Economic Glance
The U.S. government's landmark takeover of troubled mortgage giants Fannie Mae and Freddie Mac will also serve to boost banks in Israel, according to banking analysts.
Officials announced that both giant institutions were being placed in a government conservatorship, a move that could end up costing taxpayers billions of dollars. Treasury Secretary Henry Paulson said allowing the companies to fail would have extracted a far higher price on consumers by driving up the cost of home loans and all other types of borrowing because the failures would "create great turmoil in our financial markets here at home and around the globe."
U.S. gov't takeover of mortgage giants good for Israeli banks
It may be a decade before Dow's back to 12,000
The chief economist of Moody's Economy.com sat down Thursday with a small group of reporters and offered a sobering view of what he sees ahead for the U.S. and global economies.
The short version: It could be a decade before the Dow reaches 12,000 points again.
Worldwide downturn 'to hit women'
The economic crisis could increase the number of unemployed women by up to 22 million this year, the International Labour Organization (ILO) says.
In a report assessing employment trends for women, the ILO warns that they will not escape the downturn.
UBS Says Had 47K Secret Accounts for Americans
UBS AG now says it had about 47,000 accounts held by Americans who didn't pay U.S. taxes on their assets, but Switzerland's biggest bank is providing the names of only 300 American clients to the U.S. government in a showdown over secrecy.
JP Morgan Chase Continues Foreclosure Proceedings Despite Promised Freeze
So now, in addition to using TARP money to buy jets, throw parties, redecorate offices and bailout the NBA before lending money to struggling small businesses and helping homeowners (the purpose of the TARP funds), it looks like the greedy fathers of the financial industry in America are looking the other way as their wholly-owned subsidiary children continue to rob us blind.
SEC alerted about Stanford in 2003
A whistleblower contacted US regulators more than five years ago with allegations that Sir Allen Stanford’s businesses were involved in an “illegal Ponzi scheme”, the Financial Times has learnt, raising new questions about why authorities waited until last week to shut down the alleged $8bn fraud.
Leyla Basagoitia, a former Stanford employee, raised a series of red flags about the tycoon’s empire in a 2003 employment dispute with her company at a tribunal run by the finance industry’s self-regulatory body. Ms Basagoitia also alerted the US Securities and Exchange Commission at about the same time, her lawyer said, echoing criticisms the agency ignored early warnings about the alleged $50bn Ponzi scheme run by Bernard Madoff.
Farmers Call For NAFTA Reforms
NAFTA has produced winners, mostly multinational corporations and a long list of losers, which includes farmers. The trade agreement has been the source of much discontent and has become an easy target. NAFTA is so badly flawed, but it is only one part of our failed trade and economic strategy. It has hurt many farmers in the U.S., Canada and Mexico. Just as there are calls to reform energy, investment, labour and environmental provisions of NAFTA, many are also demanding changes to agricultural clauses found in the agreement.
NAFTA has essentially pitted farmers from all three countries against each other. Some have sought to establish more control over the marketing of farm produce only to be harassed.
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