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DAVOS - International Monetary Fund (IMF) chief Christine Lagarde led a global push on Saturday for the euro zone to boost its financial firewall, saying “if it is big enough it will not get used”. (Reuters) MORE: Davos 2012: day 3 IMF issues warning Time to overhaul capitalism World economic forum 2012
Half a dollar a day 'adequate' DELHI - The Planning Commission has told India's Supreme Court that an individual income of 25 rupees (52 cents) a day would help provide for adequate "private expenditure on food, education and health" in the villages. In the cities, it said, individual earnings of 32 rupees a day (66 cents) were adequate. (BBC)
BRUSSELS - 8 of 90 banks have flunked stress tests that project how they would fare in another recession, and 16 more barely passed, Europe’s banking regulator said. (AFP) PREVIOUS: Italy approves austerity budget Looming reality of US decline
Home prices, health costs too high OTTAWA - Canada should protect its economy by pushing down overheated housing prices and imposing user fees for health care, the OECD says in a report. (CP) REPORT: OECD economic surveys: Canada Sept 2010 .pdf Most Canadians living paycheque to paycheque
UK outlines cuts to public spending LONDON - Britain's coalition government has laid out a series of sweeping spending cuts meant to help reduce the country's growing debt and bring the country "back from the brink." (CBC) MORE: UK spending cuts Spending review 2010
Banks begin rising mortgage rates TORONTO - Three of Canada's big banks have surprised homeowners by suddenly raising their mortgage rates. (CTV) REPORT: Enhancing affordable housing in Canada 20% struggle with mortgages Governments should stay out of affordable housing projects BC HST home pricing What saved Canada's banking system?
OTTAWA - The Liberal government's move to top up Nortel pensions could cost taxpayers $100M to $200M, (Toronto Star) PREVIOUS: Nortel pension bailout Ontario to bailout Nortel pensioners Personal pension pot drops 60%
VANCOUVER - When a water pipe bursts these days in a BC pulp and paper town, residents better dig out their rain boots. Water and sewer services have been slashed, major infrastructure projects have come to a halt and court battles are underway in several communities where pulp and paper companies are refusing to pay millions of dollars in taxes. (CP) MORE: Catalyst must pay Catalyst closes mill
VIENNA - Drugs money worth billions of dollars kept the financial system afloat at the height of the global crisis, the UN's drugs and crime tsar has told the Observer. (Guardian UK)
British tax havens need bailouts LONDON - Britain could be forced to bail out one or more of its offshore tax havens at huge cost, according to early drafts of a Treasury report, because the economic crisis has wrecked their finances. (Guardian UK) PREVIOUS: Bankruptcy threat to the Cayman Islands
Behold the taxman cometh. Even as taxpayers are struggling to make ends meet in a crumbling, tumbling economy, your friendly neighborhood (and state and federal) government is having a hard time making do with the meager trillions you're throwing its way, so it's relying on an old maxim: If it exists, it can be taxed. (Fox)
Toxic debt as a business model Teck Cominco Ltd., the metals producer that assumed US$9.8B in debt to buy a coal company last year, was cut to junk by Standard & Poor's because low metal prices will make it harder to fund or refinance the debt. (Financial Post) MORE: Media missed overvalued stock bubble
TORONTO - Say hello to Michael Bryant. He's a lawyer who is currently Ontario's economic development minister. (Sun Media) MORE: Ontario Inc. a losing entity 'Government as entrepreneur' Politicians getting more involved in business |
Regulated Canada tops US in economic freedom When it comes to economic freedom, Canada has now edged ahead of the land of the free, the Fraser Institute said in a report. (National Post) REPORT: Economic Freedom: 2011 Latest US tax plan IRS targets Taxation in the US 'Buffett Tax' on millionaires Poker expats Tax deduction
NEW YORK - US officials allege that Deutsche Bank and its MortgageIT arm profited from the resale of mortgages that would eventually leave thousands of Americans facing default or eviction while sticking the government with hundreds of millions in insurance claims. (CNN)
'Everything we do is in the interest of our members' TORONTO - Freedom of Information documents requested by PC caucus research provides a peak at the perks of senior brass at OMERS, a former provincial Crown agency until Dalton McGuinty's government passed legislation in 2006 that eliminated Ontario's role as plan sponsor. (QMI)
WASHINGTON - The US Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52. It took just 7 months for the National Debt to increase from $13T on June 1, 2010 to $14T on Dec. 31. (CBS)
NEW YORK - The New York attorney general accused Bank of America Corp and its former chief executive, Ken Lewis, of deceiving shareholders and manipulating US officials during the company’s $50B purchase of Merrill Lynch. (Boston Globe)
OTTAWA - A new report from the Canadian Federation of Independent Business found Canada's SMEs spend $30.5B a year to comply with government regulations, slightly lower than the $30.9B spent in 2005. (Financial Post) REPORT: Small business owners seeing red
President unveils $3.83T spending WASHINGTON - President Barack Obama unveiled a multitrillion-dollar spending plan pledging an intensified effort to combat high unemployment and asking Congress to quickly approve new job-creation efforts that would boost the deficit to a record-breaking $1.56T. (CBS) REPORT: Budget of the US 2011 .pdf
We're largely familiar with Generation X and Generation Y. But perhaps it is time to brace for the emergence of another generation in the US - Generation T, where T stands for tax. (Financial Post) MORE: 'D' is for death
Don't forget who saved your bacon MONTREAL - Governments won't allow the world's bankers to return to their irresponsible ways, Bank of Canada governor Mark Carney warned, adding financiers had better get ready for major changes to the way they do business. (CTV) MORE: Mend your ways Fed hits banks US clamps down on Wall Street pay Loopholes 20% of Large Canadian Companies present serious risk
NEW YORK - Federal prosecutors are conducting a criminal investigation into whether Goldman Sachs or its employees committed securities fraud in connection with its mortgage trading, people familiar with the probe say. (Wall Street Journal) PREVIOUS: 'Serious money' to be made SEC accuses Goldman Sachs of fraud Carmaker gets Goldman cash Geely Automobile Goldman Sachs Goldman Sachs gets $3B bailout
LONDON - One of Britain’s biggest unions - which has campaigned fiercely against government cutbacks to public sector pensions - is to cut back its scheme for its own staff. Unison, which represents 1.3M local government and NHS workers, can no longer afford its final-salary scheme for employees and has set out initial proposals to cut costs. (Times online)
As the worst global recession since the Second World War grinds on workers are facing pay cuts, unpaid leave and layoffs. Labour strife has swelled. The wealth hit from battered investment portfolios and falling home prices is forcing consumers to adjust their expectations, too. (Financial Post) PREVIOUS: Part 1 Part 2 Part 3 Part 4 |
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Breaking up Government & Corporate 'OC' As noted in the "Godfather" movie, one man with a briefcase can steal more than a hundred men with guns. The modern model of organized crime is government officials taking donations from corporations and passing special laws to assist corporations to squash competition and use the stockholder's finances to enrich themselves and friends. (Hernando Today) |
Canadian nobody wanted to hear William R. White predicted the approaching financial crisis years before 2007's subprime meltdown. But central bankers preferred to listen to his great rival Alan Greenspan instead, with devastating consequences for the global economy. (Spiegel) RELATED: G8 leaders cite 'significant risks' to global economy Canadian deficit predicted to hit $156B over next 5 years | |
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OTTAWA - A report from a prominent think tank says Canada's parliamentarians are facing even graver pension woes than the rest of the country. (CP) Fixing MP pensions .pdf MPs have 'platinum-plated' pensions Canadians not ready for retirement Pension liability under-reported Pension gap .pdf Why the public sector wouldn't let go Keeping up with the tax makers Canadian consumer tax index 2010 Canadian taxes fastest-growing Generational war brewing in PS |
Employees to fight pension reforms PS pensions 'gross unfairness' Record household debt triggers alarm Freedom 55 dreams differ from reality Canadians worried about retirement Panel for increase in EI premiums Ottawa ending extended EI benefits Union opposes pension adjustment Pension plans to cost taxpayers $50M If you don't have a PS pension Ottawa faces pension shortfall Bank of Canada eats your money 40% of Canadians retiring with debt Pension fund execs severance pay |
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Government must live within its means Government pensions are fair game Canada must tackle costs of greying Spending good for ministers and MPs Ontario eyes civil servants pay |
Pension jackpot back in the spotlight Ottawa toughens mortgage rules Why Canada became a welfare state Canadian pensions under tension |
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Federal pension books 22.7% loss Up to Ontario to aid GM pension plan More bonuses for failure NBIMC LGPS cuts stories 'are ill-informed' 'Further cuts would be appropriate' The public sector pensions bill |
Caisse de depot lost $38B in 2008 Canadian stakeholders takeover Protect pensions, premier urges CAW: Politicians will pay at ballot box Ontario pension plan isn't enough Government fat cats ignore pension Piggy Bank index .pdf |
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WASHINGTON - Police arrested 62 protesters Wednesday as supporters of Occupy Wall Street targeted lobbyists who promote the interests of corporate America in Washington's corridors of power. (AFP) Washington's top lobbyists 2011 Violent clashes are not inevitable Dawn action fails to deter protests Occupy told to leave Edmonton park Repeal of the Glass-Steagall act |
Winter coming to Canadian Occupy Occupy Vancouver disrupts debate CBO: Trends in the distribution of US household income 1979-2007 Protests held in 951 cities worldwide |
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OTTAWA - The Bank of Canada is renewing its warning about household debt, citing it as a top domestic concern for financial stability in the country. (CP) Balance sheet: 1st quarter 2011 Canadians slid further into debt |
Household debt reaches historic high Money laundering in Canada, 2009 Nearly one-third of wealthy are new Canadian alphabet soup of bailouts |
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Stimulus money floods Tory ridings MONTREAL - Numbers compiled by CP reveal that in the initial wave of stimulus spending under the Community Adjustment Fund - a program that exists across the country - the two Quebec ridings that received the most were key electoral battlegrounds held by the Tories. (CP) Why are we relying on think tanks Deficit to be 'substantially more' 'We borrowed it. Now you pay for it' |
An analysis of Statistics Canada data Impact of $47B stimulus minimal 24% of stimulus projects complete Fewer Canadians can afford RRSPs Household debt at all-time high Canadians taxed on 'phantom income' Parties still playing politics We have become a nation of beggars Dangerous scramble to do something OECD tells Ottawa to keep rates low Industrial profile autumn 2009 |
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NEW YORK - The Securities and Exchange Commission (SEC) has sued the former chief executives of Fannie Mae and Freddie Mac, accusing them of misleading investors about risks of subprime-mortgage loans. (WSJ) |
Usage of Federal Reserve facilities Fed reveals trillions to foreign banks FHFA sues 17 firms .pdf |
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Fed's secret liquidity lifelines Whistleblower says SEC covering up Don't make US politicians look bad Bailouts created more risk TARP Congress passes another bailout |
Taking an artificial crisis too far Political games over US debt ceiling US GDP growth weaker than thought Fed played fast and loose with rules GAO investigation .pdf |
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Financial firms lobby to cut cost |
Tough words for special interest US toxic asset plan stirs fears |
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House panel to investigate IRS gift Use of rating agencies under scrutiny |
Goldman Sachs charged with fraud Paulson not targeted in lawsuit The rise of the 'empty creditor' Lobbyists and politicians damage FASB summary of board decision Paying for lobbyists - pays off Tax lobbying provides 22,000% return 26% of failed lawmakers lobbyists |
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JPMorgan Chase Bank of America Wells Fargo expects record profit 'Too big to fail' policy must end |
Great Depression was the result of bad decisions made by government Political interference in bailout Bailout overpaid banks COP report |
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Repeal of the Glass-Steagall Act |
Bailout spawns lobbying scramble Attack of the global pirate bankers Subprime mess is a crime story IndyMac Fannie Mae Freddie Mac Fannie Mae dismisses executives |
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BRUSSELS - The European Union's president said Friday that 26 of its 27 member countries are open to joining a new treaty tying their finances together to solve the euro crisis. Only Britain remains opposed, creating a deep rift in the union. (CBC) EU agrees on new financial pact Central banks move to pump money |
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EU curbs credit rating agencies Borrowing costs hits 7% Rule of 70 Greece payout likely to go ahead Embezzlement probe Proton Bank EU's attention shifts to ailing banks Bond fund warns Greece will default Not just their big fat Greek funeral Developed nations must curb deficits |
Money being moved out of Greece Euro 'empire' plot by Brussels Greece likely to default no matter what Greece must implement EU demands |
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Italy and Spain debt downgraded UK financial institutions downgraded What happens when Greece defaults EU adopts bigger budget for 2010 |
California greater risk than Greece Taxpayers face pensions liability Deficits are of 'serious concern' Europe's pension bill to 'dwarf' debts |
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Financial oligarchy wins again Ugly secrets waiting to be exposed Worldwide governance indicators A handy guide to really big numbers |
Recession just became a depression Last one out, turn off the lights IMF: World growth 'worst for 60 years' UK admits no cap on taxpayer risk Icelanders reject paying for mistakes Icesave dispute Britain threatens to freeze Iceland Failure to acknowledge warning signs |
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Alleged pension fund corruption SACRAMENTO - In a scathing report, a former chief executive of the California public employee pension fund was accused of pressuring subordinates to invest billions of dollars of pension money with politically connected firms. (LA Times) Polarization is paralyzing California |
Amid cost cutting, pensions rise Politicians, unions plunder power Budget to reshape the Golden State Irish welfare state glimpse of the future Critics target public pensions |
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GM out of bankruptcy protection DETROIT - General Motors drove out of bankruptcy protection with its top executive saying it must pay more attention to responding to customers. (CBC) |
Use of TARP fund in auto industry |
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Can 'Government Motors' succeed GM to tackle pension deficit: CAW Taxpayers to fork out billions 1,100 dealers will be shut down Bankruptcy exposes dirty politics GM plans to cut Canadian workforce |
From General to Government Motors GM files for bankruptcy protection Who profits from GM's bankruptcy? Chrysler's sale to Fiat approved Chrysler to close 25% of dealers |
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Auto workers must share the burden Ontario auto subsidies under fire Ontario will give GM more money Taxpayers face ballooning bill |
Auto sector wants in on bailout money Nobody wants to take ownership Sold out .pdf Top 100 handouts .pdf Corporate fraud and its impacts .pdf Businesses, Lobbyists, and Industry Canada’s Subsidy Programs .pdf |
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BEIJING - Recycling has become a global industry and China is the largest importer of the world's waste materials, taking in as much as a third of Britain's recyclables for example. Then came the slump, decimating the Chinese recycling industry and leaving Britain, the US and others grappling with growing volumes of recycled waste and nowhere to send it. (Guardian UK) |
Good thing we have carbon taxes Standardized recycling program Super-size packaging tough to shrink Most 'green' products make bogus claims |
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