Yearly Archives: 2013

Michigan governor appoints technocrat to run Detroit

"Michigan Governor Rick Snyder tapped a restructuring expert who helped successfully steer Chrysler through a government-backed bankruptcy to lead a state takeover of Detroit. The move by a white, Republican governor to take control of a predominantly black and Democratic city has drawn intense criticism and charges of racism. The choice of Kevyn Orr, an African American and Democrat who grew up in Michigan, should help stem some of that criticism. Emergency managers have the power to eliminate entire departments, change labor contracts, sell city assets and rewrite laws without any public review or input." Continue reading →

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Kwame Kilpatrick guilty: For destitute Detroit, downfall of ex-mayor complete

"Former Detroit Mayor Kwame Kilpatrick was found guilty Monday under federal corruption charges of scheming to enrich himself and his close confidants during his tenure in public office. The verdict, which was announced after 15 days of jury deliberations, concludes a saga that has gripped the destitute city for over two years and represents the staggering downfall of Mr. Kilpatrick. The tales of personal excess resulting from systemic graft arrives one day before the city tries to make a last-ditch attempt to fight the takeover of its troubled finances by an emergency financial manager." Continue reading →

Continue ReadingKwame Kilpatrick guilty: For destitute Detroit, downfall of ex-mayor complete

IMF Chief Christine Lagarde’s Flat Raided Over French ‘Payout’ Probe

"Police are investigating claims that Lagarde, when French Finance Minister under Nicolas Sarkozy, acted illegally in approving the €285m arbitration payout to Bernard Tapie. Lagarde denies any wrongdoing. It was conducted a day after France's budget minister resigned after being targeted in a tax fraud inquiry. Socialist President Francois Hollande came to power last May vowing to crack down on the cozy relationships between politicians and businessmen he said were rife under Sarkozy. Lagarde was in Frankfurt and not in her Paris flat at the time of the search, a spokesman for the IMF chief said." Continue reading →

Continue ReadingIMF Chief Christine Lagarde’s Flat Raided Over French ‘Payout’ Probe

U.S. complains about ‘excessive’ business class travel by UN staff

"The United States is taking aim at 'excessive' business class air travel by UN staff as it presses a campaign to restrain the global body’s multi-billion dollar budget. The United Nations spent at least $769 million of its general budget of more than $5 billion in 2010-11 on moving officials and staff around the world, according to UN figures. The peacekeeping department, which has its own budget, spent another $200 million. Some $54 million of the $74 million of air tickets bought at the main headquarters in New York and Geneva were business class. Diplomats say the figure is probably much higher as no clear figures have been given." Continue reading →

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UN official tells US to stop drone strikes

"With America's drone capabilities expanding, the United Nations has stepped in and is demanding the US stop conducting unmanned airstrikes in Pakistan. The UN is calling the drone program a violation of the country's sovereignty and the attacks are being carried out without the consent of the people of Pakistan." Continue reading →

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Soviet-era bonds: Paper chase [2000]

"Should kidnap victims pay their debts? That, roughly, is the question facing Estonia, which issued £700,000 ($3.4m) and $4m in 40-year bonds in 1927, but was then annexed by the Soviet Union in 1940. Most investors swallowed their losses. But not William Hardison, a Florida-based businessman, who holds around $90,000-worth of the septuagenarian paper. Estonia's booming, debt-free economy is one of the most successful in the ex-communist world. But the situation with Estonia's kidnapper is rather different. Russia took on the Soviet Union's assets and liabilities in 1991, and has since bargained hard to get out of paying the latter." Continue reading →

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Brezhnev Bonds Haunt Putin as Investors Hunt $785 Billion

"Holders of Soviet bonds first sold in Communist leader Leonid Brezhnev’s final year are getting in France what they can’t get from President Vladimir Putin: money. The European Court of Human Rights in Strasbourg ordered Russia last month to pay on part of the 25 trillion rubles ($785 billion), equal to almost half of Russian economic output, the government says it still owes the public from lost Soviet savings. Putin is stalling, most recently signing an order in April to halt payments on the notes until at least 2015. Now, armed with court rulings, veteran speculators are joining pensioners in seeking to cash in." Continue reading →

Continue ReadingBrezhnev Bonds Haunt Putin as Investors Hunt $785 Billion

Russia yet to decide on Cyprus loan extension

"Russia has made no decision yet on whether to extend the duration or ease the terms of a sovereign loan to Cyprus, a government source told Reuters on Monday. European Union officials, who over the weekend agreed a 10 billion euro bailout for the Mediterranean island, have said they expect Russia to extend its 2.5 billion euro ($3.27 billion) loan by five years, until 2021, and refinance terms. The involvement of any Russian investors - private or state - in recapitalization of the island's struggling banks is still a matter of talks, the government source said." Continue reading →

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Was CPAC LibertarianMania?

  Many seemed to think so. The Daily Beast “Rand Paul is So Hot Right Now:” If CPAC were a music festival, Jeb Bush or Paul Ryan might be the headliner, butRand Paul would be the obscure indie band-turned-newly-hip main attraction. The senator from Kentucky’s now-infamous filibuster last week seems to have done for Paul what “coming out” [...]

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Cyprus Parliament: “Stuff It, Eurocreeps!”

"This is a major setback for the New World Order in Europe. They are barely holding the Eurozone together with promises and fiat money. The voters in tiny Cyprus have called their bluff. Let’s see what they come up with now. Let’s see how they prevent the bank run that their policies triggered. They all seem so clever. But this time, a national parliament has called their bluff. Where is their power now? What rabbit will they pull out of a hat this time?" Continue reading →

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