Posted by admin! / Under Default Judgment
The Hercules Redevelopment Agency is in default on a $2.4 million bond interest payment due today. "It was inevitable there would be a default because there's not enough tax increment," City Manager Steve Duran said late Tuesday after a session in Contra Costa Superior Court in Martinez with the bond insurer, Ambac Assurance Corp. The redevelopment agency's bond debt obligations have exceeded revenue from property tax increments in recent years, and as of this week, the agency's non-housing component was $3.8 million underwater, Duran said. "You can't get blood from a turnip," he said. Ambac's suit accuses Hercules of misappropriating...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
[T]he real question that we face for all the markets is WHEN will the Sovereign Debt Crisis go into meltdown? We are in the 13th year from the Major Directional Change of 1999 that marked the birth of the Euro, low in gold and crude oil, and the bubble in shares that peaked in many countries in 2000. Just as the United States has been obsessed with the Great Depression as government always is ready to stimulate and many see this as pending hyperinflation with the end of the world, Germany suffers from the opposite delusion. There, the fear is...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
Geithner: I won't serve second termBy Peter Schroeder - 01/25/12 04:27 PM ET Treasury Secretary Timothy Geithner does not anticipate serving a second term under President Obama. Geithner said in an interview with Bloomberg Television that he is "pretty confident" the president would not ask him to stay on if he is reelected. "I'm confident he'll be president. But I'm also confident he's going to have the privilege of having another secretary of the Treasury," he said, adding that he planned to do "something else." Geithner mulled leaving the administration this summer once a deal to raise the federal debt...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
A notary public who signed tens of thousands of false documents in a massive foreclosure scam before blowing the whistle on the scandal has been found dead in her Las Vegas home. NBC station KSNV of Las Vegas reported that the woman, Tracy Lawrence, 43, was scheduled to be sentenced Monday morning after she pleaded guilty this month to notarizing the signature of an individual not in her presence. She failed to show up for her hearing, and police found her body at her home later in the day. It could not immediately be determined whether Lawrence, who faced up...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
I spoke with someone from Athens today. It’s not a pretty picture. Issues related to subsistence have replaced the fervor for demonstrations. This may not last according to this resident. The closing of stores and shops is escalating. Apparently, 20% of all retail establishments are shuttered. Nearly every block has one reminder of the ongoing depression in the economy. The Greek Diaspora is in full swing. People are leaving the country, old and young alike. They are going to Europe, where the prospects of jobs stink, but not as badly at Greece. They are also fleeing to America (family members...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
In a paper entitled “Greek debt: The endgame scenarios”, Buchheit, one of the most prominent lawyers globally in debt restructuring cases, said that that “the restructuring could be facilitated in some way by a change to Greek law”. If English law is applied to the new bonds issued under the complex PSI, the Greek side would have to face the following consequences: Property confiscation: According to international law as well as many national legal systems, when a property is located within the jurisdiction of the legislating state, the latter has the power (de facto or by law) to nationalise or...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
Romney, indeed, is the perfect foil for the Obama campaign, first because he is the very epitome of a Republican born rich who got richer by moving money around -- a millionaire plutocrat who just can't relate to "ordinary" Americans, and second because he is yet another Republican political/dynastic legatee. Think about it: We've gone from one Bush trying to outdo his Senate father by becoming president, to another Bush trying to outdo his president father by winning two terms as president, to a McCain trying to outdo his admiral father and admiral grandfather by becoming president... and now to...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
Global investment in clean energy reached a new high of $260 billion (€203 billion) last year, despite the financial crisis and the anti-environment agenda of Republicans in the US Congress, a United Nations investors' summit was told on Thursday (12 January). Data from Bloomberg New Energy Finance, which tracks clean energy investment, showed a 5% increase compared with 2010, driven largely by a surge of money going to the solar industry. Investment in solar power rose 36% last year to $136.6 billion. And while the US domestic political scene was riven by the furore over a $535-million government loan to...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
(CNSNews.com) - Federal spending bills approved by the Republican-controlled House of Representatives have increased the national debt by more than $1 trillion dollars in just 10 months. Republicans won a majority in the U.S. House of Representatives in the November 2010 elections and took control of the House on Jan. 5, 2011, when the chamber convened and elected Rep. John Boehner (R.-Ohio) as speaker. But the Republican-controlled House did not gain a veto power over federal spending until March 4, 2011. That was the expiration date of the continuing resolution (CR) that the lame-duck Democrat-controlled Congress approved in December 2010....
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
Posted by admin! / Under Default Judgment
Politico has a story about Newt agreeing not to go after Romney any more about Bain, and Newt was just on Hannity’s radio show on the issue. (I’ll post the audio if I can get it.) Newt said there are three or four instances where the record is really bad and Romney needs to defend it. Newt said the challenge is not to the model but how Romney acted in specific instances, and how odd it is that Romney runs on his business record but doesn’t want to discuss the record. Newt made the point that it is impossible to...
Published on Sunday 5th of February 2012 02:14:57 AM
continue reading
