The Mortgage Mogul and His Victims

As banks, money markets and stock exchanges convulse over a sinking American economy, we see the folks sprawled at the bottom of the smoking rubble — debt-crushed American consumers. It is they whose reckless or trusting natures enriched so many, at least for a while, and whose troubled loans have sent markets into panic. But […]

Bossess hould share big bucks with their workers

Fat cat executives – some earning more than 100 times the average wage – should be sharing their wealth with their workers, says a top Kiwi commentator. Corporate liaison for the New Zealand Shareholders Association and businessman Des Hunt said good bosses spread the benefits of an organisation rather than lining their own pockets. “What […]

Crisis may make 1929 look a ‘walk in the park’

Meet some of John Key’s palls. And wonder if you want someone who adheres to the same principles is your first choice as Prime minister of New Zealand. As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control […]

Sub-prime crisis is ‘Enron all over again’

The sub-prime mortgage crisis shows the lessons of Enron’s collapse have not been heeded, says Bethany McLean, the Fortune magazine reporter famous for breaking the story that the energy giant was an emperor with no clothes. A lack of transparency, the use of off-balance sheet vehicles and the dodging of responsibility underlie the carnage on […]

Former media mogul Conrad Black jailed

CHICAGO, Illinois (CNN) — A federal judge Monday sentenced former media tycoon Conrad Black to 6.5 years in prison for his role in defrauding shareholders and skimming $60 million from his Hollinger International newspaper conglomerate. Conrad Black’s media empire once stretched across three continents. Black, 63, was convicted in July of mail fraud and obstruction […]

A light introduction to the events on 9-11-2001 in New York

I know that for many Kiwi’s the terror attacks of 9/11 are long in the past. They are accepted by most as perpetrated by 19 young extremist Arabs send to their death by a madman in a cave. But how could these 19 young man evade the CIA and the FBI for years and than hijack […]

Without Cheap Credit, Consumer Economy Will Disappear by 2020

Our old pen-pal Jack Lessinger has a new book out: CHANGE Jack is a rare economist. He studies social trends and connects them to economic trends…and, finally, figures out how they affect the property market. His book outlines the development of the US property market over the past two centuries in terms of what he […]

World Bank accused of razing Congo forests

The World Bank encouraged foreign companies to destructively log the world’s second largest forest, endangering the lives of thousands of Congolese Pygmies, according to a report on an internal investigation by senior bank staff and outside experts. The report by the independent inspection panel, seen by the Guardian, also accuses the bank of misleading Congo’s […]

The Worst Recession in 25 years?

By Robert P. Murphy Posted on 10/1/2007 [Subscribe or Tell Others] << Previous Story | Index | Next Story >> On September 18 the Fed cut its target for the fed funds rate by 50 basis points (0.5 percentage points), from 5.25% to 4.75%. The move surprised many analysts who had been expecting a more […]

Corn-to-Ethanol: US Agribusiness Magic Path To A World Food Monopoly

by Charles E. Carlson Global Research, September 29, 2007 Eight years of Biofuels (ethanol) policy and legislation has cemented in place the first world wide food cabal, which promises a humanitarian disaster, a famine more serious than those caused by any tsunami, earthquake or drought. This crisis is not in the dim future, it is […]

Report: Countrywide CEO Cashed Out

(AP) Countrywide Financial Corp. Chairman and CEO Angelo Mozilo cashed in $138 million in stock options over the last year, switching his trading plans as the mortgage company went into a tailspin, it was reported Saturday. Between November 2006 and August, Mozilo changed the plans outlining how many of his shares would be sold monthly, the […]

Borrowers told to lie about wages

  Some people have been advised to lie to buy a house A BBC investigation has found evidence of serious mis-selling in Britain’s sub-prime mortgage market. Industry insiders have described how people have been advised to lie about their incomes to take out loans far bigger than they can afford. Half of all sub-prime mortgages […]

Bacon and eggs served on toast to cost more

By Neal Wallace   Consumers already reeling from sharp milk and butter price rises are in for another shock as the cost of bread, bacon and eggs follow suit. Bread manufacturers are expected to increase the price of bread by up to 20 per cent before Christmas and will not rule out another price rise […]

Cadbury closure plan ‘lousy’ for workers

LATEST: The move to close Cadbury’s Auckland factory might be good for the sharemarket but it’s “lousy” for the workers, says their union. Cadbury yesterday announced plans to close its Avondale plant within two years, with the loss of up to 200 jobs. Service and Food Workers Union (SFWU) spokeswoman Jill Ovens today accused the […]

Why Iraqi Farmers Might Prefer Death to Paul Bremer’s Order 81

Slightly of topic perhaps but than again maybe not. By Nancy Scola, AlterNet. Posted September 19, 2007. Heard about the thousands of farmer suicides in India? Well, Iraqi farmers may be next thanks to the work of U.S. diplomat Paul Bremer and his Monsanto friends. Anyone hearing about central India’s ongoing epidemic of farmer suicides, […]

Black day for shares as €4.5bn lost

By Brian O’Mahony, Chief Business Correspondent ON a black day for Irish shares a total of €4.5 billion was wiped off the value of the Irish Stock Exchange yesterday. Market sentiment was certainly not helped by fears that investors in one of Britain’s biggest mortgage lenders, Northern Rock, might lose their life’s savings as the […]

Failed Lender Makes Grab for Employee Funds

Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them. Employees say Melville, N.Y.-based American Home Mortgage Investment wants to release retirement money from a trust fund to pay off large creditors. The attorney for a group […]

Graft inquiry condemns World Bank

The World Bank has not taken corruption seriously enough and has resisted the efforts of anti-graft investigators, an official inquiry has found. Paul Volcker, former head of the US Federal Reserve Bank, said his inquiry into the bank had revealed a “siege mentality” at the troubled institution. Read more

As We Stand on the Brink of Catastrophe, Bio-Fuels are no Magic Bullet

By Debi Barker and Jerry Mander, AlterNet. Posted September 12, 2007.Having made ethanol into this magic elixir, politicians, financial investors, and the occasional environmental organization are masking the need for far deeper investigation and solutions. AdvertisementThe burgeoning reality of global climate change, rooted in a century of over-consumption of fossil fuels, is merging with another […]

Retirement Funds Vanish as Bankruptcies Hit Tax-Deferred Scheme

By Erik Larson Sept. 11 (Bloomberg) — Marsha Slotten’s bad news came in April by e-mail, from a tipster warning that the company holding her retirement nest egg had collapsed. After racing in a panic to the office of Southwest Exchange Inc. outside Las Vegas, she found a locked door and a sign saying the […]

NZ Super Fund just grows and grows

By Graeme Hunt Adrian Orr says the fund is committed to ‘responsible investment’. Photo / Paul Estcourt It’s less than four years since the country’s most unusual Crown entity started investing with $2.4 billion of Government money. It received a further $7.7 billion from the state along the way and now has a fund worth […]

We’ll break US free trade barrier – Nats

National leader John Key today unveiled plans to negotiate a free trade agreement with the US, which the government is yet to succeed in doing since it came to power in 1999. National will soon release a foreign policy paper with the key objective of preparing the ground for negotiating a Free Trade Agreement (FTA) […]

American Economy: R.I.P.

Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions. A lifelong Republican.  By Paul Craig Roberts 09/10/07 “ICH’ — – The US economy continues its […]

Worst crisis for 20 years, say banks

LEADING bankers are warning of the worst crisis in the money markets for 20 years, which will come to a head this week when $113 billion (£57 billion) of commercial paper – market IOUs – comes up for refinancing. This huge refinancing, mainly through London, exceeds the $100 billion that became due in mid-August, and […]

Housing market still slowing despite shock figures – banks

Figures showing a surprisingly strong rise in house prices over the past year are being downplayed by two of the country’s major banks. ASB chief economist Nick Tuffley said the shock finding from Quotable Value’s monthly report – that national property values rose 13.3 per cent for the year ended August – was out of […]

The selling off of Canada

By MICHAEL HARRISAt what point does Canada become a toy country? In August, the last of the major Canadian steel makers was sold to United States Steel Corporation for $1.1 billion. Earlier, Dofasco was sold to a European company which has since been swallowed up by Mittal Steel Co. of India. This latest foreign takeover […]

Are The Banks In Trouble?

By Mike Whitney      “The new capitalist gods must love the poor – they are making so many more of them.” Bill Bonner, “The Daily Reckoning”   “The hope of every central bank is that the real problem can be kept from public view. The truth is that the public—even professionals on Wall Street—have no […]

Communities Take Power

by Doug Pibel The Citizens of Barnstead, New Hampshire, Used Local Law to Keep Corporate Giants Out of Their Water Gail Darrell, center, and other Barnstead, New Hampshire, residents pressed for a law to counter the “tyranny and usurpation” of the people’s right to govern themselves, especially with regard to water. Gordon Preston, left, and […]