JPMorgan Is Facing Federal Probe

Sept. 4 (Bloomberg) — JPMorgan Chase & Co. will stop selling interest-rate swaps to government borrowers in the $2.6 trillion U.S. municipal bond market roiled by an antitrust probe and the near bankruptcy of Alabama’s most-populous county.

At least seven former JPMorgan bankers are under scrutiny in a Justice Department criminal investigation of whether banks conspired to overcharge local governments on swaps and other derivatives. The bank also is embroiled in negotiations over how to resolve a debt crisis with Jefferson County, Alabama, where the county’s former adviser says a group of firms led by JPMorgan, the third-largest U.S. bank by assets, overcharged it by as much as $100 million for financing a new sewer system.

Read moreJPMorgan Is Facing Federal Probe

Lehman May Shift $32 Billion of Mortgage Assets to `Bad Bank’

Sept. 4 (Bloomberg) — Lehman Brothers Holdings Inc. may shift about $32 billion of commercial mortgages and real estate to a new company that will be spun off in a move similar to the good-bank-bad-bank model used in the 1980s banking crisis, two people briefed on the discussions said.

Read moreLehman May Shift $32 Billion of Mortgage Assets to `Bad Bank’

The U.S. is getting pounded this season

Sept. 4 (Bloomberg) — Tropical Storm Hanna skirted the Bahamas after killing dozens in Haiti and threatened to strike the U.S. Southeast as a hurricane by the weekend.

Farther out to sea, the “extremely dangerous” Hurricane Ike was packing 140-mph (225-kph) winds, the U.S. National Hurricane Center said.

Read moreThe U.S. is getting pounded this season

Congress is about to pour lighter fluid on Iran

There’s a great deal of support for two resolutions that, if approved, would all but strike the match on war.

The U.S. Congress may inadvertently lay the foundations for war against Iran when it reconvenes in Washington this month.

Two essentially identical nonbinding resolutions call upon President Bush to “immediately and dramatically increase the economic, political and diplomatic pressure on Iran to verifiably suspend its nuclear enrichment activities.”

The House resolution has more than 200 cosponsors, including Minnesota Reps. Michele Bachmann, John Kline and Jim Ramstad. The Senate resolution has more than 30 cosponsors, including both Minnesota senators, Norm Coleman and Amy Klobuchar.

The methods for increased pressure differ slightly in the two resolutions. The House resolution calls for “stringent inspection requirements” of all goods entering or leaving Iran. The Senate resolution does not call for the inspection of all goods but joins the House resolution in calling for an embargo of refined petroleum products to Iran, which lacks the refining capacity to meet its need for gasoline.

Achieving either goal would require a naval blockade — a de facto act of war on the part of the United States, though paradoxically both resolutions explicitly exclude authorization for military action.

Read moreCongress is about to pour lighter fluid on Iran

U.S. Food and Water Supply Poisoned by Perchlorate

(NaturalNews) According to a report by the Organic Consumers Association, a toxic chemical that is a byproduct of rocket fuel is rapidly poisoning the food and water supply in the United States. Known as perchlorate, this chemical has been found in 93% of the nation’s milk and lettuce supply in a recent FDA study. It has also been found in the drinking water for at least 22 states at extremely alarming levels. Perhaps the scariest statistic is that perchlorate has been found in the breast milk of 97% of the mothers who were tested.

What are Americans supposed to eat?

Unfortunately, lettuce and milk weren’t the only foods that were found to be contaminated. Perchlorate was found in tomatoes, carrots, cucumbers, spinach, citrus, melons and more. Sadly, even organic vegetables were affected, because most crops are irrigated from polluted water sources. In a Wired.com article by Amit Asaravala, Bill Walker, the vice president of the Environmental Working Group’s West Coast operations, was quoted as saying, “The study confirms what we and some other people have been saying for a while — that perchlorate is not only a problem in areas with known water contamination but for anyone who eats food grown in the U.S.”

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HPV Vaccine Required of Immigrants, but not Citizens


A single dose of Gardasil costs $162, and a complete vaccination requires three doses.

GREENSBORO, N.C. (WGHP) — In order to become a permanent, legal resident of the U.S., immigrants now must receive a vaccine that is not required of U.S. citizens.

Read moreHPV Vaccine Required of Immigrants, but not Citizens

Allegations of war crimes begin to surface

And it is Georgia who started this disaster:

BBC NEWS: “Fighting between Russia and Georgia began on 7 August after the Georgian military tried to retake the breakaway region of South Ossetia by force.” (Medvedev: Saakashvili is a political corpse)

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As the last of the refugees returned to the war-scarred city of Tskhinval, the horrors they’d experienced while waiting for evacuation are gradually coming to light. A video filmed on a mobile phone, which appears to show Georgian troops firing on civilian buildings, has surfaced on the Internet.


Source: YouTube

The video was apparently recorded by a Georgian soldier as he manned a machine gun. His cry of ‘Yoo hoo!’ as he fired on the building reminded viewers of ‘a child playing a video game’ – but they were real bullets and real human targets.

An investigation into crimes allegedly committed by Georgian troops is currently underway and the exact number of casualties has yet to be established.

Read moreAllegations of war crimes begin to surface

U.S. Companies Cut 33,000 Jobs in August

Sept. 4 (Bloomberg) — Companies in the U.S. cut an estimated 33,000 jobs in August, a private report based on payroll data showed today.

The decrease followed a revised gain of 1,000 for the prior month that was lower than previously estimated, ADP Employer Services said.

The extended housing slump, high raw material costs and weaker demand are prompting employers to cut staff. Economists forecast the Labor Department will report tomorrow that the U.S. lost jobs for an eighth straight month last month.

Read moreU.S. Companies Cut 33,000 Jobs in August

Massive floating generators, or ‘eco-rigs’, to provide power and food to Japan

Battered by soaring energy costs and aghast at dwindling fish stocks, Japanese scientists think they have found the answer: filling the seas with giant “eco-rigs” as powerful as nuclear power stations.

The project, which could result in village-sized platforms peppering the Japanese coastline within a decade, reflects a growing panic in the country over how it will meet its future resource needs.

The floating eco-rig generators which measure 1.2 miles by 0.5 miles (2km by 800m) are intended to harness the energy of the Sun and wind. They are each expected to produce about 300 megawatt hours of power.

Read moreMassive floating generators, or ‘eco-rigs’, to provide power and food to Japan

Who Wants To Be CEO of a Red, White and Blue Kakistocracy*?

*Kakistocracy is government by the very worst, least principled, and most incompetent people. You will be forgiven for thinking that the word, kakistocracy, perhaps derives from the word, “caca”, itself derived from the Latin, “cacare”. In fact, kakistocracy derives from the Greek, kakos, meaning “bad”.)

Read moreWho Wants To Be CEO of a Red, White and Blue Kakistocracy*?