Economic News

European fire sale: Greek archipelago for €8.5m, an EU passport for €1m and Polish castles for a song

Rain's picture - 1/02/13

Europe's fire sale, which began as the economic crisis forced governments to find innovative ways to plug holes in their dwindling budgets, has reached new heights as ever-more intriguing state assets are touted for sale.

But a backlash is brewing, with governments and enraged citizens clashing over exactly who has the right to flog a nation's history and culture.



Is America About To Reach A Breaking Point? Anger Grows As Unemployment Benefits Get Cut

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Investment Watch - 12/30/13, Michael Snyder

Breaking Point

And the mainstream media will continue to tell all of us that “leaders” like Obama, Clinton, Reid, Boehner, McConnell and Pelosi can be trusted to get us out of this mess.

The American people need to stop having blind faith in the relentless propaganda that is being spewed at them through their televisions screens.  The pretty faces that you see “reporting the news” do not care about you and they are not watching out for your best interests.  Thecorporate-controlled news is highly scripted and it is pretty much the same whatever channel you turn to.  If you have any doubt that “the news” is scripted, just check out this video

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Latvia reluctantly joins euro after shock therapy, but controversy rages on

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The Telegraph - 12/31/13, Ambrose Evans-Pritchard

The country has endured a 1930s-style depression and a drastic experiment in EU shock therapy with stoicism, abiding strictly to the terms of an EU-IMF bail-out

The tiny Baltic nation of Latvia is to join the euro on New Year's Day against the wishes of its own people, becoming the eighteenth and poorest member of monetary union five years after its economy crashed in flames.

The country has endured a 1930s-style depression and a drastic experiment in EU shock therapy with stoicism, abiding strictly to the terms of an EU-IMF bail-out.



New Revelation that AG Eric Holder Is Protecting JPMorgan Chase NYC From Criminal Investigation

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Truth-Out - 12/26/13, Mark Karlin


(Photo: SEIU International)

Providing additional evidence that the Obama Administration's Department of Justice (DOJ) is protecting "banks too big to fail," Pulitzer Prize winning financial reporter David Cay Johnston has revealed that the DOJ has refused to force JPMorgan Chase to comply with an ongoing investigation into the bank's possible knowledge of Bernard Madoff's fraud scheme of a few years ago.

The information obtained might reveal that the bank chose to financially benefit from criminal activity.

Irish banking world rocked as three financiers in court

Rain's picture - 12/19/13, Tom Tuite


Year-end edition {2006} of permanent tsb/ESRI House price index published The 2006 year-end edition of the permanent tsb House price index compiled in association with the ESRI-reveals that house prices nationally grew by 11.8% during 2006. This comares to annual growth of 9.3% in 2005. Pictured is Denis Casey, CEO, permanent tsb. Picture by Shane O'Neill, Fennell Photography.

Former Irish Life and Permanent Chief Executive Denis Casey

A former chief executive of Irish Life & Permanent (IL&P) and two other former bankers will stand trial on charges of conspiring to mislead Anglo Irish Bank investors in the run-up to the banking crisis of September 2008.

One of the three men charged is Denis Casey (54) from Raheny, Dublin, who becomes the first chief executive officer (CEO) who was in charge of an Irish financial institution during the crash to have charges brought against him.

Credit Suisse Fraud Exceeded $1 Billion

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Bloomberg - David Voreacos, 12/19/13

Credit Suisse Group AG (CSGN) defrauded investors of more than $1 billion by misrepresenting the risks of its residential mortgage-backed securities, acting New Jersey Attorney General John J. Hoffman said in an interview.

Hoffman’s office sued Credit Suisse over claims it misled investors about the risk involved in more than $10 billion in securities issued in 2006 and 2007, before the housing market collapsed. The lawsuit follows one by New York Attorney General Eric Schneiderman, who claimed last year that the bank misled investors about its review of mortgages underlying securities.




CRASH: Bitcoin Collapses After Major Blow From China

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Business Insider - 12/18/13, Joe Weisenthal


The latest is that BTC China, the big Bitcoin startup there, announced that it could no longer accept deposits in the local currency.

This makes sense. One of the big things that everyone was talking about was how Bitcoin made for the perfect tool to circumvent capital controls (restrictions on getting money out of the country).




Akerson: GM won't pay any more back to the government

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Detroit Free Press - 12/16/13, Todd Spangler

GM Chairman And CEO Dan Akerson Speaks At National

General Motors Chairman and CEO Dan Akerson speaks at the National Press Club on Dec. 16, 2013, in Washington, DC. Akerson spoke on GM's designing, selling and building of vehicles during his remarks. / Win McNamee/Getty Images


General Motors Chairman and CEO Dan Akerson rejected any suggestion that the company pay an extra $10 billion to cover the gap between taxpayers’ investment and what the U.S. Treasury recovered from selling its GM stock.

In short, Akerson contended Treasury officials took the same risk assumed by anyone who purchases stock.


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