Economic Glance
A U.S. trustee in California questioned the salaries and housing expenses of employees of a Protestant ministry going through federal bankruptcy proceedings.
The Justice Department Trustee, working in an administrative role with the bankruptcy court in Santa Ana, found particularly unnecessary a $132,019 housing allowance for Fred Southard, the chief financial officer of Crystal Cathedral Ministries in Garden Grove, the Orange County Register reported Thursday.
U.S. trustee decries mega-church expenses
Class Warfare Jeopardizing American Workers' Security
Warren Buffett once said:
"There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning," Obama's deficit-cutting agenda the latest battle.
"Is cutting the public debt really an objective economic necessity, or is it actually a deeply political stance, reflecting the interests of the business and financial elites?"
China to play role in General Motors IPO
Among the banks helping General Motors with its initial public stock offering next week are two identified by initials only: ICBC and CICC. Americans uncomfortable with U.S. government ownership of General Motors may want to hear more:
One of those banks is the Industrial and Commercial Bank of China, one of China's four big central government banks. The other, China International Capital Corp., is a joint venture run primarily by Central Huijin Investment Ltd., an arm of the state, and Morgan Stanley.
Unbridled printing of dollars called "the biggest risk" to the global economy.
Last Wednesday was a hinge point in history. The United States decided to drop all pretence of being interested in leading – or even being part of – a coordinated global policy response to the most serious economic crisis in more than 70 years.
Up until now, the rest of the world has been willing to tolerate unprecedented money-printing by the US – and the UK for that matter. QE has been used to help various financial institutions avoid facing up to their losses, while covertly recapitalising Western banks that are, to all intents and purposes, insolvent. Money-printing has also pumped up equity prices. After the latest Fed-induced "sugar rush", the FTSE global all-share index hit a two-year high.
The Federal Reserve Is Holding A Conference On Jekyll Island To Celebrate 100 Years Of Dominating America
adly, most Americans have no idea how the Federal Reserve came into being. Forbes magazine founder Bertie Charles Forbes was perhaps the first writer to describe the secretive nature of the original gathering on Jekyll Island in a national publication....
Broke Guy Faces $2,000 Fine for Collecting Recyclables
The Department of Sanitation intends to make an example of a Staten Island man who tried to horn in on their turf by collecting recyclables from benefactors along his paper route. Poor Anthony McCorkle is trying to make ends meet by delivering the Staten Island Advance with the help of his brother's Hyundai. Some of his customers know he's in a tough spot, and they let him take the recyclable bottles in the bins outside their residence. But McCorkle is not a trained Department of Sanitation worker, and on Friday morning he was busted with a car full of contraband.
Mozilo settles Countrywide fraud case at $67.5 million
Former Countrywide chief Angelo Mozilo agreed to a settlement of $67.5 million to resolve charges that he duped the home loan company's investors while reaping a personal windfall, but Bank of America will pick up two-thirds of the bill.
Mozilo, poster boy of the subprime mortgage market's boom and bust, reached a last-minute deal with the U.S. Securities and Exchange Commission before his trial on civil fraud charges was to start on Tuesday.
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