South African billionaire Johann Rupert said the financial crisis may lead to inflation and social unrest as savers find they’re too poor to retire, while pension-fund managers deserve to be jailed for incompetence. Rupert, speaking at the annual presentation for Cie. Financiere Richemont SA, the luxury-goods company he controls, said he doesn’t see any "green shoots" of economic recovery... Rupert told analysts at the meeting that they’re too young to remember Red Brigade terrorism in Italy or the 1968 Paris uprisings, when the French state sent tanks into the streets. "Things can get volatile very quickly," he said.
Credit card reform bill slows in U.S. Senate 14 May 2009
A credit card reform bill that would ban arbitrary interest rate hikes remained stalled in the Senate on Thursday as Democratic and Republican leaders negotiated amendments to be offered by lawmakers. "I hope that we can pass it before we leave next Friday for our recess," Senate Democratic Leader Harry Reid told reporters.
US: Cuts in Social Security, Medicare to pay for bank bailouts By Tom Eley 14 May 2009
A government report made public Tuesday indicates that Social Security and Medicare will deplete their trust funds more quickly than previously forecast. This has sparked new demands from within the US financial elite for substantial cuts in the two entitlement programs, which pay retirement and medical benefits for tens of millions of working class Americans. The report was issued by the programs’ trustees, a group of four Obama administration officials headed by Treasury Secretary Timothy Geithner.
Anger, sadness as ax falls on Chrysler dealers 14 May 2009
Dealers across the United States reacted with a mixture of anger and sadness on Thursday to word that bankrupt automaker Chrysler LLC plans to eliminate franchise agreements with them as part of its restructuring efforts. But most, even those surprised by the news, entertained little hope they could stop Chrysler from following through on the proposed closures...
Gov. proposes selling L.A. Coliseum, other properties to raise cash 14 May 2009
Gov. Arnold Schwarzenegger [R-Installed] wants to sell the Los Angeles Memorial Coliseum, San Quentin State Prison, the Orange County Fairgrounds and other state property to raise cash amid the state's growing fiscal crisis, according to a copy of a proposal reviewed by The Times. Sale of the properties, to be included in the governor's revised budget plan today, would raise between $600 million and $1 billion, although it would not provide financial relief for two to five years, according to the proposal.
Nessun commento:
Posta un commento