Free Republic

Hidden Debt Makes Governments Insolvent: Bear Posted By: Patrick Allen | CNBC EMEA Head of News CNBC.com | 07 Mar 2011 | 12:13 AM ET /snip On top of these, a mountain of debt is growing but because it is off governments' balance sheets it has been so far ignored, one man who worries perhaps more than most, Albert Edwards from the global strategy team at Societe Generale, said. One of the world's most famous bears, Edwards is adamant the global economy and financial markets are not in a good place. "The global economy is critically ill. The fact that...

New online program can replace trip to a field office WASHINGTON — The Social Security Administration, envisioning the near-future prospect of 10,000 baby boomers applying for benefits every day, has put together a new online service that will allow people to get their benefits without ever traveling to a Social Security field office. The agency, in introducing the program Tuesday, said most people will be able to apply for their retirement or disability benefits in 15 minutes or less.

Quasi-fiscal scoundrels 4: helping banks When I hear or read the words ‘off-balance-sheet financing’ or ’special purpose vehicle’, warning lights begin to flash and I grab for my obfuscatometer. Off-balance-sheet financing is any form of funding that avoids placing the owners’ equity, liabilities or assets on the balance sheet of a firm or other legal entity. The most common way to achieve this is by placing those items on some other entity’s balance sheet. A standard approach is to create a special purpose vehicle (SPV) and place assets and liabilities on its balance sheet. An SPV is a firm or...

Accountancy rules broken ‘irretrievably’ By Jennifer Hughes in London Published: April 9 2008 22:30 | Last updated: April 9 2008 22:30 Rules regarding how banks account for off-balance sheet interests are “irretrievably broken”, a senior group of international rulemakers has warned. The rules, which have allowed trillions in assets to escape close scrutiny, have come under attack in the wake of the credit crisis as banks have been forced to disclose huge losses on these holdings. But a report by a high-level group of accountants has warned that completion of the current overhaul of the rules would not be possible...