The great intrest rate rip off part 6

[interestrateripoff]

27 April 2012 Last updated at 15:42

 

 

Barclays hit by revolt over pay

 

Barclays management is stung by a shareholder revolt over pay, as 26.9% of shareholder vote against the bank's remuneration report.

 

• Barclays in extra £300m PPI hit
  
• Barclays results 'above expectations' Watch
  
• Barclays 'fails to win over pay critics'
  
• Barclays changes its bonus plan
  

 

US economic growth rate slowing

 

US economic growth slowed to an annualised pace of 2.2% in the first quarter of the year, from 3% in the final three months of last year.

 

• US consumer prices rise by 0.3%
  
• US trade gap narrows in February
  

 

 

Spanish unemployment hits record

 

Spanish unemployment hits a new record high of 5.64 million, official figures show, hours after the country's debt rating was downgraded.

 

• S&P reduces Spain's credit rating
  
• The hunt for work Watch
  

 

 

 

• Ford suffers European sales slump
   
  US carmaker Ford reports lower quarterly profits following weak sales in Europe and higher tax charges.
  
• Lloyds ends exclusive Co-op talks
   
  Lloyds Banking Group says it has ended its exclusivity agreement with the Co-operative Group over the sale of 632 bank branches.
  
• Rules relaxed for pension schemes
   
  The Pensions Regulator is to relax the rules governing 300 company pensions to help deal with funding shortfalls.
  
• Birmingham delays accounts again
  
• Trade fair in Zimbabwe boycotted
  
• Tax fine error hits 12,000 people
  
• Samsung overtakes Nokia in phones
  
• Ofcom proposes parcel price cap
  
• BMI Regional sale talks advance
  
• Eurozone sees retail sales slide
  
• Real life tests reveal 'true MPG'
  
• Sharp reports record annual loss
  
• Mercedes boosts Daimler profits
  
• Japan makes $123bn stimulus move
  
• Do investors have the power to curb excessive bosses' pay?
   
  3 hours ago
  A majority of big, long-term British investors appear to have voted against Barclays' executive pay practices. But will Barclays and other companies respond to the revealed concerns about how and how much bosses are paid?
  
• No recovery for UK: No let up for ONS
   
  17:04 UK time, Wednesday, 25 April 2012
  The phrase "double-dip recession" conjures up images of roller coasters, but if the UK's recovery were a fairground ride I'd be asking for my money back.
  

[interestrateripoff]

Credit Suisse and Barclays investors revolt over pay

 

LONDON/ZURICH - More than a quarter of shareholders at Credit Suisse and Barclays voted down the banks' pay plans on Friday, in a sign of investors catching up with popular outrage over bankers' pay.

 

• BoE risks backlash with growth gamble 5:26pm BST
  
• Spanish economy in "huge crisis" after credit downgrade | 6:00pm BST
  
• Irish debt peak higher after 2012, 2013 growth cut 5:06pm BST
  
• Car financing helps Daimler beat forecasts 5:09pm BST
  
• Man Group M&A speculation propels stock, FTSE climbs
  

Alliance Trust management wins hedge fund challenge

 

LONDON - Management at Alliance Trust , one of Britain's biggest investment trust funds, has won against a shareholder resolution urging it to consider outsourcing the management of its assets.

4:39pm BST

 

Terror reinsurer has $7billion behind Olympics

 

LONDON - Pool Re, the state-backed British reinsurer that covers terror attack-related commercial property losses, has 4.5 billion pounds ($7.3 billion) of assets to cover the Olympic Games and is not jacking up premiums for the event.

UK, Olympics 2012 6:07pm BST

 

Earnings lift stocks; dollar off on QE3 views

 

NEW YORK - Strong earnings helped global stocks extend a rally on Friday, but the dollar weakened as disappointing U.S. data fuelled views that the Federal Reserve could ease policy further to boost flagging growth.

7:00pm BST

 

European Union to shine light on shadow banking

 

BRUSSELS - The European Commission pledged to tighten control of so-called shadow banking on Friday, answering central bank calls for stricter regulation of the sprawling 46 trillion euro (27.52 trillion pounds) sector which has been blamed for aggravating the financial crisis.

[interestrateripoff]

U.S. Economic Growth Slows to 2.2% Rate, Report Says

 

By SHAILA DEWAN 12:31 PM ET

 

 

Gross domestic product grew at an annualized rate of 2.2 percent, easing from the prior quarter’s rate but maintaining what economists have called a “sustainable” pace of recovery.

 

• Economix Blog: The Service-Sector Mystery 11:18 AM ET
  
• Post a Comment | Read (123)
  

 

 

 

Ty Wright/Bloomberg News

 

Welders at the Columbus Castings facility in Ohio. Mixed signals continue to cloud the nation's economic picture: Shipments of durable goods increased last month, but new orders showed their steepest drop since January 2009.

 

 

 

 

 

 

DealBook

 

Barclays' Board Is Heckled Over Pay

 

By JULIA WERDIGIER 12:53 PM ET

 

Facing angry shareholders, the British banking giant pledged to reduce executive pay levels in favor of its investors and apologized for poor communication.

 

• DealBook: New Bankruptcy Documents Reveal Outsize Pay at Lehman Before Collapse 10:42 AM ET
  

 

Stocks Edge Higher

 

By REUTERS 1:03 PM ET

 

Major market indexes were slightly higher, attempting a fourth consecutive day of gains, after more encouraging earnings reports.

 

S.&P. Cuts Its Rating on Spain, Citing Debt

 

By SHAILA DEWAN

 

The downgrade came with Spain emerging as a looming problem for Europe, with fears that the country will be next in line for a huge bailout, after Greece.

 

Trouble With the Top Man

 

By CLIFFORD KRAUSS

 

Chesapeake Energy, whose stock has fallen 45 percent in a year, said it would not extend a controversial compensation plan for Aubrey McClendon that provided him with a right to personally invest in the company’s new wells.

 

British Minister to Hand Over Messages on Murdoch TV Bid

 

By ALAN COWELL 8:12 AM ET

 

Jeremy Hunt, the embattled culture minister who has drawn criticism for his dealings with Rupert Murdoch’s media empire, promised on Friday to hand over messages to the Leveson inquiry.

 

Ford Profit Hurt by Taxes and Europe

 

By NICK BUNKLEY 10:18 AM ET

 

The automaker said its net income fell by almost half in the first quarter, as higher taxes and a loss in Europe overshadowed improvements in its North American business.

 

• Ford’s Challenges Mount in Europe
  
• Chrysler Reports Strong First-Quarter Results
  

 

Bits Blog

 

S.&P. Downgrades Nokia's Bonds to 'Junk'

 

By BRIAN X. CHEN 1 minute ago

 

Standard & Poor’s dropped the company’s bond rating to junk status and lowered its outlook for the Finnish handset maker following low sales of its smartphones.

 

U.S. Escalates Google Case by Hiring Noted Outside Lawyer

 

By DAVID STREITFELD and EDWARD WYATT

 

The Federal Trade Commission named a former federal prosecutor to lead its antitrust inquiry in a sign that the agency is prepared to take the Internet giant to court.

 

• Post a Comment | Read (161)
  

 

Attorney General in Mexico Will Investigate Wal-Mart

 

By ELISABETH MALKIN

 

The announcement of the inquiry came as the country’s president, Felipe Calderón, said he was “very indignant” about bribery allegations surrounding the retailer.

 

Samsung Posts Record Profit

 

By REUTERS

 

The South Korean company reported a quarterly profit of $5.15 billion as it prepared for the release of its new Galaxy S phone.

 

 

 

• Merck Posts Big Profit Jump on Lower Charges 10:33 AM ET
  
• Procter & Gamble 3Q Net Income Slips 10:44 AM ET
  
• An Aging Japanese Town Bets on a Young Mayor for Its Revival
  
• China Wants More Trade With Central and Eastern Europe
  
• In Congress, a Move to Look Into a Medical Debt Collector
  

[interestrateripoff]

[/url]

 

France and Germany clash over European austerity pact

 

The growing gulf between France and Germany was underlined as the eurozone's two biggest economies clashed over tackling the debt crisis.

9 Comments

Debt crisis: as it happened, April 27, 2012

 

 

Spain 'in huge crisis' as unemployment hits record levels

 

 

Large-caps' gains tempered by Spanish downgrade

 

 

S&P downgrades Spain: full text

 

 

 

 

Cameron has no growth plan, claims Sorrell

 

David Cameron has yet to come up with a credible strategy to return Britain to growth, and risks being "blown off course" by news events, Sir Martin Sorrell has claimed.

Comment

 

Barclays suffers biggest investor revolt over pay

 

Barclays has suffered its largest shareholder revolt over executive pay with 31.5pc on investors voting against the bank's controversial remuneration plan at its annual meeting.

16 Comments

'We can’t pay zero bonuses, the consequences would be dire'

 

 

Barclays annual meeting: as it happened, April 27, 2012

 

 

Barclays chief Bob Diamond admits to rate swap mistakes

 

 

 

US growth of 0.5pc disappoints economists

 

The US economy continued its steady rebound with growth in the first three months of the year of 0.5pc, but economists said the level of activity was mildly disappointing as it undershot expectations.

2 Comments

 

Lloyds ends exclusive talks with Co-op

 

Lloyds Banking Group has ended its exclusivity agreement with The Co-op over the sale of 632 branches and will now consider discussions with other potential buyers such as NBNK.

4 Comments

 

Samsung smartphone sales outstrip Apple

 

 

 

 

Addison Lee loses Government contract after bus lane row

 

 

 

 

Total admits it could do better on safety

 

 

 

 

Pearson vows to 'mount a robust defence' in ebook row

 

 

 

 

12,000 taxpayers receive incorrect penalty warning

 

France and Germany clash over euro austerity pact

 

The growing gulf between France and Germany was underlined as the eurozone's two biggest economies clashed over tackling the debt crisis.

9 Comments

Debt crisis: as it happened, April 27, 2012

 

 

 

 

Spain 'in huge crisis' as unemployment hits record levels

 

 

 

 

Retail sales fall more than expected as Britons rein in spending, says CBI

 

Italy tax crackdown brings in €6bn in four months

 

One hotel owner claims he simply 'forgot' to pay any tax.

 

Europeans will never accept a federal banking system

 

AstraZeneca will need more than the placebo effect to placate investors

 

China’s property boom has peaked, forever

[interestrateripoff]

Government: Let's Screw More Homebuyers!

 

Don't trust the government folks. They are heavily invested in bubble-blowing, and are desperately attempting to keep the game going -- and don't care if you get destroyed in the process.

(Reuters) - More than 1 million Americans who have taken out mortgages in the past two years now owe more on their loans than their homes are worth, and Federal Housing Administration loans that require only a tiny down payment are partly to blame.

That figure, provided to Reuters by tracking firm CoreLogic, represents about one out of 10 home loans made during that period.

It is a sobering indication the U.S. housing market remains deeply troubled, with home values still falling in many parts of the country, and raises the question of whether low-down payment loans backed by the FHA are putting another generation of buyers at risk.

Please understand how this actually works.

When you take out a loan that goes into negative amortization, no matter what it is, the negative amortization portion unless backed by someone's actual hard capital (that is, it's a "hard money" loan) is pure inflation in the monetary system.

 

More at the link.

[interestrateripoff]

GDP: Chickens Roosting; Don't Walk Under Them

... or you're likely to have them take a dump on your head.

That would be a miss....

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.2 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2011, real GDP increased 3.0 percent.

Expectations were for 2.5%. But even that is just about even. This is in per-capita terms negative. And the internals are not good either.

 

More at the link.

[interestrateripoff]

Capital Account (Jim Grant)

I love it and you should watch it!

And what does Jim Grant lead with?

1920/21, which is one of the periods I featured in Leverage, and for the same reason Jim did!

[interestrateripoff]

Claims: No Good News Here

Meh....

In the week ending April 21, the advance figure for seasonally adjusted

initial claims

was 388,000, a decrease of 1,000 from the previous week's revised figure of 389,000. The 4-week moving average was 381,750, an increase of 6,250 from the previous week's revised average of 375,500.

Flat; the actual number is up 2k as the previous was revised.

 

More at the link.

[interestrateripoff]

Look! More Advocacy Of Fraud! (Chained CPI)

The stupid, it burns!

Sadly, Congress and the White House seem incapable of agreeing on substantive measures to tackle the

$10.4 trillion

mountain of

U.S. debt

.

But there is one long-overdue piece of important business that can and should get done: The adoption of a more accurate gauge of U.S. inflation that would yield immediate savings and help put the economy on firmer ground. The fix has already been endorsed by lawmakers in both parties, the Obama administration, many economists and a series of bipartisan deficit-reduction panels. Best of all, it would help shore up Social Security. Trustees for the retirement fund on April 23 projected it would run dry in 2033, three years earlier than last year’s forecast.

It has been widely recognized for almost two decades that the current measure, the

consumer price index

, contains several biases that cause it to overstate inflation anywhere from 0.3 percentage point to

0.8 percentage point

, depending on which expert you talk to. The miscalculation has damaging consequences for the

U.S. economy

. The CPI is the benchmark that determines cost-of-living adjustments for a wide range of government programs, including Social Security and federal employee pensions. It also is used to peg income-tax brackets, exemptions, deductions and credits.

What Bloomberg is talking about is the use of so-called "chained" CPI.

What could possibly be wrong with this little word -- "chained"?

If you've read Leverage you know that one of the big scams is that the so-called "CPI" (consumer price index), which is what the government calls "inflation", is intentionally misleading.

 

More at the link.

[interestrateripoff]

US Companies Are Furiously Creating Jobs... Abroad

 

Richard Koo On The Three Problems With Bullish Speculation On Europe

 

Jim Quinn Explains Why We've Never Left The Recession

 

Europe Ends Week Green But Notably Red On Month

 

Guest Post: The New Drug of Choice In The White House, Federal Reserve and Treasury: Delusionol ™

 

Thirteen Years Later

 

The Truth About Egan-Jones

 

The Sell-Side Take On The Tepid GDP Growth

 

Art Cashin On The Fed, The Election, And The Collapse Of The Euro

 

Europe - You Are Here

 

Chart Of The Day: Change In Q1 American Debt And GDP

 

Big GDP Miss: 2.2% Vs Expectations Of 2.5%, Composition Even Uglier

 

Previewing Today's Q1 GDP Print

 

Overnight Sentiment: Zen-like After Initial Revulsion

 

Italy Sells 4, 5, 7 And 10 Year Bonds: Yields Jump, Bids to Cover Slump: Market Commentary

 

Spanish Economy Crumbles: Unemployment Nearly 25%

 

BoJ Eases. Einstein Rolls Over In Grave

 

Memo To Draghi: We, The People, "Don't Trust You One Inch"

 

Jim Grant On The Monetary Priesthood's "Atlas Complex"

[interestrateripoff]

Bill Gross On Europe's Dysfunction And US Double-Dips

 

Guest Post: Social Security Has A Real Problem

 

Student Loan Debt Slaves In Perpetuity - A True Story Of "Bankruptcy Hell"

 

S&P Cuts Spain to BBB+, Outlook Negative

 

What Would Fed Chairman Krugman Do?

 

Guest Post: Man Tries To Relinquish US Citizenship. Application Denied

 

Market Meltup Meets Non-Farm-Payroll Resistance

 

When Did Austerity Become A 4 Letter Word?

 

Project 'End-Up-Like-Japan' Continues

 

Of Disasters Natural And Keynesian

 

Dutch Deal Done

 

Houston, We Have A Coupling: US Macro Data Worst In Six Months

 

Guest Post: Peak Dow, Peak GDP And Peak Oil

 

Chart(s) Of The Day: Follow Where The Money Was, Is, And Will (Not) Be

 

The Bailout Of The US Postal Service Begins: Cost To Taxpayers - $110,000 Per Union Vote "Saved Or Gained"

 

LTRO #Fail 2: European Credit Supply And Demand Fading Fast

 

Translating "Growth" Into European

 

Just As Predicted, Initial Claims Miss Huge, Yet Magically Improve

 

European Confidence Tumbles To November 2009 Levels, Euro-Wide Double Dip Inevitable

 

Germany Folding? Europe's Insolvent Banks To Get Direct Funding From ESM

[interestrateripoff]

Spain faces crisis 'of huge proportions'

 

Figures show almost 25% of people out of work amid concerns Spanish banking sector may need bailout of up to £100m

 

• Eurozone crisis - Friday's events
  
• Anti-austerity movements gaining momentum
  
• Hollande and Merkel clash looms over austerity
  
• US economic growth slows to 2.2% rate
  
• US reaps the rewards for making austerity wait
  
• Spain's credit rating downgraded
  
• Eurozone crisis: Thursday as it happened
  

[interestrateripoff]

Barclays gets pay rebuff from a third of investors

 

28 April 2012 12:00 AM

Chairman apologises to shareholders after 2 billion votes are cast against bank's remuneration report

 

 

 

Eurozone fears fuelled as Spanish jobless rate soars

 

28 April 2012 12:00 AM

Spanish unemployment – already the highest in Europe – spiked up again yesterday, piling more pressure on the struggling Madrid government and sending investors scurrying for safety.

 

 

 

'PM does not have credible growth plan', says Sorrell

 

28 April 2012 12:00 AM

One of Britain's leading captains of industry yesterday warned that David Cameron has still not come up with a credible growth plan and risks being "blown off course" by news events.

 

 

 

Lloyds ends exclusive Co-op talks over bid for 632 branches

 

28 April 2012 12:00 AM

The £1bn sale of Lloyds' 632 branches, demanded by European competition regulators to compensate for its state aid, was looking ever more shambolic yesterday as the part-nationalised banking giant ended its exclusive talks with the Co-op.

 

 

 

Lehman paid $700m to 50 top staff before crash

 

28 April 2012 12:00 AM

Lehman Brothers paid senior executives millions of dollars in the run-up to its collapse in 2008, new documents reveal.

 

 

 

First profit in four years for UK Coal, but pit closure still likely

 

28 April 2012 12:00 AM

UK Coal posted a profit for the first time in four years yesterday – but said it is still in talks about closing its Daw Mill pit in the West Midlands.

 

 

 

Extra shots boost Starbucks sales

 

28 April 2012 12:00 AM

Putting more coffee in its drinks may have helped Starbucks turn round its performance in the UK.

 

 

 

McAlpine gets US embassy job

 

28 April 2012 12:00 AM

Sir Robert McAlpine has partnered with US contractor Harbert to build the new US embassy in Wandsworth, London.

 

 

 

Alliance fends off Laxey again

 

28 April 2012 12:00 AM

Shareholders at Alliance Trust rejected a proposal from the activist hedge fund Laxey Partners yesterday that called on the investment trust to outsource the management of its funds.

 

 

 

Pearson training arm feels the pinch

 

28 April 2012 12:00 AM

Pearson, the owner of the Financial Times, warned yesterday that its educational training business is being "adversely affected" by the way the Government funds apprenticeships.

 

 

 

Samsung rings up record profits

 

28 April 2012 12:00 AM

Samsung's sales of mobile phones have overtaken ailing Nokia, the one-time dominant player in the market.

[interestrateripoff]

Credit Suisse and Barclays investors revolt over pay

 

LONDON/ZURICH - More than a quarter of shareholders at Credit Suisse and Barclays voted down the banks' pay plans on Friday, in a sign of investors catching up with popular outrage over bankers' pay.

 

• Exclusive - Chesapeake board member lent money to CEO McClendon 27 Apr 2012
  
• Safety dominates investor outlook 8:22am BST
  
• Merkel backs stronger European Investment Bank 8:35am BST
  
• Belgium to appoint ex-Fortis CEO as new Dexia head - paper 12:41pm BST
  
• Siemens CEO says to float 50-75 percent of Osram - paper
  

Generali sees first quarter premiums up 6.1 percent

 

TRIESTE, Italy - Italy's Assicurazioni Generali , Europe's third largest insurer, sees first quarter premiums growing 6.1 percent to 19.8 billion euros based on preliminary results, it said on Saturday at its annual shareholders' meeting.

5:54pm BST

 

BoE risks backlash with growth gamble

 

LONDON - The Bank of England risks seeming out of touch to recession-hit Britons next month if - as still seems likely - it calls a halt to its 325 billion pound programme of monetary stimulus.

27 Apr 2012

 

Unipol, Mediobanca face new Fondiaria-SAI rescue hurdles

 

MILAN - Italian insurer Unipol and its advisor Mediobanca will defend their plan to create Italy's second largest insurance group to antitrust regulators on Monday, the same day a rival bidder is expected to announce its next move.

5:50pm BST

 

Apple courts EPIX for upcoming TV - sources

 

LOS ANGELES - Apple Inc began talks earlier this year to stream films owned by EPIX, which is backed by three major movie studios, on devices including a long-anticipated TV, according to two people with knowledge of the negotiations.

[interestrateripoff]

[/url]

 

France and Germany clash over European austerity pact

 

The growing gulf between France and Germany was underlined as the eurozone's two biggest economies clashed over tackling the debt crisis.

707 Comments

Debt crisis: as it happened, April 27, 2012

 

 

Spain 'in huge crisis' as unemployment hits record levels

 

 

Large-caps' gains tempered by Spanish downgrade

 

 

S&P downgrades Spain: full text

 

 

 

 

Cameron has no growth plan, claims Sorrell

 

David Cameron has yet to come up with a credible strategy to return Britain to growth, and risks being "blown off course" by news events, Sir Martin Sorrell has claimed.

256 Comments

 

QE quadruples pensions deficit in one year

 

Pension deficits at the country's biggest companies have quadrupled in 12 months in the wake of the Government's quantitative easing policy.

127 Comments

 

Barclays suffers biggest investor revolt over pay

 

Barclays has suffered its largest shareholder revolt over executive pay with 31.5pc on investors voting against the bank's controversial remuneration plan at its annual meeting.

63 Comments

'We can’t pay zero bonuses, the consequences would be dire'

 

 

Barclays annual meeting: as it happened, April 27, 2012

 

 

Barclays chief Bob Diamond admits to rate swap mistakes

 

 

 

Kerviel to sue over 'evidence tampering'

 

Jerome Kerviel, the former Societe Generale trader appealing a prison sentence for his role in a rogue trading scandal, plans to sue the bank for alleged manipulation of evidence.

 

Lloyds ends exclusive talks with Co-op

 

 

 

 

Addison Lee loses Government contract after bus lane row

 

 

 

 

Samsung smartphone sales outstrip Apple

 

 

 

 

US growth of 0.5pc disappoints economists

 

Pain in Spain is continuing to rain down on its citizens

 

Sometimes the markets are shockingly complacent.

44 Comments

France and Germany clash over euro austerity pact

 

 

 

 

Debt crisis: as it happened, April 27, 2012

 

 

 

 

Spain 'in huge crisis' as unemployment hits record levels

 

Europeans will never accept a federal banking system

 

Double dip recession: how much risk can investors take?

[interestrateripoff]

How Apple Sidesteps Billions in Global Taxes

 

By CHARLES DUHIGG and DAVID KOCIENIEWSKI 5 minutes ago

 

Apple serves as a window on how technology giants have taken advantage of tax codes written for an industrial age and ill-suited to today’s digital economy.

 

• Post a Comment | Read (26)
  

David Calvert for The New York Times

 

Braeburn Capital, an Apple subsidiary in Reno, Nev., manages and invests the company’s cash. Nevada has a corporate tax rate of zero, as opposed to the 8.84 percent levied in California, where Apple has its headquarters.

 

 

 

O.K., Google, Take a Deep Breath

 

By CAITLIN KELLY 9:35 AM ET

 

At a company known for a hard-driving culture, a seven-week course in mindfulness techniques is giving employees a better way to cope.

 

• Slide Show: At Google, a Moment to Pause
  

 

A Humbled Gap Tries a Fresh Coat of Pep

 

By STEPHANIE CLIFFORD 11:05 AM ET

 

After defining 1990s khaki culture, the clothing chain stumbled. Now it’s trying new ways to build sales — like making stores cheerier and its ad campaign brighter.

 

The Boss

 

Reveling in a Tech Life

 

By VAL RAHMANI 1:12 PM ET

 

After a long career at I.B.M., Val Rahmani now runs Damballa, a network security firm — but still pursues her interest in aerobatic aircraft.

 

Strategies

 

The Calming Effect of Central Banks

 

By JEFF SOMMER 11:35 AM ET

 

Despite recent news from Europe that could have shaken investors, the markets have remained relatively steady.

 

Slipstream

 

Following the Breadcrumbs on the Data-Sharing Trail

 

By NATASHA SINGER 1:58 PM ET

 

There’s no easy way for American consumers to track the data dealers that share and sell their information. But a reporter tried her own experiment.

 

Mortgages

 

Dealing With Student Debt

 

By VICKIE ELMER

 

Many first-time buyers get turned down for mortgages because their student loan debt significantly raises their overall debt level.

 

• More Mortgages Columns »
  

 

 

 

• Letters: Letters: Many Stakeholders in Executive Pay
  

 

 

• In Search of Apps for Television
  
• U.S. Antitrust Move Has Google Fighting on Two Fronts
  
• U.S. Growth Slows to 2.2%, Report Says
  
• Markets Shrug Off a Disappointing G.D.P. Number
  
• News Analysis: Spain Is Still Awaiting the Payoff From Austerity
  
• DealBook: New York Prosecutors Examining Former Dewey Chairman
  
• In Watch Industry, a Feud Over What Makes a Timepiece Swiss-Made
  
• British Official to Hand Over Messages on Murdoch TV Bid
  
• Higher Taxes and a Loss in Europe Hurt Ford Profit
  
• DealBook: Barclays' Board Is Heckled Over Pay
  

[interestrateripoff]

http://www.chrismartenson.com/blog/bill-black-our-system-so-flawed-fraud-mathematically-guaranteed/74785

 

Bill Black is a former bank regulator who played a central role in prosecuting the corruption responsible for the S&L crisis of the late 1980s. He is one of America's top experts on financial fraud. And he laments that the US has descended into a type of crony capitalism that makes continued fraud a virtual certainty - while increasingly neutering the safeguards intended to prevent and punish such abuse.

 

In this extensive interview, Bill explains why financial fraud is the most damaging type of fraud and also the hardest to prosecute. He also details how, through crony capitalism, it has become much more prevalent in our markets and political system.

 

A warning: there's much revealed in this interview to make your blood boil. For example: the Office of Thrift Supervision. In the aftermath of the S&L crisis, this office brought 3,000 administration enforcements actions (a.k.a. lawsuits) against identified perpetrators. In a number of cases, they clawed back the funds and profits that the convicted parties had fraudulently obtained.

 

Flash forward to the 2008 credit crisis, in which just the related household sector losses alone were over 70x greater than those seen during the entire S&L debacle. So how many criminal referrals did the same agency, the Office of Thrift Supervision, make?

 

Zero.

 

More at the link.

 

Well when your too big to fail and your pumping billions into the electoral system you aren't going to be sent to jail.

[interestrateripoff]

Bill Black: Our System Is So Flawed That Fraud Is Mathematically Guaranteed

 

Guest Post: Does Believing In The "Recovery" Make It Real?

 

Goldman Slashes April NFP To 125,000, Concerned By "FOMC’s Apparent Reluctance To Deliver"

 

Leaving Ponzi In The Dust

 

Why The Euro Is So Strong, Or Why The Market Expects $700bn Of Fed QE3

 

Michael Krieger On The Rebirth Of Barter

 

Eric Sprott: "When Fundamentals No Longer Apply, Review the Fundamentals"

 

Robert Wenzel's 'David' Speech Crushes Federal Reserve's 'Goliath' Dream

 

Breaking Point: The End Of The Cheap Energy Economy

 

Richard Koo On The Three Problems With Bullish Speculation On Europe

 

Jim Quinn Explains Why We've Never Left The Recession

 

US Companies Are Furiously Creating Jobs... Abroad

[interestrateripoff]

Breaking news

 

• Irish Finance Minister says rejection of EU treaty would put IMF funds out of reach - Reuters
  

 

 

 

• SFO faces humiliation in bitter battle with Vincent Tchenguiz
   
  After bungling a search of the tycoon's home, the SFO is likely to be rebuked in court – and perhaps lose its biggest case altogether, writes Simon Bowers
   
  
  • The bank, the brothers… and the mistakes
    

  [*] Rich List reveals record fortunes

   

  Steel magnate Lakshmi Mittal retains top spot, with Alisher Usmanov and Roman Abramovich in second and third

  [*] Executive party has gone on too long: shareholders have woken up

   

  Business leader: An outbreak of shareholder rebellions at annual meetings, and the prospect of new legislation to support such action, is starting to offer a real prospect of a change in corporate life

  18 comments

  • Barclays investors vent anger on pay
    
  • Shareholders showing their teeth at last
    
  • Barclays AGM - full statement
    
  • Should Alison Carnwath resign?
    

  [*] Europe turns against austerity

   

  Voters sick of endless belt-tightening are threatening a backlash that could sweep their political leaders from power if they do not listen to the growing chorus for change

  77 comments

  • Spain in crisis 'of huge proportions'
    
  • Anti-austerity movements gaining momentum
    
  • Hollande and Merkel clash looms over austerity
    
  • US economic growth slows to 2.2% rate
    

 

 

• Swiss army knife maker Victorinox keen to stay on cutting edge
   
  Its famous knives sport memory sticks and LED lights – now Victorinox is trying to apply its reputation for precision to new products, writes Zoe Wood
  14 comments
  
• Osborne is intellectually broken and the real enemy of business
   
  Will Hutton: It was obvious to everybody that the recovery the chancellor predicted could not happen. And so it has proved
  445 comments
  
• Samsung shows confidence of the world's leading phone maker
   
  The Korean manufacturer is dominating a difficult market, writes Juliette Garside
  31 comments
  
  • Row over campaign for launch of 4G mobile internet
    

  [*] Italy's railway Ferrari gets flying start

   

  The new Italo is a train like no other, claims Luca Cordero di Montezemolo, chairman of Ferrari and boss of NTV, the firm behind it

   

  • Boeing's Dreamliner comes closer to reality
    

  [*] More business news

  [*] WPP reports revenues of £2.4bn

[interestrateripoff]

Recovery hopes hit by two-way pull

 

29 April 2012 12:00 AM

Conflicting data for Bank as negative growth is followed by signs of revival in major industries

 

 

Clinton Cards in turnaround struggle

 

29 April 2012 12:00 AM

Embattled retailer's chief completes review after failed bid to sell company

 

 

Never knowingly undersold: Lord Hutton to chair coalition's first John Lewis-style spin-off

 

29 April 2012 12:00 AM

The former Cabinet minister Lord Hutton will this week be named as chairman of the first company to be spun out of Whitehall as part of the Government's vision to create a "John Lewis economy" of employee-owned businesses.

 

 

 

Dreams seeks buyer or fundraiser to sleep easy

 

29 April 2012 12:00 AM

The main lender to Dreams, the embattled bed retailer, has sounded out potential investors over a fundraising or a buyer for the business.

 

 

 

Diamonds are Goldsmiths' best friends

 

29 April 2012 12:00 AM

The company behind the Goldsmiths jewellery chain nearly doubled its profits last year, thanks to strong demand for gold watches and diamond rings.

 

 

 

Frank Templeton prepares to launch Africa fund

 

29 April 2012 12:00 AM

Franklin Templeton is to become the latest fund management group to try its hand at investing in Africa. The emerging markets specialist has said that it plans to launch its new Africa fund in the UK in May, subject to Financial Services Authority approval.

[interestrateripoff]

Bill Black on systemic banking fraud.

 

Describes fraud and liers loans in the economic crisis.

 

Discussing Occupy Wall Street and prosecution of banking fraud.

[interestrateripoff]

Safety dominates investor outlook

 

LONDON - Caught in a vice between sluggish global growth and worldwide debt deleveraging, investors face another week of potentially gloomy economic news with no relief in sight from the growing concerns about euro zone debt.

 

• Goldman's Jim O'Neill approached for BoE job - paper 4:41pm BST
  
• Cameron says euro zone crisis far from over 6:57pm BST
  
• Irish Finance Minister says rejection of EU treaty would put IMF funds out of reach 5:02pm BST
  
• Credit Suisse and Barclays investors revolt over pay 27 Apr 2012
  
• Exclusive - Chesapeake board member lent money to CEO McClendon
  

Exclusive - AAOIFI in wide review of Islamic finance standards

 

DUBAI - Islamic finance may face its biggest shake-up in years as a top standard-setting body seeks to reform the way the industry does business, including the role of highly paid scholars in enforcing religious principles.

11:12am BST

 

Merkel backs stronger European Investment Bank

 

BERLIN - German Chancellor Angela Merkel added her voice on Saturday to calls to bolster the European Investment Bank (EIB) and to use EU infrastructure funds more flexibly to help spur economic growth in Europe.

28 Apr 2012

 

Ferrero sets aside $3 million for Nutella U.S. class action

 

MILAN - Italian confectionery group Ferrero has agreed to set aside $3 million to settle a class-action lawsuit championed by a Californian mother after she discovered the group's Nutella chocolate spread packed more fat than jam or syrup.

2:47pm BST

 

Foxconn workers sing its praises, but profit disappoints

 

TAIPEI - Profit at Taiwanese contract maker Hon Hai Precision Industry's grew less than expected in the first quarter, but the main maker of Apple Inc gadgets, whose plants have come under intense scrutiny over working conditions, was in party mood on Saturday.

[interestrateripoff]

29 April 2012 Last updated at 17:23

 

 

UK's richest 'getting wealthier'

 

The UK's richest people are getting even wealthier despite the recession, according to the 2012 Sunday Times Rich List. 769

 

Barclays hit by revolt over pay

 

Barclays management is stung by a revolt over pay, as 26.9% of shareholders vote against the bank's remuneration report.

 

• Barclays in extra £300m PPI hit
  
• Barclays results 'above expectations' Watch
  

 

 

YPF pledges to keep gas flowing

 

Argentine oil firm YPF vows to keep providing supplies as the dispute over its forced nationalisation continues.

 

• Argentine patriotism spooks investors
  
• EU warns Argentina over oil move
  

 

 

 

• 'Lost decade' warning on growth
   
  Labour's Ed Balls says Britain faces a "lost decade-style" period of slow growth, days after official figures showed the economy returned to recession.
  
• Banks 'wrong' over payment policy
   
  Two of the UK's biggest banks admit that some customers have been denied their legal right to cancel recurring payments, reports Radio 4's Money Box.
  
• Spanish unemployment hits record
   
  Spanish unemployment hits a new record high of 5.64 million, official figures show, hours after the country's debt rating was downgraded.
  
• Samsung overtakes Nokia in phones
  
• South Sudan awaits big China loan
  
• US economic growth rate slowing
  
• Lloyds ends exclusive Co-op talks
  
• Ford suffers European sales slump
  
• Trade fair in Zimbabwe boycotted
  
• Rules relaxed for pension schemes
  
• Birmingham delays accounts again
  
• Tax fine error hits 12,000 people
  
• Ofcom proposes parcel price cap
  
• BMI Regional sale talks advance
  

[interestrateripoff]

How Apple Sidesteps Billions in Taxes

 

By CHARLES DUHIGG and DAVID KOCIENIEWSKI

 

Apple serves as a window on how technology giants have taken advantage of tax codes written for an industrial age and ill suited to today’s digital economy.

 

• Apple’s Response
  
• Graphics: Shrinking Corporate Tax Rates | One Technique Apple Pioneered
  
• Post a Comment | Read (1053)
  

David Calvert for The New York Times

 

Braeburn Capital, an Apple subsidiary in Reno, Nev., manages and invests the company’s cash. Nevada has a corporate tax rate of zero, as opposed to the 8.84 percent levied in California, where Apple has its headquarters.

 

 

 

Data Harvesting at Google Not a Rogue Act, Report Finds

 

By DAVID STREITFELD

 

Google’s collecting of personal information from unsuspecting households was a program supervisors knew about, according to new details from the full text of a regulatory report.

 

• Document: F.C.C. Report on Google’s Street View Project
  
• Post a Comment | Read (45)
  

 

A Humbled Gap Tries a Fresh Coat of Pep

 

By STEPHANIE CLIFFORD

 

After defining 1990s khaki culture, the clothing chain stumbled. Now it’s trying new ways to build sales — like making stores cheerier and its ad campaign brighter.

 

The Boss

 

Reveling in a Tech Life

 

By VAL RAHMANI

 

After a long career at I.B.M., Val Rahmani now runs Damballa, a network security firm — but still pursues her interest in aerobatic aircraft.

 

O.K., Google, Take a Deep Breath

 

By CAITLIN KELLY

 

At a company known for a hard-driving culture, a seven-week course in mindfulness techniques is giving employees a better way to cope.

 

• Slide Show: At Google, a Moment to Pause
  

 

Strategies

 

The Calming Effect of Central Banks

 

By JEFF SOMMER

 

Despite recent news from Europe that could have shaken investors, the markets have remained relatively steady.

 

Slipstream

 

Following the Breadcrumbs on the Data-Sharing Trail

 

By NATASHA SINGER

 

There’s no easy way for American consumers to track the data dealers that share and sell their information. But a reporter tried her own experiment.

 

In Hopeful Sign, Health Spending Is Flattening Out

 

By ANNIE LOWREY

 

The slowing of the growth rate is partly explained by the recession, but evidence suggests that changing behavior of health care providers and consumers also partly accounts for it.

 

• Economix Blog: How One Hospital Bent the Cost Curve
  
• Post a Comment | Read (244)
  

 

 

 

• Letters: Letters: Many Stakeholders in Executive Pay
  

 

 

• Recall Election Tests Strategies for November
  
• Mortgages: Dealing With Student Debt
  
• Bang! You’re Closed
  
• A Universal Language of Sports-Talk Radio
  
• On High-Speed Rails, a New Challenger in Italy
  
• Before Flying Car Can Take Off, There’s a Checklist
  

[interestrateripoff]

http://www.nytimes.com/2012/04/29/realestate/mortgages-dealing-with-student-debt.html?_r=1&ref=business

 

FOR many recent college graduates, the dream of owning a home may have to be postponed awhile as they first grapple with repaying mounds of education loans.

Outstanding student loan debt now totals over $1 trillion, according to a report last month from the Consumer Financial Protection Bureau. That surpasses the amount owned on all credit cards in the United States.

Student debt has become an issue in the presidential race, with both President Obama and Mitt Romney, the presumed Republican nominee, supporting efforts to extend loan subsidies set to expire in July.

 

Last year alone, students took out $117 billion just in federal loans. And it’s no wonder: According to the College Board, the average annual cost of out-of-state tuition, room and board at a public institution is $29,657; at a private nonprofit, it is $38,589.

“Some student loan payments are as high as a mortgage,” said Cari Sweet-Kostoplis, an assistant vice president of the Jersey Mortgage Corporation in Parsippany. She noted that one client who had monthly loan payments totaling $2,800 opted to work as a prison psychologist to qualify for a federal student loan forgiveness program offered to those who undertake community service work after graduation.

 

Student loan drag, coming to the UK very soon!!

 

It's almost as if the Govt doesn't want to support house prices...

 

Still I'm sure this won't happen in the UK....