Global News (02/17/09)

“Worst Is Yet to Come:” Americans’ Standard of Living Permanently Changed (Yahoo Finance):
…the standard of living is undergoing a “permanent change” – and not for the better as a result of:
An $8 trillion negative wealth effect from declining home values.
A $10 trillion negative wealth effect from weakened capital markets.
A $14 trillion consumer debt load amid “exploding unemployment”, leading to “exploding bankruptcies.”

Homeless families face strict new rules (Boston Globe):
Less than two years after vowing to end homelessness in Massachusetts, the Patrick administration has proposed new regulations that it acknowledges could force hundreds of homeless families back on the street.

Arnie Schwarzenegger joins the ranks of the girlie men (Times Online):
After years on the brink, California is finally going out of business

Abandon nuclear programme or lose aid, Hillary Clinton warns North Korea (Guardian):
(Excellent foreign policy! What a change!)

Will there be another Russian revolution? (Independent):
These are hard times for the town of Asbest, deep in Russia’s Urals industrial belt. For more than a century, asbestos has been mined here on a grand scale. And in recent years, despite an EU ban on the use of asbestos, the 19 factories that make up the world’s biggest asbestos mining and processing operation have been working at full stretch, fuelled by Russia’s construction boom. (Gesundheit!)

State sovereignty resolution passes in Senate Judiciary Committee (Red Dirt Report):
And while it is not getting a whole lot of attention in the mainstream press, a number of states, including Washington, New Hampshire, Arizona, Montana, Michigan, Missouri, California, and Georgia have all introduced bills and resolutions declaring sovereignty under the 10th Amendment. Additionally, Colorado, Hawaii, Pennsylvania, Arkansas, Idaho, Indiana, Alaska, Kansas, Alabama, Nevada, Maine, and Illinois are considering such measures.

Sarkozy aide warns of risk of social unrest (Reuters):
“This crisis is already going through all the chapters of an economics textbook. We should be careful that it doesn’t also go through a history textbook as well,” he said.

Afghan civilian casualty rate ‘at highest’ since Taliban (Guardian):
The number of civilians killed in the war in Afghanistan increased by 40% last year to a record 2,118 people, the UN said in a report today.

Texas Financial Firm Is Accused by US of $8 Billion Fraud (New York Times):
HOUSTON — The Securities and Exchange Commission accused Robert Allen Stanford, the chief of the Stanford Financial Group, on Tuesday of conducting “a massive ongoing fraud” in the sale of about $8 billion of high-yielding certificates of deposit held in the firm’s bank in Antigua.

Whitehall devised torture policy for terror detainees (Guardian):
MI5 interrogations in Pakistan agreed by lawyers and government

A policy governing the interrogation of terrorism suspects in Pakistan that led to British citizens and residents being tortured was devised by MI5 lawyers and figures in government, according to evidence heard in court.

Trump Entertainment files for Chapter 11 (Financial Times):
In a stinging statement released last week following his resignation from the board, Mr Trump laid the blame for the group’s demise squarely on the bondholders. He accused their representatives of making “a series of bad decisions” and said they had “encouraged wasteful spending, which has led to severe problems with the company”.

House prices falling at record rate (Telegraph):
House prices in the UK dropped by 2.3 per cent during December, pushing the annual rate at which values are falling to a new record, figures show. (What will your house be worth one year from now?!)

Lloyds facing further writeoffs as HBOS loan losses mount (Guardian)

Market surprised by size of Daimler’s loss (Financial Times):
The group’s loss of €1.95bn before interest and tax in the last quarter of 2008 surprised the market….

Eastern Europe fears hit bank stocks (Financial Times)

US envoy Richard Holbrooke warns of Islamist threat (Telegraph):
An Islamist militancy in Pakistan’s Swat region is a common threat to the United States, India and Pakistan, a special US envoy said on Monday, after meeting India’s foreign minister and top security officials.

Redundant bankers to bolster Treasury (Financial Times):
Bankers who lost their jobs in the credit crunch are to be offered work in the Treasury as Alistair Darling beefs up his department to try to keep pace with the financial crisis.The chancellor is looking to hire up to 70 people, with a focus on sharpening up the Treasury’s dealings with the Square Mile. He is expecting a flood of applications from former bankers.

European investment fund assets fall by 20% (Financial Times):
According to figures published on Tuesday by the European Fund and Asset Management Association, total net assets of European investment funds plunged to €6,142bn by end-2008. That compared with €7,909bn a year earlier.

Madoff Victims Face Grim Prospects in Court (Bloomberg):

Cash bonuses cut by 90% at RBS (Financial Times)

New case of vCJD found in Britain (Times Online):
The first case of a person infected with variant Creutzfeldt-Jakob disease (vCJD) from contaminated blood plasma will be confirmed today.

Thousands at risk of human form of mad cow disease after haemophiliac’s death (Telegraph):
Thousands of haemophiliacs are at risk of developing vCJD after the death of a man who had received infected blood clotting products.

Rise in number of pregnant women receiving anti-depressants (Times Online):
(Alternative medicine can easily help pregnant woman. Anti-depressants impair the development of the brain. Besides: Antidepressant drugs don’t work – official study)

Global News (02/16/09)

British, French nuclear subs collide in Atlantic (AP):
LONDON (AP) — Nuclear submarines from Britain and France collided deep in the Atlantic Ocean this month, authorities said Monday in the first acknowledgment of a highly unusual accident that one expert called the gravest in nearly two decades.

Top Mexico drug cop charged with working for cartel (IHT):
MEXICO CITY (Reuters) – The former head of Mexico’s special organized crime bureau has been charged with selling information to one of the country’s most powerful drug cartels, the attorney general’s office said on Sunday.

US missile strike kills 30 in Pakistan (Guardian)

America Has To Come To Grips With The Fact It Is Bankrupt (Financial Forecaster)

Japan Economy Shrinks 12.7%, Steepest Drop Since 1974 Oil Shock (Bloomberg):
Feb. 16 (Bloomberg) — Japan’s economy shrank at an annual 12.7 percent pace last quarter, the most since the 1974 oil shock, as recessions in the U.S. and Europe triggered a record drop in exports.

Unemployment forecast to reach 3 million before next election (Guardian)

Russia’s super-rich down to last few billions as fortunes slip away (Times Online)

Householders to be charged for each flush of toilet (The Sunday Telegraph):
HOUSEHOLDERS would be charged for each flush under a radical new toilet tax designed to help beat the drought. The scheme would replace the current system, which sees sewage charges based on a home’s value – not its waste water output.

Central banks urged to buy corporate debt (Financial Times)

Government pension agency braces for recession (AP):
WASHINGTON (AP) — The deepening recession spells trouble for a little-known government corporation that insures the pensions of 44 million workers and retirees.

Pound falls as CBI warns borrowing will have to rise by another £100bn (Telegraph):
The pound weakened on Monday after business leaders warned Alistair Darling will have to take on another £100bn in debt, requiring tax rises that risk depressing the economy for years.

BMW to shed 850 jobs at Mini plant (Financial Times)

UK’s richest landowner hit by slump (Guardian):
Britain’s wealthiest landowner, the Duke of Westminster, is in advanced talks with his bankers to prevent his £2bn property fund business breaching bank covenants. Pressure on the multibillionaire duke has intensified with investors in his funds suggesting that his property managers failed to heed advice to reduce borrowings 18 months ago, ahead of the collapse in property values.

Rich Chinese fly in to buy bargain homes in US (Times Online):
(Rich, but ignorant. This strategy has paid of for them in the Philippines, but not in the US. The U.S. is about to collapse. If you would buy that home to have a safe place for your family far outside of any major city, then that will be a good investment, besides from food, water, clothes, guns, gold and silver.)

Santander fund seeks to halt redemptions (Financial Times):
Spanish bank Santander has sought regulatory permission to freeze payouts from its main real-estate fund after investors sought to withdraw 80 per cent of the vehicle’s capital at once.

Pakistan to Seek Additional $4.5 Billion IMF Loan (Bloomberg)

Bad news dominates media businesses (Financial Times):
Real estate may be the gloomiest sector in the Gulf but its woes are spreading to other parts of the regional economy. Increasingly, the print media industry is feeling the pinch.

Alleged ‘brains’ of £360m fraud says he is victim (Times Online)

UK mobile phone firms to sell data about customer activity (Guardian):
The UK’s mobile phone networks are to start selling data about the internet sites visited by their customers to advertisers. The companies have been collecting the information over the past year and will use it in an attempt to generate more advertising. News that the industry has been monitoring what users do on the mobile web is likely to infuriate privacy campaigners.

Tony Blair wins million-dollar prize for global leadership (Guardian):
(… for lying GB into war.)

Iranian bioweapon researcher dies suspiciously (PRESS TV):
A US-based Iranian doctor working to discover an antitoxin therapy for biological weapons has purportedly died a “suspicious death.”

Students angered by Gaza revive sit-ins (Guardian):
“There is a new level of anger among students that we haven’t seen before,” he said. “There is definitely a new confidence among students who are beginning to realise that if they want to achieve anything simple negotiation won’t work, our actions have to escalate.”

Israel takes control of more West Bank land (AP):
JERUSALEM – Israel has taken control of a large chunk of land near a prominent West Bank settlement, paving the way for the possible construction of 2,500 settlement homes, officials said Monday, in a new challenge to Mideast peacemaking. Successive Israeli governments have broken promises to the United States to halt settlement expansion, defined by Washington as an obstacle to peace.

Livni: Give up half of ‘Land of Israel’ (AP):
JERUSALEM – Tzipi Livni, who hopes to be appointed Israel’s prime minister-designate, said Monday Israel must give up considerable territory in exchange for peace with the Palestinians, drawing a clear distinction with her rival, Benjamin Netanyahu.

Israeli brinkmanship puts Gaza truce in peril (Reuters)

Study takes step toward erasing bad memories (Reuters):
LONDON (Reuters) – A widely available blood pressure pill could one day help people erase bad memories, perhaps treating some anxiety disorders and phobias, according to a Dutch study published on Sunday. The generic beta-blocker propranolol significantly weakened people’s fearful memories of spiders among a group of healthy volunteers who took it, said Merel Kindt, a psychologist at the University of Amsterdam, who led the study.
(Bad memories are not the only thing that is weakened by beta-blockers.)

Monkeys and apes know right from wrong, scientists say (Daily Mail)

Galaxy has ‘billions of Earths’ (BBC News)

Aliens ‘may be living among us’ undetected by science (Times Online)

Indian experts find bacteria to beat global heat (The Economic Times):
ALLAHABAD: In a major breakthrough that could help in the fight against global warming, a team of five Indian scientists from four institutes of the country have discovered a naturally occurring bacteria which converts carbon dioxide (CO2) into a compound found in limestone and chalk. When used as an enzyme — biomolecules that speed up a chemical reaction — the bacteria has been found to transform CO2 into calcium carbonate (CaCO3)

Global News (02/15/09)

Wanted: ‘survival strategies’ for dying US newspapers (AFP):
WASHINGTON (AFP) — The fate of US newspapers is in the news as journalists, editors, bloggers, media pundits and concerned citizens debate the future of the troubled industry.”How to Save Your Newspaper,” is the cover story in Time in which Walter Isaacson, a former managing editor of the magazine, revives a plan to make readers pay for news online through a “micropayments” system.

Prosperous Spanish city falls victim to hard times (Independent):
In a country destroying jobs at a breathtaking rhythm, once flourishing Zaragoza and the region around it is declining even faster than the national average – with unemployment up 75% in a year. The shock has already sent protesters on to the city’s streets in their tens of thousands. “If this isn’t fixed: Strike! Strike! Strike!”, they chanted at a recent rally.

Scientists warn of first ever case of human mad cow disease from blood plasma (Telegraph):
Warnings were sent to 4,000 haemophiliacs, and patients suffering from other rare blood conditions in 2004 to warn them that they had had received transfusions from 200 batches of blood products at risk of contamination with vCJD. The plasma was collected from nine people who went on to develop the brain-wasting disease.

Japan’s economy shrinks 3.3% (Financial Times):
On an annualised basis, gross domestic product declined at a rate of 12.7 per cent… (Japan is in a Depression)

Despite Pledges, Package Has Some Pork (Washington Post):
(Some? Read the Stimulus Bill: Nancy Pelosi)

UN lobbies for share of bank rescue funds (Times Online):
The UN and the World Bank are lobbying for a portion of the billions of dollars allocated to bailing out the West’s banking systems to be diverted to prevent 400 million people sinking into poverty across Asia in the wake of the global economic crisis. UN officials say that such a plan is necessary to prevent severe social unrest in poor countries, especially among the tens of millions of migrant workers who are being forced back to their villages as jobs dry up in the cities of Asia.

Fraud probe into UK firm’s role in collapse of world’s largest insurer AIG (Daily Mail)

Large US banks on brink of insolvency, experts say (IHT)

US Making Same Mistakes that Led to Japan’s Lost Decade, Say Analysts (Money Morning)

Boycott UN forum, says Israeli ex-envoy (Sydney Morning Herald):
A FORMER senior Israeli diplomat, Dan Gillerman, has urged Kevin Rudd to cancel Australia’s attendance at a United Nations forum on racism, saying it will be used as a platform to bash Israel.

Food banks toss out food linked to peanut recall (Chicago Tribune)

Catastrophic Fall in 2009 Global Food Production (Market Skeptics):
The countries that make up two thirds of the world’s agricultural output are experiencing drought conditions. Whether you watch a video of the drought in China, Australia, Africa, South America, or the US, the scene will be the same: misery, ruined crop, and dying cattle. The world is heading for a drop in agricultural production of 20 to 40 percent, depending on the severity and length of the current global droughts. Food producing nations are imposing food export restrictions. Food prices will soar, and, in poor countries with food deficits, millions will starve.

Feds charge NYPD officer with laundering $230000 (AP)

USS Cole Families Press Obama to Open Commission to Investigate Attack (FOX News)

Figures reveal Blair’s charity empire (Guardian)

NYPD okays Velcro handcuffs for use on unruly children (Daily News)

Intense light ‘could detect Parkinson’s’ (Telegraph)

Autism ruling fails to convince many vaccine-link believers (CNN)

The Wounds of Gaza (The Lancet):
Two Surgeons from the UK, Dr Ghassan Abu Sittah and Dr Swee Ang, managed to get into Gaza during the Israeli invasion. Here they describe their experiences, share their views, and conclude that the people of Gaza are extremely vulnerable and defenseless in the event of another attack.

Global News (02/14/09)

US foreclosure image is 2008 World Press Photo (Independent):

This picture by US photographer Anthony Suau, for Time won the World Press Photo of the Year 2008 award, it was announced by the organisers on 13 February 2009 in Amsterdam, The Netherlands. US Economy in Crisis: Following eviction, Detective Robert Kole must ensure residents have moved out of their home in Cleveland, Ohio, 26 March 2008.

G7 sets sights on new world economic order (AFP):
ROME (AFP) – The world’s richest nations called Saturday for urgent reform of global finance to save the world from the economic devastation that is dragging more and more countries into recession. Italy’s Finance Minister called for a “new world economic order” as he wrapped up the crisis meeting of finance leaders from the Group of Seven leading economies over which he presided here.

US stimulus clears Congress (Financial Times):
The biggest economic stimulus in US history cleared the US Congress late on Friday night.

Britain’s bankers plumb new depths (Times Online):
Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one.

Europe’s industrial base may never recover from crisis (Telegraph):
The European Commission has issued a red alert over the unprecedented collapse of industrial production, warning that EU states are running out of money for rescue packages.

Car sales across Europe plunge to 20-year low (Times Online):
France proved most resilient in terms of the drop in its market with a fall of 7.9 per cent while Germany, the Continent’s biggest seller, experienced a 14.2 per cent fall. The decline in the British market, published last week, was 30.9 per cent. In Western Europe the biggest falls were in Italy, at 32.6 per cent, and Spain, with 41.6 per cent.

Trump Quits Trump Entertainment as Debt Payment Deadline Looms (Bloomberg):
Feb. 14 (Bloomberg) — Donald Trump resigned from the board of debt-laden Trump Entertainment Resorts Inc. as bondholders weighed forcing the casino company he founded into involuntary bankruptcy next week.

The Coming Crisis: White Collar Homelessness (End Homelessness)

100000 Parents of Citizens Were Deported Over 10 Years (New York Times):
WASHINGTON — Of nearly 2.2 million immigrants deported in the decade ended 2007, more than 100,000 were the parents of children who, having been born in the United States, were American citizens, according to a report issued Friday by the Department of Homeland Security.

Obama’s Wealth Destruction (Ludwig von Mises Institute)

Europe set for deep recession, economists warn (Telegraph):
The Eurozone economy, whose biggest members are Germany and France, shrank 1.5pc in the fourth quarter compared with the third quarter – a steeper fall than economists had expected. Germany had the worst fall, with the economy shrinking the most since the country was reunified in 1990.

US drone attack kills 25 Taliban in Pakistan (Telegraph)

Mystery of New York flight that dropped out of sky, killing 49 in Buffalo suburb (Times Online)

Blackwater Sheds Name, Shifts Focus (Washington Post):
Blackwater Worldwide, a private security (mercenary) company whose work in Iraq was plagued by trouble, said yesterday that it is changing its name to Xe as it shifts its business focus.

Four More US Banks Are Shut, Bringing Total for Year to 13 (Bloomberg)

Secret plan to deprive independent Scotland of North Sea oil fields (Times Online)

Four in ten unaware that cancer is linked to poor diet (Scotsman)

Toxic waste blamed for birth defects (Independent)

Medical Director of Switzerland’s Paracelsus Clinic Takes Stand on Hazards of Electromagnetic Pollution – ‘Electromagnetic Load’ a Hidden Factor in Many Illnesses (Electromagnetic Health)

Global News (02/13/09)

“Kill yourself. Save us the paperwork” (Salon):
Pfc. Ryan Alderman, now deceased, sought medical help from the Army. He got a fistful of powerful drugs instead.

Dutch MP refused entry to Britain (BBC News):
A Dutch MP who called the Koran a “fascist book” has been sent back to the Netherlands after attempting to defy a ban on entering the UK.

US unemployment climbs to a 32-year high (Telegraph)

Why Geithner’s bank bailout plan got a Bronx cheer (Money and Markets):
Problem #2: The “same old, same old” efforts:

These programs appear to be nothing more than expanded versions of efforts that have already had either limited success, or failed entirely.
Problem #3: Investors may finally be starting to face reality:

“This latest scheme to save the world will fail just like all the others. That is because nothing … NOTHING … can prevent a painful adjustment process.

– Former Assistant Secretary of the Treasury Paul Craig Roberts:
The Washington Morons – Driving Over the Cliff (CounterPunch)

Eurozone slump worst in 50 years (Financial Times)

France to call for hedge fund crackdown (Financial Times)

Lloyds hit by £10bn HBOS losses (Financial Times):
Shares in the banking group fell 35 per cent after it warned that its newly acquired HBOS had suffered a worse-than-expected £10bn loss in 2008.

US Auto-Parts Suppliers Seek $18.5 Billion in Aid (Bloomberg)

Inflation: Brace yourself for higher food prices (Telegraph):
The Telegraph’s measure of “real” inflation, the Real Cost of Living Index, is at minus 3.4pc. But the era of cheap food could be over within a decade. (I say within 7 months.)

Auto Workers’ 54-Year Safety-Net Pay May Be Scrapped in Talks (Bloomberg):
Feb. 13 (Bloomberg) — General Motors Corp. and Chrysler LLC, trying to keep $17.4 billion in U.S. aid, are asking the United Auto Workers union to end a 54-year-old benefit that ensures almost full pay during layoffs.

Bernard Madoff could escape trial with guilty plea (Times Online):
The 70-year-old is currently under house arrest at his $7 million Manhattan penthouse apartment.
(What a horrible punishment!)

– Japan PM faces potential revolt (Financial Times)

US envoy in Kabul to map out surge (Independent)

PepsiCo defies global gloom (Financial Times):
(Soon people can only afford to drink tap water and then Pepsi will go down.)

Female suicide bomber kills 35 women and children near Iraq religious festival (CNN)

World in denial about trafficking, says UN (Independent)

Energy experts to visit every home to help them go green (Telegraph)

Millions ‘opt for DIY dentistry’ (BBC News)

Teenage handbag thief outpaced by 72-year-old ex-sprinter (Telegraph)

Global News (02/12/09)

Bank chief warns economy could shrink by 6%… just three months after Alistair Darling predicted a fall of 1.25% (Daily Mail)

Meet Labour’s City cronies: The roll call of bankers rewarded by rewarded by Brown and Blair (Daily Mail):
An analysis by the Daily Mail reveals that while ministers are now railing against the role of bankers in causing the economic crisis, they have spent the last decade cosying up to the industry. Labour has given 23 bankers honours, brought three into the Government as ministers and involved 37 in commissions and advisory bodies.

Bank will print money as UK sees ‘deep recession’ (Independent)

Millions face ‘stealth tax’ on heating bills to subsidise green energy (Daily Mail)

Australia’s Senate blocks A$42bn stimulus plan (Financial Times)

EU faces ‘toxic’ debt spiral (Telegraph):
It is not surprising that European Union finance ministers looked ashen faced in Brussels on Tuesday.

Jim Rogers: Treasury Bonds Last Bubble Left (Money News)

Treasury 30-Year Bonds Fall After Record Sale; U.S. Notes Rise (Bloomberg)

Economic And Financial Systems Deliberately Destabilized (Financial Forecaster)

‘Here’s the problem… people really hate you,’ US bankers told (Independent):
Announcing the hearings last week, Barney Frank, the chairman of the Financial Services Committee, said that public patience with Wall Street bailouts had worn thin. “As I’ve said to a couple of the bankers, ‘Here’s this problem: People really hate you, and they’re starting to hate us because we’re hanging out with you,'” Mr Frank said.

Wall Street Men Find World According to TARP Worth Fleeing (Bloomberg):

Bush-era offshore drilling plan is set aside (MSNBC):
WASHINGTON – The Obama administration on Tuesday overturned another Bush-era energy policy, setting aside a draft plan to allow drilling off the Atlantic and Pacific coasts.

Home prices in record plunge (CNN Money):
The National Association of Realtors reports that home prices dropped a record 12.4% in the final quarter of 2008 – the biggest decline in 30 years.

Meltdown 101: Highlights of economic stimulus plan (AP):
Many leading economists have concluded that the stimulus alone may be insufficient to bring a quick turnaround for the economy. (No government can turn around an entire economy and is also not supposed to do so.)

Schwarzenegger and California legislators reach tentative budget deal (Guardian):
Schwarzenegger threatened this week to send 20,000 layoff notices to state employees, on top of the other cuts, if lawmakers do not commit to a budget deal by then.

I Could Have Made a Fortune Wrecking a Bank: Margaret Carlson (Bloomberg)

Oil industry needs tax breaks to avert slump (Times Online)

Rio Tinto Drops After Chinalco Agrees to Invest $19.5 Billion (Bloomberg):
Feb. 12 (Bloomberg) — Aluminum Corp. of China agreed to invest $19.5 billion in debt-laden Rio Tinto Group, gaining access to copper and iron ore resources in the nation’s largest overseas acquisition.

France imposes limits on bank bonuses (Financial Times)

Take low-skilled jobs, class of 2009 told (Guardian)

US bankers yield to foreclosure demands (Financial Times)

The CIA and NSA Want You to Be Their Friend on Facebook (U.S. News & World Report):
The spy agencies are using the popular social-networking site as part of their recruiting efforts

Okla. town in ‘shock’ after tornado kills 9 (USA Today):
“The last February tornado to occur in Oklahoma was in 2000,” Carbin said. “They’re not common.”

Big satellites collide 500 miles over Siberia (AP):
CAPE CANAVERAL, Fla. – Two big communications satellites collided in the first-ever crash of two intact spacecraft in orbit, shooting out a pair of massive debris clouds and posing a slight risk to the international space station.

Powerful earthquake hits Indonesia, 42 injured (AP)

Chavez reports attempted coup (AFP):
CARACAS, (AFP) – Venezuelan President Hugo Chavez reported an attempted coup against his palace by army troops in contact with “a soldier on the run in the United States,” but said the government had everything under control.

Global News (02/11/09)

The Vatican claims Darwin’s theory of evolution is compatible with Christianity (Telegraph):
The Vatican has admitted that Charles Darwin’s theory of evolution should not have been dismissed and claimed it is compatible with the Christian view of Creation.

Strip-Club Chief Is What Obama Could Afford With Bank-Pay Limit (Bloomberg):
The heads of the five biggest Wall Street firms took home more than $1 billion in the five years through 2007, according to data compiled by Bloomberg. On Wall Street, “$500,000 will get you someone five years out of Harvard Business School or a sixth-year associate at a major law firm,” Reda said. “It’s not going to get you a lot.”
(Those banksters will be happy if they can manifest their daily bread in the future.)

Top Four Merrill Bonus Recipients Got $121 Million (Bloomberg)

Fox News producer arrested for child pornography (Boston Herald)

Madoff’s Wife Withdrew $15.5 Million Before His Fraud Arrest (Bloomberg)

Pain Beam to Get Tougher, Smaller, More Powerful (Wired News):
The Pentagon’s pain beam weapon could get tougher, smaller, more powerful, and more mobile under a series of new research and development projects. And that could pave the way for the so-called “Active Denial System” to finally be sent to war.

Credit Suisse losses widen to SFr8bn (Financial Times)

Coca-Cola Enterprises Swings To Loss On $2.3 Billion Write-Down (CNN Money)

Banking inquisition intensifies after whistleblower allegations (Guardian)

European bank bail-out could push EU into crisis (Telegraph):
A bail-out of the toxic assets held by European banks’ could plunge the European Union into crisis, according to a confidential Brussels document.

Pimco’s Gross Sold U.S. Debt Last Month (Bloomberg)

Wholesale inventories plunge by most in 17 years (AP)

Nokia to ax 320 jobs, temporarily lay off 2500 (BusinessWeek)

Afghan Government Offices Targeted as Bombers Kill 26 (Bloomberg)

France says it protects jobs, not breaking EU rules (Reuters)

Gates orders review of ban on photos of coffins (AP)

Obama’s $20 Billion Stirs Secrets-for-Sale Health Record Clash (Bloomberg)

Obama Could Order More Troops to Afghanistan This Week (Voice of America)

US launches spy operation over North Korea (Times Online)

China will build special railway for Muslim pilgrims in Saudi Arabia (Telegraph)

Global warming is not our fault … it’s nature (Scotsman)

Dubai tanker bursts into flames after collision with container ship (Telegraph)

Global News (02/10/09)

US military develops anti-aircraft laser (Telegraph):
The Laser Avenger successfully shot down a series of unmanned aerial vehicles during recent tests and is being hailed as a revolutionary weapon for future warfare.

Chinese TV station sorry for accidentally burning down brand-new luxury hotel (Daily Mail)

RBS to axe 2300 jobs.. but still plans to pay out £1bn in bonuses to bankers (Daily Mail)

RBS slashes 2300 jobs (Scotsman):
‘The four ex-chiefs of Royal Bank of Scotland (RBS) and HBOS admitted to having no formal banking qualifications.’

Asian shares fall after President Obama says US faces ‘full-blown’ crisis (Telegraph)

Geithner unveils bank rescue plan (Los Angeles):
Treasury Secretary Timothy Geithner this morning unveiled the Obama administration’s $1.5-trillion-to-$2-trillion plan for stabilizing the nation’s malfunctioning financial markets, including a public-private partnership to boost lending, warning that the new strategy “will cost money, involve risk and take time.” (… the new strategy will fail, continue to loot taxpayers’, destroy the dollar and create the ‘Greatest Depression’.)

$2,000bn US bank clean-up (Financial Times):
US shares tumbled on Tuesday as investors gave a thumbs-down to plans by the Obama administration to deploy up to $2,000bn to clean up toxic assets in the financial system and restart credit markets.

New Bailout May Top $1.5 Trillion (Washington Post)

Senate backs Obama’s bank bailout as details of new $1.5trillion rescue deal are revealed (Daily Mail)

Treasury revamps financial rescue plan (Financial Times)

US Treasury plans to set up ‘aggregator bank’ to buy toxic assets (Guardian)

‘Top Brown adviser sacked and gagged me for warning banks were taking too many risks’, says whistleblower (Daily Mail):
One of Gordon Brown’s key advisers was today accused of sacking a whistleblower who warned banks were heading for disaster years before the financial meltdown.
Paul Moore, HBOS’s head of risk between 2002 and 2005, alleges he told directors as early as 2004 that the company was in danger of becoming out of control.
‘Anyone whose eyes were not blinded by money, power and pride’ would have realised problems were mounting for HBOS and the other high street banks, he said.

Czech PM attacks eurozone governments (Financial Times)

Europe ambushes Germany on debt bail-out (Telegraph)

UBS makes £11.3bn loss and axes another 2000 jobs (Guardian)

Temasek portfolio falls 31% (Financial Times):
Temasek Holdings, the Singapore state investment company, suffered a 31 per cent fall in the value of its portfolio from S$185bn ($123bn) to S$127bn in the eight months to the end of November last year, the government said on Tuesday.

Air freight drops as global trade siezes up (Telegraph)

Even elderly are facing eviction (Seattle Post Intelligencer)

Gordon Brown calls for World Bank and IMF reform (Telegraph)

Parents find cure for son’s ‘untreatable’ blood disorder (Telegraph):
(Western medicine is in most aspects so unbelievable backwards, especially if you know what is possible with alternative medicine.)

Bank chiefs admit buying ABN was a ‘bad mistake’ (Financial Times)

Bad economy forcing immigrants to reconsider US (CNN)

FBI Believed that Bombs Were Used on 9/11:
Following the massive terrorist attacks against New York and Washington, the FBI dedicated 7,000 of its 11,000 Special Agents and thousands of FBI support personnel to the PENTTBOM investigation. “PENTTBOM” is short for Pentagon, Twin Towers Bombing.

Global News (02/09/09)

GM, Chrysler May Face Bankruptcy to Protect US Debt (Bloomberg):
Feb. 9 (Bloomberg) — General Motors Corp. and Chrysler LLC may have to be forced into bankruptcy by the U.S. government to assure repayment of $17.4 billion in federal bailout loans, a course of action the automakers claim would destroy them.

Mafia millions buoying banks: UN (Calgary Herald):
VIENNA — Cash-rich Mafia groups have been channelling funds into banks desperate to survive the global credit crisis, the UN anti-crime chief said on Monday.

China fights drought with chemical cloud-seeding (AP)

Florida’s Crossroads of Foreclosure and Despair (New York Times)

France unveils €6bn auto sector bail-out (Financial Times)

Got the Treasury Bubble Blues? (Morningstar)

Overview: US bond yields climb amid oversupply fears (Financial Times):
US government bonds yields climbed to their highest levels for more than two months on Monday ahead of the Treasury’s record $67bn of issuance this week. “If the market chokes on this supply, it might not only mean higher yields but it could start to weigh on the dollar,” suggested Steve Barrow, currency strategist at Standard Bank.

No Safety In Treasuries (Forbes):
Investors flee U.S. government securities on fears about massive borrowing to repair the economy.

Latvia reports 10.5% contraction (Financial Times):
Latvia’s economy contracted at an annual rate of 10.5 per cent in the fourth quarter, raising fears it may be unable to stick to the conditions of its IMF rescue package.

Millions for charities hit by recession (Guardian):
£40m government aid contrasts with £500bn to bail out banks

Record 19 Million US Homes Stood Vacant in 2008 (Bloomberg)

US Army Lab Freezes Research on Dangerous Pathogens (Science Now):
The U.S. Army Medical Research Institute of Infectious Diseases has suspended research activities involving biological select agents and toxins. Army officials took the step on Friday after discovering apparent problems with the system of accounting for high-risk microbes and biomaterials at the Fort Detrick, Maryland, facility.

UK companies fear worst is still to come (Financial Times)

US using British atomic weapons factory for its nuclear programme (Guardian)

$9.3 bn drains from quant funds as volatility continues (Financial Times)

Netanyahu digs for election victory (Independent):
Benjamin Netanyahu, the Likud leader who is the favourite in what is expected to be a close electoral contest tomorrow, planted a eucalyptus tree in the occupied Golan Heights yesterday, demonstrating the uncompromising posture he intends to take towards Israel’s Arab neighbours.

Hamas declares victory in Gaza but vows to rearm against Israel (Telegraph)

Seminary ‘sacks holocaust denier bishop’ (Independent)

House Approves Whitelist of People Who Aren’t Terrorists (Wired News)

Ukraine pushes for loans to meet shortfall (Financial Times):
Ukraine has appealed for emergency loans from the world’s richest countries to help support its economy, which has been battered by the global financial crisis.

Job Losses in US Spreading to Workers With College Degrees (Bloomberg)

Over 200 Americans killed in Mexico since ’04 (MSNBC)

UK suppressed torture evidence to protect MI6 (The Age)

Analysis: Australia’s split weather system (Times Online)

Drug Made In Milk of Altered Goats Is Approved (Washington Post)

Genetic mapping of babies by 2019 will transform preventive medicine (Times Online)

A Protected Forest’s Fast Decline (Washington Post)

Global News (02/08/09)

President Blair: Former PM set to become EU chief as Sarkozy battles to win him the post (Daily Mail)

US warns of battle worse than Iraq in Afghanistan (AFP):
MUNICH, Germany (AFP) – The United States warned its allies Sunday that fighting the insurgency in Afghanistan could prove tougher than in Iraq and appealed, along with Britain, for more troops and equipment.

Obama’s NSC Will Get New Power (Washington Post)

Scottish politicians urge BBC to take Clarkson off air over Brown jibes (Guardian):
Scottish politicians today called for the Top Gear presenter Jeremy Clarkson to be taken off the air until he apologised for calling Gordon Brown a “one-eyed Scottish idiot”. The BBC presenter also accused the prime minster of lying.

Along With Everything Else Taxpayers Stuck With Billions In Losses (International Forecaster)

Bank of England to issue grimmest warning yet on economy (Guardian)

Vince Cable: ‘Bring back the guillotine…for bankers’ (Daily Mail)

US Treasury ‘overpaid’ $78bn in bank bailout (Telegraph):
The US Government overpaid $78 billion last year for stakes in troubled banks as part of its $700 billion bailout, the Congressional panel overseeing the rescue said.

Geithner Says US Financial System Remains ‘Badly Damanged’ (Wall Street Journal)

US Treasury to pump billions more into banks (Times Online)

Obama puts brake on Afghan surge (Times Online)

Netanyahu stokes fears to take poll lead (Times Online)

SCENARIOS-Here’s what happens next on US stimulus package (Reuters)

Massacres follow failed US-aided Uganda mission: report (Washington Post)

The rise and (almost) fall of America’s banks (AP)

Ecuador’s president orders US diplomat expelled (AP)

Report: More than 300,000 children ‘at risk’ in Israel (Haaretz)

FACTBOX: Where has the US bailout money gone? (Reuters)

Chrysler to idle four plants next week (Reuters)

NYPD officer caught in drug scandal takes plea, dishes on corrupt cops (New York Daily News)

84 killed in deadliest-ever Australian wildfires (AP)

Sharpton calls for justice outside Madoff’s home (Reuters):
NEW YORK (Reuters) – Saying Bernard Madoff enjoys a “gilded penthouse incarceration,” civil rights activist Al Sharpton led a rally outside the accused swindler’s Manhattan home on Saturday urging equal justice for the rich and poor.