Monthly Archives: February 2013

Allegheny Airlines Has the Last Laugh. “Thanks, Uncle Sam!”

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“Older Americans recall the jokes made at the expense of Allegheny Airlines in the 1960s and 1970s. Then it became U.S. Airways in 1979.  It went bankrupt in 2002.  It was able to stiff its 6,000 pilots by canceling its pension obligations in 2003. American taxpayers became responsible through ERISA.  It filed bankruptcy again in 2005.  This week, it may absorb American Airlines, which is in bankruptcy. The government will probably allow the merger.  What does this teach us? This: if you can get out of your corporate pension liabilities through bankruptcy, you can live long and prosper.  This strategy will work for municipal governments, too.”

http://teapartyeconomist.com/2013/02/13/allegheny-airlines-has-the-last-laugh-thanks-uncle-sam/

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Bugger The Bankers THE OFFICIAL VIDEO

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Bugger The Bankers THE OFFICIAL VIDEO

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Revel casino’s bankruptcy threatens plans to make Atlantic City a gambling-plus destination

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“It was to offer more than just gambling. It would provide a sumptuous, Las Vegas-style experience. And that was the game plan, supported exuberantly by Gov. Christie and strategized by marketers and tourism experts.  Now that major piece in the remodeling of Atlantic City is in doubt. Revel said Tuesday that it would seek Chapter 11 bankruptcy protection. If Revel tanks, so, too, might much of the vision of Atlantic City as a year-round resort.  The $2.4 billion casino – the most expensive ever built in New Jersey – received more than $300 million in state construction funding.”

http://www.philly.com/philly/news/homepage/20130221_Revel_casino_s_bankruptcy_threatens_plans_to_make_Atlantic_City_a_gambling-plus_destination.html

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Tech Industry Sets Its Sights on Gambling

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“Two states, Nevada and Delaware, are already laying the groundwork for virtual gambling. Within months they will most likely be joined by New Jersey.  Bills have also been introduced in Mississippi, Iowa, California and other states, driven by the realization that online gambling could bring in streams of tax revenue. In Iowa alone, online gambling proponents estimated that 150,000 residents were playing poker illegally.  Overseas, online betting is generating an estimated $32 billion in annual revenue — nearly the size of the U.S. casino market. Juniper Research estimates that betting on mobile devices alone will be a $100 billion worldwide industry by 2017.”

http://www.nytimes.com/2013/02/18/technology/tech-industry-sets-its-sights-on-gambling.html?ref=technology&pagewanted=all

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Peter Schiff: Gold Pullback Explained

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Peter Schiff: Gold Pullback Explained

“Reports of the death of the gold bull market have been greatly exaggerated. In the global currency war the biggest loser wins. However, the real winner will be gold. The race to debase means no fiat currency is safe. Savers are assured of being collateral damage unless they protect their purchasing power with a monetary asset central banks cannot print.”

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Fed, uneasy over ‘QE,’ plans bond-buy debate

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“Minutes of the Federal Reserve’s January meeting released Wednesday reveal that many Fed officials are worried about the costs and risks arising from the $85 billion–per–month asset-purchase program. And they all seem to have their own ideas on how to proceed.  Several Fed officials said the central bank should be prepared to vary the pace of the asset-purchase plan depending on the outlook or how the program was working. One wanted to vary it on a meeting-by-meeting basis.”

http://www.marketwatch.com/story/fed-plans-debate-on-bond-buys-minutes-show-2013-02-20

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New Zealand signals readiness to join currency wars

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“New Zealand’s central bank governor was ready to intervene in foreign exchange markets, he said yesterday, the latest in a string of countries from South Korea to Brazil warning their currencies were too strong even as Group of 20 (G20) nations pledged to refrain from competitive devaluation.  Policymakers in South Korea and the Philippines are weighing curbs to capital inflows while Norway’s central bank said it was ready to cut interest rates to counter the krone’s strength.  ‘There seems to be a sense that the gloves are off in terms of central bank action in currency markets,’ said Mitul Kotecha, global head of foreign exchange strategy at Credit Agricole.”

http://www.iol.co.za/business/business-news/don-t-bet-on-kiwi-strength-warns-new-zealand-1.1474138

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Norway Ready to Use Rate Cuts to Weaken Krone, Central Bank Says

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“Policy makers around the world are discussing how to respond to a re-emergence of so-called currency wars as finance ministers from the Group of 20 gather in Moscow. Norway’s central bank governor has shown before he’s willing to deploy rates to cap excessive krone gains, cutting the benchmark by 0.75 percentage point in two moves starting in December 2011.  Olsen and his colleagues are torn between protecting exporters through lower rates that stem krone gains, and a policy that addresses an overheated property market.”

http://www.bloomberg.com/news/2013-02-14/norway-ready-to-use-rate-cuts-to-cool-krone-olsen-says.html

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U.S. Banks Bigger Than GDP as Accounting Rift Masks Risk

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“Applying stricter accounting standards for derivatives and off-balance-sheet assets would make the banks twice as big as they say they are — or about the size of the U.S. economy — according to data compiled by Bloomberg.  U.S. accounting rules allow banks to record a smaller portion of their derivatives than European peers and keep most mortgage-linked bonds off their books. That can underestimate the risks firms face and affect how much capital they need.  Using international standards for derivatives and consolidating mortgage securitizations, JPMorgan, Bank of America and Citigroup would become the world’s three largest banks and Wells Fargo the sixth-biggest.”

http://www.bloomberg.com/news/2013-02-20/u-s-banks-bigger-than-gdp-as-accounting-rift-masks-risk.html

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Federal Reserve confirms its computers were hacked

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“The Federal Reserve acknowledged Wednesday its computer systems were accessed by hackers but said the incident did not affect the central bank’s ‘critical operations.’  The acknowledgement came days after the hacker group known as Anonymous claimed it had posted personal information of some 4,000 bankers, purportedly obtained from the Fed.  The group argues it is taking actions responding to the suicide last month of Aaron Swartz, an Internet freedom advocate who was being prosecuted for illegally downloading millions of academic journal articles he had allegedly planned to distribute for free.”

http://www.rawstory.com/rs/2013/02/06/federal-reserve-confirms-its-computers-were-hacked/

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