The good news is that the downgrade has come from upstart rating agency China-based Dagong International Credit Rating. The bad news is that Standard & Poor’s, Moody’s, and Fitch are almost certain to follow, and that will mean disaster for the dollar as well as dollar-denominated assets.
Filed under: In The News
Jim Sinclair’s Commentary
Settle they MUST. OTC derivatives cannot stand the light of civil litigation.
The real problem for OTC derivatives is in criminal litigation in Italy and elsewhere. You settle those by turning state’s evidence.
Insurer AIG agrees to massive $725m fraud payout
16 July 2010 Last updated at 18:50 ET
The US insurance giant AIG has agreed to pay $725m (£474m) to settle a long-running fraud case against it.
The settlement is likely to be one of the biggest in US history, following a class action lawsuit led by three Ohio pension funds.
They alleged that AIG had engaged in stock price manipulation, anti-competitive behaviour and accounting fraud between 1999 and 2005.
That, they say, resulted in shareholders losing millions.
The court now needs to give its approval before payments can be made.
A first payment of $175m is scheduled within days of the court’s approval, however, while AIG is expected to raise the further $550m though the issuing of new shares.
AIG is now 80% owned by the US government following a massive bailout of the company at the height of the financial crisis.
Filed under: General Editorial
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Rust discovered on Bank of Russia-issued 'gold' coins
Jim Grant Is Confident QE 2.0 Is Just Around The Corner. Grant's thoughts on new Fed additions: "I think the first order of business will be to try once more to print
enough dollars to make something happen in the U.S. economy.”
Fed's Volte Face Sends Dollar Tumbling "Rarely before have a few coded words in the minutes of the US Federal Reserve caused such an upheaval in the global currency system, or such a sudden flight from the dollar."
World at Risk of Folding in on Itself: Deputy Doom
The US Economy is a Dead Horse and the American People are Starting to Get Really P*ssed Off and Frustrated
Higher Education Funds Buys Gold Over Economic Worries
1.65 Million Properties Received Foreclosure Notices First Half of 2010
Fed Grows Increasingly Worried About Recovery
Note...This story is from msnbc for the few that actually watch them and believe that they are a news organization...all 3 viewers...
Fears Grow as Millions Lose Jobless Benefits
22 Statistics that Prove that Middle Class America is Being Systematically Wiped Out of Existence
Sticking It To Small Business
Gold and Silver Rise versus Falling Dollar as Chinese "Take Refuge" in Precious Metals; World Faces Shortage of "Safe Assets"
If you plan on buying a gun for self protection...you better hurry...Get lots of ammo too...that is if you can find any...
Gun Sales Expected to "Shoot Up"
Gun Control Takes Two Hands.
Roads to Ruin: Towns Rip Up the Pavement Asphalt Is Replaced By Cheaper Gravel; 'Back to Stone Age'
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