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November 13, 2013

Here’s how much it costs Occupy to buy some toxic debts

  • $15M the amount of debt that activists allied with the Occupy movement recently bought and forgave as part of the group’s Rolling Jubilee project.
  • $400k the amount it actually cost for the activists to actually buy up all that debt. So why’d they do it? Simple: Exposure of how debt really works. “Our primary purpose was to spread information about the workings of this secondary debt market,” the group said. source
8:31 // 10 months ago
November 4, 2011
BREAKING: Jon Corzine resigns from troubled, bankrupt MF Global
He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source
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He will pass on a $12 million severance package, AP reports. The former New Jersey governor, who has been the target of much scrutiny as a result of shady business practices (it appears he bet the business on the Euro debt crisis using investor money, and lost, meaning that the investor money is gone), quit his job early Friday. “I feel great sadness for what has transpired at MF Global and the impact it has had on the firm’s clients, employees and many others,” he said in a statement. “I intend to continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” source

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8:14 // 2 years ago
November 3, 2011
Despite earlier reports to the contrary, Greek PM George Papandreou won’t be offering up his resignation, Greek officials say. This isn’t a confusing morning at all!

Despite earlier reports to the contrary, Greek PM George Papandreou won’t be offering up his resignation, Greek officials say. This isn’t a confusing morning at all!

10:25 // 2 years ago
November 1, 2011
Greek officials OK referendum plans: Like we said earlier (sarcastically, kinda), the stock market doesn’t like democracy. Democracy often goes against the best interests of investors. It’s messy. It works in ways that don’t always work in the best interests of the people who vote for it. But you gotta give people the opportunity to take advantage of the democratic system. No matter how much it hurts. That’s what Greece will go through very soon. Democracy. Don’t like it? Take an Alka-Seltzer and give yourself five minutes to get in a happy spot.

Greek officials OK referendum plans: Like we said earlier (sarcastically, kinda), the stock market doesn’t like democracy. Democracy often goes against the best interests of investors. It’s messy. It works in ways that don’t always work in the best interests of the people who vote for it. But you gotta give people the opportunity to take advantage of the democratic system. No matter how much it hurts. That’s what Greece will go through very soon. Democracy. Don’t like it? Take an Alka-Seltzer and give yourself five minutes to get in a happy spot.

21:31 // 2 years ago
Reports of short falls of client money … if true would be a disaster for all the smaller brokers and banks as nobody will trust them anymore.
A trader based out of London • Discussing the situation with MF Global, a financial firm hard hit by the Euro debt crisis, which apparently failed to keep customer money separate from the firm’s own accounts. The company, led by former Goldman Sachs leader and ex-New Jersey Gov. Jon Corzine (great combination), is raising the spectre of some if the 2008 financial crisis gunk — remember Lehmann Bros.? Let’s hope they can get this settled and — most importantly — customers can get their money out. source (viafollow)
11:30 // 2 years ago

Stocks hate democracy: Greek PM puts aid package up for referendum

  • cause In a surprising move that threw off the entire world market, Greek Prime Minister George Papandreou said that he would put the country’s aid package up to a public referendum.
  • reaction Stocks worldwide reacted to the news poorly, including the U.S., which fell by more than two percent. The markets were already volatile; the danger of Greek default made things even worse. source
10:25 // 2 years ago
September 17, 2011
11:45 // 3 years ago
September 14, 2011
Countries must first put their own houses in order. Developed countries must take responsible fiscal and monetary policies. What is most important now is to prevent the further spread of the sovereign debt crisis in Europe.
Chinese Premier Wen Jiabao • Telling all the deadbeat European nations to bump up their national credit scores before looking for a bailout from China. Wen previously said the country would lend a helping hand to Europe, which is suffering a crippling debt crisis. So, in case you were thinking of going to China for a little cash, you’re out of luck … unless you’ve proven yourself fiscally responsible (or China has a huge vested interest in seeing you succeed). Then China would be happy to let you into its deep coffers. source (viafollow)
0:15 // 3 years ago
September 7, 2011
We must make it very clear to people that the current problem, namely of excessive debt built up over decades, cannot be solved in one blow, with things like euro bonds or debt restructurings that will suddenly make everything okay. No, this will be a long, hard path, but one that is right for the future of Europe.
German Chancellor Angela Merkel • Arguing, amidst much jeering from leftist opposition parties, that Europe needs to change the way it approaches its growing debt crisis. Merkel argues for long-term fundamental change. “I’m convinced that this crisis, if a great crisis of the western world is to be avoided,” she said, “cannot be fought with a ‘carry on’ attitude. We need a fundamental rethink.” Merkel is facing a parliamentary vote later this month that could prove a great threat to her power, and her party is sinking in the polls right now. She suffered a setback earlier in the day after a court put strict limitations requiring her to get approval from lawmakers to grant future bailout aid to other European countries. source (viafollow)
10:22 // 3 years ago
August 10, 2011
Today in headlines we could write without going to town hall meetings and doing the legwork required to turn that headline into a story.

Today in headlines we could write without going to town hall meetings and doing the legwork required to turn that headline into a story.

10:14 // 3 years ago