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U.S. seeking $6 billion from JPMorgan to settle mortgage claims

“U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. The FHFA litigation is among a raft of legal issues JPMorgan is trying to work through in addition to investigations over its $6.2 billion ‘London Whale’ derivatives loss of last year. The FHFA, which oversees Fannie Mae and Freddie Mac, sued JPMorgan over some $33 billion of securities two years ago and also sued at least 16 other financial institutions. Fannie Mae and Freddie Mac were seized by the government in 2008 and received $187.5 billion to stay afloat.” Continue reading →

Delta and Virgin Atlantic venture gets tentative immunity from antitrust laws

“Delta Air Lines and Virgin Atlantic Airways on Friday won tentative US approval for antitrust immunity for their proposed transatlantic joint venture, officials said. The Department of Transportation said it had recommended approving a request by the two airlines for protection from prosecution over antitrust issues, saying the tie-up would likely increase competition. The antitrust immunity ‘would allow the airlines to operate a joint venture on flights between the United States and the United Kingdom,’ the department said on its website.” Continue reading →

Peter Schiff: The Unfriendly Skies

“The truth is that our impoverished citizenry can no longer support the airline industry we once had. That’s why American and U.S. Air had to merge in order to stay competitive and profitable. That is the sad truth behind the headlines. The government is correct about one thing, the merger would result in fewer choices and higher fares for customers. But given the reduction of our living standards that outcome is impossible to avoid. If our government really wants to protect consumers and allow for more affordable air travel, a better solution would be to reverse the destructive policies that made the merger necessary in the first place.” Continue reading →

The Undead Corporate Welfare Programs For Automakers

“Originally created by Congress in 2007, the Advanced Technology Vehicle Manufacturing Program provided low-cost government loans that were subsidized, guaranteed, and then in part eaten, as we now know, by hapless and strung-out American taxpayers. Ford was the top beneficiary. While bragging vociferously that it hadn’t been bailed out by the government, as opposed to GM and Chrysler, it received a $5.9 billion loan under that program ostensibly to retool its plants and start producing electric vehicles. Nissan got $1.4 billion to build its plug-in EV, the Leaf. Tesla got $465 million. It is building a few, very expensive plug-in EVs a day. Others weren’t so ‘successful.'” Continue reading →

Cody Willard: Game plan for a completely corrupted market

“So, what’s the game plan? It remains the same. You want to remain net long those inflated stocks for at least a while longer, but much less aggressively long than we were two and three years ago when stock prices were much lower. You want to keep buying and scaling into more real physical gold and silver (and a tiny position in Bitcoins too). Coins and bullion that you have stored yourself somewhere safe (not a paper promise, but the real stuff that you can hold). You want to start shorting Treasurys, but not rush into a big position anytime soon. The trends and systems and bubbles we’re seeing in front of us presently can last much longer than most bears thinks possible.” Continue reading →

Japan’s debt-funding costs to hit $257 billion next year

“Japan expects to spend a record $257 billion to service its debt during the next fiscal year, a document obtained by Reuters showed, underscoring the huge burden created by the government’s borrowings. That will be up 13.7 percent from the amount set aside for the current fiscal year, reflecting the ministry’s plan to guard against any future rise in long-term interest rates. Years of fiscal stimulus to revive a stagnant economy and surging social welfare costs for a rapidly ageing population have led to Japan running a record 1,000 trillion yen ($10 trillion) in public debt, double the size of its economy and the biggest among major industrialized nations.” Continue reading →

Guarding Kerala’s Great Temple Treasures

“How much is the treasure, which has been estimated at up to one trillion rupees ($19 billion), actually worth? ‘We have no idea because the digital inventory is going on,’ he says before giving a mini inventory of his own, listing the items he has seen in the vaults. Mr. Harikumar estimates that the inventory of Vault A will take another year to complete – it began in February, with 3D images taken of each artifact with equipment provided by state-owned Keltron, an electronics specialist. Five of the six chambers have been opened but Vault B remains closed after a submission to the Supreme Court from the Travancore royal family that said opening it could unleash a curse.” Continue reading →

India might buy gold from citizens to ease rupee crisis

“The RBI will ask the banks to buy back jewelry, bars and coins for rupees. Lenders will have to offer better rates than pawn shops and jewelers to lure sellers. Selling gold reserves may sit badly with Indians, many of whom saw the 1991 sale [of 67 tonnes gold] as a public humiliation. The secret operation was only exposed after a vehicle carrying the first consignment of bullion broke down on its way to the airport from the central bank. The rupee, the worst-performing emerging market currency in Asia this year, rebounded from a record low on Thursday after the RBI said it will provide dollars directly to state oil companies to shore up the currency.” Continue reading →