NEW YORK -
Moody's has agreed to pay nearly $864M to settle with US federal
and state authorities over its ratings of risky mortgage securities in
the run-up to the 2008 financial crisis.
DoJ press release
Another questionable settlement
S&P mislead investors
Credit rating agency
World addicted to debt
$27 trillion. That's the amount global
public debt has grown by since
the financial crisis gripped the world 8 years ago, according to the
Fallout from economic crisis
PARIS - Young people continue to bear the brunt of job losses since
the global financial crisis, according to the
OECD. Almost 1 in 10
jobs held by workers under 30 in the developed world were destroyed
between 2007 and 2014.
Society at a glance 2016
Living with their parents
Currency wars fool few
are back on for many countries around the world. The theory is that by
significantly weakening its currency, a country can spur economic
activity, making its products and services attractive for export, thus
stoking growth and jump-starting employment.
Legal extortion by regulation
WASHINGTON - The formula is simple: find a large company that may (or may
not) have done something wrong; threaten its managers with commercial ruin,
preferably with criminal charges; force them to use their shareholders'
money to pay an enormous fine to drop the charges in a secret settlement (so
nobody can check the details). Then repeat with another large company.
Too big to fail
NEW YORK - In 1970,
America’s 5 largest banks held 17% of America’s banking assets. By 2010, the top 5 banks,
JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo
& Co., and Goldman Sachs Group Inc., held 52% of US banking assets.
Faustian bargain between States and Banks
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)
Corporate credit crunch looms
Emerging market companies have 'over-borrowed' by $3 trillion in the
last decade, reflecting a quadrupling of private sector debt between
2004 and 2014, found the IMF's
Financial Stability Report.
IMF warns of
stagnation threat to G7 economies
Why economists can't get it right
NEW YORK -
agreed to pay $2.6B to settle probes into its creation and sale of
residential mortgage-backed securities, as the US Department of
Justice holds another large Wall Street firm to account for the 2008
writedowns due to subprime crisis
Recession linked deaths
The study published in the
British Journal of Psychiatry, showed
that suicides in Canada rose 4.5% between 2007 and 2010, while the US
rate increased by 4.8% over the same period.
In Europe, the suicide rate rose by
6.5% by 2009 and remained elevated until 2011.
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.
Taxation in the US
'Everything we do is in the interest of our members'
Freedom of Information documents requested by PC caucus
research provides a peak at the perks of senior brass at
a former provincial Crown agency until Dalton McGuinty's government
passed legislation in 2006 that eliminated Ontario's role as plan
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.
US family's wealth
WASHINGTON - The
median family’s net worth dropped 38.8% during the three-year period,
the Fed said in its latest report on changes in US Family Finances,
derived from a survey of consumer finances. (Reuters) REPORT:
Changes in US family finances from 2007 to 2010
Cost of the US Senate banking committee
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."
UK spending cuts
Spending review 2010
US debt tops $14T
US Treasury website today reported that as of 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.
it exists, it can be taxed
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)
Don't forget who saved your bacon
Governments won't allow the world's bankers to return to their
irresponsible ways, Bank of Canada governor
financiers had better get ready for major changes to the way they do
Mend your ways
Fed hits banks
US clamps down on Wall Street pay
20% of Large Canadian Companies present serious risk
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)
Drug money saved banks
- 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