Wednesday, December 24, 2008
Tuesday, December 23, 2008
KBR Knowingly Exposed US Troops to Toxins!!!
By David Edwards and Muriel Kane for Raw Story
A CBS News investigation has obtained evidence that a subsidiary of Halliburton, the giant energy company formerly headed by Vice President Dick Cheney, knowingly exposed United States soldiers to toxic materials in Iraq.
CBS interviewed Commander James Gentry of the Indiana National Guard, who is dying of a rare form of lung cancer that he believes is the result of "months of inhaling hexavalent chromium" after his battalion was assigned in April 2003 to protect contractors from Kellogg Brown & Root (KBR) working in Iraq at a local water plant. Other members of his unit are also suffering from cancers or rashes associated with the toxic chemical, which was all over the plant.
"We didn't question what we were doing," a grief-stricken Gentry told CBS. "We just knew we had to provide a security service for the KBR. ... We would never have been there if we would have known."
CBS has obtained documents which indicate that KBR knew about the danger months before the soldiers were informed. KBR employee depositions show there were "concerns about the toxins in one part of the plant as early as May of 2003," while later minutes detail symptoms of exposure, including bloody noses and rashes.
It wasn't until the end of August that the Indiana National Guardsmen were informed that the plant was contaminated, and some say they have only just learned about it this year.
California Might Go Broke???
By Judy Lin for the Associated Press
SACRAMENTO, Calif. — California's chief financial officer warned Monday that the state would run out of money in about two months as hopes of a Christmas budget compromise melted into political finger-pointing by the end of the day.
Republican Gov. Arnold Schwarzenegger began the day on a cheerful note, suggesting that negotiations with Democratic leaders could lead to a budget deal as early as this week to help close the $42 billion shortfall that is projected through June 2010.
SACRAMENTO, Calif. — California's chief financial officer warned Monday that the state would run out of money in about two months as hopes of a Christmas budget compromise melted into political finger-pointing by the end of the day.
Republican Gov. Arnold Schwarzenegger began the day on a cheerful note, suggesting that negotiations with Democratic leaders could lead to a budget deal as early as this week to help close the $42 billion shortfall that is projected through June 2010.
Madoff Investor Commits Suicide After Losing $1.4 Billion in Ponzi Scheme
A friend of French money manager Thierry de la Villehuchet told a paper that he committed suicide in his New York office this week. His death has been confirmed by the medical examiner.
Villehuchet had plowed over a billion dollars he managed into Bernie Madoff's Ponzi scheme.
Villehuchet, 65, was the co-founder of Access International, a company that raised funds on European markets to invest with Madoff, the former pillar of Wall Street accused of running a multi-billion-dollar Ponzi scheme.
One of his close friends confirmed a newspaper report that Villehuchet committed suicide early on Tuesday, saying he had spoken to an employee at the company's New York office and that police were at the scene.
Villehuchet "could not cope with the pressure following the outbreak of the scandal," the website of La Tribune daily quoted an associate as saying.
Reportedly, 3/4 of the money Villehuchet managed was in Madoff's fund.
Bloomberg reports Thierry de la Villehuchet was found Tuesday morning:
Villehuchet had plowed over a billion dollars he managed into Bernie Madoff's Ponzi scheme.
Villehuchet, 65, was the co-founder of Access International, a company that raised funds on European markets to invest with Madoff, the former pillar of Wall Street accused of running a multi-billion-dollar Ponzi scheme.
One of his close friends confirmed a newspaper report that Villehuchet committed suicide early on Tuesday, saying he had spoken to an employee at the company's New York office and that police were at the scene.
Villehuchet "could not cope with the pressure following the outbreak of the scandal," the website of La Tribune daily quoted an associate as saying.
Reportedly, 3/4 of the money Villehuchet managed was in Madoff's fund.
Bloomberg reports Thierry de la Villehuchet was found Tuesday morning:
Sunday, December 21, 2008
$1.6 Billion Paid to Bailout Bank Execs!!!
Frank Bass and Reata Beamish--Associated Press
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.
The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.
Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.
The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.
Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.
Saturday, December 20, 2008
The Layoff Kings of 2008
1. Citigroup announced layoffs of just over 73,000.
2. The Bank of America buyout of Merrill Lynch will cost 35,000 people their jobs.
3. General Motors has said that its cuts for this year add up to almost 34,000 people.
4. Hewlett-Packard bought IT consulting firm EDS earlier this year and slashed 25,000people.
5. Lehman Brothers simply does not exist anymore. In September, the company filed for Chapter 11. Some of the people in divisions bought by other companies or kept open waiting for buyers may be OK, but more than 23,000 poor souls were shoved out of work.
6. AT&T cut more than 17,000 for the year.
7. DHL Express cut almost 15,000 people.
8. The California Department of Education shows that the public sector is not being sparred. 14,000 teachers will be out of work. If governor Schwarzenegger cannot get California’s books balanced, the state will be letting a lot more people go.
9. Starbucks closed over 600 stores and fired more than 12,000 people. The job cuts there are not over.
10. Chrysler let go over 12,000 people.
11. Citigroup cut more than 11,000 jobs.
12. Dow Chemical is closing 20 plants and laying off 5,000 workers and 6,000 contractors.
13. NASA is cutting nearly 11,000 jobs.
14. The State of California cut more than 10,000 people.
15. Sun Microsystems cut 9,500 jobs.
16. Bennigan’s filed for Chapter 7 in July. The restaurant company’s 150 company-owned stores shut down. Over 9,000 people lost jobs.
17. JP Morgan Chase bought Washington Mutual. JPM raised $10 billion to cover the costs of the transaction. It will get part of that money back by cutting over 9,000 people.
18. Bear Stearns simply disappeared in March after being in business for 85 years. More than 9,000 people were forced out of work.
19. American Airlines cut 8,500 jobs as a result of the high fuel costs slashing their number of flights.
20. Merck cut more than 8,000 jobs.
It is hard to believe that just 20 companies have cut over 400,000 people in less than a year, but it is only the tip of the iceberg.
What a NUT!!!!!!
There's an awful lot that is CRAZY about this speech by Don Blankenship, CEO of Massey Energy, the fourth largest coal company in the country, and member of the U.S. Chamber of Commerce board of directors. He says "greeniacs" are trying to take over the country. He says that people who disagree with his retrograde views on global warming and energy (climate change doesn't exist, duh) are "communists" and "atheists." He compares the editors of a newspaper that has criticized him to Osama bin Laden. This definitely has his ten toes hanging off the right wing!!!
The Warning!!! (A Must-See)
Five iconoclastic authors, one crucial message.
Filmmaker JP Sottile, after years toeing the line among the ranks of mainstream press, has broken away. His new documentary, 'The Warning,' is nothing if not an urgent plea for a return to Constitutional values in an age of rampant abuse.
Comprised of interviews with authors Robert F. Kennedy, Jr. ("Crimes Against Nature"), Naomi Wolf ("The End of America"), Naomi Klein ("The Shock Doctrine"), Chris Hedges ("American Fascists") and Joe Conason ("It Can Happen Here"), 'The Warning' plumbs deep the frightening, totalitarian advances seen in US governance since the appointment of George W. Bush, and the threats these new executive powers pose in the coming years.
Purchase the full version at Sottile's Web site, TruthToPower.tv.
UK Government Secretly Sells Off Its Shares of AWE to US
By Ben Russell, Home affairs correspondent
Britain no longer has any stake in the production of its nuclear warheads after the Government secretly sold off its shares in the Atomic Weapons Establishment in Aldermaston.
Ministers agreed to sell the remaining one-third ownership to a Californian engineering company. The announcement, which means that Americans will now produce and maintain Britain's independent nuclear deterrent, was slipped out on the eve of the parliamentary Christmas holiday. Officials refused to say how much the deal raised.
Opposition MPs last night expressed concern that the stake may have been sold off below market value to raise much-needed money for the Treasury. They accused the Government of trying to conceal the sale of the stake in AWE Management Limited by failing to make an announcement in Parliament.
There was also anger that Britain would no longer directly control the site where Britain's nuclear warheads are produced and maintained.
Anti-nuclear campaigners claimed the sale would compromise the independence of Britain's nuclear deterrent. Jeremy Corbyn, the Labour MP for Islington North, called it "astonishing", adding: "It's almost unbelievable that something as serious as the development of nuclear weapons should be privatised to an American company." Kate Hudson, chairman of the Campaign for Nuclear Disarmament, said: "It is outrageous that control of Britain's so-called 'independent' nuclear weapons is being handed over to American corporations."
Britain no longer has any stake in the production of its nuclear warheads after the Government secretly sold off its shares in the Atomic Weapons Establishment in Aldermaston.
Ministers agreed to sell the remaining one-third ownership to a Californian engineering company. The announcement, which means that Americans will now produce and maintain Britain's independent nuclear deterrent, was slipped out on the eve of the parliamentary Christmas holiday. Officials refused to say how much the deal raised.
Opposition MPs last night expressed concern that the stake may have been sold off below market value to raise much-needed money for the Treasury. They accused the Government of trying to conceal the sale of the stake in AWE Management Limited by failing to make an announcement in Parliament.
There was also anger that Britain would no longer directly control the site where Britain's nuclear warheads are produced and maintained.
Anti-nuclear campaigners claimed the sale would compromise the independence of Britain's nuclear deterrent. Jeremy Corbyn, the Labour MP for Islington North, called it "astonishing", adding: "It's almost unbelievable that something as serious as the development of nuclear weapons should be privatised to an American company." Kate Hudson, chairman of the Campaign for Nuclear Disarmament, said: "It is outrageous that control of Britain's so-called 'independent' nuclear weapons is being handed over to American corporations."
California Attorney General Jerry Brown Urges Repeal of Prop 8
Lisa Leff--Associated Press
SAN FRANCISCO — The California attorney general has changed his position on the state's new same-sex marriage ban and is now urging the state Supreme Court to void Proposition 8.
In a dramatic reversal, Attorney General Jerry Brown filed a legal brief saying the measure that amended the California Constitution to limit marriage to a man and a woman is itself unconstitutional because it deprives a minority group of a fundamental right. Earlier, Brown had said he would defend the ballot measure against legal challenges from gay marriage supporters.
But Brown said he reached a different conclusion "upon further reflection and a deeper probing into all the aspects of our Constitution.
"It became evident that the Article 1 provision guaranteeing basic liberty, which includes the right to marry, took precedence over the initiative," he said in an interview Friday night. "Based on my duty to defend the law and the entire Constitution, I concluded the court should protect the right to marry even in the face of the 52 percent vote."
The sponsors of Proposition 8 argued for the first time Friday that the court should undo the marriages of the estimated 18,000 same-sex couples who exchanged vows before voters banned gay marriage at the ballot box last month.
The Yes on 8 campaign filed a brief telling the court that because the new law holds that only marriages between a man and a woman are recognized or valid in California, the state can no longer recognize the existing same-sex unions.
From those of here at Scholar REPEAL PROP 8!!!!!
Friday, December 19, 2008
Sarah Palin's Gift to Husband for Christmas!!!
Just in time for the festive season, Burger King has released its very own men's body spray, Flame.
Not recommended for vegetarians, Flame is being promoted as "the scent of seduction with a hint of flame-broilled meat".
While the smell itself might not inspire confidence, the price will.
Flame is on sale for the credit crunch-busting sum of just $3.99 (£2.65), suggesting the Burger King promotions department has realised their contribution to the fragrance market might work best as a novelty stocking-filler.
Flame, a body spray for men, was launched this week online and in a selection of US stores.
By the way, rumor has it that Sarah will also be sending a bottle to Joe the Plumber as a token of her appreciation for his unconditional campaign contribution!!!!
US Refuses to Ratify International Call to Decriminalize Homosexuality
This administration (1) doesn't know how to play well with others, and (2) continues to makes a pathetic mockery of its own principles. We're a country that launched a preemptive war, in part, to spread freedom. And yet, this:
Alone among major Western nations, the United States has refused to sign a declaration presented Thursday at the United Nations calling for worldwide decriminalization of homosexuality.
In all, 66 of the U.N.'s 192 member countries signed the nonbinding declaration — which backers called a historic step to push the General Assembly to deal more forthrightly with any-gay discrimination. More than 70 U.N. members outlaw homosexuality, and in several of them homosexual acts can be punished by execution.
Co-sponsored by France and the Netherlands, the declaration was signed by all 27 European Union members, as well as Japan, Australia, Mexico and three dozen other countries. There was broad opposition from Muslim nations....
So why were we the only Western nation to opt out?
According to some of the declaration's backers, U.S. officials expressed concern in private talks that some parts of the declaration might be problematic in committing the federal government on matters that fall under state jurisdiction. In numerous states, landlords and private employers are allowed to discriminate on the basis of sexual orientation; on the federal level, gays are not allowed to serve openly in the military.
Sure. Why would we sign an internationally supported declaration in favor of human rights? It would keep local landlords and private employers from discriminating. We can't have that!
Alone among major Western nations, the United States has refused to sign a declaration presented Thursday at the United Nations calling for worldwide decriminalization of homosexuality.
In all, 66 of the U.N.'s 192 member countries signed the nonbinding declaration — which backers called a historic step to push the General Assembly to deal more forthrightly with any-gay discrimination. More than 70 U.N. members outlaw homosexuality, and in several of them homosexual acts can be punished by execution.
Co-sponsored by France and the Netherlands, the declaration was signed by all 27 European Union members, as well as Japan, Australia, Mexico and three dozen other countries. There was broad opposition from Muslim nations....
So why were we the only Western nation to opt out?
According to some of the declaration's backers, U.S. officials expressed concern in private talks that some parts of the declaration might be problematic in committing the federal government on matters that fall under state jurisdiction. In numerous states, landlords and private employers are allowed to discriminate on the basis of sexual orientation; on the federal level, gays are not allowed to serve openly in the military.
Sure. Why would we sign an internationally supported declaration in favor of human rights? It would keep local landlords and private employers from discriminating. We can't have that!
The Coldest Town on Earth!!!!
If you're miserable because your Friday afternoon is gray and frigid, be thankful you don't live in the Siberian town of Oymyakon (map), where -31 Celcius is the sort of day when kids are happy to go out and play. It is, officially, the coldest continuously inhabited place on Earth.
Shwarzenegger Orders Hiring Freeze, Worker Cuts
SACRAMENTO, Calif. — Gov. Arnold Schwarzenegger on Friday ordered a state hiring freeze and payroll cuts to conserve cash as California struggles to deal with a $42 billion budget deficit.
The governor issued an executive order that requires state agencies to reduce payroll by 10 percent, which could lead to massive layoffs. He also ordered the state's 235,000 employees to take two days off a month without pay, starting Feb. 1.
Schwarzenegger also issued an executive order calling lawmakers back into session to deal with the budget for the third time in two months. On Thursday he announced he would veto an $18 billion Democratic deficit-cutting package that he said didn't do enough to address the financial crisis.
In a letter to state workers, Schwarzenegger said California must take emergency steps that will require sacrifices from everyone.
Written by Judy Lin for the Associated Press
The governor issued an executive order that requires state agencies to reduce payroll by 10 percent, which could lead to massive layoffs. He also ordered the state's 235,000 employees to take two days off a month without pay, starting Feb. 1.
Schwarzenegger also issued an executive order calling lawmakers back into session to deal with the budget for the third time in two months. On Thursday he announced he would veto an $18 billion Democratic deficit-cutting package that he said didn't do enough to address the financial crisis.
In a letter to state workers, Schwarzenegger said California must take emergency steps that will require sacrifices from everyone.
Written by Judy Lin for the Associated Press
Tiger Temple!!! Amazing!!!
Deep in the heart of Western Thailand, where the River Kwai weaves through the rich green jungle, the monks of the Wat Pa Luang Ta Bua Temple are beginning their day.
They walk through the town and collect alms from the locals. But back at the temple for breakfast and prayers, it's clear that this Buddhist monastery is like no other, for this handful of monks live with some of the deadliest animals in the world.
They call it the Tiger Temple, and its story is the stuff of fairy tales. According to Abbot Pra-Acharn Phusit, a tiger cub orphaned by poachers was brought to the temple years ago.
The abbot cared for her and, as word spread, more people brought sickly and orphaned cubs to the temple's doorstep. Those cubs went on to have their own cubs, and nine years on there are now 34 tigers living here.
Arctic Ice Melt at Point of No Return
--The Independent by Steve Connor--
Scientists have found the first unequivocal evidence that the Arctic region is warming at a faster rate than the rest of the world at least a decade before it was predicted to happen.
Climate-change researchers have found that air temperatures in the region are higher than would be normally expected during the autumn because the increased melting of the summer Arctic sea ice is accumulating heat in the ocean. The phenomenon, known as Arctic amplification, was not expected to be seen for at least another 10 or 15 years and the findings will further raise concerns that the Arctic has already passed the climatic tipping-point towards ice-free summers, beyond which it may not recover.
The Arctic is considered one of the most sensitive regions in terms of climate change and its transition to another climatic state will have a direct impact on other parts of the northern hemisphere, as well more indirect effects around the world.
Blah-go, Blah-go, Blah-go!!!
Visit msnbc.com for Breaking News, World News, and News about the Economy
Gates Orders Development of Plans to Close Guantanamo
by: Jonathan S. Landsay and Margaret Talev, McClatchy NewspapersWashington - The Defense Department is drawing up plans to close the Guantanamo Bay military prison in anticipation that one of President-elect Barack Obama's first acts will be ordering the closure of the detention center associated with the abuse of terror suspects.
Defense Secretary Robert Gates "has asked his team for a proposal on how to shut (the detention center) down, what would be required specifically to close it and move the detainees from that facility while at the same time, of course, ensuring that we protect the American people from some dangerous characters," Pentagon spokesman Geoff Morrell told reporters on Thursday.
The prison, built to hold suspected terrorists after the 2001 U.S.-led military intervention in Afghanistan, now houses about 250 detainees, including Khalid Sheikh Mohammad and others accused in connection with the Sept. 11, 2001, terrorist attacks.
Obama, who's asked Gates to stay on as his defense secretary, has said that he wants to close the prison within two years of taking office on Jan. 20. Gates also has spoken publicly about the need to close the facility.
"If this is one of the president-elect's first orders of business, the secretary wants to be prepared to help him as soon as possible," Morrell said. "The request (for a closure plan) has been made, his team is working on it so that he can be prepared to assist the president-elect should he wish to address this very early in his tenure."
Defense Secretary Robert Gates "has asked his team for a proposal on how to shut (the detention center) down, what would be required specifically to close it and move the detainees from that facility while at the same time, of course, ensuring that we protect the American people from some dangerous characters," Pentagon spokesman Geoff Morrell told reporters on Thursday.
The prison, built to hold suspected terrorists after the 2001 U.S.-led military intervention in Afghanistan, now houses about 250 detainees, including Khalid Sheikh Mohammad and others accused in connection with the Sept. 11, 2001, terrorist attacks.
Obama, who's asked Gates to stay on as his defense secretary, has said that he wants to close the prison within two years of taking office on Jan. 20. Gates also has spoken publicly about the need to close the facility.
"If this is one of the president-elect's first orders of business, the secretary wants to be prepared to help him as soon as possible," Morrell said. "The request (for a closure plan) has been made, his team is working on it so that he can be prepared to assist the president-elect should he wish to address this very early in his tenure."
Aetna Inc. Adding to the U.S. Unemployment Rate
Aetna Inc. is laying off 1,000 employees companywide, including about 375 in Connecticut — nearly 5 percent of its workforce here — to protect profits in a declining economy.Hartford-based Aetna notified affected employees Wednesday and said the job cuts will "align administrative expenses with the company's growth outlook for 2009 and redirect resources to areas with a greater potential for future growth."The group health and life insurer has about 7,850 employees in Connecticut, excluding part-timers and including people on maternity or disability leave. A little less than half of the 375 Connecticut layoffs are in Hartford, and most of the rest are in Middletown.The 1,000 companywide layoffs represent a little less than 3 percent of Aetna's 36,208 employees.
Bush Finally Aprroves Low-Interest Loan to Automakers
The White House has come to the rescue of beleaguered General Motors and Chrysler by providing them with $17.4 billion in low-interest loans, ABC News has learned.
"In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action," President Bush said today. "It could send our suffering economy into a deeper and longer recession. And it would leave the next president to confront the demise of a major American industry in his first days of office."
The money for the loans will come from the Troubled Asset Relief Program fund, signed into law this fall to bail out the financial industry.
The Treasury Department will provide $13.4 billion in short-term financing in December and January and plans to make another $4 billion available in February, provided Congress allows the White House to reach into the second half of the $700 billion TARP fund.
The White House has been talking to the Obama team about its strategy, and the incoming Democratic administration has expressed no objections to the plan, sources told ABC News.
President-elect Obama will take office on Jan. 20.
Details of the Plan
Under the terms of the deal, GM will get $9.4 billion in December and January while Chrysler will get a $4 billion loan. Chrysler will get another $4 billion in February, according to White House Deputy Chief of Staff Joel Kaplan. The Ford Motor Company is not included because they did not ask for a loan.
The loans come with strings attached, including limits on executive compensation and a ban on the use of corporate jets. The automakers will need to restructure, getting tough concessions from creditors, suppliers and the labor union.
The deal also includes non-binding "target" provisions, including making work rules and wages competitive with workers at foreign car companies in the U.S.
Treasury Secretary Henry Paulson will administer the plan until Jan. 20, at which point there will be another presidential designee to oversee the loans under the new administration.
If the companies cannot prove they are financially viable by March 31, the loans will be recalled and the money returned to the Treasury.
The White House is also calling for no dividends for stockholders until the money is paid back, and stipulating that the government can block transactions over $100 million.
Other non-binding targets of the plan include debt reductions by two-thirds as well as the elimination of jobs banks, a system that allows workers to get paid a large percentage of their wages even when they're not called in to work.
"In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action," President Bush said today. "It could send our suffering economy into a deeper and longer recession. And it would leave the next president to confront the demise of a major American industry in his first days of office."
The money for the loans will come from the Troubled Asset Relief Program fund, signed into law this fall to bail out the financial industry.
The Treasury Department will provide $13.4 billion in short-term financing in December and January and plans to make another $4 billion available in February, provided Congress allows the White House to reach into the second half of the $700 billion TARP fund.
The White House has been talking to the Obama team about its strategy, and the incoming Democratic administration has expressed no objections to the plan, sources told ABC News.
President-elect Obama will take office on Jan. 20.
Details of the Plan
Under the terms of the deal, GM will get $9.4 billion in December and January while Chrysler will get a $4 billion loan. Chrysler will get another $4 billion in February, according to White House Deputy Chief of Staff Joel Kaplan. The Ford Motor Company is not included because they did not ask for a loan.
The loans come with strings attached, including limits on executive compensation and a ban on the use of corporate jets. The automakers will need to restructure, getting tough concessions from creditors, suppliers and the labor union.
The deal also includes non-binding "target" provisions, including making work rules and wages competitive with workers at foreign car companies in the U.S.
Treasury Secretary Henry Paulson will administer the plan until Jan. 20, at which point there will be another presidential designee to oversee the loans under the new administration.
If the companies cannot prove they are financially viable by March 31, the loans will be recalled and the money returned to the Treasury.
The White House is also calling for no dividends for stockholders until the money is paid back, and stipulating that the government can block transactions over $100 million.
Other non-binding targets of the plan include debt reductions by two-thirds as well as the elimination of jobs banks, a system that allows workers to get paid a large percentage of their wages even when they're not called in to work.
Paulson Urges Release of Next $350 Billion From TARP
By Robert Schmidt
Dec. 19 (Bloomberg) -- Treasury Secretary Henry Paulson urged Congress to release the second half of the $700 billion financial rescue fund after exhausting the first $350 billion in less than three months.
Congress, which passed the Troubled Asset Relief Program on Oct. 3, “will need to release the remainder of the TARP to support financial market stability,” Paulson said today in a statement released in Washington. “I will discuss that process with the congressional leadership and the President-elect’s transition team in the near future.”
The Treasury today agreed to lend $13.4 billion to General Motors Corp. and Chrysler LLC, after spending $335 billion mostly to increase bank capital. Lawmakers, who can vote against giving Paulson the remaining funds, have criticized the Bush administration for not using the rescue package to help homeowners facing foreclosure.
While the Treasury has allocated most of the first $350 billion, not all of it has been actually disbursed. Paulson said that he was confident that “in the very short-term” the government has enough money on hand to “address a significant financial market event.”
Dec. 19 (Bloomberg) -- Treasury Secretary Henry Paulson urged Congress to release the second half of the $700 billion financial rescue fund after exhausting the first $350 billion in less than three months.
Congress, which passed the Troubled Asset Relief Program on Oct. 3, “will need to release the remainder of the TARP to support financial market stability,” Paulson said today in a statement released in Washington. “I will discuss that process with the congressional leadership and the President-elect’s transition team in the near future.”
The Treasury today agreed to lend $13.4 billion to General Motors Corp. and Chrysler LLC, after spending $335 billion mostly to increase bank capital. Lawmakers, who can vote against giving Paulson the remaining funds, have criticized the Bush administration for not using the rescue package to help homeowners facing foreclosure.
While the Treasury has allocated most of the first $350 billion, not all of it has been actually disbursed. Paulson said that he was confident that “in the very short-term” the government has enough money on hand to “address a significant financial market event.”
Fed OK's Rules Barring Unfair Credit Card Practices
WASHINGTON, Dec 18 (Reuters) - The U.S. Federal Reserve on Thursday approved final rules aimed at cracking down on unfair credit card practices and improving disclosures to consumers.
The regulations on unfair and deceptive practices, approved earlier on Thursday by the Office of Thrift Supervision and the National Credit Union Administration, restrict surprise fees and interest rate hikes and are expected to result in lower revenue for credit card issuers.
The disclosure regulations will provide credit card users with more information about the negative impacts of late payments and paying minimum amounts, as well as more prominent information on rates and fees. (Reporting by Karey Wutkowski and John Poirier, editing by Gerald E. McCormick)
The regulations on unfair and deceptive practices, approved earlier on Thursday by the Office of Thrift Supervision and the National Credit Union Administration, restrict surprise fees and interest rate hikes and are expected to result in lower revenue for credit card issuers.
The disclosure regulations will provide credit card users with more information about the negative impacts of late payments and paying minimum amounts, as well as more prominent information on rates and fees. (Reporting by Karey Wutkowski and John Poirier, editing by Gerald E. McCormick)
Stand Up Against Bush's Giveaway of America's Redrock Wilderness
Written by Robert Redford
You can't put a price on silence or solitude. You can't quantify the beauty of wilderness. And yet that's not going to stop the Bush administration from trying to sell off what should be the birthright of future generations.In three days, this Friday, 110,000 acres of majestic Utah wild lands go on the auction block, to be sold to the highest bidders in the oil and gas industry. It's a last-ditch effort by a corrupt administration to further enrich its friends in the dirty fuels business. If they succeed, they'll leave a wasteland behind them.Never mind that we the People of the United States just rejected the failed energy policy of "drill, baby, drill!" Never mind that once industrialized, these precious lands will be marred for centuries. Ravaging these places will put cash in the pockets of greedy speculators, even if it won't solve our energy problems.
The miraculous thing about America though, is that we the People have options. And one of those options is to take a corrupt and foolish administration to court.This morning I stood with my friends at the Natural Resources Defense Council (NRDC) and Rep. Brian Baird (D-WA) to announce an emergency lawsuit aimed at stopping this wanton destruction of Utah wilderness. Sharon Buccino, the head of NRDC's lands program, has been fighting the Bush administration for eight years, holding the line against an industrial juggernaut. She says it's illegal under federal law for the Bureau of Land Management to just snap its fingers and sell off national treasures. In its rush, BLM just ignored the rules.Sharon's case will be among the last lawsuits NRDC ever files against the Bush administration. Most of those lawsuits have been successful. I don't know the odds on this one, but my fingers are crossed. It could be our last chance to protect these irreplaceable lands.
Bush may be a lame duck president, but he can still quack.
The miraculous thing about America though, is that we the People have options. And one of those options is to take a corrupt and foolish administration to court.This morning I stood with my friends at the Natural Resources Defense Council (NRDC) and Rep. Brian Baird (D-WA) to announce an emergency lawsuit aimed at stopping this wanton destruction of Utah wilderness. Sharon Buccino, the head of NRDC's lands program, has been fighting the Bush administration for eight years, holding the line against an industrial juggernaut. She says it's illegal under federal law for the Bureau of Land Management to just snap its fingers and sell off national treasures. In its rush, BLM just ignored the rules.Sharon's case will be among the last lawsuits NRDC ever files against the Bush administration. Most of those lawsuits have been successful. I don't know the odds on this one, but my fingers are crossed. It could be our last chance to protect these irreplaceable lands.
Bush may be a lame duck president, but he can still quack.
Thursday, December 18, 2008
GM, Chrysler close in on deal for loans: sources
By Poornima Gupta and Kevin Krolicki
DETROIT (Reuters) - General Motors Corp and Chrysler LLC made significant progress late Thursday on a deal to secure emergency loans as part of a U.S. government aid package, people familiar with the talks said.
The package would demand sweeping restructuring at the troubled automakers in exchange for bridge loans to carry GM and Chrysler for several months, according to the sources.
Emergency federal loans for the two companies could be announced by the government as early as Friday, according to the sources who were not authorized to discuss the negotiations.
Representatives of the two automakers and the U.S. government continued talks late into the evening on Thursday, people familiar with the closed-door discussions said.
Both GM and Chrysler have been forced to idle plants and lay off thousands of workers across North America as they try to shore up cash and have warned they could face bankruptcy without federal assistance.
The aid package being spearheaded by the White House would demand that both automakers restructure by seeking new concessions from organized labor and creditors, two people briefed on the talks said.
GM and Chrysler have not commented on the aid talks with the Bush administration which have continued over the past week after an attempt to pass legislation to support the industry failed in the U.S. Senate.
In interviews on Thursday, U.S. President George W. Bush said he was concerned about the impact a "disorderly bankruptcy" might have on markets and the economy.
But Bush, who leaves office next month, also said the automakers would have to show they have workable plans to become competitive and profitable.
One remaining uncertainty is where an emergency federal bridge loan would leave Chrysler, widely considered the weakest of the U.S. automakers.
Chrysler Chief Executive Bob Nardelli said last month the privately held automaker needs both taxpayer-backed loans and an alliance with one or more automakers to survive.
More recently, Nardelli has said the automaker could restructure to emerge as a stand-alone competitor, but most analysts are skeptical of that prospect because of Chrysler's heavy reliance on the deeply depressed U.S. market and its inability to fund new vehicle development programs.
Cerberus Capital Management, the private equity firm that bought 80 percent of Chrysler from Daimler AG, has retained advisors to study a range of options for the No. 3 U.S. automaker, including selling off its most valuable assets, including its Jeep brand and its minivan line.
Both GM and Chrysler have said a bankruptcy filing is not an option they would chose because of the risk that it would drive more consumers away from their brands.
The Detroit-based automakers have also said a bankruptcy filing by one could topple suppliers and endanger the remaining two companies because of the overlap in their key parts suppliers.
Ford Motor Co is not seeking emergency loans but has asked the government to consider standby credits it could draw on if its own position worsens more than expected in 2009 or if Chrysler or GM were to fail.
Both GM and Chrysler have been hard hit by the sudden tightening of credit since September, a development that has made it harder for their dealers to carry inventory and for consumers to find financing.
GM's sales in the U.S. market dropped 41 percent in November and are down 22 percent this year with only December sales results remaining.
Chrysler sales have dropped 28 percent this year. From Friday, the No. 3 U.S. automaker will be shutting all 30 of its plants for at least a month in order to keep inventories of unsold vehicles from building further.
(Additional reporting by Jui Chakravorty in New York and John Crawley in Washington; Editing by Anshuman Daga)
DETROIT (Reuters) - General Motors Corp and Chrysler LLC made significant progress late Thursday on a deal to secure emergency loans as part of a U.S. government aid package, people familiar with the talks said.
The package would demand sweeping restructuring at the troubled automakers in exchange for bridge loans to carry GM and Chrysler for several months, according to the sources.
Emergency federal loans for the two companies could be announced by the government as early as Friday, according to the sources who were not authorized to discuss the negotiations.
Representatives of the two automakers and the U.S. government continued talks late into the evening on Thursday, people familiar with the closed-door discussions said.
Both GM and Chrysler have been forced to idle plants and lay off thousands of workers across North America as they try to shore up cash and have warned they could face bankruptcy without federal assistance.
The aid package being spearheaded by the White House would demand that both automakers restructure by seeking new concessions from organized labor and creditors, two people briefed on the talks said.
GM and Chrysler have not commented on the aid talks with the Bush administration which have continued over the past week after an attempt to pass legislation to support the industry failed in the U.S. Senate.
In interviews on Thursday, U.S. President George W. Bush said he was concerned about the impact a "disorderly bankruptcy" might have on markets and the economy.
But Bush, who leaves office next month, also said the automakers would have to show they have workable plans to become competitive and profitable.
One remaining uncertainty is where an emergency federal bridge loan would leave Chrysler, widely considered the weakest of the U.S. automakers.
Chrysler Chief Executive Bob Nardelli said last month the privately held automaker needs both taxpayer-backed loans and an alliance with one or more automakers to survive.
More recently, Nardelli has said the automaker could restructure to emerge as a stand-alone competitor, but most analysts are skeptical of that prospect because of Chrysler's heavy reliance on the deeply depressed U.S. market and its inability to fund new vehicle development programs.
Cerberus Capital Management, the private equity firm that bought 80 percent of Chrysler from Daimler AG, has retained advisors to study a range of options for the No. 3 U.S. automaker, including selling off its most valuable assets, including its Jeep brand and its minivan line.
Both GM and Chrysler have said a bankruptcy filing is not an option they would chose because of the risk that it would drive more consumers away from their brands.
The Detroit-based automakers have also said a bankruptcy filing by one could topple suppliers and endanger the remaining two companies because of the overlap in their key parts suppliers.
Ford Motor Co is not seeking emergency loans but has asked the government to consider standby credits it could draw on if its own position worsens more than expected in 2009 or if Chrysler or GM were to fail.
Both GM and Chrysler have been hard hit by the sudden tightening of credit since September, a development that has made it harder for their dealers to carry inventory and for consumers to find financing.
GM's sales in the U.S. market dropped 41 percent in November and are down 22 percent this year with only December sales results remaining.
Chrysler sales have dropped 28 percent this year. From Friday, the No. 3 U.S. automaker will be shutting all 30 of its plants for at least a month in order to keep inventories of unsold vehicles from building further.
(Additional reporting by Jui Chakravorty in New York and John Crawley in Washington; Editing by Anshuman Daga)
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