YouTube Added: 15.05.2012
– MF Global Files for Bankruptcy After Bad Bets on European Debt (Bloomberg, Oct. 31, 2011):
MF Global Holdings Ltd., the holding company for the broker-dealer run by former New Jersey governor and Goldman Sachs Group Inc. co-chairman Jon Corzine, filed for bankruptcy protection as it seeks to reorganize after making bets on European sovereign debt.
The New York-based firm listed debt of $39.7 billion and assets of $41 billion in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan, making it the eighth-largest U.S. bankruptcy by assets, according to bankruptcydata.com. MF Global’s board met through the weekend in New York to consider options including a sale to avert failure, according to a person with direct knowledge of the situation.
– Snowstorm pelts East Coast, cuts power to more than 2M (USA Today, Oct. 30, 2011):
STATE COLLEGE, Pa. (AP) – A snowstorm with a ferocity more familiar in February than October socked the Northeast over the weekend, knocking out power to 2.3 million, snarling air and highway travel and dumping more than 2 feet of snow in a few spots as it slowly moved north out of New England. Officials warned it could be days before many see electricity restored.
The combination of heavy, wet snow, leaf-laden trees and frigid, gusting winds brought down limbs and power lines. At least three deaths were blamed on the weather, and states of emergency were declared in New Jersey, Connecticut, Massachusetts and parts of New York.
“If you are without power, you should expect to be without power for a prolonged period of time,” Connecticut Gov. Dannel P. Malloy said Saturday night.
The storm worsened as it moved north, and communities in western Massachusetts were among the hardest hit. Snowfall totals topped 27 inches in Plainfield, and nearby Windsor had gotten 26 inches by early Sunday.
Read moreSnowstorm Pelts East Coast, Cuts Power To 2.3 Million – Connecticut Gov. Dannel P. Malloy: ‘If You Are Without Power, You Should Expect To Be Without Power For A Prolonged Period Of Time’ – States Of Emergency Declared In New Jersey, Connecticut, Massachusetts And Parts Of New York (Video)
– Salem Unit 2 nuclear reactor shuts down after cooling pump failure (NJ, June 28, 2011):
LOWER ALLOWAYS CREEK TWP. — The Salem Unit 2 nuclear plant remained shut down this afternoon following a problem with a reactor coolant pump, according to a spokesman for the plant’s operator.
Salem 2 automatically went offline Sunday at 6:01 p.m. when the coolant pump tripped, said Joe Delmar, spokesman for PSEG Nuclear.
When the pump shut down, the auxiliary pump system automatically started to provide water to cool the reactor.
The cause of the pump failure is still being investigated, according to Delmar. The plant functioned as designed, he said.
The plant remained in “hot shutdown” mode this afternoon.
– Minnesota Joins New Jersey In Insolvency, Shuts Down, Harbinger Of Debt Ceiling Negotiation Outcome? (ZeroHedge, July 1, 2011):
Two down. 48 to go until Meredith Whitney is proven correct beyond a reasonable doubt. After New Jersey was forced to reach out to JP Morgan for an emergency bridge loan a few days ago, it is Minnesota’s turn. From ABC: “Minnesota’s government has shut down, ahead of the holiday weekend, for the second time in six years after state leaders failed to find common ground on resolving a $5 billion budget deficit. Thousands of state workers will be laid off, state parks will be shuttered, the issuance of fishing licenses will be halted and the Minneapolis zoo will be closed. Road projects will also grind to a standstill just as people hit the road for the holiday. A midnight deadline passed without an agreement as talks between Democratic Gov. Mark Dayton and top Republicans unraveled over Dayton’s proposal to impose taxes on the state’s top earners, a move on which top GOP officials have refused to budge…Some programs that will continue unabated include critical services including the State Patrol, prisons, disaster response and federally funded health, welfare and food stamp programs.” Granted this is not a first: “Only four other states — Michigan, New Jersey, Pennsylvania and Tennessee — have had shutdowns in the past decade, some lasting mere hours. Minnesota’s government partially shut down under then-Gov. Tim Pawlenty in 2005 over a budget fallout.” However, if NJ is any indication, as predicted, expect ever more states to bypass the municipal route of funding, and appeal directly to commercial banks. Which will generously provide as much Fed-generated one and zeros…in exchange for 80% LTV collateral of course.
A midnight deadline passed without an agreement as talks between Democratic Gov. Mark Dayton and top Republicans unraveled over Dayton’s proposal to impose taxes on the state’s top earners, a move on which top GOP officials have refused to budge.
“It’s significant that this shutdown will begin on the Fourth of July weekend,” Dayton said in a news conference late Thursday night. “On that date we celebrate our independence. It also reminds us there are causes and struggles worth fighting for.”
– New Jersey Makes It Official: The Slashing Of Public Employee Benefits Has Begun (Business Insider, Jun. 24, 2011):
New Jersey lawmakers voted to pass Governor Christie’s sweeping cuts in public worker benefits last night.
Despite the 8,500 protesters outside the capital building and a loud public outcry, the bill passed with a vote of 46-32.
At least 29 states plus the District of Columbia, including several of the nation’s largest states, faced an estimated $48 billion in combined shortfalls in their budgets for fiscal year 2009 (which began July 1, 2008 in most states.) At least three other states expect budget problems in fiscal year 2010.
The government agency building a 102-story skyscraper at the World Trade Center site is investigating the discovery of two sets of blueprints for the building that a homeless man says he found in the trash.
The schematic documents for the Freedom Tower, under construction at ground zero, were marked “Secure Document – Confidential,” the New York Post reported Friday.
The documents, dated Oct. 5, 2007, contain plans for each floor, the thickness of the concrete-core wall, and the location of air ducts, elevators, electrical systems and support columns, the Post reported.
Michael Fleming told the newspaper he found the documents on top of a public trash can in downtown Manhattan, with written warnings on it to “properly destroy if discarded.”
Larry A. Silverstein, who has won nearly $4.6 billion in insurance payments to cover his losses and help him rebuild at the World Trade Center site, is seeking $12.3 billion in damages from airlines and airport security companies for the 9/11 attack.Mr. Silverstein, the developer of ground zero, sought the damages, whose amount was not previously known, in a claim filed in 2004, that says the airlines and airport security companies failed to prevent terrorists from hijacking the planes used to destroy the buildings.
His case was consolidated last week with similar, earlier lawsuits brought by families of some victims of the attack and by other property owners. But in seeking $12.3 billion, he is by far the biggest claimant in the litigation.