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STOCK MARKET WATCH, Tuesday, November 29, 2011

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:02 AM
Original message
STOCK MARKET WATCH, Tuesday, November 29, 2011
Source: du

STOCK MARKET WATCH, Tuesday, November 29, 2011

AT THE CLOSING BELL ON November 28, 2011

Dow 11,523.01 +291.23 (+2.53%)
Nasdaq 2,527.34 +85.83 (+3.40%)
S&P 500 1,192.55 +33.88 (+2.84%)
10-Yr Bond... 1.99 +0.01 (+0.61%)
30-Year Bond 2.94 +0.01 (+0.44%)



Market Conditions During Trading Hours


Euro, Yen, Loonie, Silver and Gold






Handy Links - Market Data and News:
Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:

The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:

LegitGov    Open Government    Earmark Database    USA spending.gov

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 =
12









This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:03 AM
Response to Original message
1. Today's Reports
Nov 29 09:00 Case-Shiller 20-city Index Sep -3.0% -3.0% -3.80%
Nov 29 10:00 Consumer Confidence Nov 44.0 42.5 39.80
Nov 29 10:00 FHFA Housing Price Index Sep NA NA -0.1%

Read more: http://www.briefing.com/investor/calendars/economic/201...
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:36 AM
Response to Reply #1
69. FHFA home-price index climbs 0.9% in September
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:36 AM
Response to Reply #1
70. Consumer confidence leaps to 56 in November
hopium....it does a body good.

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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:37 AM
Response to Reply #1
71. U.S. home prices down 3.6% yr-on-yr: Case-Shiller
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:37 AM
Response to Reply #1
72. U.S. home prices drop 0.6% in September
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:03 AM
Response to Original message
2. Oil falls below $98 amid Europe debt concerns
SINGAPORE Oil prices fell below $98 a barrel Tuesday in Asia as European leaders raced to contain the continent's debt crisis and keep the euro currency block intact.

Benchmark crude for January delivery was down 47 cents to $97.74 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.44 to settle at $98.21 on Monday.

In London, Brent crude was down 32 cents at $108.68 on the ICE futures exchange.

Crude has zigzagged near $100 for the last two weeks as traders speculate whether Europe's debt crisis will break apart the 17-nation euro currency zone. European leaders are scrambling to keep contagion from spreading, and the more creditworthy nations such as Germany are considering large bond buys from the most indebted countries, such as Greece and Italy.

http://old.news.yahoo.com/s/ap/oil_prices
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:28 AM
Response to Reply #2
38. That drop doesn't show in the above candle-graph
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 12:23 PM
Response to Reply #38
81. They are very slow burning candles
each one takes 3 hours to burn. Add to that the 30min delay for non-subscribers...The chart on the top of the page is often at odds with the script for that reason.

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:07 AM
Response to Original message
3. U.S. stock futures rise; Europe, data in focus
LONDON (MarketWatch) U.S. stock futures rose on Tuesday, tracking gains in European markets, as hopes remained high that euro-zone officials will take action to tackle the sovereign debt crisis.

Futures on the Dow Jones Industrial Average DJ1Z +0.78% gained 107 points to 11,605 and those on the Standard & Poors 500 stock index SP1Z +0.97% advanced 12.90 points to 1,204.

Nasdaq 100 futures ND1Z +0.88% gained 21.25 points to 2,242.2.

European stock markets turned higher in mid-morning trade, with the Stoxx Europe 600 index XX:SXXP +0.64% up 0.7%. Euro-zone finance ministers will meet in Brussels later on Tuesday where they are expected to discuss measures to stem the spread of the debt crisis.

Meanwhile, the Italian Treasury saw its borrowing costs surge as it sold a total of 7.5 billion euros ($10 billion) of a new three-year benchmark and other government bonds Tuesday. Italian bond yields had risen sharply in the secondary market ahead of the auction.

http://www.marketwatch.com/story/us-stock-futures-rise-...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:28 AM
Response to Original message
4. morning from a rainy, gloomy durham
:donut: today i am extra grateful for coffee.
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Pachamama Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:13 AM
Response to Reply #4
11. Me too...couldnt sleep have been up for hours
I think (no, know) that its the stress of all going on around us..... Sigh.... :hi:
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:19 AM
Response to Reply #11
14. seems like stress is in the air we breath at this time of year.
:hi: back atchya!
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Pachamama Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:32 AM
Response to Reply #14
19. Yes, holidays, family, shopping madness, road rage, the economy, the news....
Its all so much...I know that its making the "air" this year worse than ever....you can cut it with a knife....everyone is feeling it. Many are pretending it isnt there around them because they know they are close to the edge....

I am tired more than anything....I spent the last few years battling (and hopefully winning at least for now against cancer). But all along, I am watching what is going on and its getting worse daily. Even if I didnt turn on the news or visit DU, i can feel it going on. I see it in the eyes of people. And its seeing and knowing that the system is broken and that it actually can (and likely will) get much worse before things change.

Meanwhile, i sit here in the dark with the glow of my IPad and the silence of the house with my family sleeping and being grateful that I have this cup of coffee, a roof over my head, my family and thankfully, my health.

And yes, I have DU to be thankful for too....and the old DUers i remember... :hi:
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:37 AM
Response to Reply #19
21. Good morning
Yes, we all have much to be grateful for. So glad you are winning against cancer. That is a big one.

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Pachamama Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:43 AM
Response to Reply #21
24. Good morning to you too!
:hug:

Maybe if its possible for beating cancer & surviving, it can be a reminder we can fight and beat this corrupt system that like a cancer is destroying our communities and economy and country? That is what I try to remind myself when I see what is going on....

:hug:
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:42 AM
Response to Reply #19
23. ...
:hug:
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 01:18 PM
Response to Reply #19
85. A year ago I was on the juice (chemo)
Chronic Lymphoma. The treatments suck, but the alternative sucks more.

I'd say hang in there, but when that came at me, my patented reply was "Those famous last words given to Nathan Hale"

:toast:

even if the beer (and everything else) tastes like a chemistry set
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:46 AM
Response to Reply #11
25. I got a whopping three hours sleep
I have no idea why I couldn't get back to sleep after the mad dash to the can. The cat was snuggled and purring, the covers were warm, just couldn't do it, my eyelids rolled up like old fashioned window shades (flapflapflap).

At least Busby Berkeley is keeping me company on TCM.

Even though I'm no longer strapped, I'm probably picking up the general funk around me as other people are now where I was 8 years ago. I'm still wondering when the other shoes are going to drop. A collapse like this one doesn't just get better on its own and nothing has been done to make it get better aside from one inadequate and poorly spent "stimulus package."
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Pachamama Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:01 AM
Response to Reply #25
31. Beat you by one hour more of sleep....
Yes, a whopping 4 hours of sleep....found myself wide awake & unable to go to sleep. I know for me its just the knowledge of how much suffering is going on and that the worst is yet to come.....

I got two calls out of blue yesterday from people looking for leads for jobs....my husband informed me of a friend of ours in Vaill, CO who was a successful entrpreneur & business man who filed for bankruptcy and is sleeping in the guest room of his ex-wife so the father of their child isnt homeless. The woman who ran the pre-school my kids went to yrs ago and runs it out of her house has 1/4 of the kids in her program and cant afford heat beyond when the kids are there and she has no money for groceries. I gave her some money yesterday. It broke my heart to see her suffering.

I could go on as I am sure so many of us can....including fellow DUers who are in trouble themselves.

I know how fortunate i am. But I recognize that the system is broken and its getting worse....im really worried...And I would say i am an Optimist usually...

Good to see old DUers like you Warpy! :hi:
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:00 AM
Response to Reply #31
46. Morning Marketeers....
:donut: and lurkers. A special :hi: to you Pacha...Always good to have a lurker come in from the cold. These are hard yet interesting times we live in.

I have found that on the nights when I am up, or if I am stressed out. It really helps if I do something. Work on a big goal and appreciate the small things. The secret of true happiness is not getting what you want but wanting what you have. I really do not watch TV, which I have come to discover is a source of discontent and unhappiness. Am I ignorant of current events? Not on your life. People that know me think otherwise. I am just selective as to what I feed my mind and soul.

I have a job, I had a nice breakfast and a cup of coffee now. I have a ton of things to do, but I make a priority list. I have a good family, good friends, and even in this rough neighborhood, I try to be a good neighbor. I focus on the needs of other as I can and I try to take positive action. I have 2 eyes, 2 ears and one mouth, so I look and hear more than I speak.

I may not be able to do anything about the economy, but I can take care of my economy (thank you SMW). If things really do collapse, I have my pantry, my precious metals and some cash, and I can shelter in place for a long time or go up to my brother's place (a full gas tank away). You can't plan for everything, but you can plan for a lot if you are flexible.

Happy hunting and watch out for the bears.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:14 AM
Response to Reply #46
54. A great plan!

I have been trying to do a similar plan. Unfortunately spouse, family and friends think I am crazy because this is America and they think things won't collapse here. They have other priorities like Christmas shopping, spending more money and maxing out credit cards. I am unable to wake them up because they are not ready to listen, always believing the usual propaganda they hear on the TV news.
:(

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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:50 AM
Response to Reply #54
61. Just make your plans....
and let it roll off your back. Watch the Twilight Zone episode The Shelter. It will give you some good psychological in site into human nature. Take comfort in the fact that at least you are prepared. Nothing brings more piece of mind than that.

My friend use to make fun of me because I have always kept a stocked pantry. In this day and age of as needed shipping and stocking, even I thought I might be overdoing it. But one job loss that lasted over a year (the 80's)and several hurricanes, including Rita and esp. Ike reinforced the lessons my Mom and Aunties taught me. Folks here don't laugh so loud any more. You will not see me brawling in the supermarket for the last loaf of bread or container of bottled water. We are eating through the rotated canned goods now (before their expiration date)and all the normal groceries I am buying are sales items to go into the pantry. That does not include the freeze dried things which have an incredible shelf life (I am even rotating that). Basically I am buying for several years in the future now. How cool is that...to not have to worry where your next meal is coming from for several year-of course you still have the problem of what to cook for dinner. But that is a good problem to have.

I don't have bunches of money so this didn't happen overnight. I bought an extra here and there at a sale and stashed it back over the years. The freeze dried foods have been a supplement, also over time. As I mentioned, we are just now getting camping gear to round out things and some personal protection fire arms. I got my solar oven last year. We are working the last little bit of debt off and will be debt free by next August if all goes well. We are looking at property or a home with acreage to buy and pay for in cash. Through out this adventure, we have never felt deprived. We lead a very comfortable busy life. We have helped folks along the way and had an interesting time while we were at it.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:10 AM
Response to Reply #61
64. I worry about who could show up at my door

While I don't mind sharing with family and close neighbors, there is no way I can feed the entire neighborhood. However, a few neighbors are active gardeners in the summer, and hopefully, like me, have frozen the extras, but still this would probably only last a few weeks if we pulled our reserves for the other neighbors.

Plans are good to have though, and being creative also helps to stretch the possibilities. I think forming a neighborhood group could also be beneficial to determine who has various skills where neighbors could barter and trade for something else that was needed.

Spouse has a gun but prefers not to use it. Our 2 doggies are great to warn us of strangers.

I put my Excalibur dehydrator to use this summer by drying extra tomatoes. The tiny dried cherry tomatoes are excellent on salads!

Have not yet purchased a solar oven. What brand do you have?


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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 11:57 AM
Response to Reply #64
80. Get on You Tube...
and watch "The Shelter". Also check out the 2001 economic collapse of Argentina.

I love my Excalibur dehydrator. I make killer jerky and yes, I love those dried cherry tomatoes too. I can't remember the Solar Oven company but they are out of Minnesota and give solar ovens away to war torn (Dar for) or impoverished areas (Central and South America) where women and children face danger fetching firewood. They are a good charity that makes a difference in people's lives. I made a donation with my purchase. There was a waiting list but it was well worth it.

You can actually make your own solar oven in a pinch I could. I am notorious for cooking food on my dashboard on road trips or poaching fish in the dishwasher (no soap, heavy duty aluminum foil). In college I made quesadilla with the iron and ironing board (we were not allowed to cook or have cooking appliances in the dorm and the cafeteria was closed on Sunday afternoons). Had a motorcycle bud that cooked his dinners on the exhaust pipe of his cycle on road trips. We can be very creative if we need to. I learned that on Army field exercises. Learned to barter. I would give massages (legit folks-I know you guys esp you Fudd) for what ever our tent needed. We had the black market going on. :spray: I intend to add brewing to my skill set. You can always trade for liquor and tobacco (brother grows a few rows).

Be discreet when finding out who has what and can do what. Also be descreet about what you have. I don't say anymore than I have to. When someone comes to your door make a care package for them and explain to them nicely that this is all that you can spare and not to come back again. Remember, they found their way to you, they will find their way to someone else door. I am by nature a generous person and a believer in co-ops, but if it came to my family starving to feed someone that didn't prepare, I think you know the answer to that one.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 12:41 PM
Response to Reply #80
82. good tips!
Edited on Tue Nov-29-11 12:45 PM by DemReadingDU
When I was in college, we routinely used the old-fashioned popcorn poppers. I wonder whatever happened to it!

I just tried to search for a picture, and all I could find was this listing on ebay

http://www.ebay.com/itm/FOSTORIA-Mod-21X-Vintage-RETRO-...


edit to add a similar picture


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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:29 AM
Response to Reply #4
39. Michigan is in its 3rd day of rain--Flood Warnings posted
and it's raining harder than before this morning.

I do NOT want to go out at all...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:20 AM
Response to Reply #39
56. wow! -- you be careful out there! nt
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:38 AM
Response to Reply #39
59. Ditto what xchrom said
We will be sunny and 77+ this afternoon. Our only weather concern right now is the flood of winter visitors. . . . :evilgrin:


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ret5hd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:29 AM
Response to Original message
5. American Airlines Files Bankruptcy
Dear Colleagues:

Today, we took an action that is the necessary and correct path for us to take - and take now - to become a more efficient, financially stronger, and more competitive airline.

We believe that taking decisive action today will allow American Airlines and American Eagle to restructure so that we can emerge from Chapter 11 well-positioned to assure the company's long term viability and its ability to compete effectively in the marketplace. It is the right decision and the right time for our company and its future.

I realize this news might be difficult to absorb; change is never easy. We will do our very best to keep you informed, understanding that there will be many questions we are not able to answer right away. I can certainly tell you that we expect to continue to provide employee wages, healthcare coverage, vacation, and other benefits, without interruption.

As each of us begins to process this news, we must look beyond the moment to consider the powerful assets of our company and the exceptional strengths we have as we enter into this process: one of the most recognized brands in any industry, our unmatched AAdvantage program, our global network and alliances, the innovation and dedication of our employees, and the loyalty of our customers. We will also have the youngest fleet in the industry, giving us more flexibility and the opportunity to build and grow our network down the road. Together, these form our foundation for greater future opportunity. And now we have the potential to overcome our last hurdle by achieving a competitive cost structure, returning to both financial health and a position of industry leadership.

As we work to achieve our goals, our customers' safety, comfort, and travel experience must remain, as always, our top priority. Their satisfaction ultimately determines whether we succeed and are able to shape a successful future for our company.

The people of American have worked tirelessly and honorably to overcome the challenges we've confronted over the past decade, and we made incredible progress against all the odds. Yet, in spite of all our progress, other factors evolved around us to make our road ahead that much tougher. The impact of our significant cost disadvantage compared to our now-larger competitors, all of which restructured their costs and debt through Chapter 11, has intensified in recent weeks due to global economic uncertainty, volatile and rising fuel prices, and ever greater competitive challenges. In spite of the uphill battle we've fought, we nevertheless put in place a powerful foundation: we strengthened our network and forged premier global partnerships; invested in our customers' experience, and announced a transformational fleet renewal plan that is the envy of our industry. We confronted our challenges head on, but in the end, we are now faced with the accelerating impact of factors outside our control and a widening cost gap we have not been able to close a situation that had to change, one way or another. Our Board decided that it was necessary to take this step now to restore our profitability, operating flexibility, and financial strength, before we missed the opportunity.

As I mentioned, achieving a competitive cost structure remains a final challenge that we must overcome. We have one opportunity to do this right, and that requires a comprehensive overhaul of our costs. We can get it done together, recognizing that we are in this together.

One person who has always put our company's interests first is Gerard Arpey. Gerard led American out of its darkest time and fought with all his considerable energy and intelligence to avoid the path we are taking today. In spite of all the headwinds, Gerard had the vision and fortitude to continue laying the foundation for success, the building blocks for our future and I was proud to be by his side. And in his last decision as CEO, too, his overriding concern was the best interests of the company and his belief that new leadership was the best choice for our path forward. I have rarely encountered a more honorable or principled person and it has been a privilege to work for him and learn from him for the past 26 years. I will personally miss Gerard's daily presence, but I know we can all continue to count on his friendship and encouragement.

American Airlines has a proud history and we will have a successful future. We intend to reinforce our reputation as a global leader known for excellence and innovation, a travel partner customers seek out, and a carrier that serves communities throughout the world.

The coming months will not be easy, but this company has overcome challenges many in just the past decade that would have defeated lesser teams. I am confident that your courage, determination, and ingenuity will assure that our company reaffirms its position among the world's premier airlines.

Sincerely,

Tom Horton
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:42 AM
Response to Reply #5
22. Is this the 2nd bankruptcy?
Edited on Tue Nov-29-11 07:44 AM by DemReadingDU


Edit: Maybe I am thinking of United


UAL Corporation filed for chapter 11 bankruptcy protection in December 2002. The ESOP was terminated, although by then its shares had become virtually worthless. Blame for the bankruptcy has fallen on the events of September 11, which triggered financial crisis in all the major North American airlines, coupled with the economic slowdown that was underway.
http://en.wikipedia.org/wiki/United_Airlines
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ret5hd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:12 AM
Response to Reply #22
37. First
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:30 AM
Response to Original message
6. europe: Youthful members of the full-time precariat
http://www.presseurop.eu/en/content/article/953511-yout...

http://www.presseurop.eu/files/images/article/precarita...
Graffiti in central Madrid.
PacoPan

Poland can now lay claim to its first satisfied young generation. According to the governments "Młodzi 2011" ("Young people 2011") report, Poles in the 15-34 age group are very much like their peers in Western Europe. Confirmed hedonists and ardent consumers, they tend to be uninterested in the institution of marriage, but eager to cultivate their individualism and, at the same time, assume a role that is useful to society.

Although they consider work to be the main condition for their future success and happiness, they are faced with increasing difficulty in their bid to find jobs. According to data reported in July 2011, the rate of unemployment in the 18-34 age group, which accounts for more than half of Polands unemployed, is twice the national average of 11.7%.

The current social context is fraught with risk. This has been particularly obvious in Western Europe, which, over the last few years, has been regularly affected by outbursts of anger on the part of the young generation. The burning of the Paris suburbs, the street battles in downtown Athens, the mass demonstrations in Madrid and, more recently, the riots in London are clear signs of a social crisis.
Uncertain future

Young people are the main victims of the economic crisis. Currently, 20.4% of Europeans in the 15 to 24 age group who seek work remain without jobs. That is a third more than in 2008. At the same time, this rate is a European average, which masks major disparities between countries: 42% of young people are without jobs in Spain, 30% in the Baltic States, Greece and Slovakia, and 20% in Poland, Hungary, Italy and Sweden.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:32 AM
Response to Reply #6
7. Euro at a turning point
http://www.presseurop.eu/en/content/press-review/122536...



Will the euro make it past Christmas? The question asked by the Journal du Dimanche is haunting the EU. The Paris weekly is passing on the catastrophic forecast of essayist Jacques Attali, who believes that the euros demise will come before the end of the year if the leaders fail to look any further than their own election calendars. Theres only a month left to save the euro, the newspaper writes -

After Greece, Ireland and Portugal, the deadly virus has spread to Italy. This week the over-indebted peninsula has had to borrow at exorbitant interest rates. On Friday, its creditors called for 7.8 % for a two-year bond, up 3.2 points from two months ago. <...> If the third-largest economy in the eurozone falls into insolvency, the monetary union will not survive much longer. <...> The tension is at its peak. On the eve of the weekend Standard & Poor's downgraded Belgium. Next Thursday, Paris hopes to sell between three and 4.5 billion euros in bonds a real test, knowing that creditors have turned away from the still more desirable Germany. This week, Berlin wanted to raise six billion euros in the markets. It got only 3.6 billion. A surprise.

The euro crisis and the debt crisis have reached a milestone destined to leave its mark on the European economy and even the constitutional structures of the continent, writes Corriere della Sera:

In a few weeks, nothing will be as it was before, but no one has any certainty that everything will pass off as set out in the schedule being drawn up <...>. Tomorrow, Italy will have to face a very delicate issue of debt securities. On the same day, the Eurogroup will review the French and (primarily) German proposals on what German Chancellor Angela Merkel calls the fiscal union. <...> These changes if all goes to plan will be ratified at the EU summit of December 9. The day before then, the ECB will decide on offering unlimited liquidity for two or (more likely) three years to pump oxygen into the banks. At the same time, Italys prime minister Mario Monti should have presented his ministers with measures to stabilise Italy. Everything will be in place for the ECB to act. The bank could signal differential thresholds for sovereign debt securities , beyond which the bank would make unlimited interventions in the markets. In any event, however, the thresholds will be high enough to compel the states to do their part in lowering rates. This is the way to get through the crisis. Europe is now preparing to do just that, knowing that it too often in the past it has got lost on the way.

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Pachamama Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:48 AM
Response to Reply #7
27. All my friends and relatives in Germany want to go back to the Deutsch Marke
It was a discussion topic almost daily this summer when we were visiting there....wasnt a single person that I spoke to that felt being part of the EU & using the Euro was good for Germany or other countries either. One of the things people laughed about was that many of them still had DM left over that they didnt convert and that now they think those will be worth more than their Euros in a few years....

:eyes:
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:14 AM
Response to Reply #6
12. S&P may cut France rating outlook to negative: Report
http://timesofindia.indiatimes.com/business/internation...

PARIS: Credit rating agency Standard & Poor's could change the outlook for France's triple-A rating to negative within the next 10 days, a French newspaper reported on Monday, citing several sources. Such a move would signal a possible downgrade.

La Tribune said on its Web site that S&P had planned to make the announcement last Friday but postponed it for unknown reasons.

France's ratings outlook is currently stable but there have been rumours for months of a possible downgrade by one or more of the ratings agencies.

An S&P spokesman in Melbourne declined to comment on the report.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:16 AM
Response to Reply #6
13. Euro in danger, Europe races for debt solution
http://economictimes.indiatimes.com/news/international-...

PARIS: European leaders rushed on Monday to stop a rampaging debt crisis that threatened to shatter their 12-year-old experiment in a common currency and devastate the world economy as a result.

One proposal gaining prominence would have countries cede some control over their budgets to a central European authority. In a measure of how rapidly the peril has grown, that idea would have been unthinkable even three months ago.

World stock markets, glimpsing hope that Europe might finally be shocked into stronger action, staged a big rally. The Dow Jones industrial average in New York rose almost 300 points. In France, stocks rose 5 percent, the most in a month.

More relevant to the crisis, borrowing costs for European nations stabilized. They had risen alarmingly in recent weeks, in Greece, then in Italy and Spain, then across the continent, including in Germany, the strongest economy in Europe.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:21 AM
Response to Reply #6
15. Eurozone may need fewer states to survive: Slovakia
http://economictimes.indiatimes.com/news/international-...

BRATISLAVA: The eurozone may need to have fewer members to survive, Slovakia's Finance Minister Ivan Miklos said on Tuesday hours ahead of a meeting with fellow eurozone finance ministers in a bid to rescue the embattled monetary union.

"It's clear that the eurozone won't be able to function as it has functioned so far. It can't be ruled out that it won't be able to function with the same number of member states," Miklos told journalists in Bratislava.

"Slovakia's position is close to Germany's position. We support stricter rules and their enforcement, automatic rules on the supranational and national level, even restrictions to the member states' fiscal sovereignty if they break the rules," he added.

According to Miklos, membership in such union could be voluntary.
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:29 AM
Response to Reply #15
18. "even restrictions to the member states' fiscal sovereignty"
So, that will be the price for "volunteering " to let the IMF bail out failed states?
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:35 AM
Response to Reply #18
20. That was a very interesting comment.
They should just say: united states of Europe coming soon.
Laws to be written by IMF.
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dixiegrrrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:52 AM
Response to Reply #20
29. Some folks have been predicting this for a long time
knowing how that infamous cartel of bankers, the IMF, works.
Once a country gives up its ability to control its own money, it really is not sovereign.

The IMF is essentially a loan shark. And, like a shark, it has to keep moving, keep feeding, or else it dies.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:57 AM
Response to Reply #20
30. and the U.S. is appx 17% of the IMF

So the U.S. helps bail out Europe. And most likely it will be more than 17% because some of the other countries in the IMF don't have any money, so we probably will ante up their portion too.


the United States has by far the largest share of votes (approx. 17 percent)
http://en.wikipedia.org/wiki/International_Monetary_Fun...

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:03 AM
Response to Reply #30
32. indeed. nt
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:35 AM
Response to Reply #30
40. More like enslaving than bailing out Europe
It will not end well.

But when the dust clears, I doubt that the IMF, World Bank or Fed Reserve will be left standing. That will have to be a plus. And most of the banksters will be bankrupt, guaranteed.

At that point, we have a chance to reform nations without parasitical banksters and massive loopholes for their convenience.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:03 AM
Response to Reply #40
51. When the dust clears

By then, I probably will no longer be living, but lots of history for my kids and grandkids to witness.

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:25 AM
Response to Reply #6
57. How a sewage plant funded metropolitan corruption in Valencia {the new party in control of spain}
http://www.typicallyspanish.com/news/publish/article_32...

The bankruptcy of a metropolitan company in Valencia has revealed the extent of the pillage of some members of the Partido Popular. Emarsa, (Entidad Metropolitana de Aguas Residiales Sociedad Annima) was created by Valencia City Hall with 17 other local municipalities and purified waste water before it is released to the sea, or used to water the LAbufera Nature Park.

It ran the Pinedo Sewage Plant, the largest in the Valencia region, and one of the largest in Spain, and it was financed by a water charge imposed on all residents in the Metropolitan area of Valencia.

In July last year the PP, which has controlled the company since the 90s, decided to liquidate the company as it was bankrupt, and the dissolution revealed a black hole of 17 million .

There is now a judicial investigation underway, investigating the period 2004-2010 and this already has 16 people indicted for misuse of public funds, continued fraud and other crimes. Total fraud is estimated to be over 30 million, but what is making the headlines is how the directors enjoyed a whole list of extravagances at the cost of the tax payer.

Read more: http://www.typicallyspanish.com/news/publish/article_32...
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 11:04 AM
Response to Reply #57
77. Fuckers. n/t
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:15 AM
Response to Reply #6
65. ECB to cut rates again, throw lifeline to banks - Reuters poll
http://uk.reuters.com/article/2011/11/29/uk-ecb-poll-id...

(Reuters) - The European Central Bank will cut interest rates next week and throw more funding lifelines to stressed banks toiling against the euro zone's debt crisis, according to a firm majority of economists polled by Reuters.

While Europe's leaders spar over ways to tackle the crisis, the poll suggested that under its new President Mario Draghi the ECB will act more decisively, perhaps through unconventional means.

The survey of 73 analysts showed a 40 percent chance the ECB will follow the U.S. and British central banks in the next six months and start purchasing government bonds from struggling euro zone economies using freshly created money -- or quantitative easing (QE).

On Monday, the OECD said the ECB should take a greater role in defusing the crisis that threatens to choke off funding to Italy and Spain, the third and fourth largest euro zone economies that Europe can ill afford to bail out.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:50 AM
Response to Original message
8. south asia: FDI: Manmohan Singh rules out rollback, says policy would bring more jobs
http://timesofindia.indiatimes.com/india/FDI-Manmohan-S...

NEW DELHI: Prime Minister Manmohan Singh on Tuesday said the government's decision to allow foreign equity in retail was not taken in haste but after a careful thought to how it would benefit the common man in India.

"We didn't take the decision hastily. We have thought a lot and firmly believe that this decision will benefit us a lot," said Manmohan Singh, addressing a rally of elected Youth Congress leaders here.

Manmohan Singh said foreign direct investment in India's retail sector would benefit farmers as "this will bring latest technology to India" and improve its agriculture sector by saving farm produce from being destroyed.

"This will curb inflation and the common man can get daily essential commodities at lesser rates," he said, reading from a paper in Hindi.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:07 AM
Response to Reply #8
9. Sensex falls 159 points amid deadlock over FDI in retail, EU debt
http://timesofindia.indiatimes.com/business/india-busin...

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Tuesday dropped 159 points on selling in blue-chips amid mounting opposition to FDI in retail and a weak trend in the European markets as euro zone debt crisis persisted.

The Sensex, which had gained 471 points on Monday, fell 158.79 points or 0.98 per cent to 16,008.34 following fresh sell-off in realty, banking and refinery stocks.

Brokers said investors turned cautious as political deadlock continued over the government's move to open multi-brand retail to 51 per cent foreign direct investment.

They said the sentiment dampened on weak trend in the European markets, where investors remain worried over the debt crisis in the euro zone nations.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:11 AM
Response to Reply #8
10. Gold up in India; metals, oil fall globally
http://timesofindia.indiatimes.com/business/india-busin...

NEW DELHI: Gold rose marginally in the domestic market due to a depreciating rupee even as global crude and metal prices beat a retreat on fresh fears of a global slowdown with China warning of a recession. US lawmakers added to the global gloom by their inability to forge a consensus on a $1.2 trillion debt reduction plan.

Gold rose by Rs 35 to Rs 29,240 per 10 grams in Delhi on buying for the ongoing marriage season although silver closed Rs 550 a kg lower at Rs 55,850 per kg as industrial units, facing economic slowdown, refrained from purchasing the white metal.

The domestic gold market bucked the global trend, where the prices of yellow metal declined 1.5% amid rising dollar and government debt worries in Europe and the US. In the international spot market, gold was down 0.8%, $1,711 an ounce at around 7.30PM IST, off an intra-day low of $1,699. It fell 3.5%, and traders are betting on a further fall. But with the rupee depreciating against the dollar, there may not be too much to cheer for Indian consumers during the current marriage season.

Other metals also fell globally, led by copper. The metal, seen as an advance indicator of economic activity, hit its lowest in nearly a month with investors mired in worries over Europe's debt.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:24 AM
Response to Original message
16. 10 reasons the crisis isnt over
http://www.marketwatch.com/story/10-reasons-the-crisis-...

Stock markets around the world soared yesterday. The Dow jumped more than 300 points.

News out of Europe says theyre working on a fix to resolve the crisis there. Reports here say the holiday season may be off to a strong start. Sales on Black Friday may have hit a record.

So, is that it? Is the crisis over? Is it time to ramp up your equity exposure, take on more risk?

Heavens. Anything can happen. And, OK, there are stocks out there that look pretty decent value.

But here are ten reasons to be skeptical. This so looks like a dead cat bounce.

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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:33 AM
Response to Reply #16
58. MF Global money??? hmmmmm!
2. The report from Italy, one of the items sparking bullish sentiment, has already proven a crock. A news report there over the weekend said the International Monetary Fund was working on plans to step into the European debt crisis with a gigantic $600 billion bailout. The report has been dismissed, on the record, by an IMF spokesman.
So they pulled a hit on MF Global to steal money and slip it in the back door to the IMF. How does my tinfoil look???
:tinfoilhat:
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:57 AM
Response to Reply #58
63. Fabulous! -- you bring a certain je ne sais quois to tin foil!
:fistbump:
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:28 AM
Response to Original message
17. Money Found in Britain May Belong to MF Global
http://dealbook.nytimes.com/2011/11/28/money-found-in-b... /

About $200 million in customer money that vanished from MF Global is believed to have surfaced at JPMorgan Chase in Britain, according to people briefed on the matter. The discovery could be the most significant breakthrough in a monthlong hunt for the missing funds.

During MF Globals last chaotic days, the brokerage firm overdrew an account at JPMorgan, according to another person who is close to the matter. Some investigators now believe the firm used customer funds to patch at least some of the hole, which would have been a significant breach of federal law.

MF Global transferred the roughly $200 million in the days before the firm filed for bankruptcy, said the people, who requested anonymity because the investigation was incomplete.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:36 AM
Response to Reply #17
41. Only $1B Left to Go!
shakes head sadly
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:48 AM
Response to Original message
26. US and EU consider bilateral trade talks
http://www.bbc.co.uk/news/world-us-canada-15932221

US and EU leaders have said at the conclusion of a White House summit that they could launch bilateral trade talks to boost jobs and growth.

They announced a joint working group to explore how to enhance the "untapped potential" of transatlantic economic co-operation.

The statement followed wide-ranging talks between US President Barack Obama and European Union leaders.

The US and EU account for around half of the world's economic output.

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:51 AM
Response to Original message
28. asia: Japan households reduce spending as unemployment rises
http://www.bbc.co.uk/news/business-15932651

Japanese household spending fell while the unemployment rate rose in October, raising concerns about the country's economic recovery.

Household spending fell by 0.4% from a year ago, while the jobless rate rose to 4.5% from 4.1% in the previous month.

However, in a positive sign, retail sales rose by 1.9% from a year earlier, the first increase in three months.

Despite strong retail numbers, analysts said domestic demand may remain slow.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:23 AM
Response to Reply #28
67. Welfare recipients hit new high {japan}
http://www.japantimes.co.jp/text/ed20111129a1.html

The health and welfare ministry announced on Nov. 9 that the number of people on welfare receiving livelihood assistance known as seikatsu hogo (literally livelihood protection) reached 2,050,495 nationwide as of July 2011, topping the monthly average record of 2,046,646 marked in fiscal 1951, when Japan was in the midst of postwar social and economic confusion. Behind this is an increase in the number of elderly people and prolonging economic stagnation.

Especially worrisome is the fact that the number of working-age people who cannot find jobs and have to rely on livelihood assistance is rapidly increasing. The effects of the 3/11 disasters and the eurozone crisis may worsen the situation. There is no quick fix. It is important for both the central and local governments to take effective measures to stimulate the economy and to help unemployed people find jobs.

The number of welfare recipients started falling in the mid-1980s amid an economic bubble. But it started rising after hitting a bottom in fiscal 1995 when the monthly average of recipients was about 880,000. It started soaring after the Lehman Brothers shock in the fall of 2008 and topped 2 million in March 2011.

In July, 1,486,341 households were receiving livelihood assistance, a rise of 6,730 from June. The ministry said that about 16 out of every 1,000 people are on welfare. But the figure is lower than about 24 out of every 1,000 people in 1951. By prefecture, Osaka has the largest 294,902 people on welfare, followed by Tokyo's 272,757. In Osaka City, one out of every 18 residents is on welfare the biggest rate in the whole nation.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:04 AM
Response to Original message
33. Citigroup and the SEC Hallowed by history, but not by reason
http://www.economist.com/blogs/schumpeter/2011/11/citig...

IT WOULD be hard to imagine a more thorough rebuke of how Americas Securities and Exchange Commission (SEC) tries to discipline financial firms. In a ruling issued on November 28th, New York District Judge Jed Rakoff rejected a deal between Citigroup and the SEC settling charges over garbage mortgage securities. He called the settlement not just a betrayal of the public interest, but the product of an approach hallowed by history but not by reason. It allowed firms to settle allegations without ever acknowledging guilt. This not only failed investors, butby obscuring the truthsociety.

Otherwise, too, the opinion was scathing. Mr Rakoff faulted the SEC for prosecuting Citigroup for negligence when a fraud prosecution was warranted; for failing to provide the court with any proven or admitted facts upon which to exercise even a modest degree of independent judgment; for erroneously contending that public interestis not part of applicable standard of judicial review; and for wrongly arguing that if the public interest must be taken into account, the SEC is the sole determiner.

The court concludes, regretfully, that the proposed Consent Judgment is neither fair, nor reasonable, nor adequate, nor in the public interest, Mr Rakoff wrote.

Citigroup had agreed to pay a fine of $285m for having issued a mortgage bond that quickly explodedbut provided the bank with $160m in fees. Mr Rakoff called the settlement ludicrous when compared to investor losses of more than $700m. The penalty, he wrote, would likely be regarded by Citigroup as merely a cost of doing business and to maintain a working relationship with a regulatory agency.
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:52 AM
Response to Reply #33
62. Thank you Your honor. n/t
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:08 AM
Response to Original message
34. World economic forecasts The idle rich
http://www.economist.com/blogs/dailychart/2011/11/world...

OECD countries, weighed down by debt, will fail to pull their weight

THE OECD, a rich-country think-tank, issued its latest round of economic projections for its member countries and other important emerging markets on November 28th. Its baseline scenario involves a mild recession in Europe and a slowdown across the rest of the rich world. Euro-area GDP growth is expected to fall from 1.6% this year to 0.2% in 2012. Meanwhile America's economy is expected to register a healthier 2%. Taken as a whole, the 34 countries that make up the OECD account for around two-thirds of global GDP, but the OECD expects its members to contribute just 28% to quarterly world GDP growth on average between 2012 and 2013.

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:10 AM
Response to Original message
35. How Paulson Gave Hedge Funds Advance Word

11/29/11 How Paulson Gave Hedge Funds Advance Word

Treasury Secretary Henry Paulson stepped off the elevator into the Third Avenue offices of hedge fund Eton Park Capital Management LP in Manhattan. It was July 21, 2008, and market fears were mounting. Four months earlier, Bear Stearns Cos. had sold itself for just $10 a share to JPMorgan Chase & Co. (JPM)

Now, amid tumbling home prices and near-record foreclosures, attention was focused on a new source of contagion: Fannie Mae (FNMA) and Freddie Mac, which together had more than $5 trillion in mortgage-backed securities and other debt outstanding, Bloomberg Markets reports in its January issue.

Paulson had been pushing a plan in Congress to open lines of credit to the two struggling firms and to grant authority for the Treasury Department to buy equity in them. Yet he had told reporters on July 13 that the firms must remain shareholder owned and had testified at a Senate hearing two days later that giving the government new power to intervene made actual intervention improbable.

If you have a bazooka, and people know you have it, youre not likely to take it out, he said.

On the morning of July 21, before the Eton Park meeting, Paulson had spoken to New York Times reporters and editors, according to his Treasury Department schedule. A Times article the next day said the Federal Reserve and the Office of the Comptroller of the Currency were inspecting Fannie and Freddies books and cited Paulson as saying he expected their examination would give a signal of confidence to the markets.
A Different Message

At the Eton Park meeting, he sent a different message, according to a fund manager who attended. Over sandwiches and pasta salad, he delivered that information to a group of men capable of profiting from any disclosure.

Around the conference room table were a dozen or so hedge- fund managers and other Wall Street executives -- at least five of them alumni of Goldman Sachs Group Inc. (GS), of which Paulson was chief executive officer and chairman from 1999 to 2006. In addition to Eton Park founder Eric Mindich, they included such boldface names as Lone Pine Capital LLC founder Stephen Mandel, Dinakar Singh of TPG-Axon Capital Management LP and Daniel Och of Och-Ziff Capital Management Group LLC.

After a perfunctory discussion of the market turmoil, the fund manager says, the discussion turned to Fannie Mae and Freddie Mac. Paulson said he had erred by not punishing Bear Stearns shareholders more severely. The secretary, then 62, went on to describe a possible scenario for placing Fannie and Freddie into conservatorship -- a government seizure designed to allow the firms to continue operations despite heavy losses in the mortgage markets.

much more...
http://www.bloomberg.com/news/2011-11-29/how-henry-paul...

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:12 AM
Response to Reply #35
36. Karl Denninger: Where Are The Handcuffs (Hank Paulson)

11/29/11 Where Are The Handcuffs (Hank Paulson)

Oh, so there was inside information passed around?

Did Paulson break any laws by disclosing his intentions on a preferential basis? That's a bit more murky. At first blush the answer would appear to be "no"; he had no duty to file an 8K since he wasn't an officer of Fannie or Freddie, and it would appear that Reg-FD wouldn't apply to him either.

The better question is whether he was a public fiduciary at the time, in which case disclosing inside information in such a preferential fashion would be a breach.

There's no way to know if the hedgies involved in the lunch traded on what they learned. The Bloomberg story says that at least one of them called his lawyer who told him to stop trading in any such securities as that was material non-public inside information (duh!) but whether they and the rest did so is an open question.

Let's just call this what it really is: Theft.


more...
http://market-ticker.org/akcs-www?post=198261
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:18 AM
Response to Reply #35
66. Hank Paulson Tipped Off Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks Prior
Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks In Advance
http://www.zerohedge.com/news/hank-paulson-tipped-goldm...

not that the PPT really needs much in the way of help, they do whatever the hell they want and whenever the hell they want to do it.

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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:53 AM
Response to Reply #66
75. Remember the story from a while back
about the head squid retaining a private law firm? Hmmmm?

Wooda been about the same time the FOIA was released :popcorn:
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 11:43 AM
Response to Reply #75
79. good recall! It was Blankfein >>>
Edited on Tue Nov-29-11 11:46 AM by Roland99
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 01:10 PM
Response to Reply #79
84. That be it
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:29 AM
Response to Reply #35
68. That was a good yet sad read. n/t
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:50 AM
Response to Original message
42. Occupy the Treasury! By Nikki Alexander
http://www.informationclearinghouse.info/article29562.h...

Reclaim the monetary system with the NEED Act - HR 2990

The National Emergency Employment Defense Act of 2011 could be the catalyst for a global renaissance. The NEED Act eliminates private control of the monetary system and restores the governments Constitutional authority to create money without creating debt and spend it into circulation to rebuild the productive economy.

With all the hysteria about government debt and deficit spending, ostensible pretexts for annihilating the public sector, why is no one scrutinizing the source of the problem ~ the monetary system? Our economy has been running on credit since 1913 when Congress forfeited its sovereign authority to create the nations money supply and gave that privilege away to a cartel of private banking corporations ~ the Federal Reserve System. What passes for money (Federal Reserve notes) is actually bank credit that enters circulation through private bank loans as interest bearing debt. Credit is not money. Credit is debt...Not only did Congress forfeit its Constitutional authority to create money without incurring debt, it simultaneously gave private bankers the power to control the whole economy by dictating where credit flows ~ to Wall Street or Main Street. The bankers who control the credit supply, control both realities. They can arbitrarily expand credit exponentially to create a housing bubble or $600 trillion mortgage derivatives casino, and they can also starve the PRODUCTIVE economy by contracting the credit supply at will. Wall Street corporations are sitting on $2 trillion in cash reserves and executive bonuses are soaring while millions of Americans are losing their jobs and homes through no fault of their own.

Federal Reserve chairman Ben Bernanke admitted that the Federal Reserve caused the Great Depression, known to bankers as the Great Contraction. The same credit contraction of the productive economy is happening again today. This is why hospitals and schools are closing, businesses are collapsing, the job sector is shrinking, and municipalities have insufficient revenue why every part of the productive economy is contracting. The domino effect of contraction increases as people have less to spend and cant support local business that in turn must lay off workers. Unemployed workers have no income to pay taxes. Decreased tax revenue starves federal, state and local governments, which in turn lay off more workers and cut spending. Spending cuts and layoffs further contract the economy. Is the productive economy being deliberately destroyed or are these people really stupid? Why is no one publicly questioning the power banks have to contract the economy with their monopoly control over credit? Why dont we reinstate sovereign money instead that is issued by the federal government, per US Constitution Article 1, Section 8? We wouldnt have a national debt because the government wouldnt have to borrow. We wouldnt be at the mercy of banks that withhold credit and contract the economy because our government could inject liquidity directly into the PRODUCTIVE economy. This basic truth is so obvious, there must be an unspoken agreement that explains why governments everywhere continue to borrow credit instead of originating the national money supply without incurring public debt...


The Occupy Movement has a stunning opportunity to halt and defeat this global attack on the public by restoring sovereign monetary systems worldwide.

Occupy the Treasury ~ Transform the monetary system

In the United States, Congressman Dennis Kucinich has introduced a bill that could be replicated in other countries HR 2990 The National Emergency Employment Defense Act of 2011. The NEED Act restores the constitutional prerogative of the federal government to create the national money supply without incurring debt and ends fractional reserve lending, the accounting device that banks use to arbitrarily create credit with a computer keystroke. Henceforth, ONLY the US Treasurys Monetary Authority would have the legal authority to create US money. Banks would only be able to lend US money they actually have on deposit or borrow from the Monetary Authority. Implementation of The NEED Act would pay off federal debt with US Money as it comes due until it is permanently retired. Money would initially enter circulation by federal spending to promote the general welfare, for example on public infrastructure ($2.2 trillion needed, creating 7 million jobs); underwriting the public education system from kindergarten through college; stabilizing social security and state pensions; funding federal mandates; making grants and interest-free loans to states for public infrastructure, education, health care and rehabilitation. In addition, the Monetary Authority would give 25% of money created to the states, and a tax-free dividend to all US citizens to inject liquidity into the economy. All without incurring one penny of debt. Passing this legislation would give the PUBLIC control over creating the money supply and the MEANS to expand the PRODUCTIVE economy. People who are employed have money to spend which increases the number of customers for small (and large) businesses which can then hire more workers. Greater employment and increased productivity creates more state and local tax revenue which can then be spent on funding public services. In other words, the NEED Act reverses the cycle of economic contraction engineered by private banks withholding credit permanently.

The NEED Act nationalizes the monetary system ~ not the banking system. Serious banking regulations, Wall Street reforms and prosecutions for fraud are still in order. Immediate withdrawal from the World Trade Organization 1999 Financial Services Agreement is a critical prerequisite for reinstating regulations that protect the public. The 1999 WTO FSA mandated massive deregulation of the financial sector in 105 countries and forbids sovereign governments to EVER roll back these destructive mandates. By what authority? Add the unaccountable, unelected WTO tribunal to the list of transnational predators sabotaging financial integrity and monetary sovereignty...The Occupy Movement has enormous potential to transform the structural inequality built into our monetary, economic and political system. Superficial reforms are meaningless. Please devote yourself to building public momentum to demand passage of this bill. If we reach critical mass we just might form a more perfect union, establish ECONOMIC justice, ensure domestic tranquility, promote the general welfare and secure the blessings of liberty to ourselves and our posterity.

Restoring sovereign monetary systems worldwide could spark a Global Renaissance.

A message from Dennis Kucinich to Occupy Wall Street protesters: http://www.youtube.com/watch?v=4IdPyYRnOY0

HR 2990 NEED Act Fact Sheet: http://kucinich.house.gov/UploadedFiles/NEED_Act_Fact_S...

Read the NEED Act: http://kucinich.house.gov/UploadedFiles/NEED_Act_FINAL_...

Hear Dennis Kucinich explain the bill http://www.truthdig.com/podcast/item/dennis_kucinich_an... / Dennis Kucinich and Chris Hedges on the 99 Percent

NEED Act Fact Sheet - Read the NEED Act
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:52 AM
Response to Reply #42
43. Michael Hudson: Some Modest Proposals for Reforming the U.S. Financial and Tax System
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:56 AM
Response to Original message
44. Dilbert for those in time of Flood and Fire
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:18 AM
Response to Reply #44
55. Satire: Goldman Sachs Announces Presidential Run; 2nd corporate person to enter 2012 race
By K.M. Breay http://www.informationclearinghouse.info/article29831.h...

Goldman Sachs, the global investment bank and financial services firm, announced Friday morning that it is running for president of the United States. The announcement was made at a farm near Waterloo, Iowa, by the musician Ted Nugent, who was hired to speak for the candidate. We love oil and God and gasoline! shouted Mr. Nugent, as he held aloft two semiautomatic machine guns and a sleeve of red-white-and-blue-painted grenades. And we hate them people who dont look American and drive those weird tiny cars and use big words! Mr. Nugent kept his remarks brief and did not mention the candidate, Goldman Sachs, by name. At the end of his speech, the outspoken musician fired off several rounds of live ammunition, screamed, Lets go eat a live bear! and then charged into the woods with the frenzied crowd following behind.

GOP consultant Mark McKinnon, who is not involved in the campaign but is familiar with its strategy, said the decision to hire Mr. Nugent to speak for Goldman Sachs was based on thousands of focus groups and polls that were conducted over the last several months. The focus groups loved Ted because hes seen as a guy who doesnt read books and who likes to shoot things, said Mr. McKinnon. And they felt he was their best proof that evolution, an unpopular concept among Tea Party voters, is total bullshit. According to Mr. McKinnon, Goldman Sachs paid for its $1 billion in market research with profits made by betting against the capacity of homeowners to pay back the subprime mortgages it sold to them between 2004 and 2008.

A source familiar with the campaigns thinking, who spoke on condition of strict anonymity, said the conglomerate will forgo donations altogether and instead finance the campaign with a portion of the $10 billion in taxpayer-funded bailout money the investment bank received in 2009. The bailout funds will be converted into a new security they are calling election default insurance arbitrage fixed income credit put straddles, said the source. Goldman has already hedged those bets with mortgage-backed junk bond option default debit commodity exchange traded funds, which were sold to pension funds and small investors over the last several months. The source said that Goldman has already made $25 billion with these investments.

Several public advocacy groups are already a considering a constitutional challenge to Goldmans candidacy, arguing that the financial behomoth has for all practical purposes already been president for the last eight years and is therefore constitutionally barred from a third term. According to Mike Allen, chief White House correspondent for Politico, the investment bank is prepared for the legal challenge. Last week they deployed all 12,498 of their lobbyists to Capitol Hill and have secured the votes for a historic piece of legislation, said Mr. Allen. The new law will allow Goldman Sachs and only Goldman Sachs to offer up to $100 million each to all nine Supreme Court justices. A spokesman for Speaker John Boehner refused to comment.

Goldman Sachs is only the second corporation in American history to run for president. The first was former Massachusetts Gov. Mitt Romney.

I DON'T KNOW, WHAT ABOUT THE BFEE? THEY WON THREE TIMES.

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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:40 AM
Response to Reply #55
73. excellent!
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 12:52 PM
Response to Reply #55
83. Speaking of the BFEE.
What happened to the cocaine stories? when shrub was in office there were planes being found crashed in the mountains of Mexico and South America with kilos and tail numbers linking back to BFEE associates and/or rendition programs. How does my hat look?
:tinfoilhat:
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CatholicEdHead Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 11:33 AM
Response to Reply #44
78. I can easily think of weeks like that
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 08:59 AM
Response to Original message
45.  Mayhew era ends after 42 years at Cazenove

JPMorgan Chase will mark the end of an era in British banking on Tuesday when it announces that David Mayhew, chairman of the groups JPMorgan Cazenove business, is to stand down from his role after 42 years with the organisation

Read more >>
http://link.ft.com/r/6NPSBB/ZG7HKR/1O51V/TUTHS5/NJTNJQ/...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:00 AM
Response to Original message
47. Japans Nomura slashes eurozone debt


Japanese bank cuts its exposure to peripheral countries by 75% and in particular its exposure to Italy by 83%

Read more >>
http://link.ft.com/r/OZMCDD/5VKCOI/GYN7Q/IIQW7M/AMEWRL/...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:01 AM
Response to Original message
48. Black Friday sales fail to dispel retail gloom


Analysts say spending spree could be a temporary bright spot rather than a sign of a long-lasting revival of the consumer economy

Read more >>
http://link.ft.com/r/OZMCDD/5VKCOI/GYN7Q/IIQW7M/VLCB7S/...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:01 AM
Response to Original message
49. US lenders review military foreclosures


Watchdog says nearly 5,000 home loans issued by 10 financial institutions to active-duty service members may have been unlawfully curtailed

Read more >>
http://link.ft.com/r/OZMCDD/5VKCOI/GYN7Q/IIQW7M/AMEWRF/...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:03 AM
Response to Original message
50.  Germany told to act to save Europe

In startling comment, Polish minister declares biggest threat to his nations security was not terrorism, or German tanks but collapse of eurozone

Read more >>
http://link.ft.com/r/8P1R88/7AY2FY/Z87P0/16C2EP/U10HM1/...
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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 10:41 AM
Response to Reply #50
74. "What does Poland ask of Germany?"
... Then came the crunch, headlined "What does Poland ask of Germany?". First came six points Mr Sikorski wanted Germany to acknowledge.

1) it is the biggest beneficiary of the current arrangements and therefore under the biggest obligation to sustain them
2) it is not the "innocent victim of others' profligacy...You, who should have known better, have also broken the Growth and Stability Pact...your banks...recklessly bought risky bonds"
3) the crisis has lowered Germany's borrowing costs
4) if its neighbours' economies implode, it will suffer
5) the danger of collapse is greater than the danger of inflation
6) "your size and your history" mean a "special responsibility to preserve peace and democracy on the continent".


The biggest threat to Poland's security and prosperity, Mr Sikorski said, was not terrorism or the Taliban (and certainly not German tanks). It was not even the Russian missiles that the Kremlin is threatening to deploy on Poland's border. A far greater threat would be the collapse of the euro zone.

Mr Sikorski concluded:

"I demand of Germany that, for your sake and for ours, you help (the euro zone) survive and prosper. You know full well that nobody else can do it. I will probably be the first Polish foreign minister in history to say so, but here it is: I fear German power less than I am beginning to fear German inactivity."


/... http://www.economist.com/blogs/easternapproaches/2011/1...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:04 AM
Response to Original message
52.  China bans ads in TV drama and films

Latest move by the Communist party to assert control over the media industry

Read more >>
http://link.ft.com/r/8P1R88/7AY2FY/Z87P0/16C2EP/VLCBM3/...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:14 AM
Response to Original message
53. A Bank, A Gaggle of Ministers and a Few Worthless Treaties By Mike Whitney
http://www.informationclearinghouse.info/article29161.h...

Lets say you wanted to start a new country, but you knew nothing about civil institutions, bureaucracy or history. All you cared about was creating an environment that was good for business, where budget discipline and trade agreements were the law of the land. So... you spend a bundle of money hyping your Dreamstate to policymakers and the public proclaiming that your new creation will be the fast-track to peace and prosperity. Surprisingly, everyone loves the idea so much that they overlook the structural flaw at the heart of the design, that the loose confederation of states lacks a central government. The only thing that holds the countries together is a shared currency and budget restrictions. Thats it. But the corporate bigwigs and banker tycoons shrug off the problem because, well, because governments dont really do anything anyway, do they? They just get in the way of big business. Thats why you created a different model altogether, a model that puts a Central Bank at the center of the universe, surrounded by a scattering of eurocrats (financial ministers) who implement your diktats and sing your praises.

Then, one day, a fire breaks out on the perimeter and you start to panic. You run around in circles waving your hands and begging for help. But the other leaders balk at your request because they are still tied to their constituencies and run the risk of losing elections if they agree to pay for a fire that they didnt start. After all, it was those lazy Greeks that started the fire. Let them pay for it...So, now you have a big problem. Eurotopia is being reduced to rubble and no one can agree on a solution. And all the while, you keep thinking to yourself, If I could just get the finance ministers to support a larger emergency fund and leverage the heck-out-of-it, then I could douse those flames pronto and get back to making money again. It never occurs to you that your Corporate Frankenstate has no historic precedent and is built on a foundation of pure sand. You never think, Maybe we need an executive, a congress, a judiciary, a bond market, and civil servants to execute our plans.

Nah. That cant be it, because government is bad. Banks are good, governments are bad, right?

And as you savor this morsel of wisdom, your Euro El Dorado burns to the ground.


The 17-member eurozone is in an irreversible spiral. The banks are hoarding capital, dollar funding is getting tighter, CDS spreads are widening, the ECBs emergency loan program is soaring, and the gauges of market stress are blinking red. These are all the signs of a major credit cataclysm. Now all of these problems could be resolved if there was a functioning government in place to put out the fire. But there isnt. All there is is a bank, a gaggle of finance ministers, and a few worthless treaties. And, thats why the eurozone is doomed.

And the moral is.?

Government matters.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 09:49 AM
Response to Original message
60. Bloomberg: Corzine Pushed Bet on Europe Debt to $11.5B

11/29/11 Corzine Pushed Bet on Europe Debt to $11.5B

Jon Corzine bet $11.5 billion on European sovereign debt in his bid to rebuild profits at MF Global Holdings Ltd., almost twice the net amount disclosed to investors, and relied on short-term hedges that left the firm exposed to larger losses if they couldnt be rolled over.

Corzine, who was chairman and chief executive officer of the futures broker before it went bankrupt last month, overcame resistance from directors, senior traders and risk managers to accumulate the bonds, according to two people with knowledge of the situation. He used the hedges, or offsetting trades, to cut the net risk reported to shareholders to $6.4 billion, according to an Aug. 3 regulatory filing by the company.

A former New Jersey senator and governor, Corzine joined MF Global in March 2010 with a plan to remake the company into an investment bank in the image of Goldman Sachs Group Inc., where he had been co-chairman before entering politics. He repeatedly ratcheted up his wager on the debt of countries including Italy and Spain, booking gains along the way, according to filings. The short-term hedges matured before the bonds, meaning the net amount at risk could increase if investors lost confidence in either European sovereigns or MF Global and new hedges couldnt be bought.

If that assumption does not come to pass, their risk mushrooms, said Matthew Pieniazek, president of Darling Consulting Group, a Newburyport, Massachusetts, firm that advises banks on managing their balance sheets. Hedges that matured along with the bonds would have been prohibitively expensive, he said.

Steven Goldberg, a spokesman for Corzine, and Diana DeSocio, an MF Global spokeswoman, declined to comment for this story

more...
http://www.bloomberg.com/news/2011-11-29/corzine-pushed...

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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 11:02 AM
Response to Reply #60
76. Fucker. n/t
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DoBotherMe Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 03:32 PM
Response to Original message
86. k & r
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 03:45 PM
Response to Original message
87. lol
Poised to attack, imho.
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 04:09 PM
Response to Reply #87
88. C'mon Suckers!
Goddamnit!
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