Missing MF Global Funds Found Investigators Find $1.6 Billion, But Getting It Not Easy James O'Toole POSTED: 4:31 pm CDT April 24, 2012 UPDATED: 10:36 pm CDT April 24, 2012 istock NEW YORK (CNNMoney) -- Investigators probing the collapse of bankrupt brokerage MF Global said Tuesday that they have located the $1.6 billion in customer money that had gone missing from the firm. But just how much of those funds can be returned to the firm's clients, and who will be held responsible for their misappropriation, remains to be seen. James Giddens, the trustee overseeing the liquidation of MF Global Inc, told the Senate Banking Committeeon Tuesday that his team's analysis of how the money went missing "is substantially concluded." "We can trace where the cash and securities in the firm went, and that we've done," Giddens said. MF Global failed last year after its disclosure of billions of dollars worth of bets on risky European … [Read more...]
Reuters: One World Trade Center will become NYC’s tallest building next week
Empire State Building about to lose status as tallest in NYC NEW YORK | Tue Apr 24, 2012 6:47pm EDT (Reuters) - One World Trade Center, being built at the site of the fallen twin towers, could surpass the Empire State Building as the tallest building in New York as soon as next week, a city official said on Tuesday. The iconic Empire State Building, built in 1931, was the city's tallest at a height of 1,545 feet to the tip of its broadcast antenna until 1972 when it was overtaken by the original World Trade Center towers. It then regained the title after September 11, 2001 attacks, which destroyed the complex. Construction started six years ago on the new World Trade Center and now the skyscraper, formerly called the Freedom Tower, is poised to surpass the 102-story Empire State Building, Port Authority Executive Director Patrick Foye told reporters. "Weather permitting, we expect that we could exceed the height of the Empire State Building on Monday," … [Read more...]
Newt Gingrich will stay in the Republican presidential race
Results for U.S. Republican Presidential Primaries State Gingrich Paul Romney Santorum reporting 04/24 CT 0% 0% 0% 0% 0% 04/24 DE 0% 0% 0% 0% 0% 04/24 NY 0% 0% 0% 0% 0% 04/24 PA 0% 0% 0% 0% 0% 04/24 RI 0% 0% 0% 0% 0% Source: AP The Republican presidential race will not see many changes after the primary races in Connecticut, Delaware, New York, Pennsylvania, Rhode Island. Sources close to Gingrich are saying that he will stay in the race after today's primaries, and the candidate has no imminent plans on withdrawing from the race....The source states that any present or future speculation of Mr. Gingrich withdrawing from the Republican presidential race is unfounded. Mr. Gingrich is not in the primary race with … [Read more...]
Friday’s twist on this week’s news
All in good fun on Friday...... Greg Smith wrote an Op-Ed piece in the NYT to explain his reasons for leaving Goldman. The accusations of corrupt, soulless beings sitting in the Goldman Tower in New York was SOME big news...The big news was the NYT allowing an Op-Ed piece by a disgruntled employee....NOT A WHISTLEBLOWER.... Mitt Romney is cutting expenses and staff on his campaign as the nomination process is taking longer than expected. Things are so bad in the Romney camp that Romney had to entertain some donors in New York. He walked away with $3 million dollars.....Do you think that the Romney's may need to apply for food stamps. $3 million dollars are hard times in the Romney household..... Newt Gingrich did not win any primaries this week.....Instead of bowing out....He receives Secret Service protection? WHAT? LAST ITEM....My mother was listen to the Gay XM, and she brought to my attention about Mitt Romney strapping a dog to the car for a family trip. The … [Read more...]
Goldman exec finds humanity after 12 years and writes resignation OP-ED in NYT
SEO is not a major concern after the long article title, but SEO cannot capture the surreal nature of the following story. Greg Smith leaves Goldman Sachs after 12 years, and he is given an OP-ED opportunity at the New York Times to publicly call everyone an inhumane jackal. I was a former Vice President and Market Executive in the banking industry for 13 years, and I did exit the industry a short period of time after the 2008 financial crisis. I rather make less money or dig ditches than to compromise my core principles and values to uphold policies and actions that were completely wrong. I did not have a four year hiccup in making my decision to exit. This individual does wait a period of four years after the crisis to explode across the OP-ED pages of the New York Times as the righteous soul to criticize his former employer. I do not doubt that Goldman has issues, and I have no doubt about some of the business practices in the name of profit....... However, … [Read more...]
Bank of America and The United States of America: Who can save number one?
On the morning of 09/11, the Twin Towers of the World Trade Center stood beyond as two pinnacles of dominance soaring among the many dominants in the New York City skyline. The terrorist attacks on 09/11 were the trigger of separate events unlike any experience of this magnitude on American soil. The hijacking of commercial airliners would be only a method to execute the most sinister part of the terrorist's master plan. Airliners would be used as cruise missiles to target four high value targets in the US. Two high value targets were the Twin Towers of the World Trade Center in New York. The two giants were to experience an event unlike anything witnessed, and the event did transpire with two airliners flying into the two 110 story structures. Who could know the consequence of the attacks to the event on the eventual fate of both towers? These two giants were identical in their size and structure, and outcome of one would be the fate of the other twin. Because of 09/11, the fear … [Read more...]
Mitt Romney: Unemployment and the Very Poor
Republican Presidential Candidate Mitt Romney did cause a media stir after comments on CNN about "not concerned about the very poor" for they have a "safety net". After Tuesday's big win in Florida, Romney's comments are red flags for the candidate's understanding of the condition of the US economy and unemployment. President Obama's decision to reject the Keystone XL Pipeline was a red flag that common sense and politics do not make nice bedfellows, and Romney's comments play along the same line. The high unemployment numbers are creating a new underclass, and this underclass is part of the new very poor. As Felix Salmon stated in an opinion piece in Reuters, "The problem is that persistent unemployment at or around 10% is unacceptable in the especially with the social safety net being much weaker here than it is in Europe." The biggest problem with Mitt Romney's comments is this recessionary period is much different from the recessions of recent past. The middle class is … [Read more...]
