DixieDestroyer
Hall of Famer
It's all about empowerment of the Globalist Elite controlled Big Government and their Central Banking Cartel allies...
The Money Ma$ters...
The Money Ma$ters...
Coming Financial Crisis Worse Than 29?
- Thread starter DixieDestroyer
- Start date
The market has one of its worst days ever after a terrible week last week and gold and silver go down???
It looks like they went down mostly on a sudden downward plunge within a 10 minute period. The big players are manipulating this. Every time the market looks like it is in grave danger of a total and complete collapse the spot price of gold and silver take large sudden plunges when it seems they should be soaring. How long can this hold up?
Thank goodness I have 1/2 gold and silver stocks and 1/2 ultrashorts. I broke about even today.
It looks like they went down mostly on a sudden downward plunge within a 10 minute period. The big players are manipulating this. Every time the market looks like it is in grave danger of a total and complete collapse the spot price of gold and silver take large sudden plunges when it seems they should be soaring. How long can this hold up?
Thank goodness I have 1/2 gold and silver stocks and 1/2 ultrashorts. I broke about even today.
Silver bullion and junk silver have been selling for well above the spot price for some time now, when people can even find it.Only inmanipulated precious metals markets could the stock market collapse and the price of silver and gold decline as well.
white is right
Hall of Famer
- Joined
- Feb 16, 2006
- Messages
- 10,180
I have most of my money in treasurey bills/bonds/investment savings accounts. But when my bonds have been up for renewal the new rates have reflected the near deflation of the overall Western economies. I fear this recession may drift into a depression and that scares me....
Edited by: white is right
white is right
Hall of Famer
- Joined
- Feb 16, 2006
- Messages
- 10,180
Of course I new this was coming. Like all scam artists. The wife's assets and family home will stay in the family. Here is the wire story about good old Bernie.....Bernard Madoff seeks to keep Manhattan apartment
Updated Mon. Mar. 2 2009 9:31 PM ET
The Associated Press
NEW YORK -- Bernard Madoff is seeking to keep a US$7-million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the fraud that authorities say cost victims more than $50 billion.
In court papers filed Monday in U.S. District Court in Manhattan, Madoff and his lawyer claim the apartment, $45 million in municipal bonds and $17 million more in a separate account all belong to Madoff's wife, Ruth.
The bonds in an account held by Ruth Madoff at COHMAD Securities Corp. and about $17 million held by her in a Wachovia Bank account "are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial interest in these assets," Bernard Madoff and lawyer Ira Sorkin said, according to the papers.
Sorkin declined to comment Monday.
A court-appointed trustee overseeing the liquidation of Madoff's assets has said the apartment and other property used to secure bail was off limits for now. But if there's a conviction, those assets and possibly property of Madoff "insiders" could be seized to help pay claims by alleged victims, which so far total about $1 billion.
"We are looking at every member of the Madoff family," David Sheen, a lawyer representing the trustee, said recently regarding the personal property.
The information was contained in an order of consent asking a judge to grant the federal government authority to seek forfeiture of assets involved in any fraud. It was filed in a case brought by the SEC against Madoff.
Trustee Irving H. Picard has said that nearly $950 million in cash and securities has been recovered for investors so far.
The 70-year-old former Nasdaq chairman has been confined to the Manhattan apartment, purchased in 1984, under house arrest since early December.
He was arrested and charged with securities fraud after authorities said in court papers that he confessed to his sons that he had carried out a giant Ponzi scheme for years, using new money from investors to pay off early investors while bogus statements claimed consistent investment gains.
Updated Mon. Mar. 2 2009 9:31 PM ET
The Associated Press
NEW YORK -- Bernard Madoff is seeking to keep a US$7-million Manhattan penthouse and an additional $62 million in assets, saying they are unrelated to the fraud that authorities say cost victims more than $50 billion.
In court papers filed Monday in U.S. District Court in Manhattan, Madoff and his lawyer claim the apartment, $45 million in municipal bonds and $17 million more in a separate account all belong to Madoff's wife, Ruth.
The bonds in an account held by Ruth Madoff at COHMAD Securities Corp. and about $17 million held by her in a Wachovia Bank account "are unrelated to the alleged Madoff fraud and only Ruth Madoff has a beneficial interest in these assets," Bernard Madoff and lawyer Ira Sorkin said, according to the papers.
Sorkin declined to comment Monday.
A court-appointed trustee overseeing the liquidation of Madoff's assets has said the apartment and other property used to secure bail was off limits for now. But if there's a conviction, those assets and possibly property of Madoff "insiders" could be seized to help pay claims by alleged victims, which so far total about $1 billion.
"We are looking at every member of the Madoff family," David Sheen, a lawyer representing the trustee, said recently regarding the personal property.
The information was contained in an order of consent asking a judge to grant the federal government authority to seek forfeiture of assets involved in any fraud. It was filed in a case brought by the SEC against Madoff.
Trustee Irving H. Picard has said that nearly $950 million in cash and securities has been recovered for investors so far.
The 70-year-old former Nasdaq chairman has been confined to the Manhattan apartment, purchased in 1984, under house arrest since early December.
He was arrested and charged with securities fraud after authorities said in court papers that he confessed to his sons that he had carried out a giant Ponzi scheme for years, using new money from investors to pay off early investors while bogus statements claimed consistent investment gains.
And of course Madoff's lawyers and the judge all share common ancestors.
And how does the spot price of Silver go down while you have to actually pay more to buy it? It's absurd. Demand is so high that its hard to find decent .999 silver. I suspect that the usual suspects are gobbling up government precious metals for bargain prices as the tax-payers pay for it.
We are supposed to believe that people are pulling their money out of the stock market and putting it solely into the "security" of government bonds at a 0.2% interest rate and at the same time people are running away from precious metals. That makes no sense. Edited by: Kaptain Poop
And how does the spot price of Silver go down while you have to actually pay more to buy it? It's absurd. Demand is so high that its hard to find decent .999 silver. I suspect that the usual suspects are gobbling up government precious metals for bargain prices as the tax-payers pay for it.
We are supposed to believe that people are pulling their money out of the stock market and putting it solely into the "security" of government bonds at a 0.2% interest rate and at the same time people are running away from precious metals. That makes no sense. Edited by: Kaptain Poop
Jimmy Chitwood
Hall of Famer
Jimmy Chitwood
Hall of Famer
more bad news...
We Are Facing an 'Inflation Holocaust': Jim Rogers.
Stimulus cash may spur massive inflation & jump in commodities.
Bank of England prints £75 Billion and slashes interest rates to 0.5%
Unemployment Rate Bolts to 8.1%, 651,000 Jobs Lost in February
<A href="http://news.yahoo.com/s/ap/20090306/ap_on_bi_st_ma_re/wall_street" target="_blank">
Stocks Turn Lower After February Jobs Data</A>
BofE Starts Printing Presses
Morgan Stanley Predicts Downturn Will be Worse than the 1930s Depression
GM Says it Will Go Bust in Days Without Bailout
US Stocks Down
Food Stamp Enrollment Jumps to 31.8 Million People
Paralyzed Markets Plunge to New Depths
Roubini: US Financial System Effectively Insolvent
Citigroup Shares Tumble Below $1<A href="http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/gm_annual_report" target="_blank">
GM Auditors Raise the Specter of Chapter 11 Bankruptcy</A>
Dow Drops Another 200 on Worries Over Banks, GM
Europe's Banks Face $2 Trillion Shortage
US Private Sector Cuts 697,000 Jobs in February
<A href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a6uoK5iuRftY&refer=home" target="_blank">
JPMorgan, Wells Fargo, BofA Face Ratings Cut</A>
Now as the "Much Greater Depression" Progresses
Bank Woes Drain FDIC Fund
8.3 Million US Mortgages Upside Down
<A href="http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article5840983.ece" target="_blank">
GM Europe: 300,000 Jobs at Risk</A>
<A href="http://uk.reuters.com/article/gc04/idUKTRE5226DB20090303" target="_blank">
More US Consumers, Businesses File for Bankruptcy</A>
As Projects Grind to a Halt, Homesites Turn to Wasteland
Critics See Understaffed, Overwhelmed Treasury
Taxpayers Have Lost Billions on Citigroup Bailout
Top Obama Officials Defend Tax Hikes as Necessary
We Are Facing an 'Inflation Holocaust': Jim Rogers.
Stimulus cash may spur massive inflation & jump in commodities.
Bank of England prints £75 Billion and slashes interest rates to 0.5%
Unemployment Rate Bolts to 8.1%, 651,000 Jobs Lost in February
<A href="http://news.yahoo.com/s/ap/20090306/ap_on_bi_st_ma_re/wall_street" target="_blank">
Stocks Turn Lower After February Jobs Data</A>
BofE Starts Printing Presses
Morgan Stanley Predicts Downturn Will be Worse than the 1930s Depression
GM Says it Will Go Bust in Days Without Bailout
US Stocks Down
Food Stamp Enrollment Jumps to 31.8 Million People
Paralyzed Markets Plunge to New Depths
Roubini: US Financial System Effectively Insolvent
Citigroup Shares Tumble Below $1<A href="http://news.yahoo.com/s/ap/20090305/ap_on_bi_ge/gm_annual_report" target="_blank">
GM Auditors Raise the Specter of Chapter 11 Bankruptcy</A>
Dow Drops Another 200 on Worries Over Banks, GM
Europe's Banks Face $2 Trillion Shortage
US Private Sector Cuts 697,000 Jobs in February
<A href="http://www.bloomberg.com/apps/news?pid=20601087&sid=a6uoK5iuRftY&refer=home" target="_blank">
JPMorgan, Wells Fargo, BofA Face Ratings Cut</A>
Now as the "Much Greater Depression" Progresses
Bank Woes Drain FDIC Fund
8.3 Million US Mortgages Upside Down
<A href="http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article5840983.ece" target="_blank">
GM Europe: 300,000 Jobs at Risk</A>
<A href="http://uk.reuters.com/article/gc04/idUKTRE5226DB20090303" target="_blank">
More US Consumers, Businesses File for Bankruptcy</A>
As Projects Grind to a Halt, Homesites Turn to Wasteland
Critics See Understaffed, Overwhelmed Treasury
Taxpayers Have Lost Billions on Citigroup Bailout
Top Obama Officials Defend Tax Hikes as Necessary
white is right
Hall of Famer
- Joined
- Feb 16, 2006
- Messages
- 10,180
Well Buffett came out with this statement today.......Buffett says economy fell off cliff
Module body
2 hours, 31 minutes ago
By Jonathan Stempel
NEW YORK (Reuters) - Warren Buffett said on Monday the U.S. economy had "fallen off a cliff" but would eventually recover, although a rebound could kindle inflation worse than that experienced in the late 1970s.
Speaking on CNBC television, the 78-year-old billionaire said the country is experiencing a "close to the worst-case" scenario of falling business activity and rising unemployment, causing consumer confidence and spending to tumble.
Buffett called on Democratic and Republican policymakers to set aside partisan differences and unite under the leadership of President Barack Obama to wage an "economic war" that will fix the economy and restore confidence in banking.
He urged policymakers and regulators to communicate their efforts better to the public, though he stopped short of major, specific policy recommendations.
"People are confused and scared," he said. "People can't be worried about banks, and a lot of them are."
Buffett spoke nine days after his insurance and investment company Berkshire Hathaway Inc said quarterly profit fell 96 percent, largely from losses on derivatives contracts. Berkshire's book value per share fell 9.6 percent in 2008, the worst year since Buffett took over in 1965.
RECOVERY COULD TRIGGER MORE INFLATION
Buffett said Americans, including himself, did not predict the severity of home price declines, which led to problems with securitizations and other debt whose value depended on home prices continuing to rise, or at least not plummet.
"It was like some kids saying the emperor has no clothes, and then after he says that, he says now that the emperor doesn't have any underwear either," Buffett said. "We want to err on the side next time of not allowing big institutions to get as unchecked on leverage as we have allowed them to do."
Consumers too should reduce their reliance on debt such as credit cards, he said. "I can't make money borrowing money at 18 or 20 percent," said Buffett, ranked as the second-richest American by Forbes magazine in October. "I'd go broke."
Buffett said the economy was mere hours away from collapse last September when credit markets seized up, Lehman Brothers Holdings Inc went bankrupt and insurer American International Group Inc got its first bailout.
While praising efforts by Federal Reserve Chairman Ben Bernanke and others to stimulate the economy, he said the economy "can't turn around on a dime" and that their efforts could trigger higher inflation once demand rebounds.
"We are certainly doing things that could lead to a lot of inflation," he said. "In economics there is no free lunch."
The stock of Omaha, Nebraska-based Berkshire has fallen by half since September. Growth in some units such as auto insurer Geico Corp has been offset by weakness elsewhere, including jewelry retailers that Buffett said have "gotten killed."
Buffett said Berkshire will write less catastrophe insurance this year after investing roughly one-third of its cash in high-yielding securities issued by General Electric Co, Goldman Sachs Group Inc and other companies.
In morning trading, Berkshire Class A shares were down $795, or 1.1 percent, at $72,400. Their 52-week high is $147,000, set last September 19, Reuters data show.
BANKS SHOULD "GET BACK TO BANKING"
Buffett called on banks to "get back to banking" and said an overwhelmingly number would "earn their way out" of the recession, even if stockholders don't go along for the ride.
Saying that "a bank that's going to go broke should be allowed to go broke," Buffett nevertheless added that the "paralysis of confidence" in the sector is "silly" because of safeguards such as deposit insurance.
He said Wells Fargo & Co and U.S. Bancorp, two large Berkshire holdings, should appear "better than ever" three years from now, while the ailing Citigroup Inc, which Berkshire does not own, would probably keep shrinking.
Bank of America Corp Chief Executive Kenneth Lewis, in a Wall Street Journal opinion piece on Monday, agreed that the vast majority of banks will survive. Berkshire has reported a small stake in Bank of America stock.
Buffett said he still expects Berkshire's derivatives contracts, whose value depends on where four stock indexes trade a decade and more from now, to be profitable.
Over 10 years, he said, "you will do considerably better owning a group of equities" than U.S. Treasuries.
Buffett also defended his imperfectly timed October opinion piece for The New York Times, where he said he was moving non-Berkshire holdings in his personal account to stocks.
"I stand by the article," he said. "I just wish I had written it a few months later."
Module body
2 hours, 31 minutes ago
By Jonathan Stempel
NEW YORK (Reuters) - Warren Buffett said on Monday the U.S. economy had "fallen off a cliff" but would eventually recover, although a rebound could kindle inflation worse than that experienced in the late 1970s.
Speaking on CNBC television, the 78-year-old billionaire said the country is experiencing a "close to the worst-case" scenario of falling business activity and rising unemployment, causing consumer confidence and spending to tumble.
Buffett called on Democratic and Republican policymakers to set aside partisan differences and unite under the leadership of President Barack Obama to wage an "economic war" that will fix the economy and restore confidence in banking.
He urged policymakers and regulators to communicate their efforts better to the public, though he stopped short of major, specific policy recommendations.
"People are confused and scared," he said. "People can't be worried about banks, and a lot of them are."
Buffett spoke nine days after his insurance and investment company Berkshire Hathaway Inc said quarterly profit fell 96 percent, largely from losses on derivatives contracts. Berkshire's book value per share fell 9.6 percent in 2008, the worst year since Buffett took over in 1965.
RECOVERY COULD TRIGGER MORE INFLATION
Buffett said Americans, including himself, did not predict the severity of home price declines, which led to problems with securitizations and other debt whose value depended on home prices continuing to rise, or at least not plummet.
"It was like some kids saying the emperor has no clothes, and then after he says that, he says now that the emperor doesn't have any underwear either," Buffett said. "We want to err on the side next time of not allowing big institutions to get as unchecked on leverage as we have allowed them to do."
Consumers too should reduce their reliance on debt such as credit cards, he said. "I can't make money borrowing money at 18 or 20 percent," said Buffett, ranked as the second-richest American by Forbes magazine in October. "I'd go broke."
Buffett said the economy was mere hours away from collapse last September when credit markets seized up, Lehman Brothers Holdings Inc went bankrupt and insurer American International Group Inc got its first bailout.
While praising efforts by Federal Reserve Chairman Ben Bernanke and others to stimulate the economy, he said the economy "can't turn around on a dime" and that their efforts could trigger higher inflation once demand rebounds.
"We are certainly doing things that could lead to a lot of inflation," he said. "In economics there is no free lunch."
The stock of Omaha, Nebraska-based Berkshire has fallen by half since September. Growth in some units such as auto insurer Geico Corp has been offset by weakness elsewhere, including jewelry retailers that Buffett said have "gotten killed."
Buffett said Berkshire will write less catastrophe insurance this year after investing roughly one-third of its cash in high-yielding securities issued by General Electric Co, Goldman Sachs Group Inc and other companies.
In morning trading, Berkshire Class A shares were down $795, or 1.1 percent, at $72,400. Their 52-week high is $147,000, set last September 19, Reuters data show.
BANKS SHOULD "GET BACK TO BANKING"
Buffett called on banks to "get back to banking" and said an overwhelmingly number would "earn their way out" of the recession, even if stockholders don't go along for the ride.
Saying that "a bank that's going to go broke should be allowed to go broke," Buffett nevertheless added that the "paralysis of confidence" in the sector is "silly" because of safeguards such as deposit insurance.
He said Wells Fargo & Co and U.S. Bancorp, two large Berkshire holdings, should appear "better than ever" three years from now, while the ailing Citigroup Inc, which Berkshire does not own, would probably keep shrinking.
Bank of America Corp Chief Executive Kenneth Lewis, in a Wall Street Journal opinion piece on Monday, agreed that the vast majority of banks will survive. Berkshire has reported a small stake in Bank of America stock.
Buffett said he still expects Berkshire's derivatives contracts, whose value depends on where four stock indexes trade a decade and more from now, to be profitable.
Over 10 years, he said, "you will do considerably better owning a group of equities" than U.S. Treasuries.
Buffett also defended his imperfectly timed October opinion piece for The New York Times, where he said he was moving non-Berkshire holdings in his personal account to stocks.
"I stand by the article," he said. "I just wish I had written it a few months later."
The unemployment number is a joke of course because as everyone is finding out (thanks to the Internet) the fedgov does not count those who have stopped looking for work, so called "discouraged workers." Actual unemployment is around 14-15%. Christ, we're losing a 1/2 million jobs per month.
The Titanic is going down my friends. We're gonna have to swim for it.
Water filter, freeze-dried food, ammo, etc....Edited by: Poacher
The Titanic is going down my friends. We're gonna have to swim for it.
Water filter, freeze-dried food, ammo, etc....Edited by: Poacher
DixieDestroyer
Hall of Famer
Poacher said:
...a good generator (or 2), basic medical supplies, cordless radios, batteries, stock up on precious metal coins (needed when the dollar totally crashes). Eventually, there WILL INDEED be mandatory biochip implantation(s), so we'll need something to buy/sell/barter with on the black market.
white is right
Hall of Famer
- Joined
- Feb 16, 2006
- Messages
- 10,180
Hey great news Madoff will get to teach fellow Riker's Island inmates Juan and Deshawn a more advanced confidence scheme than "Follow the Bee".
Hopefully he gets a cellmate that resembles the black inmate who was cellmates with the "Colonel" in Boogie Nights. Anyway here is the wire story.....Bernard Madoff, 'sorry and ashamed,' pleads guilty in giant fraud case
Thu Mar 12, 12:57 PM
By Larry Neumeister And Tom Hays, The Associated Press
NEW YORK - Bernard Madoff pleaded guilty Thursday to an epic Ponzi scheme that defrauded investors worldwide of billions of dollars, avoiding eye contact with swindled investors before he was led out of court with his hands cuffed behind his back.
U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age. Madoff spoke steadily in court as he addressed the judge before his guilty plea was accepted.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.
"As the years went by, I realized my risk, and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."
Madoff did not look at any of the three investors who spoke at the hearing, even when one of them turned in his direction and tried to address him.
After arguments began as to whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his $7-million penthouse.
Loud laughter erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.
The fraud turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.
Madoff described his crimes after he entered guilty pleas to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.
Prosecutors say the disgraced financier, who has spent three months under house arrest, could face a maximum sentence of 150 years in prison at sentencing.
Madoff explained his scheme by telling the judge that he believed the fraud would be short-term and that he could extricate himself.
The plea came three months after the FBI claimed Madoff admitted to his sons that his famed investment fund was all a big lie - a Ponzi scheme that was in the billions of dollars.
Since his arrest in December, the scandal has turned the former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.
The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.
Thu Mar 12, 12:57 PM
By Larry Neumeister And Tom Hays, The Associated Press
NEW YORK - Bernard Madoff pleaded guilty Thursday to an epic Ponzi scheme that defrauded investors worldwide of billions of dollars, avoiding eye contact with swindled investors before he was led out of court with his hands cuffed behind his back.
U.S. District Judge Denny Chin denied bail for Madoff, 70, and ordered him to jail, noting that he had the means to flee and an incentive to do so because of his age. Madoff spoke steadily in court as he addressed the judge before his guilty plea was accepted.
"I am actually grateful for this opportunity to publicly comment about my crimes, for which I am deeply sorry and ashamed," he said.
"As the years went by, I realized my risk, and this day would inevitably come. I cannot adequately express how sorry I am for my crimes."
Madoff did not look at any of the three investors who spoke at the hearing, even when one of them turned in his direction and tried to address him.
After arguments began as to whether Madoff should remain free on bail, his lawyer Ira Sorkin described the bail conditions and how Madoff had, "at his wife's own expense," paid for private security at his $7-million penthouse.
Loud laughter erupted among some of the more than 100 spectators crammed into the large courtroom on the 24th floor of the federal courthouse in lower Manhattan. The judge warned the spectators to remain silent.
The fraud turned a revered money man into an overnight global disgrace whose name became synonymous with the current economic meltdown.
Madoff described his crimes after he entered guilty pleas to all 11 counts he was charged with, including fraud, perjury, theft from an employee benefit plan, and two counts of international money laundering.
Prosecutors say the disgraced financier, who has spent three months under house arrest, could face a maximum sentence of 150 years in prison at sentencing.
Madoff explained his scheme by telling the judge that he believed the fraud would be short-term and that he could extricate himself.
The plea came three months after the FBI claimed Madoff admitted to his sons that his famed investment fund was all a big lie - a Ponzi scheme that was in the billions of dollars.
Since his arrest in December, the scandal has turned the former Nasdaq chairman into a pariah who has worn a bulletproof vest to court.
The scheme evaporated life fortunes, wiped out charities and apparently pushed at least two investors to commit suicide. Victims big and small were swindled by Madoff, from elderly Florida retirees to actors Kevin Bacon and Kyra Sedgwick and Nobel Peace Prize winner Elie Wiesel.
white is right
Hall of Famer
- Joined
- Feb 16, 2006
- Messages
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This reminds of the hippy sit-ins of the 60's. One difference is that these workers aren't trying to turn the world upside down. Here is the wire story...Windsor auto workers seize shuttered plant
- cbc
CALGARY (CBC) - A group of disgruntled workers at a recently closed auto parts supply company in Windsor, Ont. have taken over the plant.
In the latest bizarre twist in a saga that has been brewing since two auto plants in the area shut down early last week, about a dozen workers occupied the Aradco plant Tuesday night. They have welded the doors shut from the inside and say they will not leave until they get what they are owed.
Work at the Aradco plant stopped last week because of a dispute between the plant owners and Chrysler, which has mused publicly about pulling out of its Canadian operations unless unionized workers make substantial concessions.
The Canadian Auto Workers Union that represents the Aradco workers say that in the wake of the shutdown, the workers are owed money for severance pay, vacation pay, and termination pay totalling $1.7 million.
The plant's owner, Catalina Precision Products Ltd. has offered the workers four weeks of severance pay or about $200,000 in total for all 80 workers.
The plant builds parts for Chrysler. Since last week, Chrysler has been trying to go in and collect parts and tools it says are its, but the workers are not allowing it. They have been blocking trucks from coming on to the property. Union representatives say the workers fear that if the tools and parts are removed, they will have no negotiating power.
"Some of the workers here have decided to take over the plant. That's the only thing they have in order to try to get the monies that are owing to them," said Gerry Farnham, president of the CAW local representing the workers.
- cbc
CALGARY (CBC) - A group of disgruntled workers at a recently closed auto parts supply company in Windsor, Ont. have taken over the plant.
In the latest bizarre twist in a saga that has been brewing since two auto plants in the area shut down early last week, about a dozen workers occupied the Aradco plant Tuesday night. They have welded the doors shut from the inside and say they will not leave until they get what they are owed.
Work at the Aradco plant stopped last week because of a dispute between the plant owners and Chrysler, which has mused publicly about pulling out of its Canadian operations unless unionized workers make substantial concessions.
The Canadian Auto Workers Union that represents the Aradco workers say that in the wake of the shutdown, the workers are owed money for severance pay, vacation pay, and termination pay totalling $1.7 million.
The plant's owner, Catalina Precision Products Ltd. has offered the workers four weeks of severance pay or about $200,000 in total for all 80 workers.
The plant builds parts for Chrysler. Since last week, Chrysler has been trying to go in and collect parts and tools it says are its, but the workers are not allowing it. They have been blocking trucks from coming on to the property. Union representatives say the workers fear that if the tools and parts are removed, they will have no negotiating power.
"Some of the workers here have decided to take over the plant. That's the only thing they have in order to try to get the monies that are owing to them," said Gerry Farnham, president of the CAW local representing the workers.
Jimmy Chitwood
Hall of Famer
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<DIV =title>Fed to buy up to 300 bln dlrs in Treasury bonds
The Federal Reserve announced plans Wednesday to buy up to 300 billion dollars in long-term US Treasury bonds over the next six months "to help improve conditions in private credit markets."</TD></TR></T></TABLE>
GM CEO Says Bankruptcy Would Force Liquidation
Congress Looking at Huge Taxes on AIG Bonuses
<A href="http://news.yahoo.com/s/ap/20090317/ap_on_bi_go_ec_fi/economy" target="_blank">
Housing Starts Surge, Wholesale Prices Edge Up
</A>
Completed Foreclosures Hit New High in February
Corporate Meltdown Leaves Renters in Limbo
US Mint Suspends More Production of Gold and Silver Coins
The FDIC: as Rock Solid as Social Security (Ha!) "The most interesting part of my conversation with the FDIC came when I heard confirmation of my worst fear about where the assets held in the insurance fund are kept: the vast majority of the Deposit Fund's assets are held in U.S. Treasuries."
Treasurys are "A Disaster Waiting to Happen"
Dollar Crisis in the Making (Pt. 2): The Not-So-Safe-Haven
Worry Grows Over Insurers as Ratings Slip
Going Great Guns: Handguns and Semiautomatic Sales Increase
Citi, Morgan Stanley look to sidestep bonus caps: report. (Your tax dollars at work.)
France Braced for Huge Street Protests Over Economic Crisis
The Federal Reserve is Now Playing a High-Risk Game with Inflation
AIG Will Not Exist in Four Years, Says Chairman
Gold Futures Rise to 4% on Fed Announcement
Fed Launches $1.2 Trillion Effort to Revive Economy
Consumer Prices Rise 0.4% In February
Rogers: US Bailouts Add Risk to Depression
<A href="http://www.atimes.com/atimes/China_Business/KC18Cb01.html" target="_blank">
Dollar Crisis in the Making (Pt 3): China Inoculates Itself Against Dollar Collapse</A>
Merkel adviser warns US on inflation spiral
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<DIV =title>U.S. Injecting Billions Into Foreign Central Banks
For more than a year, the U.S. Federal Reserve System has been increasingly acting as the world's central bank, injecting hundreds of billions of dollars into foreign government treasuries in an effort to increase liquidity in those countries.</TD></TR></T></TABLE>
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<DIV =title>Fed to buy up to 300 bln dlrs in Treasury bonds
The Federal Reserve announced plans Wednesday to buy up to 300 billion dollars in long-term US Treasury bonds over the next six months "to help improve conditions in private credit markets."</TD></TR></T></TABLE>
GM CEO Says Bankruptcy Would Force Liquidation
Congress Looking at Huge Taxes on AIG Bonuses
<A href="http://news.yahoo.com/s/ap/20090317/ap_on_bi_go_ec_fi/economy" target="_blank">
Housing Starts Surge, Wholesale Prices Edge Up
</A>
Completed Foreclosures Hit New High in February
Corporate Meltdown Leaves Renters in Limbo
US Mint Suspends More Production of Gold and Silver Coins
The FDIC: as Rock Solid as Social Security (Ha!) "The most interesting part of my conversation with the FDIC came when I heard confirmation of my worst fear about where the assets held in the insurance fund are kept: the vast majority of the Deposit Fund's assets are held in U.S. Treasuries."
Treasurys are "A Disaster Waiting to Happen"
Dollar Crisis in the Making (Pt. 2): The Not-So-Safe-Haven
Worry Grows Over Insurers as Ratings Slip
Going Great Guns: Handguns and Semiautomatic Sales Increase
Citi, Morgan Stanley look to sidestep bonus caps: report. (Your tax dollars at work.)
France Braced for Huge Street Protests Over Economic Crisis
The Federal Reserve is Now Playing a High-Risk Game with Inflation
AIG Will Not Exist in Four Years, Says Chairman
Gold Futures Rise to 4% on Fed Announcement
Fed Launches $1.2 Trillion Effort to Revive Economy
Consumer Prices Rise 0.4% In February
Rogers: US Bailouts Add Risk to Depression
<A href="http://www.atimes.com/atimes/China_Business/KC18Cb01.html" target="_blank">
Dollar Crisis in the Making (Pt 3): China Inoculates Itself Against Dollar Collapse</A>
Merkel adviser warns US on inflation spiral
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<DIV =title>U.S. Injecting Billions Into Foreign Central Banks
For more than a year, the U.S. Federal Reserve System has been increasingly acting as the world's central bank, injecting hundreds of billions of dollars into foreign government treasuries in an effort to increase liquidity in those countries.</TD></TR></T></TABLE>
Jimmy Chitwood
Hall of Famer
Kaptain Poop said:
Kaptain, there are a handful of websites that i frequent that are concerned with big gov't and economic woes. also, i've a few internet acquaintances that send me links from time to time.
sadly, there's so much bad news out there that it wouldn't take long to find all this on one's own.
white is right
Hall of Famer
- Joined
- Feb 16, 2006
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- 10,180
Well I just came across this AP story. I though with near deflation on luxury items 43 million dollars went further than the glory days of 07'. Maybe I was wrong...Wife divorcing ex-CEO: $43 million not enough
36-year-old Swedish countess says she needs more than $53,000 a week
updated 5:20 p.m. ET, Wed., March. 18, 2009
HARTFORD, Conn. - A 36-year-old Swedish countess divorcing a former CEO says she cannot live on $43 million.
Marie Douglas-David, a former investment banker, says she has no income and needs her 67-year-old husband, George David, to pay her more than $53,000 a week  more than most U.S. households make in a year  to cover her expenses.
David stepped down last year as chief executive at Hartford-based United Technologies Corp. but is still chairman of the board and has an estimated net worth of $329 million. He and his wife accuse each other of extramarital affairs. Their divorce trial started Wednesday.
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"I'm just very sad that we are where we are," Douglas-David said. "I hope we resolve this soon so everybody can move on with their lives."
David briefly took the stand Wednesday. Asked if his marriage is irretrievably broken, he simply answered, "Yes."
Marriage was in trouble by 2004
David and Douglas-David married in 2002, but the marriage was in trouble by 2004, court papers show. Amid a series of reconciliations, the couple signed a postnuptial agreement in October 2005 that would give her $43 million when they divorce.
Douglas-David wants the agreement invalidated. She accused her husband of coercing her to sign it by preying upon her fears of being divorced and childless.
David is asking a judge to uphold the agreement. His attorneys asked for a separate hearing Wednesday on the document's validity, but the judge declined.
Douglas-David has filed court papers showing she has more than $53,800 in weekly expenses, including for maintaining a Park Avenue apartment and three residences in Sweden. Her weekly expenses also include $700 for limousine service, $4,500 for clothes, $1,000 for hair and skin treatments, $1,500 for restaurants and entertainment, and $8,000 for travel.
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At that rate, Douglas-David would burn through $43 million in less than 16 years. The Census Bureau estimates that the median U.S. household income in 2007 was just over $50,000.
Anne Dranginis, an attorney for David and retired Connecticut Appellate Court judge, predicted that Douglas-David will get much less money in the divorce if she doesn't accept the terms of the postnuptial.
Wife quit her job as investment banker
In court papers, Douglas-David said she quit her job as an investment banker for Lazard Asset Management to travel and entertain with David, who still earns $1 million a year from United Technologies. While chief executive in 2007, David made nearly $27 million in salary and bonuses.
Douglas-David's legal team includes prominent New York divorce attorney William Beslow, who represented Mia Farrow in her child-custody suit against actor-director Woody Allen and Marla Maples in her divorce from Donald Trump.
United Technologies is the parent company of Carrier, which makes air conditioning units, and Otis Elevators. It also owns Sikorsky, which makes commercial and military helicopters, and Hamilton Sunstrand, an aerospace manufacturer that makes components for NASA's space program.
David is expected to return to the stand Thursday for several days of testimony.Edited by: white is right
36-year-old Swedish countess says she needs more than $53,000 a week
updated 5:20 p.m. ET, Wed., March. 18, 2009
HARTFORD, Conn. - A 36-year-old Swedish countess divorcing a former CEO says she cannot live on $43 million.
Marie Douglas-David, a former investment banker, says she has no income and needs her 67-year-old husband, George David, to pay her more than $53,000 a week  more than most U.S. households make in a year  to cover her expenses.
David stepped down last year as chief executive at Hartford-based United Technologies Corp. but is still chairman of the board and has an estimated net worth of $329 million. He and his wife accuse each other of extramarital affairs. Their divorce trial started Wednesday.
Story continues below ↓advertisement | your ad here
"I'm just very sad that we are where we are," Douglas-David said. "I hope we resolve this soon so everybody can move on with their lives."
David briefly took the stand Wednesday. Asked if his marriage is irretrievably broken, he simply answered, "Yes."
Marriage was in trouble by 2004
David and Douglas-David married in 2002, but the marriage was in trouble by 2004, court papers show. Amid a series of reconciliations, the couple signed a postnuptial agreement in October 2005 that would give her $43 million when they divorce.
Douglas-David wants the agreement invalidated. She accused her husband of coercing her to sign it by preying upon her fears of being divorced and childless.
David is asking a judge to uphold the agreement. His attorneys asked for a separate hearing Wednesday on the document's validity, but the judge declined.
Douglas-David has filed court papers showing she has more than $53,800 in weekly expenses, including for maintaining a Park Avenue apartment and three residences in Sweden. Her weekly expenses also include $700 for limousine service, $4,500 for clothes, $1,000 for hair and skin treatments, $1,500 for restaurants and entertainment, and $8,000 for travel.
Click for related content
Discuss: What would you do with this money?
Read more news from across the U.S.
At that rate, Douglas-David would burn through $43 million in less than 16 years. The Census Bureau estimates that the median U.S. household income in 2007 was just over $50,000.
Anne Dranginis, an attorney for David and retired Connecticut Appellate Court judge, predicted that Douglas-David will get much less money in the divorce if she doesn't accept the terms of the postnuptial.
Wife quit her job as investment banker
In court papers, Douglas-David said she quit her job as an investment banker for Lazard Asset Management to travel and entertain with David, who still earns $1 million a year from United Technologies. While chief executive in 2007, David made nearly $27 million in salary and bonuses.
Douglas-David's legal team includes prominent New York divorce attorney William Beslow, who represented Mia Farrow in her child-custody suit against actor-director Woody Allen and Marla Maples in her divorce from Donald Trump.
United Technologies is the parent company of Carrier, which makes air conditioning units, and Otis Elevators. It also owns Sikorsky, which makes commercial and military helicopters, and Hamilton Sunstrand, an aerospace manufacturer that makes components for NASA's space program.
David is expected to return to the stand Thursday for several days of testimony.Edited by: white is right
white is right
Hall of Famer
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This could be because of the economy. Either way this wing nut needs to scooped up off the streets. Here is the AP wire story...Man accused of robbing store as daughter watched
3 hours ago
ELLENSBURG, Wash. (AP)  Authorities are searching for a Washington state man apparently caught on video holding up a convenience store as his young daughter watches and telling the clerk he is unemployed and needs money to support the girl.
The Kittitas County sheriff's office says Robert Daniel Webb robbed the store Tuesday in Ellensburg, 95 miles southeast of Seattle.
The man in the store surveillance video points a gun at the clerk and says: "Open the till and got me what you have ... I'm out of work. My daughter's got to survive."
The sheriff's office says Webb made off with about $200.
Webb and his 9-year-old daughter were last seen later Tuesday in Yakima, 28 miles south of Ellensburg.Edited by: white is right
3 hours ago
ELLENSBURG, Wash. (AP)  Authorities are searching for a Washington state man apparently caught on video holding up a convenience store as his young daughter watches and telling the clerk he is unemployed and needs money to support the girl.
The Kittitas County sheriff's office says Robert Daniel Webb robbed the store Tuesday in Ellensburg, 95 miles southeast of Seattle.
The man in the store surveillance video points a gun at the clerk and says: "Open the till and got me what you have ... I'm out of work. My daughter's got to survive."
The sheriff's office says Webb made off with about $200.
Webb and his 9-year-old daughter were last seen later Tuesday in Yakima, 28 miles south of Ellensburg.Edited by: white is right
Jimmy Chitwood
Hall of Famer
The REAL Unemployment Rate? Try 15.6%.
in related bad news, U.S. private sector axes 742,000 jobs in March.
in related bad news, U.S. private sector axes 742,000 jobs in March.
there were 706,000 cut jobs in February.
white is right
Hall of Famer
- Joined
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I love this guys nickname. Warren should sue for copyright infringement...
Here is the wire story about the "Chinese Warren Buffett"
SEC charges "Chinese Warren Buffett" of Ponzi scheme
Reuters
Mon Apr 6, 6:10 pm ET
WASHINGTON (Reuters) - U.S. securities regulators charged a Toronto-based fund manager, who describes himself as the "Chinese Warren Buffett" and his hedge fund with operating a multimillion dollar investment fraud, the Securities and Exchange Commission said on Monday.
The SEC, which obtained an asset freeze to halt the alleged fraud, charged Weizhen Tang and his Canadian-based hedge fund with operating a Ponzi scheme, where funds from new investors were used to pay purported profits to other investors.
Since as early as 2004, Tang has raised as much as $75 million from more than 200 investors for his hedge fund called the Oversea Chinese Fund Limited Partnership, the SEC said.
Tang told investors in February 2009 that, in an effort to conceal substantial trading losses and attract new investors to his hedge fund, he posted false profits on investors' account statements and used funds from new investors to pay out at least $8 million in "fake" profits to others, the SEC said.
Attempts to reach Tang at Weizhen Tang Corp were unsuccessful. In a public letter to partners posted on Weizhen Tang's website, Tang said: "I did not steal everyone's funds."
"For my investment partners, February 27 of 2009 was a most shocking, heart-breaking and grieving day," Tang wrote in the letter. "It was also a day of tremendous pain to myself, one that I had feared so much but eventually it arrived. Because of the sin that I had committed, I have hurt you badly. I'd like to extend my deepest apologies."
According to the SEC's complaint, Tang targeted members of the Chinese American community and solicited U.S. investors to directly and indirectly invest in the hedge fund.
Since at least November 2007, the SEC alleges, Tang raised capital for his hedge fund from U.S. investors by offering and selling limited partnership interests in WinWin Capital Limited Partnership, a Texas based venture that he controls. WinWin Partners' sole business is investing partnership capital in the Oversea Chinese Fund, the complaint said.
The SEC alleges Tang sent e-mails to investors to persuade them to trust him with even more of their money and allow him to continue trading on their behalf. Within the last two weeks, Tang has informed investors he is actively raising an additional $1 million to "recoup" investor losses and creating new business entities, bank accounts and brokerage accounts to circumvent action by the SEC and Canadian regulator the Ontario Securities Commission.
Edwin Tomko, a lawyer representing WinWin-related entities said his clients are cooperating with the SEC and the court-appointed receiver.Edited by: white is right
SEC charges "Chinese Warren Buffett" of Ponzi scheme
Reuters
Mon Apr 6, 6:10 pm ET
WASHINGTON (Reuters) - U.S. securities regulators charged a Toronto-based fund manager, who describes himself as the "Chinese Warren Buffett" and his hedge fund with operating a multimillion dollar investment fraud, the Securities and Exchange Commission said on Monday.
The SEC, which obtained an asset freeze to halt the alleged fraud, charged Weizhen Tang and his Canadian-based hedge fund with operating a Ponzi scheme, where funds from new investors were used to pay purported profits to other investors.
Since as early as 2004, Tang has raised as much as $75 million from more than 200 investors for his hedge fund called the Oversea Chinese Fund Limited Partnership, the SEC said.
Tang told investors in February 2009 that, in an effort to conceal substantial trading losses and attract new investors to his hedge fund, he posted false profits on investors' account statements and used funds from new investors to pay out at least $8 million in "fake" profits to others, the SEC said.
Attempts to reach Tang at Weizhen Tang Corp were unsuccessful. In a public letter to partners posted on Weizhen Tang's website, Tang said: "I did not steal everyone's funds."
"For my investment partners, February 27 of 2009 was a most shocking, heart-breaking and grieving day," Tang wrote in the letter. "It was also a day of tremendous pain to myself, one that I had feared so much but eventually it arrived. Because of the sin that I had committed, I have hurt you badly. I'd like to extend my deepest apologies."
According to the SEC's complaint, Tang targeted members of the Chinese American community and solicited U.S. investors to directly and indirectly invest in the hedge fund.
Since at least November 2007, the SEC alleges, Tang raised capital for his hedge fund from U.S. investors by offering and selling limited partnership interests in WinWin Capital Limited Partnership, a Texas based venture that he controls. WinWin Partners' sole business is investing partnership capital in the Oversea Chinese Fund, the complaint said.
The SEC alleges Tang sent e-mails to investors to persuade them to trust him with even more of their money and allow him to continue trading on their behalf. Within the last two weeks, Tang has informed investors he is actively raising an additional $1 million to "recoup" investor losses and creating new business entities, bank accounts and brokerage accounts to circumvent action by the SEC and Canadian regulator the Ontario Securities Commission.
Edwin Tomko, a lawyer representing WinWin-related entities said his clients are cooperating with the SEC and the court-appointed receiver.Edited by: white is right
Jimmy Chitwood
Hall of Famer
the situation keeps getting worse, but i think a little humor won't be a bad thing. South Park hits the nail on the head with this one.
South Park Bank
South Park Bank