CLibertyC

Who Was the Richest Person Ever?

"The fabulously rich triumvir Marcus Crassus’s fortune was estimated around the year 50 BCE at some 200 million sesterces (HS). Crassus’s annual income could be estimated at 12 million HS. Thus expressed, Crassus’s income was equal to the annual incomes of about 32,000 people, a crowd that would fill about half of the Colosseum. Let us fast-forward more closely to the present and apply the same reasoning to three American wealth icons: Andrew Carnegie, John D. Rockefeller and Bill Gates." Continue reading →

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Court: Iceland doesn’t need to repay UK and Dutch depositors

"Iceland was entitled to refuse to pay immediate deposit guarantees to savers with failed online bank Icesave in Britain and the Netherlands, a European court said Monday. The ruling is the latest twist in a bitter dispute which has clouded negotiations on Iceland’s ambitions to become a member of the European Union. Deals to use tax-payer money to refund the Icesave debt have been twice rejected in referendums so the assets of failed parent Landsbanki are the only way Iceland can settle the row." Continue reading →

Continue ReadingCourt: Iceland doesn’t need to repay UK and Dutch depositors

Peter Schiff: The Biggest Loser

"For the past few generations Switzerland has enjoyed some of the strongest economic fundamentals in the world. The country boasts a high savings rate, low taxes, strong exports, low debt-to-GDP, balanced government budgets, and prior to a few years ago one of the most responsible monetary policies in the world. These attributes made the Swiss franc one of the world's 'safe haven' currencies. Despite the fact that Switzerland was an island of economic health amidst a sea of problems, the reigning economic orthodoxy convinced Swiss leaders that their strong currency was a burden rather than a blessing." Continue reading →

Continue ReadingPeter Schiff: The Biggest Loser

The bacterium that lays tiny nuggets of gold

"Among the more peculiar organisms that inhabit our Earth exists a bacterium that turns water-soluble gold into microscopic nuggets of solid gold, scientists said Sunday. Chemists have often pondered why the germ Delftia acidovorans is frequently found on the surface of tiny gold nuggets. Its presence led scientists to speculate it may be creating the particles from soluble gold — ions of gold that are dissolved in water. But the puzzle was how D. acidovorans did this trick, as soluble gold is toxic. The answer lies in a molecule excreted by the microbe that both shields the organism and transforms the poisonous ions into particles." Continue reading →

Continue ReadingThe bacterium that lays tiny nuggets of gold

Central Bankers’ Nightmare: Goldman Sachs Might Go Bust

"The central bankers of the world literally cannot conceive of what they would do if Goldman Sachs ever did go belly-up. This would threaten the entire world economy. This is why governments and central banks are not about to allow Goldman Sachs to go belly-up, which is why Goldman Sachs indulges in high-risk, high-return speculation: managers know that the firm will be bailed out. This is called moral hazard, and it is basic to the modern economy." Continue reading →

Continue ReadingCentral Bankers’ Nightmare: Goldman Sachs Might Go Bust

Italy’s Berlusconi vows to refund money from unpopular tax

"Former premier Silvio Berlusconi vowed Sunday to refund the money Italians have had to fork out for an unpopular property tax if his coalition wins this month’s elections. Speaking at a rally in Milan, Berlusconi vowed to scrap the levy and refund the taxes paid on primary residences in 2012 'as compensation for an erroneous decision by the state' — to the tune of some four billion euros ($5.5 billion). 'One should never touch the primary residence, which is the pillar on which families build,' he said, asserting that the reintroduction of the tax had caused property values to plummet 'by five to 20 percent', and had led to a drop in home sales and construction." Continue reading →

Continue ReadingItaly’s Berlusconi vows to refund money from unpopular tax

Italy risks political crisis as MPS bank scandal turns ‘explosive’

"Monte dei Paschi (MPS), the world’s oldest bank dating back to 1472, is under investigation for covering up losses on derivatives and paying over the odds for its €9bn (£7.8bn) purchase of Banca AntonVeneta in 2007. Italy’s press alleges that the inquiry has unearthed a network of bribes and kickbacks, a claim denied by the bank. The lender has lost €6.4bn since early 2011 and the damage is mounting. What makes the case so delicate are the bank’s close ties to the Italian political Left. MPS is 35pc-owned by a foundation that answers to the PD-controlled Tuscan province of Siena and was run by ex-Communist Giuseppe Mussari until his abrupt exit this month." Continue reading →

Continue ReadingItaly risks political crisis as MPS bank scandal turns ‘explosive’

Dutch SNS Bank Fails On Real Estate Losses: First “Too Big To Fail” Nationalization In Five Years

"The move, aimed 'at stabilizing the SNS Reaal group,' will cost taxpayers 3.7 billion euros ($5 billion), the Dutch Finance Ministry said in a statement today. SNS’s property- finance unit will be separated from the company. 'I scrutinized all alternative solutions involving market parties,' Finance Minister Jeroen Dijsselbloem said. 'Yesterday night I found myself compelled to conclude no acceptable total solution was offered. I therefore had to use the instrument of last resort, which is nationalization. Nationalization would safeguard financial stability and prevent serious damage to the economy. I want the private sector to contribute as much as possible.” Continue reading →

Continue ReadingDutch SNS Bank Fails On Real Estate Losses: First “Too Big To Fail” Nationalization In Five Years

Geithner: Bernanke the Buddha of Central Bankers

"I am not going to say anything nice about Ben Bernanke, because when I do, it just encourages those who think that we’re too close and that I’ve compromised the independence of the Fed. [laughter] But he knows what I think. He’s a hero. He’s the Buddha of central bankers…but more active." Continue reading →

Continue ReadingGeithner: Bernanke the Buddha of Central Bankers

Gov. Lawyer Invoved in the Prosecution of Rajaratnam and Gupta Leaves for Big Bucks Private Sector Gig

The powerful elitist law firm, Gibson Dunn & Crutcher, is expected to announce that Reed Brodsky will leave the United States attorney’s office in Manhattan to join the law firm as a partner in its white-collar criminal defense practice. Brodsky is most well known for his role in prosecuting hedge fund player Raj Rajaratnam for the non-crime of insider trading. Brodsky also led the prosecution of Rajat K. Gupta, the former Goldman Sachs director found guilty of leaking boardroom secrets to Rajaratnam. The two other prosecutors who tried Mr. Rajaratnam with Mr. Brodsky have already moved on to partnerships at corporate law firms." Continue reading →

Continue ReadingGov. Lawyer Invoved in the Prosecution of Rajaratnam and Gupta Leaves for Big Bucks Private Sector Gig