Keyword: bailout

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  • Clinton sought secret info on EU bailout plans as son-in-law's doomed hedge fund gambled on Greece

    07/01/2016 5:29:13 PM PDT · by blueyon · 22 replies
    FoxNews.com ^ | 7/01/16 | Peter Byrne
    "Clinton sought secret info on EU bailout plans as son-in-law's doomed hedge fund gambled on Greece" Hedge fund manager Marc Mezvinsky had friends in high places when he bet big on a Greek economic recovery, but even the keen interest of his mother-in-law, then-Secretary of State Hillary Clinton, wasn't enough to spare him and his investors from financial tragedy. In 2012, Mezvinski, the husband of Chelsea Clinton, created a $325 million basket of offshore funds under the Eaglevale Partners banner through a special arrangement with investment bank Goldman Sachs. The funds have lost tens of millions of dollars predicting that...
  • Puerto Rico Bill Would Usher Is Age Of 'Transparent Cronyism'

    06/08/2016 2:35:26 PM PDT · by K Street Eyes
    For “progressives,” the Nanny State never does enough. They always find new social problems and “unmet needs” that, in their view, can only be addressed by further expansion of government. In that vein, we now have a proposal to take the free school lunch program in schools to next level – college. Since the federal government feeds students in K-12 schools via the National School Lunch Program, it should similarly feed college students who are “food insecure,” argues a new policy brief published by the Wisconsin HOPE Lab. According to authors Sara Goldrick-Rab, Katharine Broton, and Emily Brunjes Colo, the...
  • How Do You Convince Members of an “Independent” Control Board to Follow Your Agenda?

    06/08/2016 9:14:02 AM PDT · by K Street Eyes
    Mainstreet Bondholders ^ | June 8, 2016 | Press Release
    (Brandon Garabrant is seen in his military uniform in Greenfield, N.H., before he was killed in the line of duty, June 20, 2014, in Afghanistan. When Garabrant graduated from high school he wanted to wear his Marine uniform but school officials said policy bans uniforms and requires graduates to wear blue caps and gowns. A new state law passed this year now allows high school graduates to wear their military uniforms if they have completed basic training.) CONCORD, N.H. — Can the cap and gown worn by high school graduates coexist peacefully with military uniforms worn by classmates destined...
  • The GOP Plan to End Wall Street Bailouts

    06/07/2016 6:23:56 AM PDT · by milton23 · 9 replies
    The Daily Signal ^ | 6/7/2016 | Philip Wegmann
    House Republicans are priming the pump for the next president to overhaul much of the financial regulation enacted in the aftermath of the 2008 global market downturn. The GOP plan would repeal and replace most of the Dodd-Frank financial overhaul with a more market-based regulatory scheme. As part of the GOP’s “A Better Way Agenda,” House Financial Services Chairman Jeb Hensarling, R-Texas, was scheduled to unveil details of the simpler, yet stricter, regulation Tuesday morning at the Economic Club of New York. “In a phrase,” he said, summarizing the Republican plan in prepared remarks obtained by The Daily Signal, “we...
  • Atlantic City rescue package goes to Christie

    05/26/2016 5:03:58 PM PDT · by Olog-hai · 8 replies
    Associated Press ^ | May 26, 2016 5:38 PM EDT | Michael Catalini
    New Jersey lawmakers on Thursday sent Gov. Chris Christie legislation to keep Atlantic City from running out of cash, throwing the financially strapped resort a life preserver just before the unofficial start to summer this weekend. The Democrat-led Assembly and state Senate approved the measures by wide margins just as the state’s 127 miles of beaches prepare for the Memorial Day holiday. Republican Gov. Chris Christie, who earlier supported legislation allowing for an immediate state takeover of the city’s finances, has said the bill gives him the authority he needs. He stopped short of saying whether he will sign the...
  • Fannie, Freddie and the Secrets of a Bailout With No Exit

    05/21/2016 7:26:36 AM PDT · by Lorianne · 8 replies
    New York Times ^ | 20 May 2016 | Gretchen Morgenson
    When Washington took over the beleaguered mortgage giants Fannie Mae and Freddie Mac during the collapse of the housing market and the financial crisis of 2008, it was with the implicit promise that they would be returned to shareholders after being nursed back to health. But now, with the unsealing of documents this week that were produced as part of a lawsuit filed against the government, new evidence is coming to light on how intimately the White House was involved in the Treasury’s decision in August 2012 to keep all the companies’ profits for the government. That move effectively maintained...
  • Puerto Rico...Who Is Susheel Kirpalani?

    05/23/2016 8:39:09 AM PDT · by K Street Eyes
    Daily Surge ^ | K Street Eyes
    Hope you enjoy. To Sir, With Love
  • Puerto Rico debt becomes constitutional fight on the right

    05/16/2016 6:14:37 PM PDT · by WENDLE · 78 replies
    The HILL ^ | 5/15/2016 | By Sylvan Lane and Peter Schroeder -
    Republicans are waging a battle over the Constitution when it comes to helping Puerto Rico. Supporters of Speaker Paul Ryan’s legislation to help Puerto Rico handle billions in debt before a critical July bond payment deadline point to Article IV of the Constitution in arguing they have a responsibility to help the territory.
  • Donald Trump won't bail out Puerto Rico

    05/09/2016 1:14:14 PM PDT · by Beautiful_Gracious_Skies · 94 replies
    CNN -Money ^ | May 7, 2016 | Heather Long
    Donald Trump says Puerto Rico has "far far too much debt," and the U.S. government shouldn't bail out the island....... Puerto Rico is in crisis mode. It has run up $70 billion in debt, a staggering amount for an island of under 3.5 million people..... "You have to cut the debt way down and get back to business," he said.
  • The Next Big Bailout? Treasury Rejects Proposal To Cut Pension Benefits

    05/08/2016 8:24:07 AM PDT · by Rusty0604 · 16 replies
    Zerohedge ^ | 05/07/2016 | Tyler Durden
    UPS, and roughly 270,000 retired truck drivers, construction workers, and other service workers can breathe a collective sigh of relief... for now. As we previously reported, the Central States Pension Fund had submitted a plan to Treasury that if approved would have cut member benefits, and triggered UPS to take an estimated $3.8 billion charge. As the WSJ reports, Kenneth Feinberg (who was appointed by the Treasury to review all such applications) rejected the plan presented by the CSPF. Feinberg cited a few reasons for his decision, one being that it imposed cuts in a disproportionate manner, another was that...
  • Fannie Mae posts $1.1B profit in 1Q; paying $919M dividend

    05/05/2016 5:50:04 AM PDT · by Olog-hai · 3 replies
    Associated Press ^ | May 5, 2016 8:14 AM EDT
    Mortgage giant Fannie Mae posted net income of $1.1 billion for the first quarter, down from a year ago as declining interest rates reduced the value of the financial instruments it uses to hedge against rate swings. […] Washington-based Fannie is paying a dividend of $919 million to the U.S. Treasury next month. Fannie will then have paid a total $148.5 billion in dividends, exceeding the $116 billion it received from taxpayers during the financial crisis. …
  • Michael Savage: Obama will sabotage economy on way out

    05/04/2016 5:04:31 PM PDT · by Hojczyk · 26 replies
    WND ^ | May 3,2016
    Prior to his remarks about Obama’s final days in office, Savage told his listeners he believed Trump would defeat Clinton in a landslide, describing the former secretary of state, senator and first lady as “Fidel Castro in a dress.” If Donald Trump wins the Republican nomination and defeats likely Democratic nominee Hillary Clinton in November, President Obama will sabotage the economy in his final months in office, predicts talk-radio host Michael Savage. “If Trump wins – and I think he will – there will be an economic crash,” Savage told listeners of his nationally syndicated show, “The Savage Nation,” Monday....
  • Congress, Not Obama’s Cronies, Can Save Puerto Rico

    04/27/2016 8:11:32 AM PDT · by Sean_Anthony · 4 replies
    Canada Free Press ^ | 04/27/16 | Megan Barth
    Speaker Ryan has made it crystal clear that House Republicans' number one priority is to shield American taxpayers from a bailout of Puerto Rico My problem lies in reconciling my gross habits with my net income.—Errol Flynn Due to Puerto Rico’s gross habits, the commonwealth has amassed a total debt of over $72 billion and has already defaulted on $221 million of its’ debt. When unfunded liabilities (pensions) are included, these additional costs bring the total value of their debt closer to $165 billion, approximately $150% of its’ GDP.
  • Illinois lawmakers pass $600M aid for struggling colleges

    04/22/2016 2:58:40 PM PDT · by Olog-hai · 7 replies
    Associated Press ^ | Apr. 22, 2016 5:18 PM EDT | Ivan Moreno and Ashley Lisenby
    Illinois’ college and universities received a much-needed lifeline Friday when lawmakers approved a $600 million short-term funding fix for the institutions, which have been struggling without state funding during the months-long budget stalemate, even laying off employees. Republican Gov. Bruce Rauner is expected to sign the bill, which is a one-time deal and includes nearly $170 million in tuition grants for low-income students. But state Comptroller Leslie Munger said she wouldn’t wait for the Republican’s signature, instead immediately begin processing payments for schools. The rare bipartisan deal comes at an especially crucial time for Chicago State University, which has been...
  • Paul Ryan: Don’t Call My Puerto Rico Bailout a “Bailout”, Call It “Restructuring”

    04/14/2016 10:53:40 AM PDT · by detective · 22 replies
    Conservative Treehouse ^ | 13 Apr 2016 | Sundance
    Please insert a big fat TOLDYASO right here. Speaker of the House Paul Ryan is lashing out at opponents to his Puerto Rico bailout bill demanding they stop calling it a “bailout”. Instead Ryan demands his opposition use the gaslighting term “restructuring”. Hogwash.
  • GOLDMAN SACHS settles mortgage FRAUD case for $5 billion

    04/11/2016 3:19:59 PM PDT · by dragnet2 · 41 replies
    http://www.washingtonexaminer.com ^ | 4/11/2016 | Joseph Lawler
    The special inspector general for the TARP bailout, said that "Goldman took $10 billion in TARP bailout funds knowing that it had fraudulently misrepresented to investors the quality of residential mortgages bundled into mortgage-backed securities.
  • Will GOP Bailout Big Spenders in Puerto Rico?

    03/02/2016 8:25:57 AM PST · by 54fighting · 12 replies
    Inside Sources ^ | 3/2/16 | Andrew Quinlan
    Years of fiscal irresponsibility have caught up to Puerto Rico. Its government has long lived beyond its means and today the bills are coming due, but the island’s economy has also been hampered by costly local and federal mandates. Rather than reward Puerto Rico’s spend-happy politicians with a bailout as legislators are currently contemplating, Congress should remove impediments to economic growth so that the island can prosper. As the third-largest issuer of municipal bonds in the United States, Puerto Rico has racked up $73 billion in debt under the mistaken notion that borrowing and spending are the path to prosperity....
  • Column - Norma White: You want change? Try these ideas

    02/02/2016 11:27:50 AM PST · by pilgrim · 41 replies
    Amarillo Globe ^ | October 21, 2008 | Norma White
    Here are a few that I believe all Americans want. Limit Congress from serving more than two terms. That is all that presidents are allowed. Stop Congress from voting for their own raises. How did that ever get started? Stop paying for lawmakers' high-priced insurance premiums. After all, they are only part-time employees. They might pass some law changes on the insurance companies, if they had to find one. Stop paying lawmakers their full salary after serving just one term, or at retirement. We need to get rid of that pension plan; they've let other companies get rid of theirs....
  • One-Third of Iowa Voters Could Bail on Their Candidate, Pollster Warns

    01/28/2016 1:40:44 PM PST · by Mariner · 54 replies
    the Weekly Standard ^ | January 28th, 2016 | By Chris Deaton
    The Republican presidential primaries have been chaotic thus far. And the chaos could continue. Nearly a third (31 percent) of likely GOP caucus goers say they could change their vote before Monday, according to a fresh survey from Public Policy Polling. The new data suggest that “there are still a lot of votes on the table," PPP wrote in a release accompanying the results. What the numbers imply, though, is a mixed bag. On the one hand, Trump may be insulated from such fickle caucus goers, as 80 percent of his supporters say they're "firmly committed to him". Compare that...
  • China pours 67bn into financial system before the holiday

    01/26/2016 5:13:23 AM PST · by EBH · 4 replies
    AFP ^ | 1/26/2016
    Shanghai (AFP) - China's central bank said Tuesday it was injecting 440 billion yuan ($67 billion) into the money market, seeking to ease tight liquidity ahead of the Lunar New Year holiday when demand for funds surges. The injection through the regular open market operations of the People's Bank of China (PBoC) was the largest since 2013, Bloomberg News reported. Chinese companies typically pay salaries and bonuses before the holiday, which falls in early February this year. People also traditionally exchange cash and gifts during the period. The PBoC last week flooded the financial system with more than 1.5 trillion...
  • It’s Obama Auto Industry—But Not For Much Longer (hurl alert)

    01/20/2016 2:39:35 PM PST · by SaveFerris · 38 replies
    Yahooooo ^ | January 20, 2016 | Justin Hyde Managing Editor
    President Barack Obama took to the Detroit auto show today for a victory lap around the industry his administration saved in the depths of the financial crisis. There’s no doubt that the American car business today reflects the goals Obama set seven years ago. Detroit automakers enjoy record sales and huge profits, while employing more workers and building more efficient models. The question now is: How long will it last? During his visit, Obama noted how unpopular his plan was at the time: putting General Motors and Chrysler through bankruptcy in 2009, merging Chrysler with Fiat and spending $50 billion...
  • Cruz blasts Trump's ties to Democrats

    01/18/2016 2:33:22 PM PST · by Isara · 213 replies
    The Hill ^ | January 18, 2016 | Jordain Carney
    Sen. Ted Cruz (R-Texas) blasted 2016 rival Donald Trump on Monday, questioning his ties to Democrats and previous support for liberal positions as the two battle for the top spot in Iowa."If he's giving checks to Democratic politicians and he supports their views... then it starts to suggest, 'gosh if he publicly supports their views if he finances their causes,'" Cruz told Boston radio station WRKO. "Then suddenly when he announces as a candidate for president, every single one of his views changes - listen if he has had a change of heart, I am thrilled." Cruz, who is competing...
  • Is it time to bail out the U.S. oil industry?

    01/15/2016 5:00:25 AM PST · by thackney · 22 replies
    CNN Money ^ | January 14, 2016 | Matt Egan
    The epic-crash in oil prices has wiped out tens-of-thousands of jobs, caused dozens of bankruptcies and spooked global financial markets. The fallout is already being felt in oil-rich states like Texas, Oklahoma and North Dakota, where home foreclosure rates are spiking and economic growth is slowing. Now there are calls in at least some corners for the federal government to come to the rescue. "It is time to send out an S.O.S., before it's too late," John Kilduff, founding partner of energy hedge fund Again Capital, wrote in a recent CNBC column. In the Kilduff dictionary, by the way, S.O.S....
  • Hank Greenberg Distances Himself From Bush PAC Donation (+ Fox News gets new $4M ad buy from RTR)

    01/08/2016 8:01:56 AM PST · by jimbo123 · 8 replies
    Fox Business ^ | 1/7/16 | Charlie Gasparino
    Billionaire businessman Maurice "Hank" Greenberg backed away from an alleged $10 million contribution he was said to have made to a PAC affiliated with the presidential campaign of former Florida Governor Jeb Bush.
  • Justice Dept. Assails VW as Barra is Elevated to GM Chair

    01/05/2016 2:38:41 PM PST · by jazusamo · 5 replies
    NLPC ^ | January 5, 2016 | Mark Modica
    The Obama Administration's Justice Department is now suing Volkswagen for "up to $90 billion for allegedly violating environmental law." Politically-favored General Motors was fined $900 million, or 1% of that amount, for covering up an ignition switch defect that led to the deaths of at least 124 people. At last count, the number of people who lost their lives as a result of emissions' tampering by VW stood at zero. Meanwhile, the GM board unanimoulsy elected CEO Mary Barra as its Chairman, demonstrating that it is still not independent of the White House political operation, even years after the...
  • Puerto Rico Panic

    12/30/2015 4:37:59 PM PST · by Retain Mike · 19 replies
    World Magazine ^ | December 11, 2015 | Marvin Olasky
    Liberals are trumpeting a looming “humanitarian crisis” that demands a federal bailout: Otherwise, Puerto Rico will have to cut spending on schools and hospitals. Conservatives are emphasizing a governance crisis: Many Puerto Rican politicians have won votes by overspending; and if they get away with it, their counterparts in California, Connecticut, Illinois, Massachusetts, New Jersey, New York, and other states will keep running toward the cliff. One piece of political evidence: New York Gov. Andrew Cuomo and New York City Mayor Bill de Blasio flew to Puerto Rico last month and marched with thousands who demanded that Washington send more...
  • The Biggest Threat To Obamacare Is Already Written Into Law: No Insurance Industry Bailouts

    12/12/2015 5:56:34 AM PST · by Zakeet · 14 replies
    Forbes ^ | December 10, 2015 | John C. Goodman
    When Barack Obama was campaigning for the presidency in 2008 and when he was selling Obamacare to the public in 2010, he made insurance companies the villains. In fact, on the eve of the passage of the Affordable Care Act, every Democratic spokesperson who appeared on TV to support the health reform legislation had one and only one argument to make: We needed Obamacare to protect ordinary people from ruthless, profit mongering insurance companies. They said almost nothing about insuring the uninsured or controlling costs or making health care delivery more efficient. Instead, every advocate produced at least one example...
  • CFPB: Big Banks and Government v. The Little Guy

    12/02/2015 12:40:26 PM PST · by Kaslin · 3 replies
    Townhall.com ^ | December 2, 2015 | Brian McNicoll
    I have a friend in Texas who believes everything you see on the news is made up. The 9/11 attacks? A media creation. Newtown? Secret footage exposes the fraud.  The recent Paris attacks? A false flag operation to get us all scared.Part of me thinks my friend is a little wacky, but part of me thinks he has a point. It does seem a lot of what the government treats as a crisis is a crisis only for those who stand to profit from it.  Take the 2008 financial "crisis." After the $800 billion TARP bailout, what truly needed to...
  • Will There Be An Obamacare Bailout Of Insurers?

    12/01/2015 5:59:14 PM PST · by RKBA Democrat · 23 replies
    Forbes ^ | 11-30-15 | Brian Blase
    The Affordable Care Act (ACA) is not working out the way many insurance companies thought it would. Despite the individual mandate and massive new government subsidies delivered directly to insurers, many participating insurers, whose continued participation is essential to the ACA’s future, are losing substantial money. In order to assist those insurers, the administration is now seeking a taxpayer-financed bailout for them. Congress can block taxpayer funds from being used for this purpose by extending language contained in the 2015 government funding bill. Congress could also look to end the back-end subsidy that transfers money from people with workplace coverage...
  • A new taxpayer bailout to cover up ObamaCare’s failure? (Make Pelosi pay for it all?)

    11/22/2015 11:44:55 AM PST · by Libloather · 28 replies
    NY Post ^ | 11/20/15 | Betsy McCaughey
    How dare the Obama administration bail out insurance companies with our money in order to hide ObamaCare's failures. Thursday, just hours after giant insurer UnitedHealthcare said it's losing money selling ObamaCare plans and will likely exit the health exchanges next year, the Obama administration quietly promised to bail out insurers for their losses - using your money. Nearly all insurers are bleeding red ink trying to sell the unworkable plans. Without a bailout, more insurers will abandon ObamaCare, pushing it closer to its demise. A bailout would benefit insurers and the Democratic Party, which is desperate to cover up the...
  • HHS: Bailing out Obamacare insurers an 'obligation' of the federal government

    11/21/2015 4:19:33 AM PST · by SkyPilot · 68 replies
    Washtington Examiner ^ | 20 Nov 15 | Philip Klein
    The Department of Health and Human Services attempted to reassure private insurers on Thursday that they'll be able to recover losses from participating in Obamacare by claiming it was an "obligation" of the U.S. government to bail them out. At issue is a provision within the law known as the risk corridors program. Under the program, which runs from 2014 through 2016, the federal government is to collect money from health insurers doing better than expected and use those funds to provide a federal backstop to other insurers who incur larger than expected losses from rising medical claims. The idea...
  • Republicans Flunk Stress Test On Bank Bailouts: They Forget 2008?

    11/16/2015 6:37:27 AM PST · by SeekAndFind · 12 replies
    IBD ^ | 11/16/2015
    In an otherwise sensible economic debate last week, all the Republican candidates flunked the stress test on bank bailouts. Instead of pledging to end bailouts forever, they said they might do it all over again. This a big problem for the party, because the 2008 taxpayer rescue of the big banks, AIG and investment houses continues to cast a long shadow. Americans still think of the GOP as the party of corporate bailouts. Here's how John Kasich put it: "When a bank is ready to go under, and depositors are getting ready to lose their life savings, you just don't...
  • Treasury Considers Plan to Help Puerto Rico

    10/17/2015 12:40:51 PM PDT · by Lorianne · 34 replies
    New York Times ^ | 14 October 2015 | Michaell Corkery, Mary Williams Walsh
    Officials in the Treasury Department are discussing a radical and aggressive response to the fiscal chaos engulfing Puerto Rico that could involve a broad debt exchange assisted by the federal government. The proposal calls for the federal government to help Puerto Rico collect and account for local tax revenues from the island’s businesses and residents, according to people briefed on the matter who spoke on the condition of anonymity because they were not authorized to publicly discuss the proposal. An inability to collect all the taxes owed is widely seen as contributing to Puerto Rico’s debt crisis. The tax proceeds...
  • Blackmail? Germany Considers Bailout "Concessions" If Greece Keeps More Refugees

    10/16/2015 9:06:48 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 10/16/2015 | Tyler Durden
    The European Commission will release €2 billion to Greece in the coming days to help the country manage the current migration crisis, a top Commission source told MNI Friday, but as German daily Wirtschaftswoche reports, the German Government is considering 'helping' Greece more financially – but only if Athens is more involved in the refugee crisis. The European Commission will release €2 billion to Greece in the coming days to help the country manage the current migration crisis and the upgrade its public administration system, a top Commission source told MNI Friday. The €2 billion will be the first disbursement...
  • Carly Fiorina’s $4 Billion Job Scam at Hewlett-Packard (used tax bailout for stock buybacks...)

    09/23/2015 6:11:10 AM PDT · by jimbo123 · 9 replies
    Daily Beast ^ | 9/23/15 | Michael Daly
    As CEO, she lobbied for a tax holiday on corporate profits to create jobs. Instead, the money was used to buy back stock while HP fired 14,500 workers. Had Donald Trump been talking about Carly Fiorina’s essence rather than her appearance, he might have had a point. Not that it should matter one way or the other, Fiorina has an altogether pleasant physical presence, markedly more so than does Trump. But a blind person could see that Fiorina was the very face of corporate greed and income inequality during her five-year tenure as CEO of Hewlett-Packard. Take, for example, the...
  • No Justice for General Motors’ Victims

    09/21/2015 9:25:23 AM PDT · by jazusamo · 11 replies
    NLPC ^ | September 21, 20125 | Mark Modica
    The response of the Justice Department to General Motors’ ignition switch defect cover-up was announced last week. GM’s failure to address the deadly defect led to the loss of lives of at least 169 people. Any hopes for the families of the victims that the crony status of GM would not stand in the way of justice were squashed as the company was given a slap on the wrist by its friends at the Obama Administration. The Justice Department’s news release regarding the meager $900 million penalty reeked of hypocrisy as it tried to paint a picture of a repentant...
  • Trump Evidence Of Voters' Lack Of Trust In Financial Establishment

    09/11/2015 5:12:38 PM PDT · by Lorianne · 9 replies
    Investors Business Daily ^ | 09 September 2015 | Amity Shlaes
    You can pinpoint the moment that financial trust was lost in America: Sept. 17, 2008, the day the government bailed out American Insurance Group after not bailing out Lehman Brothers in the same week. The sheer arbitrariness of the bailout policy was even worse than the fact of the bailouts. And the Obama administration locked in the trend by continuing where President George W. Bush left off. Voter trust did not return after markets picked up in 2009. Here not only the White House is to blame: The Federal Reserve chose to ease monetary policy and continues easy monetary policy...
  • German Parliament Overwhelmingly Approves Greek Bailout

    08/19/2015 4:53:15 AM PDT · by SeekAndFind · 12 replies
    New York Times ^ | 08/19/2015 | Associated Press
    BERLIN — Germany's parliament overwhelmingly approved a third bailout for Greece on Wednesday, removing a key hurdle to providing new loans to the country and keeping it from defaulting on its debts in as little as 24 hours. The vote's result also seemed to dispel any speculation that Chancellor Angela Merkel would have difficulty getting her conservative bloc to sign on. Lawmakers voted 454-113 in favor, with 18 abstentions. The approval is among the last due from parliaments across Europe, with the Dutch scheduled to vote later Wednesday, after which Greece is expected to get the first installment of its...
  • The Greek Tragedy: A Salutary Lesson to Americans

    08/18/2015 1:11:23 AM PDT · by bob_denard
    The New American ^ | Saturday, 15 August 2015 | Written by Charles Scaliger
    Greece’s third bailout in five years appears to be a done deal. After months of bitter wrangling with creditors and European Union authorities, the Greek government is being thrown yet another financial lifeline weeks after defaulting on a payment owed to the IMF. Greece’s new ruling party, the hardline left wing Syriza Party, led by brash Greek Prime Minister Alexis Tsipras, swept to power at the beginning of the year, promising not to accept any further “austerities” (tax hikes, spending cuts, reductions in benefits, and the sale of state-owned assets) from international creditors. But in the end, after seeing their...
  • Puerto Rico bond default deadline is Saturday

    07/28/2015 3:56:18 PM PDT · by jimbo123 · 6 replies
    CNBC ^ | 7/28/15 | Dawn Giel
    As yet another key debt payment date closes in on Puerto Rico, here's a primer on what you should know, and who it will affect the most ahead of the deadline. Q: If the Puerto Rico Public Finance Corporation (PFC) doesn't pay bondholders on Aug. 1, will it be considered a default? A: Yes. According to Moody's vice president and senior credit officer, Ted Hampton, if there is no payment made on Friday, it will be the first default of a U.S. state, or state-like entity, since Arkansas couldn't make its bond payments during the Great Depression in 1933. Q:...
  • WaPo: Germans forcing Greece to accept reforms sort of makes it seem like the Nazis are back, huh?

    07/16/2015 1:15:12 PM PDT · by Sean_Anthony · 17 replies
    Canada Free Press ^ | 07/16/15 | Dan Calabrese
    Greece wildly overcommits in spending on its welfare state, spending the country to the brink of collapse and then failing to live up to the terms of not one but two IMF bailouts, both of which were heavily financed by Germany I don’t even know what to do with this. If you ever help anyone with a problem, don’t expect to get credit for it from the Washington Post. Because it might be necessary for you to make the recipient of the help shed some bad habits, and if you do that . . . hey, remember how cruel Hitler...
  • Elderly pensioners biggest tragedy in Greek Bailout

    07/13/2015 7:08:47 AM PDT · by Sean_Anthony · 9 replies
    Canada Free Press ^ | 07/13/15 | Judi McLeod
    People have become herds of cattle and statistics to tax-rich governments and bureaucracies Any country whose financial problems leave thousands of elderly pensioners having to queue up in front of banks is an abysmal failure. Any system that doesn’t put vulnerable pensioners first is heartless. Governments worldwide and their bureaucracies continue to treat people like cattle. For all of their hype as saviours, the European Union is über government. Ditto for the out-of-control United Nations, whose bumper sticker approach of “saving humanity” is a decades-old farce. People have become herds of cattle and statistics to tax-rich governments and bureaucracies.
  • Greek socialists reluctantly accept IMF ‘meddling’ in deal to save the country they ruined

    07/13/2015 4:36:24 AM PDT · by Sean_Anthony · 11 replies
    Canada Free Press ^ | 07/13/15 | Dan Calabrese
    If I were negotiating this deal on behalf of the IMF and the EU, one term I would demand is the resignation of the socialist government It’s the third bailout of Greece in five years. Heck, even Chrysler must be appalled at a performance like that. And while we’re still waiting for the details, early reports indicate that Greece’s socialist government had to accept much more stringent terms than the ones they told Greek voters to reject just last week. It’s easy just telling everyone yes to whatever they want until you run out of stuff to give them. That’s...
  • Why Doesn't Jeb Want to Talk About Lehman Bros? (Begged Carlos Slim for bailout)

    07/09/2015 1:10:34 PM PDT · by jimbo123 · 9 replies
    Fox Business ^ | 7/9/15 | Charlie Gasparino
    <p>Jeb Bush apparently doesn’t want people to know that he worked at Lehman Brothers, the now-defunct investment bank whose collapse led to the broader financial meltdown in 2008.</p> <p>That’s the only conclusion I can come to after receiving a series of occasionally bizarre emails from his press people to what I thought was a fairly simple question about Bush’s work before he became a Republican presidential candidate.</p>
  • GM Insiders Dump $2.8 Million Worth of Shares in June

    07/09/2015 9:48:29 AM PDT · by jazusamo · 16 replies
    NLPC ^ | July 9, 2015 | Mark Modica
    It would appear that the insiders at General Motors do not have as rosy a view on the financial outlook for the company as they would have the rest of the public believe. The well-paid executives at GM sold out of another $2.8 million worth of shares in June according to Yahoo Financial statistics. Of course, the sales of shares are pure profits for the higher-ups at GM, considering that the elite group of executives receive millions of dollars’ worth of GM shares for free through stock options. So, what have the highly-paid executives at GM done to earn...
  • Jeb Bush and Hillary Clinton support bankruptcy rights for Puerto Rico

    07/07/2015 1:57:54 PM PDT · by jimbo123 · 21 replies
    CNN ^ | 7/7/15 | Heather Long
    Puerto Rico has two very powerful allies in its debt drama: Jeb Bush and Hillary Clinton. Both 2016 presidential candidates support giving Puerto Rico the same legal bankruptcy rights that states have. Puerto Rico's governor has been lobbying hard for the change to help deal with the commonwealth's $73 billion debt. There's a bill in Congress to give Puerto Rico what it wants, but it has no co-sponsors. That's why Bush and Clinton's backing could be key. "I think that Puerto Rico ought to be treated as other states are treated as it relates to restructuring," Bush said during a...
  • Early Returns Show Greeks Reject Terms of E.U. Bailout

    07/05/2015 12:11:53 PM PDT · by SunkenCiv · 61 replies
    New York Times ^ | Sunday, July 5, 2015 | Suzanne Daley
    "I voted with my heart and also my mind," said Marie Triadafillou, who works in transportation logistics and voted yes. "I believe when you are in a union you cannot leave. We say in our country if the sheep leaves the flock it cannot live." ...Martin Schulz, the head of the European Parliament, who had offered at one point to come to Greece to campaign for a yes vote, said on Sunday that Greece would need to prepare to operate without the euro and with a parallel currency if there was a no vote on Sunday. While Greece would remain...
  • China State Official Hints Beijing May Bailout Greece

    07/03/2015 6:57:07 AM PDT · by SeekAndFind · 15 replies
    Zero Hedge ^ | 07/03/2015 | Tyler Durden
    On Monday, after Greek PM Alexis Tsipras’ dramatic referendum call sparked a run on Greek ATMs, grocery stores, and gas stations, we did our part to help ameliorate the situation by sending a subtle message to Athens: Dear Greece, if you want to apply for a loan from the Asian Infrastructure Investment Bank, send an email to: information@aiibank.org— zerohedge (@zerohedge) June 28, 2015 Indeed, now may be an opportune time to tap Beijing for a few billion given that China officially launched the AIIB this week. As a reminder, the success of China’s AIIB membership drive was a political disaster...
  • Referendum Vote Underway In Greek Parliament - Live Feed

    06/27/2015 4:53:17 PM PDT · by dynachrome · 37 replies
    zero hedge ^ | 6-27-15 | Zero Hedge
    The Greek parliament is in session on Saturday evening as lawmakers debate the country's EMU fate and vote on the referendum called by PM Alexis Tsipras just after midnight this morning. TSIPRAS SAYS REFERENDUM WILL BE MOMENT OF TRUTH FOR CREDITORS TSIPRAS: GREEK PROPOSAL FOR SUSTAINABLE DEAL STILL ON TABLE TSIPRAS SAYS REFERENDUM NOT MEANT AS RUPTURE WITH EUROPE TSIPRAS SAYS GAME OF BAILOUT HAS COME TO AN END GREEK PARLIAMENT TO RESUME IN 10 MIN AHEAD OF REFERENDUM VOTE SAMARAS SAYS REFERENDUM DRAGS COUNTRY OUT OF EUROPE SAMARAS SAYS CREDITORS DISCUSSING PLAN B FOR GREECE STATE MINISTER PAPPAS SAYS...
  • Eurozone ministers reject Greek bailout extension: sources

    06/27/2015 8:25:22 AM PDT · by Enlightened1 · 13 replies
    urozone finance ministers refused Saturday to extend Greece's bailout programme past June 30 after Athens called a referendum on reform proposals by creditors, sources told AFP. The ministers "rejected an extension of the aid programme" at a meeting in Brussels, hours after Greek Prime Minister Alexis Tsipras called the plebiscite on the bailout proposal for July 5.