Tag: finances

Greece Shortfall Rises another €2.5 Billion to €14 Billion; Proposed Solution is Zero Interest Rate on Emergency Loans
August 21, 2012 0

Greece Shortfall Rises another €2.5 Billion to €14 Billion; Proposed Solution is Zero Interest Rate on Emergency Loans

By News Desk

No one should be surprised to learn Greek Shortfall Growing Ever Larger Athens has not been having an easy time coming up with the €11.5 billion in cost cutting measures over the next two years it has promised Europe. Indeed, Greek Prime Minister Antonis Samaras is reportedly set to request an additional two years to make those cuts during meetings later this week with German Chancellor Angela Merkel on Friday and French President François Hollande on Saturday. But according to information obtained by SPIEGEL, the financing gap his country faces could be even greater.

New Jersey Unemployment Hits 35-Year High of 9.8%; What Does That Suggest About Retail Sales?
August 17, 2012 0

New Jersey Unemployment Hits 35-Year High of 9.8%; What Does That Suggest About Retail Sales?

By News Desk

New Jersey Unemployment Hits 35-Year High of 9.8%; What Does That Suggest About Retail Sales? Posted by Michael Shedlock at 12:48 AM Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy

Syracuse New York Headed For Bankruptcy, 100% Certain
August 15, 2012 0

Syracuse New York Headed For Bankruptcy, 100% Certain

By News Desk

Please consider this news headline which I openly mock: Expert says bankruptcy for Syracuse is unlikely, but mayor should explore option While the financial situation in the city of Syracuse hasn’t been described as desperate yet, Mayor Stephanie Miner has asked for some legal expertise on municipal bankruptcy. The signs of the city’s financial problems have been evident for several years as city employees accept wage freezes and fire and police departments see staff reductions. The city will use an early payment from Albany to help keep the budget from dipping into dwindling reserves.

Hermosa Beach Police Chief and Councilman Fishman Defend $100,000 Meter Maids on Grounds "When You Outsource, You Take Away Union Jobs"
August 12, 2012 0

Hermosa Beach Police Chief and Councilman Fishman Defend $100,000 Meter Maids on Grounds "When You Outsource, You Take Away Union Jobs"

By News Desk

Please consider Hermosa Beach Meter Maids Make Nearly $100K When contemplating the many reasons cities in California and elsewhere are venturing closer to bankruptcy, look no further than the relatively lucrative and often-unjustifiable salaries bestowed on municipal employees – and the lofty pension benefits attached to the high pay. One of the latest examples comes from the California coastal city of Hermosa Beach, where some community service staffers who collect money from parking meters and manage their operations – positions once widely known as “meter maidsâ€â€“ are making nearly $100,000 a year in total compensation, according to city documents. There are 10 parking enforcement employees for the 1.3-square-mile beach city southwest of downtown Los Angeles, and they pull down some disproportionate compensation, considering their job functions.

Ponzi Bank Financing of "Wealth Management Products" in China Backed by Dubious Real Estate Projects; "Golden Elephants", Poway, …
August 12, 2012 0

Ponzi Bank Financing of "Wealth Management Products" in China Backed by Dubious Real Estate Projects; "Golden Elephants", Poway, …

By News Desk

Financial Times Alphaville picked up on the story in Chinese Banks’ Weapons of Mass Ponzi We wrote last week that China’s shadow banking system was reflecting and, to an extent, contributing to a growing liquidity risk which in turn is being exacerbated by net capital outflows. Since then, there have been some interesting revelations on the domestic liquidity management, especially in shadow banking, and especially especially in wealth management products