Get Ready, If BP Goes Bankrupt? Worse Than Enron Times 10

If BP does go bust (regardless of whether it is deserved), and even if it is just badly wounded and the US entity is allowed to fail, the long-term OTC derivatives in the oil, refined products and natural gas markets that get nullified could be catastrophic. These will kick-back into the banking system. BP is [...]

Detroit’s Unemployment Rate Is Nearly 50%

Officially, Detroit’s unemployment rate is just under 30 percent. But the city’s mayor and local leaders are suggesting a far more disturbing figure — the actual jobless rate, they say, is closer to 50 percent. As many have noted, the Bureau of Labor Statistics, which culls federal unemployment data, does not account for all of [...]

Washington Hands Out $15 Million in Bonuses Despite Recession

The economy has been in the dumps for years, but the good times keep on rolling for some favored D.C. employees. City officials have doled out nearly $15 million in bonuses and awards since Mayor Adrian Fenty took office in January 2007, records obtained by The Examiner under the Freedom of Information Act show. Among [...]

US Mint Suspends 1 Oz. Gold Sales: No Gold Left!

Once again the U.S. mint has had to suspend sales of all its one-ounce gold coins, and some fractional ones too, as its supplies of physical gold cannot meet the demand. Author: Lawrence Williams Posted: Monday , 07 Dec 2009 LONDON – “The United States Mint has depleted its inventory of 2009 American Buffalo One [...]

Obama’s reversal on Patriot Act reform ‘a major travesty’

Key components in the USA Patriot Act are set to expire at the end of the year, but President Barack Obama is seeking to extend them, reversing his stark opposition in the past to the same provisions. “The president’s reversal on Patriot Act reform is a major travesty,” said Michelle Richardson, Legislative Counsel for the [...]