Wednesday, Sep 17th
Last update07:13:23 AM GMT
Economic Glance
A bank that received $1.6 billion in bailout money just spent a fortune last week in L.A. hosting a series of lavish parties and concerts with famous singers ... and TMZ cameras caught it all.
Northern Trust, a Chicago-based bank, sponsored the Northern Trust Open at the Riviera Country Club in L.A. We're told Northern Trust paid millions to sponsor the PGA event which ended Sunday, but what happened off the golf course is even more shocking.
Dear President Obama,
HI!, yoo-hoo, over here, we are 100,000,000 men, women and children who rent and we seem to be invisible to you and the media (including NPR, New York Times and the Wall Street Journal) but clearly our numbers make us important. We are wondering why you are helping 9 million people at the expense of me and my 99,999,999 friends, neighbors and fellow countrymen. Not to mention the additional millions of former homeowners who will soon join us because they rationally decided to live within their means and rent.
But how is your plan hurting 100,000,000 renters? It is hurting them in three major ways:
It is now a mantra in the corporate media — the only way to fix the banking system is to “nationalize” the banks. “A touchy word has entered the public debate about the future of America’s economy.
“Simply put: Nationalizing ailing banks means the government would tell bank execs to take a hike, and then oversee taxpayer dollars as they course through the banking sector’s veins,” writes Kelley. “When all is well, perhaps after selling assets and operations to new private investors, the government then steps back and lets a newly regulated bank sector float on its way.”
As the government's authority in the banking industry continues to grow, the hottest debate is over how banks are spending federal funds.
But even more fundamental is the issue of which banks will receive Uncle Sam's money.
"UBS admitted to conspiring to defraud the United States by impeding the IRS," the Justice Department announced late Wednesday.
The statement says that UBS, "in an unprecedented move" based on an order by Swiss authorities, has agreed "to immediately provide the U.S. government with the identities of, and account information for, certain U.S. customers of UBS's cross-border business."
TVNL Comment: This story broke in June of 2008, when a 'disgruntled employee' blew the whistle on UBS. At that time Sen. Leahy 'demanded' that the bank be closed down until the 'cleaned up their act.' Yeah, right.
It may seem like the country that used to make everything is on the brink of making nothing.
In January, 207,000 U.S. manufacturing jobs vanished in the largest one-month drop since October 1982. Factory activity is hovering at a 28-year low. Even before the recession, plants were hemorrhaging work to foreign competitors with cheap labor. And some companies were moving production overseas.
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