a small sample of the institutional investors nationwide who've entrusted their money to the company - much of it public funds.
2014-10-07 01:29   (reuters.com)
Waldorf to Be Biggest Chinese Property Purchase in U.S.
New York City’s Waldorf Astoria hotel is set to become the biggest prize yet for buyers from China who have been pouring money into U.S. real estate as they seek stable investments outside their country.
2014-10-06 16:45   (bloomberg.com)
SWIFT Sanctions Statement
SWIFT and its stakeholders have received calls to disconnect institutions and entire countries from its network – most recently Israel and Russia.
2014-10-06 00:00   (swift.com)
Russia could ditch US dollar in 2-3 years -- head of Russia's #2 bank
Kostin first put forward the idea of switching to national currencies in international settlements about a decade ago, which means a move to the ruble shouldn’t be considered a counter-sanction measure. "I did not find understanding in this matter with the previous leadership of the Central Bank [10 years ago ] They believed that since the [US] dollar works, we shouldn’t do anything, and settlements in rubles will just bring additional risks. Under the new leadership the position of the Central Bank changed. I think that soon we will achieve a major breakthrough,” Kostin said.
2014-09-30 14:19   (rt.com)
Yuan to Start Direct Trading With Euro as China Pushes Usage
China’s trade with European Union nations grew 12 percent from a year earlier to $404 billion in the first eight months of 2014, according to data from the Asian nation’s customs department. That compares with just $354 billion with the U.S. during the period.
2014-09-29 07:06   (bloomberg.com)
Britain to include China's RMB as foreign currency reserve
Osborne described this dialogue outcome as "a historic moment" and a statement of British confidence in the potential of the RMB to become "the main global reserves currency".
2014-09-13 05:16   (news.xinhuanet.com)
Russia, China in talks to make alternative to SWIFT
Russian authorities wanted to decrease the financial market’s dependence on SWIFT since the introduction of the first U.S. sanctions, when international payment systems Visa and MasterCard denied services to some Russian banks owned by blacklisted individuals.
2014-09-10 18:14   (en.itar-tass.com)
Argentina to receive initial currency swap tranche by end 2014
The swap will allow Argentina to bolster its foreign reserves or pay for Chinese imports with the yuan currency at a time weak export revenues and an ailing currency have put the Latin American nation's foreign reserves under intense pressure.
2014-09-07 15:13   (reuters.com)
Dethrone 'King Dollar'
But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status.
2014-08-27 00:00   (mobile.nytimes.com)
Why Central Banks Should Give Money Directly to the People
They have also pumped trillions of dollars’ worth of new money into the financial system. Yet such policies have only fed a damaging cycle of booms and busts, warping incentives and distorting asset prices, and now economic growth is stagnating while inequality gets worse. It’s well past time, then, for U.S. policymakers -- as well as their counterparts in other developed countries -- to consider a version of Friedman’s helicopter drops.
2014-08-26 00:00   (foreignaffairs.com)
China allows 3 more banks including StanChart to import gold -sources
China and other Asian gold trading centres such as Singapore are calling for more localised pricing of the precious metal as they seek alternatives to the so-called London fix, the global benchmark for spot gold prices, which is being investigated by regulators on suspicion that it may have been manipulated.
2014-08-19 09:08   (uk.reuters.com)
Rescue rekindles bailout fears
South Africa's decision to rescue a small lender seen as neither “too big” nor “too interconnected” to fail shows that taxpayers worldwide may have to accept that bank bailouts are here to stay. When South Africa's central bank recently announced a $700 million (520 million euro) rescue of faltering African Bank Investments Limited, it scarcely made a splash outside the country. The bottom line, at least for the rest of the world, was that African Bank is not very big and not very important.
2014-08-17 08:52   (iol.co.za)
Putin says Russia should aim to sell energy in roubles
President Vladimir Putin said on Thursday Russia should aim to sell its oil and gas for roubles globally because the dollar monopoly in energy trade was damaging Russia's economy.
2014-08-14 12:47   (uk.reuters.com)
High Yield Fund Outflows A 6-Sigma Event
A 6-sigma event is extremely rare. If you want to put a number to it, think 1 in 500 million. According to Business Insider quant reporter Andy Kiersz, it's like flipping a coin 29 times in a row and getting heads each time. It's like rolling a die 11 times in a row and getting 6 each time.
2014-08-12 00:00   (businessinsider.com)
Russia, China agree on more trade currency swaps to bypass dollar
The Russian and Chinese central banks have agreed on a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “The draft document between the Central Bank of Russia and the People’s Bank of China on national currency swaps has been agreed by the parties,” and is at the stage of formal approval procedures, ITAR-TASS quotes the Russian regulator’s office on Thursday.
2014-08-09 16:33   (rt.com)
Risk-averse China seen pushing back plans to free yuan | Reuters
Nearly one-fifth of China's trade is now settled in yuan, up from less than 1 percent in 2009, when internationalization was seen as a way for firms to reduce currency risks and also to challenge the U.S. dollar's role as the key reserve currency.
2014-08-07 02:57   (uk.reuters.com)
India says WTO deal not dead, can sign in September if concerns addressed
The deadline to sign the WTO pact to ease worldwide customs rules lapsed at midnight in Geneva on Thursday after India demanded that the group also finalise an agreement giving it more freedom to subsidise and stockpile food grains than is allowed by WTO rules.
2014-08-01 11:25   (reuters.com)
MegaFon Shifts Cash to Hong Kong Dollars on Sanction Risk
MegaFon decided to keep about 40 percent of its cash in Hong Kong dollars given the global markets disturbances, Chief Financial Officer Gevork Vermishyan said in a phone interview. The Moscow-based carrier has traditionally kept its foreign cash in U.S. dollars and euros, according to the company.
2014-07-31 08:29   (bloomberg.com)
HKMA intervenes to protect HKD peg, sells $890 m
The Hong Kong Monetary Authority (HKMA) stepped into the currency market early on Tuesday, selling HK$5.541 billion (S$890 million) in Hong Kong dollars as the local currency repeatedly hit the strong end of its allowable trading band.
2014-07-29 00:00   (business.asiaone.com)
CBC suspends FBME operations for 2 days, bank says it's a hostile takeover
IN A short statement yesterday, the Central Bank of Cyprus announced the two-day suspension of operations by the Federal Bank of the Middle East (FBME), which had been placed under administration last week after being deemed a “primary money laundering concern” by the US Treasury.
2014-07-24 00:00   (cyprus-mail.com)
SEC adopts long-awaited reforms for money market funds
U.S. securities regulators adopted rules on Wednesday to curb the risk of investor runs on institutional money market funds, mainly by requiring their value to float instead of maintaining a value of $1 per share.
2014-07-23 13:17   (reuters.com)
Goldman Sachs Managing Director Nicholas Valtz Found Dead
Nicholas Valtz, a managing director in cross-asset sales at Goldman Sachs Group Inc. in New York, was found dead yesterday by family members who went searching for him after he didn’t return from a kiteboarding outing.
2014-07-21 13:13   (bloomberg.com)
Swiss, Chinese Central Banks Enter Currency Swap Agreement
The Zurich-based SNB said the agreement will further strengthen collaboration between it and its Chinese counterpart and is a "key requisite for the development of a renminbi market in Switzerland." It could also facilitate trade and investment between the two countries, the PBOC said.
2014-07-21 04:12   (nasdaq.com)
Flint manager warns of bankruptcy over retiree costs
“If Flint were to go to bankruptcy, that would highlight that this legacy-cost problem has to be addressed more globally,” said Eric Scorsone, a Michigan State University economist. “Flint’s at the forefront, but a lot of cities are on the same train, and that train is headed for the cliff.”
2014-07-17 05:58   (crainsdetroit.com)
Dollar Dominance Intact as U.S. Fines on Banks Raise Ire
The dollar hasn’t budged from its top spot for the past three decades, withstanding repeated efforts to unseat it. Almost 90 percent of the $5.3 trillion a day in foreign-exchange transactions last year involved the dollar, the same share as in 1989, data from the Bank for International Settlements show. More than 80 percent of trade finance was done in dollars in 2013, according to Swift, a global financial-messaging network.
2014-07-16 15:54   (bloomberg.com)
World Bank to Be Hit by Austria's Hypo Alpe Bond Wipeout
The lender, whose goals are to fight poverty and help developing countries, is in talks with Austrian authorities about 150 million euros ($203 million) of Hypo Alpe junior bonds it holds, according to a World Bank spokesman, Derek Warren. The securities are part of 890 million euros in subordinated debt that will be wiped out once a law on Hypo Alpe’s wind-down, passed by Parliament’s lower house in Vienna last week, gets final approval.
2014-07-16 11:34   (bloomberg.com)
Wall Street Grabs NATO Towers in Traders' Speed-of-Light Quest
Trade orders that were once executed using shouts and hand signals now travel across continents with a swiftness that can approach the speed of light. Fiber-optic cable used to be the choice of electronic trading firms such as Jump that are locked in a contest to be the fastest. Now they’re adopting microwave technology, which can convey data in nearly half the time, to squeeze profit from fleeting and often tiny price discrepancies in assets traded around the world.
2014-07-15 19:01   (bloomberg.com)
Banco Espirito Santo Bonds Sink to Record After Stake Sold
The sale comes as Chief Executive Officer Ricardo Salgado, the 70-year-old great-grandson of the bank’s founder was replaced by Vitor Bento after the Bank of Portugal urged the country’s second-biggest lender by market value to make changes to its executive management. Markets were roiled last week after a company within the Espirito Santo group missed payments on short-term debt, prompting Standard & Poor’s to downgrade the bank.
2014-07-14 04:09   (bloomberg.com)
BRICS countries to set up their own IMF
The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the International Monetary Fund and the World Bank, which are dominated by the U.S. and the EU. A currency reserve pool, as a replacement for the IMF, and a BRICS development bank, as a replacement for the World Bank, will begin operating as soon as in 2015, Russian Ambassador at Large Vadim Lukov has said.
2014-07-14 00:00   (rbth.com)
JP Morgan Director Julian Knott Killed Wife With Shotgun in Murder-Suicide
Julian moved to the United States from London in 2010 and was working at JP Morgan's Global Network Operations Center in Whippany, New Jersey, at the time of the tragedy.
2014-07-09 13:59   (ibtimes.co.uk)
Feeling poorer through the power of inflation: Since January of 2000 college tuition is up 68 percent, new car costs are up 55 percent, your typical home is up 50 percent, and wages are simply not keeping up.
Americans eat, pay mortgages/rent, and tend to drive a lot. We also have the aspiration of sending our kids to college for a better and more educated life. When sick, we want to have access to healthcare. All of these services and goods are much more expensive since 2000. Inflation is very much alive when we look at the cost of goods and services.
2014-07-09 00:00   (mybudget360.com)
Bond Anxiety in $1.6 Trillion Repo Market as Failures Soar
The Federal Reserve’s bond purchases combined with demand from banks to meet tightened regulatory requirements is making it harder for traders to easily borrow and lend certain desired securities in the $1.6 trillion-a-day market for repurchase agreements. That’s causing such trades to go uncompleted at some of the highest rates since the financial crisis.
2014-07-07 13:32   (bloomberg.com)
Total CEO calls for bigger euro role in oil payments
"There is no reason to pay for oil in dollars," he said. He said the fact that oil prices are quoted in dollars per barrel did not mean that payments actually had to be made in that currency.
2014-07-05 07:12   (reuters.com)
Erste Predict Record Loss as Romania Adds to Hungary Woes
Erste, which owns the second-largest Hungarian and the biggest Romanian bank, will post as much as a 1.6 billion-euro ($2.2 billion) loss this year as bad-loan provisions will rise 40 percent more than forecast earlier and trigger additional writedowns, it said in a statement yesterday. The shares fell 16 percent to 19.52 euros in Vienna as of 3:37 p.m., the lowest level in almost a year.
2014-07-04 10:30   (bloomberg.com)
BRICS is morphing into an anti-dollar alliance
“We've done a lot of work on the ruble-yuan swap deal in order to facilitate trade financing. I have a meeting next week in Beijing”, she said casually and then dropped the bomb: “We are discussing with China and our BRICS parters the establishment of a system of multilateral swaps that will allow to transfer resources to one or another country, if needed. A part of the currency reserves can be directed to [the new system].”
2014-07-03 00:30   (voiceofrussia.com)
SEC official dissented on BNP Paribas waiver
Kara Stein, a Democratic SEC commissioner who has recently demanded more accountability for big banks who break the law, was the sole dissenting vote on Monday on the temporary waiver, according to a document made public this week. BNP's application was granted the same day that BNP, France's largest bank, pleaded guilty to criminal charges it violated U.S. sanctions and agreed to pay a $9 billion penalty.
2014-07-02 19:07   (reuters.com)
India central bank seeks to swap gold to improve reserves quality
India's central bank said on Wednesday it has sought quotes from banks to swap gold in its own vaults for international-standard gold, aiming to improve the management of its reserves. The Reserve Bank of India said the operation would "standardise the gold available with RBI in India with respect to international standards" and the gold acquired would be delivered to its overseas custodian, the Bank of England.
2014-06-30 00:00   (reuters.com)
The new American tax dictate FATCA comes into force
The initiative is unprecedented, and the results are a great unknown, and may even end up costing the US money in its execution. "FATCA was never subject to a cost benefit analysis, so it's hard to predict the results. There are some published sources indicating that the implementation costs will exceed the revenue generated," Mary Louise Serrato, Executive Director of American Citizens Abroad, told RT.
2014-06-30 23:43   (rt.com)
EU approves Bulgaria credit line for banking system
The European Commission said on Monday it had approved a Bulgarian request to extend a credit line of 3.3 billion levs ($2.30 billion) in support of banks that have come under speculative attack.
2014-06-30 00:00   (reuters.com)
GCC tries to persuade UAE, Oman to join currency talks
The six-nation Gulf Cooperation Council (GCC) has opened dialogue with the UAE and Oman on a monetary union project as part of a major move to ensure the launch of a common currency, said a senior GCC official on Saturday.
2014-06-29 01:05   (arabnews.com)
U.S. military grounds all F-35 jets after fire at Florida base ($400 Billion Flushed)
In the latest setback for the Pentagon’s nearly $400-billion F-35 Joint Strike Fighter program, the U.S. military has grounded all of the fighter jets from flight operations after one of them caught fire at Eglin Air Force Base in Florida earlier this week.
2014-06-26 12:38   (latimes.com)
Albanian banker shot dead in Tirana
Several witnesses said Artan Santo was shot at least five times by two men on a motorcycle at a busy crossroads just off Tirana's main boulevard where the bank's offices are located.
2014-06-26 11:17   (af.reuters.com)
China state copper firm chief jumps to his death following corruption allegations: report
The head of a US$2 billion Chinese copper producer fell to his death from a building, the firm announced on Wednesday, with a state-run newspaper claiming he committed suicide following corruption allegations.
2014-06-25 15:08   (scmp.com)
Government's $360m bank account grab
Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.
2014-06-10 00:00   (moneysaverhq.heraldsun.com.au)
Boston Fed to cut 160 jobs
The Federal Reserve Bank of Boston will cut nearly 15 percent of its workforce in the next three to four years — the largest layoff at the institution in more than a decade. Last week bank officials informed 160 employees — an entire division — that their jobs would be eliminated because a key customer, the US Treasury Department, was cutting costs.
2014-05-06 00:00   (bostonglobe.com)
White House chief of staff Bill Daley joining Swiss hedge fund
Former Illinois Democratic gubernatorial candidate and White House chief of staff Bill Daley has joined a Swiss hedge fund, Argentiere Capital, as a managing partner and head of U.S. operations but will remain based in Chicago. Daley, 65, said in an interview late Wednesday that he wanted the opportunity to work at a startup, and that he “hit it off” with Argentiere founder Deepak Gulati, who is in his mid-30s and the former head of global equity proprietary trading at JPMorgan Chase & Co., Daley’s former employer.
2014-04-24 00:00   (chicagotribune.com)
Ukraine's Gold Reserves Secretely Flown Out and Confiscated by the New York Federal Reserve?
A Russian Internet news site Iskra (“Spark”) based in Zaporozhye, eastern Ukraine, reported on March 7, that “Ukraine’s gold reserves had been hastily airlifted to the United States from Borispol Airport east of Kiev”. This alleged airlift and confiscation of Ukraine’s gold reserves by the New York Federal Reserve has not been confirmed by the Western media.
2014-04-19 00:00   (globalresearch.ca)
The Police Raided My Friend's House Over a Parody Twitter Account
Jon Daniel woke up on Thursday morning to a news crew in his living room, which was a welcome change from the company he had on Tuesday night, when the Peoria, Illinois, police came crashing through the door. The officers tore the 28-year-old’s home apart, seizing electronics and taking several of his roommates in for questioning; one woman who lived there spent three hours in an interrogation room. All for a parody Twitter account.
2014-04-18 00:00   (vice.com)
SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds
The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, according to a copy of his remarks obtained by Bloomberg News. “On the rare occasions when enforcement does go to the penthouse, good manners are paramount. Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening.” Kidney said his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. The agency’s penalties, Kidney said, have become “at most a tollbooth on the bankster turnpike.”
2014-04-08 00:00   (mobile.bloomberg.com)
Liechtenstein Police Hunt for Killer in Reported Money Feud
A 48-year-old man was shot dead in the underground garage of a financial institution in Balzers at 7:30 a.m. local time, the principality’s police said on its website. The suspect, Juergen Hermann, fled the scene in a Smart car with Liechtenstein number plates, according to police. Neither the victim nor the institution were identified in the statement. The deceased was Juergen Frick, CEO of Bank Frick & Co. AG, Switzerland’s Radio 1 said in an e-mailed statement, citing employees of the bank.
2014-04-07 09:36   (bloomberg.com)
Former ABN Banker Schmittmann, Wife, Daughter Found Dead at Home
Former ABN Amro Group NV Netherlands Chief Executive Officer Jan Peter Schmittmann, his wife and a daughter were found dead at their home yesterday after a possible “family tragedy,” Dutch police said.
2014-04-05 00:00   (businessweek.com)
Connecticut becomes first state to pass $10.10 minimum wage
“I am proud that Connecticut is once again a leader on an issue of national importance. Increasing the minimum wage is not just good for workers, it’s also good for business,” said Malloy, a first-term Democrat facing re-election. In a statement issued by the White House, Obama said Connecticut set an example with its overwhelming passage of a state law that meets his goal for the nation.
2014-03-26 00:00   (ctmirror.org)
Americans Can't Retire When Bill Gross Sees Repression
“We’re going to be financially repressed for decades,” Gross, the 69-year-old billionaire co-founder of Pacific Investment Management Co., told Bloomberg Radio Feb. 7, citing Federal Reserve interest-rate policy that aims to cut borrowing costs. “I hate to be gloomy, but, yes, for the next 10 years, the oldsters, and I’m in that camp, are going to be disappointed in terms of the policy rate.”
2014-03-25 09:42   (bloomberg.com)
Personal FBI flights for Holder and other Justice officials went unreported
Congress’s nonpartisan Government Accountability Office determined that the 395 flights cost taxpayers $7.8 million. But the General Services Administration, which oversees trips aboard federal jets, did not require documentation because of a GSA reporting exemption that covers intelligence agencies, even in cases of unclassified personal travel. The GSA exemption contradicts decades-old executive-branch requirements, specifically guidelines established by President Bill Clinton and the Office of Management and Budget, according to the report. The report said GSA “has not provided a basis for deviating from executive branch requirements.”
2014-03-21 06:00   (washingtonpost.com)
Banker leaps to his death in finance world's 8th suicide this year
Kenneth Bellando, who worked at Levy Capital since January, was found dead on the sidewalk outside his East Side building on March 12 after allegedly jumping from the sixth-story roof, sources said. Bellando, a former investment bank analyst at JPMorgan, is the son of John Bellando, chief operating officer and chief financial officer at Condé Nast. His brother, John, a top chief investment officer with JPMorgan, works on risk exposure valuations.
2014-03-17 18:48   (nypost.com)
Trader kills self in finance world's latest suicide
A Manhattan trader was killed Tuesday morning by a speeding Long Island Rail Road commuter train, marking at least the seventh suicide of a financial professional this year. Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, jumped in front of an LIRR train at 6 a.m. near the Syosset train station.
2014-03-12 17:45   (nypost.com)
EPA Bureaucrats Use Federal Charge Cards for Gym Memberships and Gift Cards
A report released by the Environmental Protection Agency’s Inspector General has found that EPA employees have improperly used federal charge cards to purchase everything from gym memberships to gift cards. The report indicated that over 90 percent of the sampled transactions were for prohibited, improper, or erroneous purchases, all paid for by American taxpayers. Ironically, Senate Democrats Monday night carried on an all-night filibuster in the hopes of generating even more power and funding for the EPA.
2014-03-12 08:56   (atr.org)
Bitcoin firm CEO jumped from 25-story building to her death
Startling new information has come to light in the death of 28-year-old Autumn Radtke, the CEO of First Meta, a Singapore-based virtual currency exchange. The former Silicon Valley whiz-kid jumped from a nearby 25-story apartment building about 7 a.m. last Wednesday, according to a neighbor.
2014-03-06 10:13   (nypost.com)
US prepares $1B aid package for troubled Ukraine
Secretary of State John Kerry flew to Kiev Tuesday to show U.S. support for the fledgling Ukraine government, and the Obama administration announced with his arrival a $1 billion energy subsidy package. The fast-moving developments came as the United States readied economic sanctions amid worries that Moscow was ready to stretch its military reach further into the mainland of the former Soviet republic.
2014-03-04 08:55   (hosted.ap.org)
Americans borrowing record amount to buy cars
According to Experian Automotive, which tracks millions of auto loans written each quarter, the average amount borrowed by car buyers last quarter climbed above $27,000 for the first time ever. "It's not surprising buyers are borrowing more," said Melinda Zabritski, Experian's senior director of automotive credit. "If you look at the most popular segments, they are full-size pickups and SUVs. It's hard to find one of those models new and fully loaded for under $30,000."
2014-03-04 05:00   (cnbc.com)
Kerry decries 'new isolationism', says U.S. acts like poor nation
In comments tied to the budget that U.S. President Barack Obama is expected to present on Tuesday, Kerry suggested that tighter spending, in part at the behest of congressional Republicans, may limit U.S. clout around the world.
2014-02-26 22:39   (reuters.com)
Corzine Seeks Dismissal of U.S. Claims Over MF Global's End
The CFTC sued Corzine in June for failing to properly oversee the company’s brokerage unit while it spiraled toward failure in 2011 as $1.6 billion in customers funds went missing. MF Global Holdings filed for bankruptcy on Oct. 31, 2011, after a $6.3 billion bet on bonds of some of Europe’s most indebted nations.
2014-02-21 00:00   (businessweek.com)
A Banker Jumped To His Death From The Top Of JP Morgan Headquarters In Hong Kong
JP Morgan has confirmed that the man who jumped was a 33 year-old employee at the firm with the last name Li. He was a junior investment banker. This comes at a delicate time for the financial industry, when a spate of deaths — mostly in London — have alarmed observers.
2014-02-18 00:00   (sfgate.com)
Ryan Crane, JPMorgan Equities Trading Executive, Dies at 37
a JPMorgan (JPM:US) Chase & Co. employee who in a 14-year career at the New York-based bank rose to executive director of a unit that trades blocks of stocks for clients, has died. He was 37.
2014-02-13 00:00   (businessweek.com)
Under investigation, American Title CEO dead in grisly suicide
The founder and CEO of American Title Services in Centennial was found dead in his home this week, the result of self-inflicted wounds from a nail gun, according to the Arapahoe County coroner. Richard Talley, 57, and the company he founded in 2001 were under investigation by state insurance regulators at the time of his death late Tuesday, an agency spokesman confirmed Thursday.
2014-02-07 12:01   (denverpost.com)
Russell Investments Chief Economist Dueker Found Dead
Dueker worked at Seattle-based Russell for five years, and developed a business-cycle index that forecast economic performance. He was previously an assistant vice president and research economist at the Federal Reserve Bank of St. Louis.
2014-01-31 12:03   (bloomberg.com)
Is your money safe at the bank? An economist says 'no' and withdraws his
Why do I risk starting a run on Bank of America by withdrawing my money and presuming that many fellow depositors will read this and rush to withdraw too? Because they pay me zero interest. Thus, even an infinitesimal chance Bank of America will not repay me in full, whenever I ask, switches the cost-benefit conclusion from stay to flee.
2014-01-30 12:45   (pbs.org)
William Broeksmit, Former Deutsche Bank Risk Manager, Dies
When asked by telephone about Broeksmit’s death, London police confirmed in a statement that a 58-year-old man was found hanging at an Evelyn Gardens address on Jan. 26. Police said they aren’t treating the death as suspicious.
2014-01-28 06:16   (bloomberg.com)
JP Morgan IT executive plunges to death at bank's London HQ
A source familiar with the matter confirmed the deceased was Gabriel Magee, a vice president with the JP Morgan's corporate and investment bank technology arm, who had been an employee since 2004.
2014-01-28 00:00   (reuters.com)
Family of missing Wall Street Journal reporter David Bird issues televised plea for his return | Fox News
Bird works as a reporter for the Wall Street Journal, covering OPEC, a collection of oil-rich countries. He also worked for Dow Jones & Co., the newspaper's publisher, for more than 20 years.
2014-01-27 00:00   (foxnews.com)
Yellen's First Challenge: Coping With Too-Low Inflation
One of Janet Yellen’s first challenges as Federal Reserve chairman is generating enough inflation to meet the central bank’s target of 2 percent.
2014-01-26 19:01   (bloomberg.com)
China grants gold import licences to foreign banks for 1st time: Reports
SINGAPORE/SHANGHAI: China has granted licences to import gold to two foreign banks for the first time, sources said, as moves to open the world's biggest physical bullion market gather pace. Allowing more banks to import gold could increase the supply of the metal into the country, easing local prices that are higher than in most Asian nations.
2014-01-16 00:00   (articles.economictimes.indiatimes.com)
Stanley Fischer nominated as Fed vice chair
Obama's pick for Fed vice chair -- the no. 2 in command at the Fed -- is Stanley Fischer, a former Bank of Israel chief. Fischer would succeed current Fed chair Janet Yellen, who the Senate recently confirmed to serve as the next head of the Fed starting next month.
2014-01-10 11:13   (money.cnn.com)
Yellen approved to head Fed; only Republicans vote 'no'
The Fed cut overnight interest rates to near zero in late 2008 as the country struggled with a deep recession that left millions of Americans out of work after the financial system imploded. It has quadrupled its balance sheet to more than $4 trillion through a series of massive bond purchase programs meant to push down longer-term borrowing costs.
2014-01-06 20:47   (reuters.com)
Asian Rivals Unite To Bolster Offshore Chinese Yuan Trading
Asia’s two leading financial trading hubs, Singapore and Hong Kong are in constant battle as both regions look for the top spot in Chinese related instruments. A notification issued by the main exchanges of both countries state that the two have signed a memorandum of understanding (MOU) focusing on the offshore Renminbi (RMB) market.
2013-12-04 00:00   (forexmagnates.com)
Janet Yellen Exposed, Part 2
In her praise of "innovative" mortgage products, which include such things as subprime, interest only, zero down, negative amortization, and no-doc loans, Yellen specifically identified homeowners using their houses as investments rather than places to live, and leveraging those "investments" using cash-out refis or home equity loans, as evidence that there was no bubble. So according to Yellen, highly leveraged, real estate speculation was evidence that there was no housing bubble! That the very products that helped fuel the housing bubble and exacerbate the financial crisis proved that there was nothing to worry about! Incredible!!! And she is our next Fed chairman!
2013-10-23 00:00   (youtube.com)
Fast food workers striking in cities nationwide over pay
2013-08-29 00:00   (wxyz.com)
Zurich Insurance's Wauthier Committed Suicide, Police Say
Wauthier is the second top Swiss executive in five weeks to have taken his life after Carsten Schloter, 49, chief executive officer for Swisscom AG (SCMN), Switzerland’s biggest phone company, was found dead at his home on July 23.
2013-08-27 11:49   (bloomberg.com)
76% of Americans are living paycheck-to-paycheck
Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.
2013-08-21 14:53   (money.cnn.com)
UPS to drop 15,000 workers' spouses from insurance, blames Obamacare
United Parcel Service is planning to drop 15,000 workers' spouses from its health insurance plan, citing higher costs due to Obamacare.
2013-08-21 00:00   (money.cnn.com)
Bank of America intern Moritz Erhardt dies after 'gruelling shifts'
‘Interns can regularly clock up to 100 or even 110 hours a week, but people are fully aware that banking is hard work and the company constantly reminds you to manage upwards in order to not overheat,’ an anonymous banker told the Independent.
2013-08-20 14:04   (metro.co.uk)
Bond yields creep higher, stocks slightly higher - Aug. 19, 2013
Worries that the central bank could taper its $85 billion a month in bond purchases, or quantitative easing, as early as September has spurred a huge sell-off in bonds. Investors have yanked nearly $20 billion from bond mutual funds and exchange traded funds so far in August. That's the fourth highest pullback ever, according to TrimTabs data. In June, investors took out $69.1 billion -- the highest on record.
2013-08-19 09:51   (money.cnn.com)
East-West Mortgage operations suspended
Commerce Bank & Trust Co. has largely suspended operations of its home mortgage subsidiary, 1-800-East-West Mortgage Co., and laid off about half the subsidiary's work force because of declining business.
2013-08-19 00:00   (telegram.com)
Watchdog: Fannie, Freddie Mask Billions in Losses
Fannie Mae and Freddie Mac are masking billions of dollars losses because of the level of delinquent home loans they carry, a federal watchdog said in an internal report, and it said the companies should be required immediately to recognize the costs of some bad mortgages.
2013-08-19 00:00   (foxbusiness.com)
China, Japan lead record outflow from Treasuries in June
China and Japan led an exodus from U.S. Treasuries in June after the first signals the U.S. central bank was preparing to wind back its stimulus, with data showing they accounted for almost all of a record $40.8 billion of net foreign selling of Treasuries.
2013-08-16 07:09   (reuters.com)
Walmart Earnings Disaster Exposes a Collapsing Economy: Davidowitz | Breakout - Yahoo! Finance
Those are the numbers, but not the whole story. Walmart is the thermometer of the American economy. Disregard the government data. Jobs and GDP and all the rest are at best inaccurate measures of the economy and at worst flat out corrupt. Walmart is capitalism writ large. The entire organization is focused on nothing but selling goods and services to Americans. It may be an empire in decline, but Walmart sells more than $1 billion worth of merchandise per day in a bad quarter. When Walmart misses estimates, it can only mean one of two things: either Walmart or the American economy is weaker than anyone thought.
2013-08-15 10:24   (finance.yahoo.com)
State Department spent $630G to boost Facebook 'likes,' report says
The State Department spent more than $630,000 on advertising campaigns to boost the number of Facebook "likes" for the agency's pages on the website, according to a report released by the agency's inspector general.
2013-07-04 00:00   (foxnews.com)
Americans love to spend, lousy at saving
A report out Monday from Bankrate.com finds only 24% of Americans have enough savings to cover at least six months' expenses and only 50% have less than three months' expenses saved up. Most alarmingly, 27% of Americans have no emergency savings at all. According to the Bankrate.com's press release, those numbers haven't budged in three years.
2013-06-24 14:21   (usatoday.com)
Jack Lew's new signature unveiled
In nominating Lew for Treasury secretary in January, Obama noted his unusually loopy signature and declared: “Jack assures me that he is going to work to make at least one letter legible in order not to debase our currency should he be confirmed as Secretary of the Treasury.”
2013-06-18 14:11   (washingtonpost.com)
U.S. households getting more from Uncle Sam than they pay in- MSN Money
For the first time since the Great Depression, households are receiving more income from the government than they are paying the government in taxes. The combination of more cash from various programs, called transfer payments, and lower taxes has been a double-barreled boost to consumers’ buying power, while also blowing a hole in the deficit.
2013-04-20 14:47   (money.msn.com)
Full text of the Fifth BRICS Summit Declaration and action plan
We support the reform and improvement of the international monetary system, with a broad-based international reserve currency system providing stability and certainty. We welcome the discussion about the role of the SDR in the existing international monetary system including the composition of SDR's basket of currencies. We support the IMF to make its surveillance framework more integrated and even-handed.
2013-03-27 06:01   (news.xinhuanet.com)
Legal Tender Status
all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services.
2011-01-04 16:47   (treasury.gov)
Adviser: Debt ceiling must be raised
"If we hit the debt ceiling, that's essentially defaulting on our obligations, which is totally unprecedented in American history," he said. "The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008."
2011-01-02 13:08   (cnn.com)
World economy can withstand $100 oil price: Kuwait
The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied.
2010-12-25 09:17   (reuters.com)
The Fed Has a $110 Billion Problem with New Benjamins
The defective bills – which could number into the tens of millions, potentially representing billions of dollars in face value – will have to be burned, they say. American taxpayers have already spent an enormous amount of money to print the bills.
2010-12-06 06:40   (cnbc.com)
Half of Congress members are millionaires
The economic outlook may still be lousy, but Capitol Hill, at least, doesn't seem to be feeling much pain: A new study by the Center for Responsive Politics finds that half of all members of Congress are millionaires.
2010-11-17 13:12   (news.yahoo.com)
Hamtramck asks to file for bankruptcy
A city cannot declare bankruptcy, but a state-appointed emergency financial manager can, on its behalf under Public Act 72, which has never happened, said Caleb Buhs, a spokesman for the Department of Treasury. "Guidance from the state is all we are looking for," said Hamtramck City Manager Bill Cooper.
2010-11-17 00:00   (freep.com)
Red ink for post office: $8.5B lost last year
The Postal Service said Friday it lost $8.5 billion last year despite deep cuts of more than 100,000 jobs and other reductions in recent years. The post office had estimated it would lose $6 billion to $7 billion, but a sharp decline in mail took a toll. Increased use of the Internet and the recession, which cut advertising and other business mail, meant less money for the agency.
2010-11-12 20:12   (hosted.ap.org)
Proposed gas tax increase fires up debate
The draft proposal, which is included in a package of proposed tax reforms by the co-chairmen of President Obama's fiscal commission released on Wednesday, calls for the increase to begin in 2013. Gas taxes would rise by one cent every three months beginning in January 2013, until the 15 cent increase has been reached, a senior Committee staffer said.
2010-11-11 17:38   (money.cnn.com)
Secret Walmart Survey Shows Inflation Already Here
There might not have been a second round of quantitative easing, if Federal Reserve Chairman Ben Bernanke shopped at Walmart. A new pricing survey of products sold at the world’s largest retailer showed a 0.6 percent price increase in just the last two months, according to MKM Partners. At that rate, prices would be close to four percent higher a year from now, double the Fed’s mandate.
2010-11-11 14:59   (cnbc.com)
Treasury Draws Negative Yield for First Time During TIPS Sale
The Treasury sold $10 billion of five-year Treasury Inflation Protected Securities at a negative yield for the first time at a U.S. debt auction as investors bet the Federal Reserve will be successful in sparking inflation.
2010-10-25 17:00   (bloomberg.com)
Treasury Shields Citigroup as Deletions Undercut Disclosure
The late Bloomberg News reporter Mark Pittman asked the U.S. Treasury in January 2009 to identify $301 billion of securities owned by Citigroup Inc. that the government had agreed to guarantee. He made the request on the grounds that taxpayers ought to know how their money was being used. More than 20 months later, after saying at least five times that a response was imminent, Treasury officials responded with 560 pages of printed-out e-mails -- none of which Pittman requested. They were so heavily redacted that most of what’s left are everyday messages such as “Did you just try to call me?” and “Monday will be a busy day!”
2010-10-25 16:09   (bloomberg.com)
Officials hint Fed on the verge of more easing
A string of Federal Reserve officials on Tuesday indicated the central bank will soon offer further monetary stimulus to the economy, with one saying $100 billion a month in bond buys may be appropriate. While internal differences on the unconventional policy are still evident, the consensus view at the Fed appears to be that the economy is weak enough to warrant further support, most likely through increased purchases of Treasury debt.
2010-10-19 20:32   (finance.yahoo.com)
Dollar fall sparks stability warnings
Increasing expectations the Federal Reserve will pump more money into the US economy next month under a policy known as quantitative easing sent the dollar to new lows against the Chinese renminbi, Swiss franc and Australian dollar. It dropped to a 15-year low against the yen and an eight-month low against the euro. The dollar index, which tracks a basket of currencies, reached its lowest level this year.
2010-10-15 03:08   (edition.cnn.com)
Wall Street Pay Heads Toward New High of $144,000,000,000
About three dozen of the top publicly held securities and investment-services firms—which include banks, investment banks, hedge funds, money-management firms and securities exchanges—are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms.
2010-10-11 00:00   (online.wsj.com)
It's A Matter of Homeland Security
2010-09-30 19:37   (i.imgur.com)
Pentagon destroys thousands of copies of Army officer's memoir
The Department of Defense recently purchased and destroyed thousands of copies of an Army Reserve officer's memoir in an effort to safeguard state secrets, a spokeswoman said Saturday. "DoD decided to purchase copies of the first printing because they contained information which could cause damage to national security," Pentagon spokeswoman Lt. Col. April Cunningham said. In a statement to CNN, Cunningham said defense officials observed the September 20 destruction of about 9,500 copies of Army Reserve Lt. Col. Anthony Shaffer's new memoir "Operation Dark Heart."
2010-09-25 18:27   (cnn.com)
Trashing the dollar to save the economy
Fed policymakers seem prepared to take their chances: They strongly hinted in their post-meeting statement Tuesday that they're ready to flood the financial system with more dollars to try to push longer-term interest rates lower. That helped drive the greenback's value to the lowest level since March against a basket of six other major currencies, including the euro and the yen. Meanwhile, Congress made clear that it's running out of patience with China over that nation's policy of holding its currency, the yuan, artificially low against the dollar to keep Chinese export prices cheap. The U.S. House Ways and Means Committee on Friday approved a bill that could boost tariffs on China's exports to the U.S. if Beijing fails to agree to let the yuan rise in value.
2010-09-25 00:00   (latimes.com)
Gov't seizes 3 failing wholesale credit unions; will resell $50 B of toxic mortgage bonds
Federal regulators took over three key lenders to U.S. credit unions, after losses on mortgage investments threatened to topple them. The move was a reminder that parts of the financial system are still burdened by the toxic assets two years after the financial crisis peaked.
2010-09-24 18:00   (newser.com)
House passes small business legislation
One week after the Senate passed a $42 billion bill aimed at helping small businesses, the House voted Thursday to send the bill to President Obama's desk.
2010-09-23 16:55   (money.cnn.com)
$111M in Stimulus Saved Just 55 Jobs
According to the audit, the Los Angeles Department of Public Works spent $70 million in stimulus funds -- in return, it created seven private sector jobs and saved seven workers from layoffs. Taxpayer cost per job: $1.5 million.
2010-09-17 00:00   (foxnews.com)
Light bulb factory closes; End of era for U.S. means more jobs overseas
During the recession, political and business leaders have held out the promise that American advances, particularly in green technology, might stem the decades-long decline in U.S. manufacturing jobs. But as the lighting industry shows, even when the government pushes companies toward environmental innovations and Americans come up with them, the manufacture of the next generation technology can still end up overseas.
2010-09-08 21:48   (washingtonpost.com)
How GM Made $30 Billion Appear Out of Thin Air
That’s the amount GM said its goodwill was worth on the June 30 balance sheet it filed last month as part of the registration statement for its planned initial public offering. By comparison, GM said its total equity was $23.9 billion. So without the goodwill, which isn’t saleable, the company’s equity would be negative. This is hardly a sign of robust financial strength.
2010-09-08 21:00   (bloomberg.com)
Toy Pony Blown Up Due To Bomb Scare
2010-09-07 00:00   (wftv.com)
S&P says U.S. should move to protect AAA-rating
S&P maintains the United States' top AAA rating with a stable outlook, meaning there is not a significant chance of a change in the near future. However, it has repeatedly warned about the gigantic deficit and the debt burden in the world's biggest economy, calling it a challenge for the government.
2010-08-26 01:52   (reuters.com)
Freddie Mac Says Needs $1.8 Billion From Taxpayers
Mortgage finance giant Freddie Mac on Monday said it would need another $1.8 billion in aid from taxpayers, bringing its total request since it was taken over by the government two years ago to more than $64 billion.
2010-08-09 00:00   (abcnews.go.com)
Senate moves to approve aid to desperate states
The Senate overcame a key procedural hurdle Wednesday to send $26 billion more in federal aid to cash-strapped states.
2010-08-04 16:33   (money.cnn.com)
Billions for Iraq reconstruction unaccounted for; lax oversight blamed
A federal audit of $9.1 billion targeted for reconstruction in Iraq cannot account for more than 95 percent of it, a federal report said Tuesday.
2010-07-28 01:15   (cnn.com)
States face another $12 billion budget shortfall for 2011
Without another injection of government money for Medicaid, four states -- California, Texas, North Carolina and New York -- could face new gaps exceeding $1 billion each, while 21 others could see shortfalls over $100 million, according to a quarterly budget report issued by the National Conference of State Legislatures.
2010-07-27 06:06   (money.cnn.com)
'Coining it' - recession-hit Irish raid piggy banks
Irish people have literally raided their piggy banks when faced with stringent money saving measures and the longest recession in Europe.
2010-07-26 09:39   (bbc.co.uk)
The Death of Paper Money
Ebay is offering a well-thumbed volume of "Dying of Money: Lessons of the Great German and American Inflations" at a starting bid of $699 (shipping free.. thanks a lot).
2010-07-25 19:05   (telegraph.co.uk)
Financial Services Hearing July 22 2010
2010-07-22 00:00   (youtube.com)
U.S. Rescue May Reach $23.7 Trillion, Barofsky Says
U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.
2010-07-20 15:01   (bloomberg.com)
Residents irate as Bell council requests report on high city salaries
Community groups were demanding the resignation of Bell's city council members, most of whom make $100,000 a year; police chief, who makes $457,000; and city manager, who makes $787,637.
2010-07-20 11:51   (latimes.com)
A hidden world, growing beyond control
The result, he added, is that it's impossible to tell whether the country is safer because of all this spending and all these activities. "Because it lacks a synchronizing process, it inevitably results in message dissonance, reduced effectiveness and waste," Vines said. "We consequently can't effectively assess whether it is making us more safe."
2010-07-19 01:53   (projects.washingtonpost.com)
Spain overtakes US with world's biggest solar power station
Spain has opened the world's largest solar power station, meaning that it overtakes the US as the biggest solar generator in the world. The nation's total solar power production is now equivalent to the output of a nuclear power station.
2010-07-13 16:59   (guardian.co.uk)
It's Time To Reform Fannie And Freddie
On Christmas Eve 2009 the Treasury quietly waived that $400 billion cap and pledged unlimited financial assistance to Fannie and Freddie. The Federal government will provide an unlimitedguarantee to the troubled firms through 2012, and all this without requiring Congress to pass any further embarrassing bailouts of Fannie Mae and Freddie Mac.
2010-07-12 00:00   (forbes.com)
Dollar should be replaced as international standard, U.N. report says
The dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.
2010-06-29 19:14   (cnn.com)
Dennis Kucinich - End the Wars. Bring our Troops Home.
2010-06-28 00:00   (youtube.com)
Cost of Fannie And Freddie Keeps Rising
So far the tab stands at $145.9 billion, and it grows with every foreclosure of a three-bedroom home with a two-car garage one hour from Phoenix. The Congressional Budget Office predicts that the final bill could reach $389 billion.
2010-06-19 00:00   (nytimes.com)
Fannie-Freddie Fix at $160 Billion With $1 Trillion Worst Case
The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history.
2010-06-14 00:00   (bloomberg.com)
State Wants to Borrow From Pension Fund, to Pay the Fund
Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund. And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.
2010-06-11 00:00   (nytimes.com)
AIG's Rescue Had 'Poisonous' Effect, U.S. Panel Says
The bailout, which has swelled to $182.3 billion, transformed banks’ financial bets into fully guaranteed obligations, the panel said.
2010-06-10 00:00   (bloomberg.com)
Detroit to bulldoze thousands of homes in fight for survival
Tired of Detroit's status as the symbol of everything wrong with urban America, its new mayor has come up with a radical solution: to bulldoze the city.
2010-05-28 10:00   (telegraph.co.uk)
Why state pension funds could need a $1 trillion bailout
"This is a problem of monumental proportion," said Rauh, an assistant professor of finance at the Kellogg School of Management. "Given that we see the same issue in many states, the total size of a federal rescue plan could exceed the seriousness of the recent economic crisis and potentially cost more than $1 trillion total."
2010-05-20 12:31   (money.cnn.com)
Payback Time - Padded Pensions Add to New York's Fiscal Woes
In Yonkers, more than 100 retired police officers and firefighters are collecting pensions greater than their pay when they were working. One of the youngest, Hugo Tassone, retired at 44 with a base pay of about $74,000 a year. His pension is now $101,333 a year.
2010-05-20 00:00   (nytimes.com)
Conspiracy of Banks Rigging States Came With Crash
He estimates that bid rigging cost taxpayers billions of dollars.
2010-05-18 00:00   (bloomberg.com)
Treasury takes $1.6 billion loss on Chrysler loan
The Treasury Department said Monday it will lose $1.6 billion on a loan made to Chrysler in early 2009. Taxpayer losses from bailing out Chrysler and General Motors are expected to rise as high as $34 billion, congressional auditors have said.
2010-05-17 00:00   (finance.yahoo.com)
Obama touts economic gains but warns of tough deficit decisions
President Obama said Thursday that economic growth will continue next year, but he warned the nation will face hard choices as it tackles the federal deficit.
2010-05-13 16:41   (cnn.com)
'Suspicious package: Bomb squad blows up box that turns out to be full of money donated to church
A cardboard box left at a church near Lake Mary caused the closure of Markham Woods Road while a bomb squad X-rayed it and then blew it up.
2010-05-08 00:00   (orlandosentinel.com)
Freddie Mac requests $10.6 billion in federal aid
Freddie has already received $50.7 billion from the Treasury Department. Fannie Mae has so far gotten $76.2 billion.
2010-05-05 19:31   (money.cnn.com)
SEC staffers watched porn as economy crashed
As the country was sinking into its worst financial crisis in more than 70 years, Security and Exchange Commission employees and contractors cruised porn sites and viewed sexually explicit pictures using government computers, according to an agency report obtained by CNN.
2010-04-23 03:52   (cnn.com)
Producer Prices in U.S. Rise 0.7%; Core Rate Up 0.1%
Wholesale prices in the U.S. rose more than forecast in March, boosted by higher costs for energy and the biggest gain in food since 1984.
2010-04-22 00:00   (bloomberg.com)
SEC charges Goldman Sachs with fraud
The SEC said it charged New York-based Goldman (GS, Fortune 500) and a vice president, Fabrice Tourre, for their failure to disclose conflicts in a 2007 sale of a so-called collateralized debt obligation. Investors in the CDO ultimately lost $1 billion, the SEC said.
2010-04-16 13:23   (money.cnn.com)
US military warns oil output may dip causing massive shortages by 2015
The US military has warned that surplus oil production capacity could disappear within two years and there could be serious shortages by 2015 with a significant economic and political impact.
2010-04-11 18:47   (guardian.co.uk)
AT&T will take $1B non-cash charge for health care
The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.
2010-03-26 19:43   (news.yahoo.com)
Airport worker given police warning for 'misusing' body scanner
The police have issued a warning for harassment against an airport worker after he allegedly took a photo of a female colleague as she went through a full-body scanner at Heathrow airport.
2010-03-24 09:47   (guardian.co.uk)
Social Security Payout to Exceed Revenue This Year
This year, the system will pay out more in benefits than it receives in payroll taxes, an important threshold it was not expected to cross until at least 2016, according to the Congressional Budget Office.
2010-03-24 00:00   (nytimes.com)
Is Warren Buffett A Safer Bet Than The U.S.A.?
That's very weird. Treasuries are supposed to be among the safest bonds in the world. But the market is saying that the U.S.A. is a riskier bet than Berkshire, the big conglomerate run by Warren Buffett.
2010-03-22 08:48   (npr.org)
House Approves Health Overhaul, Sending Landmark Bill to Obama
Democrats hailed the votes as historic, comparable to the establishment of Medicare and Social Security and a long overdue step forward in social justice. “This is the civil rights act of the 21st century,” said Representative James E. Clyburn of South Carolina, the No. 3 Democrat in the House.
2010-03-21 00:00   (nytimes.com)
U.S., U.K. Move Closer to Losing AAA Rating
Achieving the fiscal consolidation necessary to avert a downgrade will test “social cohesion” and may involve rewriting the “social contract” between governments and their people, Cailleteau said. “People have to decide what level of pain they are willing to accept to have a healthy economy.”
2010-03-15 00:00   (bloomberg.com)
Treasury missed chances to save on GMAC bailout
All told, taxpayers have put $17.2 billion into GMAC and it remains in doubt whether any of those funds will be repaid.
2010-03-11 04:17   (money.cnn.com)
Why Do Federal Reserve Board Seats Remain Unfilled?
One open Board position should not go unfilled for this long, two is worse — two positions have been open since president Obama took office — and three open slots should not be allowed to happen.
2010-03-10 00:00   (moneywatch.bnet.com)
Gunman killed after shooting 2 Pentagon police
The gunman who shot two Pentagon police officers was heavily armed and spent weeks driving to the Capital area from the West Coast, authorities said Friday. Resentment of the U.S. government and suspicions over the 9/11 attacks have surfaced in writings by the Californian identified as the man fatally wounded in a hail of return fire.
2010-03-05 08:00   (news.yahoo.com)
Anti-Gay California State Sen. Roy Ashburn At Gay Club Before DUI Arrest
When the officer stopped the state-issued vehicle, the driver identified himself as Senator Ashburn. He was arrested without incident and charged with two misdemeanors: driving under the influence and driving with a blood alcohol level higher than .08% or higher.
2010-03-04 10:20   (cbs4.com)
Poland admits role in CIA rendition programme
For years, European and human rights investigators have believed Poland played a key role in the secret renditions programme, which became a human rights scandal for the George Bush administration.
2010-02-22 11:59   (guardian.co.uk)
Frustrated Owner Bulldozes Home Ahead Of Foreclosure
Hoskins said he's been in a struggle with RiverHills Bank over his Clermont County home for nearly a decade, a struggle that was coming to an end as the bank began foreclosure proceedings on his $350,000 home.
2010-02-18 10:42   (wlwt.com)
Report: Officers lose 243 Homeland Security guns
Nearly 180 Department of Homeland Security weapons were lost -- some falling into the hands of criminals -- after officers left them in restrooms, vehicles and other public places, according to an inspector general report.
2010-02-18 10:04   (cnn.com)
South Carolina Lawmaker Seeks to Ban Federal Currency
In an interview, Pitts told Hotsheet that he believes that "if the federal government continues to spend money at the rate it's spending money, and if it continues to print money at the rate it's printing money, our economic system is going to collapse."
2010-02-17 16:43   (cbsnews.com)
Geithner Says U.S. Will Never Lose Its Aaa Debt Rating
“Absolutely not,” Geithner said, when asked in an ABC News interview broadcast today whether a downgrade is a concern. “That will never happen to this country.”
2010-02-07 00:00   (bloomberg.com)
CNN Poll: 3 of 4 Americans say much of stimulus money wasted
A CNN/Opinion Research Corporation survey released Monday morning also indicates that 63 percent of the public thinks that projects in the plan were included for purely political reasons and will have no economic benefit, with 36 percent saying those projects will benefit the economy.
2010-01-25 06:24   (cnn.com)
Courthouse gunman lost Social Security case, official says
A man who lost a recent Social Security claim opened fire with a shotgun in a federal courthouse Monday, killing a court security officer and injuring a deputy U.S. marshal, authorities said.
2009-12-31 00:00   (cnn.com)
2009-12-22 00:00   (youtube.com)
Michele Bachmann: Welfare Queen
Michele Bachmann has become well known for her anti-government tea-bagger antics, protesting health care reform and every other government “handout” as socialism. What her followers probably don’t know is that Rep. Bachmann is, to use that anti-government slur, something of a welfare queen. That’s right, the anti-government insurrectionist has taken more than a quarter-million dollars in government handouts thanks to corrupt farming subsidies she has been collecting for at least a decade.
2009-12-22 00:00   (truthdig.com)
Banks with political ties got bailouts, study shows
Banks whose executives served on Federal Reserve boards were more likely to receive government bailout funds from the Troubled Asset Relief Program, according to the study from Ran Duchin and Denis Sosyura, professors at the University of Michigan's Ross School of Business. Banks with headquarters in the district of a U.S. House of Representatives member who serves on a committee or subcommittee relating to TARP also received more funds.
2009-12-21 17:08   (reuters.com)
Bernanke is TIME's 2009 Person of the Year
Remember September 2008? The month when the entire U.S. financial system almost collapsed? Ever since that pivotal moment, one person has been in the crosshairs, making decision after decision that has impacted nearly every American alive today.
2009-12-16 08:00   (msnbc.msn.com)
Recycling centers close, eliminating 'green' jobs
California's recycling treasury, filled by consumers' nickel and dime deposits on drink containers, had hummed along successfully for two decades until state officials left it nearly bankrupt after taking $451 million out to help balance the budget.
2009-11-30 00:00   (latimes.com)
Ben Bernanke - The right fix for the Fed
We have come a long way in our battle against the financial and economic crisis, but there is a long way to go. Now more than ever, America needs a strong, nonpolitical and independent central bank with the tools to promote financial stability and to help steer our economy to recovery without inflation.
2009-11-29 00:00   (washingtonpost.com)
Mark Pittman, Reporter Who Foresaw Subprime Crisis, Dies at 52
Mark Pittman, the award-winning investigative reporter whose fight to open the Federal Reserve to more scrutiny led Bloomberg News to sue the central bank and win, died Nov. 25 in Yonkers, New York. He was 52.
2009-11-28 00:00   (bloomberg.com)
Most global banks are still unsafe, warns S&P
Every single bank in Japan, the US, Germany, Spain, and Italy included in S&P's list of 45 global lenders fails the 8pc safety level under the agency's risk-adjusted capital (RAC) ratio. Most fall woefully short.
2009-11-24 12:02   (telegraph.co.uk)
FHA cash reserves fall below legal limit
The Federal Housing Administration's cash reserves have shrunk to a level far below what is required by law, and the agency could need taxpayer funding if worst-case scenarios play out, according to an independent audit designed to measure the agency's financial soundness.
2009-11-13 00:00   (washingtonpost.com)
Obama Promise To End The War, 2007
2009-11-13 00:00   (youtube.com)
U.S. Treasury Confident Congress Will Increase Debt Ceiling
The White House wants an increase of at least $1 trillion to $1.5 trillion, according to a person familiar with the deliberations between lawmakers and the administration. Record budget deficits are pushing the national debt closer to the $12.1 trillion statutory limit.
2009-11-13 00:00   (bloomberg.com)
PBGC Releases Annual Management Report for Fiscal Year 2009
The Pension Benefit Guaranty Corporation (PBGC) ended fiscal year 2009 with an overall deficit of $22 billion, according to the agency's Annual Management Report submitted to Congress today. The result compares with the $11.2 billion deficit recorded at the previous fiscal year-end on September 30, 2008.
2009-11-13 00:00   (pbgc.gov)
Barofsky Says TARP 'Almost Certainly' Will Bring Loss
"We need to temper or be realistic about our expectations, a dollar-for-dollar return is just highly unrealistic," he said today at the Bloomberg Washington Summit. "It's almost certainly going to be a loss."
2009-11-12 00:00   (bloomberg.com)
U.S. State Revenue Decline Will Go On, Report Says
The only thing that kept states from “draconian” spending cuts has been $135 billion of funding under President Barack Obama’s economic stimulus package, according to a report from the National Governors Associations and the National Association of State Budget Officers. Revenue fell 7.5 percent in fiscal 2009, forcing states to close budget gaps of $72.7 billion.
2009-11-12 00:00   (bloomberg.com)
The inflation time bomb
The public debt will likely pass $12 trillion this week, up another trillion since March. With Obama’s left flank calling for a second stimulus – which is really a third stimulus if you count George Bush’s tax rebates – there’s still no serious discussion about how to deal with debt. The bond market is telling us not to worry. But if history is any guide, the bond market is wrong.
2009-11-10 00:00   (blogs.reuters.com)
Orlando shooting suspect had recently filed for bankruptcy
n his filing last May for Chapter 7 bankruptcy, under which he sought to have his assets liquidated and his debts discharged, Jason S. Rodriguez listed his assets at $4,675 and his liabilities at $89,873.31.
2009-11-06 17:26   (cnn.com)
Motive probed in Fort Hood shooting rampage
Investigators searched for the motive on Friday behind a mass shooting at a sprawling U.S. Army base in Texas, in which an Army psychiatrist trained to treat war wounded is suspected of killing 13 people.
2009-11-06 17:03   (reuters.com)
Jobless rate tops 10 pct. for first time since '83
The unemployment rate has hit double digits for the first time since 1983 -- and is likely to go higher. The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. The rising jobless rate could threaten the recovery if it saps consumers' confidence and makes them more cautious about spending as the holiday season approaches.
2009-11-06 15:03   (finance.yahoo.com)
Obama set to sign a big tax break for homebuyers
As part of the government's efforts to encourage people to spend money to help revive the economy, the House voted 403-12 Thursday to expand a popular tax credit for homebuyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, now goes to President Barack Obama, who plans to sign it Friday.
2009-11-05 20:43   (news.yahoo.com)
Geithner "Burned Billions," Shafted Taxpayers on CIT Loan, Prof. Bill Black Says
While senior debt holders will only lose 30% of their investment, we, the U.S. taxpayer, will lose the entire $2.3 billion we lent the company this summer.
2009-11-02 00:00   (finance.yahoo.com)
CIT Files for Bankruptcy
The filing, made in a federal court in Manhattan, will still mean much pain for many parties, beginning with taxpayers. CIT received $2.3 billion in government aid last year, a bailout that came in the form of preferred stock. That will almost certainly be wiped out in the bankruptcy process, the first realized loss in the government’s rescue of the financial system.
2009-11-01 14:30   (dealbook.blogs.nytimes.com)
Autopsy set for Madoff associate dead in Fla. pool
Some victims of Madoff's vast Ponzi scheme say Picower was the fraud's biggest beneficiary. In a lawsuit to recover assets, trustee Irving Picard demands he return the allegedly bogus profits.
2009-10-26 11:00   (news.yahoo.com)
Electrolux To Move 850 Jobs To Mexico
Total employment at the two facilities is about 925. Approximately 850 out of 925 total employees will be affected by the announcement. Approximately 75 employees at the technology center will remain in Iowa.
2009-10-23 10:19   (kcci.com)
$2.3 million in federal stimulus money is going to pay for Tampa Bay area beauty school tuition
Chad Malm, owner of Salon Jack in Tampa, says there are plenty of hairdressers; he gets as many as six applicants a week. Spending stimulus money to train them, he says, doesn’t make sense.
2009-10-17 00:00   (tampabay.com)
SEC Names Goldman%u2019s Storch as Enforcement Unit Operations Chief - Bloomberg.com
The U.S. Securities and Exchange Commission named Adam Storch, a 29-year-old from Goldman Sachs Group Inc.’s business intelligence unit, as the enforcement division’s first chief operating officer.
2009-10-16 00:00   (bloomberg.com)
Wall Street's Naked Swindle
A scheme to flood the market with counterfeit stocks helped kill Bear Stearns and Lehman Brothers — and the feds have yet to bust the culprits
2009-10-14 09:30   (rollingstone.com)
Veteran identified in movie theater shooting
Sexton had argued with theater employees after being asked to produce an ID to view the R-rated movie, saying he had killed 18 people in the service of his country, witnesses told police.
2009-10-13 00:00   (thestarpress.com)
FDIC Considers Borrowing From Treasury to Shore Up Deposit Insurance
Federal Deposit Insurance Corp. Chairman Sheila Bair said Friday her agency may tap its $500 billion credit line with the U.S. Treasury to replenish its deposit insurance fund, though she appeared cautious about doing so.
2009-09-18 14:51   (online.wsj.com)
Europe Richer Than America
As market participants reflect on the anniversary of the collapse of Lehman Brothers, so emerges the sobering consequence of the market crash that followed: North America's wealth has now fallen the most out of any other region in the world, allowing Europe to step up to the plate as the world's richest continent.
2009-09-15 06:30   (forbes.com)
Key Blagojevich player is dead, ex-governor says
On Tuesday in a separate case, Kelly pleaded guilty to two counts of mail fraud "as part of a kickback scheme to illegally obtain $8.5 million in work at O'Hare International Airport," the Chicago Tribune reported Saturday in story about his death on the newspaper's Web site.
2009-09-13 10:15   (cnn.com)
Rumsfeld 2.3 Trillion Dollars missing Pentagon 1 DAY before 9-11
Donald Rumsfeld says 2.3 Trillion Dollars missing at Pentagon 1 DAY before the 9/11 tragedy.
2009-09-10 00:00   (youtube.com)
Taxpayers Unlikely to Recover GM, Chrysler Investment
U.S. taxpayers are unlikely to recover their $81 billion investment in General Motors Co. and Chrysler Group LLC and were “left in the dark” on specifics of a decision to aid automakers, a congressional panel said.
2009-09-09 00:00   (bloomberg.com)
Pete Stark Blows Up Over National Debt
Watch Congressman Pete Stark blow up when Jan Helfeld asks him why Stark believes, "the more we owe, the wealthier we are."
2009-08-31 00:00   (youtube.com)
The Financial Flogging Continues
2009-08-31 00:00   (youtube.com)
Procter in $3.1bn drug unit sale
Irish drugmaker Warner Chilcott is buying the pharmaceutical business of Procter & Gamble for $3.1bn (£1.9bn).
2009-08-24 20:35   (news.bbc.co.uk)
Man Commits Suicide At Gun Range
The incident was the fourth shooting in and third suicide at a gun range since April, when Marie Moore killed her 20-year-old son before shooting herself at the Shoot Straight Gun Range in Casselberry.
2009-07-02 06:45   (wesh.com)
Job fair canceled for fear of crowds
A weekend job fair at a Dedham shopping center was postponed today after organizers became concerned that a flood of job seekers would snarl traffic and create safety problems.
2009-05-29 06:13   (boston.com)
'Tell somebody,' if you're thinking of suicide, says general
The 101st Airborne's senior commander in effect ordered his soldiers Wednesday not to commit suicide, a plea that came after 11 suicides since January 1, two of them in the past week.
2009-05-27 03:40   (edition.cnn.com)
STANDOFF OVER: Barricaded Gunman Dead
A very tense situation in Allen Park is over, as a man who refused to be served with an eviction notice shot a police officer Friday, starting an hours-long standoff in which dozens of shots were fired before the man was found dead of a gunshot wound.
2009-05-22 21:09   (wxyz.com)
Is Anyone Minding the Store at the Federal Reserve?
2009-05-06 00:00   (youtube.com)
Freddie Mac Exec Found Dead At Home
David Kellermann, Acting Chief Financial Officer Of Embattled Mortgage Company, Committed Suicide
2009-04-22 08:07   (cbsnews.com)
Dad who killed family, self was $460K in debt, sheriff says
Four people found dead in a room at a suburban Baltimore, Maryland, hotel were members of the same family and apparent victims of a murder-suicide, police said Tuesday.
2009-04-21 00:00   (cnn.com)
Shooting suspect lost his job, Binghamton mayor says
We understand that the gentleman lost employment ... his English language skills were not that good and he felt that people were looking down upon him.
2009-04-04 00:00   (cnn.com)
Homeowner who shot herself amid eviction dies
Addie Polk, who became the national face of the foreclosure crisis last fall when she shot herself during an eviction, was a quiet woman who never asked for help.
2009-03-31 00:00   (cnn.com)
Couple in Wilmington murder-suicide fired for alleged fraud
Diana Bonta, vice president for public affairs at Kaiser Permanente, said the couple falsified income records so they could qualify for a child care program run by Crystal Stairs, a nonprofit child development agency located near the West Los Angeles medical center where they worked.
2009-01-29 13:00   (latimes.com)
US tycoon tried to fake own death in plane crash, say police
An Indiana businessman under investigation for his financial dealings is believed to have faked his death by parachuting out of his plane after making a pretend distress call, and allowing the unpiloted aircraft to crash.
2009-01-13 11:49   (guardian.co.uk)
HSBC banker found hanged by belt at 5-star London hotel after 'committing suicide'
Christen Schnor, 49, was discovered by a hotel worker naked with a belt around his neck in the cupboard of his £500 a night suite.
2008-12-22 02:49   (dailymail.co.uk)
Credit crunch banker leaps to his death in front of express train
The City was in shock last night after the apparent suicide of a millionaire financier haunted by the pressures of dealing with the credit crunch.
2008-09-27 23:06   (dailymail.co.uk)
Indicted Banker's Desperate Murder-Suicide
Iowa Father Killed Wife, Four Small Children Before Slamming Van Into Highway Abutment
2008-03-26 00:00   (abcnews.go.com)
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