asterisk2a + bankruptcy   23

(13584) JOEL BENJAMIN on Why The Public Are Kept In The Dark - YouTube
Councils took out high-interest loans from highstreet banks (vs low from via gov) + PFI, now running against the wall

LOBO loans
UK  Austerity  Council  PFI  bankruptcy  high  interest  loan  LOBO 
october 2018 by asterisk2a
UK inflation: now it's the pound in your pocket being devalued | Business | The Guardian
According to the National Institute for Economic & Social Research inflation is heading towards 4% as the effect of Brexit uncertainty keeps the pound low and imports expensive. [...] The government has pledged to double down on austerity from April, with cuts to tax credits and other benefits as well as the savings made over the last five years.

Such a sharp spike in prices will strain household finances, especially when wages growth is expected to remain at around 2.5%.

Bank of England policymaker Michael Saunders said last week that developments in the labour market such as zero-hour contracts and agency working meant wages were unlikely to take off any time soon. [...] [ rise in unsecured credit 2008 levels, and personal bankruptcies not easier (online) to do and 2016 personal bankruptcies were up ~16% ]
UK  Brexit  living  standard  disposable  income  discretionary  spending  wage  growth  GDP  recovery  GFC  inflation  £  British  Pound  Precariat  working  poor  squeezed  middle  class  technological  unemployment  Productivity  output  gap  part-time  zero  hour  contract  Contractor  Self-Employment  gig  economy  1099  economic  history  Austerity  tax  credit  consumer  debt  household  Card  BOE  bankruptcies  bankruptcy  underinvestment 
january 2017 by asterisk2a
Matt Taibbi: Mitt Romney and the Looting of America (1/2) - YouTube // companies turned into financial instruments. // fictionalisation of economy // >> money spend (debt) on hostile takeover/LBO/MBO/M&A are tax deductible! << = invest in debt, rather than equity! & carried interest is only taxed at 15% max. still can reduce it w deductions xyz. // !!! NO SKIN IN THE GAME !!! Nassim Taleb //
Mitt  Romney  risk  capital  Venture  LBO  MBO  Wall  Street  M&A  shareholder  value  profit  maximisation  multinational  conglomerate  Mafia  Private  Equity  oligarchy  plutocracy  Super  Rich  1%  activist  investor  share  buyback  Hedge  Fund  Heuschrecken  bankruptcy  public  sentiment  public  awareness  creative  destruction  financial  product  self-regulation  regulation  regulators  BlackRock  Bain  CEO  pay  bonuses  bonus  squeezed  middle  class  Blackstone  dividends  mainstream  Main  Street  hostile  takeover  USA  lobbyist  lobby  Lobbying  tax  code  Nassim  Taleb  vested  interest  interest  groups  Career  Politicians 
february 2016 by asterisk2a
One Map Shows Just How Expensive College Can Be for Students Making Minimum Wage
[S]ubstantial evidence that lack of information plays a critical role in shaping the financial decisions people make. Consider how a vast majority of people who are currently defaulting on their student loans in the U.S. would be able to halt their financial suffering if they knew they could enroll in an income-based repayment plan that would shrink or eliminate their monthly payments. This map goes some way toward explaining why low-income students are less likely to enroll in college. If the idea that college is a risky investment is something thats gaining traction in well-to-do circles, then surely people who hail from less fortunate backgrounds are even more inclined to think the potential price is too high. // could be seen as balance sheet recession: rising cost of education - & on other side - unable 2 pay w job u can get (asset value). Education is mispriced in UK/USA in a new world going forward! >>
College  University  USA  student  loan  debt  student  loan  student  debt  NPL  un-college  minimum  wage  cost  of  living  income  growth  wage  growth  wage  stagnation  Millennials  generationy  disposable  income  discretionary  spending  babyboomers  living  standard  standard  of  living  living  wage  Generationengerechtigkeit  generation  rent  2015  income  mobility  social  mobility  downward  mobility  Gini  coefficient  income  distribution  1%  Super  Rich  income  inequality  low  income  income  redistribution  precarious  work  working  poor  job  security  job  creation  UK  education  policy  competition  globalisation  globalization  neoliberalism  neoliberal  Privatisation  borderless  flat  world  trickle-down  economics  economic  history  inequality  labour  market  Service  Sector  Jobs  Niedriglohnsektor  marginal  propensity  to  consume  Robert  Reich  Joseph  Stiglitz  Paul  Krugman  Thomas  Piketty  Elizabeth  Warren  Larry  Lessig  labour  economics  Wall  Street  profit  maximisation  shareholder  value  shared  economic  interest  secular  stagnation  stagnation  debt  servitude  Super  Cycle  debtoverhang  deleveraging  balance  sheet  recession  financial  literacy  Career  Politicians  No  Representation  social  contract  political  theory  vested  interest  interest  groups  generational  contract  lost  generation  lost  decade  personal  bankruptcy  poverty  trap  Mark  Blyth  dem 
september 2015 by asterisk2a
Russian debtors despair as boom turns to bust - BBC News
Millions of Russians took out loans during the economic boom years, but now they face crippling debts and the law is not on their side, the BBC's Oleg Boldyrev reports. [...] The Russian Central Bank says those chronic debts now total 1tn roubles (£10.7bn; $16.7bn). And that is at least 10% of the total personal debt - 10% which cannot be recovered by the banks. [...] "We were a bit stupid," Elena says. "They told us the minimum payment was 5,000 roubles a month and we paid that every month. But that was just the interest, not the loan itself." [...] [ moral of banks - make new loans (performance) vs prudence (and being a bit more conservative) to deny one person a loan just to see them off at another bank where they will get the loan and that rep getting his bonus, and you not. ] [...] After the good years many Russians are now getting a harsh lesson in capitalism - and inadequate regulations mean there is nothing to soften the blow.
Russia  sanctions  debt  servitude  debtoverhang  balancesheet  2015  NPL  financial  literacy  bankruptcy  insolvent  Insolvenzverschleppung  insolvency  moral  beliefs  bonuses  bonus  financial  incentive  incentive  zombie  banks  banking  crisis  investment  management  regulation  self-regulation  regulators  crony  capitalism  oversight  Bank  long-term  view  long-term  thinking  capitalism  Wall  Street  profit  maximisation  shareholder  value 
july 2015 by asterisk2a
Sick around the World - YouTube
"no system is perfect." [...] Germany's rich (much better off) opt-out law/premium cap should be changed and or premium cap increased!
healthcare  USA  NHS  UK  public  health  policy  health  insurance  medical  bankruptcy  Gini  coefficient  inequality  health  economics  social  safety  net  Germany 
october 2014 by asterisk2a
Junk's heyday is here and now - YouTube "We would stress that we fully understand why the authorities wouldn't want free markets to operate today as the risk of a huge global default and unemployment cycle would still be very high. However their intervention has a cost in our opinion. Socially this might be worth paying but we do think it exists."
bankruptcy  cycle  unemployment  monetary  policy  bond  bubble  zombie  banks  fixed  income  miltonfriedman  BOJ  artificial  demand  Insolvenzverschleppung  QE  lostgeneration  demand  and  supply  property  bubble  hayek  debt  monetisation  debt  bubble  bubble  default  greatdepression  zombie  consumer  debt  monetization  centralbanks  insolvency  cycle  Free  Lunch  IMF  default  cycle  GFC  refinancing  corporate  debt  haircut  unintended  consequences  high  yield  debt  Student  Loan  zombie  corporations  ECB  monetary  system  default  rate  credit  bubble  greatrecession  lostdecade  NIRP  Fed  economic  history  financial  repression  Super  monetarism  sovereign  debt  crisis  youth  unemployment  unconventional  monetary  policy  default  scenario  ZIRP  Junk  Bonds 
may 2013 by asterisk2a
Zypern-Krise: Wie sich das Land seinen Banken ausgeliefert hat - SPIEGEL ONLINE
Zypern steht vor dem Staatsbankrott, schuld sind vor allem die Banken. Jahrelang profitierte das Land von seinem überdimensionierten Finanzsektor, nun müssten die beiden größten Institute dringend abgewickelt werden. Doch die Regierung in Nikosia schreckt davor zurück - aus einem einzigen Grund. [...] Die Banken sind das eigentliche Problem Zyperns. Völlig überdimensioniert, vollgepumpt mit griechischen Staatsanleihen, de facto schon jetzt pleite. >> " Pimco glaube, dass es sich bei der Zwangsabgabe nicht nur um einen politischen Fehler der Euro-Retter handle. Stattdessen zeige das Hilfspaket, dass "der Euro weit davon entfernt ist, eine perfekte Reservewährung zu sein". >
PIMCO  contagion  ESM  Political  Folly  trust  economic  history  Europe  confidence  unintended  consequences  zombie  banks  Laiki  Bank  sovereign  debt  crisis  cyprus  trustagent  BIS  PIIGS  banking  crisis  ECB  bankruptcy  Bank  of  crisis  IMF  bailout  policy 
march 2013 by asterisk2a
MF Global Customers Missing $1.2 Billion Denied Committee - Bloomberg
MF Global Inc. brokerage customers, who may be missing more than $1.2 billion from their accounts, won’t be allowed to form a committee to represent their interests in bankruptcy court, a judge ruled.

“Nobody in the legislative history of this country thought about a case like this,” Lewis Kruger, a lawyer for a group of customers, argued before Glenn today. “This case may determine whether there is a commodities market in the future. I have great concern about what’s going to happen in this industry. This is a far-reaching case and it needs to have an imaginative resolution.”

“Essentially we have no more than 60 percent to give,” Kobak said at the hearing today.
The next motion the trustee will make will deal with “truing up” all customers to make sure everyone gets 60 percent of their collateral, Kobak said. It will also deal with the issue of bounced checks, which are estimated to be worth about $50 million, Kobak said.
MFGlobal  fraud  bankruptcy  2011 
november 2011 by asterisk2a
MF Global Client Theft Estimate Doubled To $1.5 Billion? | ZeroHedge
"As a result of the apparent segregation violations and the suspension of clearing privileges, more than 150,000 customer accounts essentially were frozen on October 31, 2011, of which more than 50,000 accounts were regulated commodities customer accounts. The CME estimates that MFGI’s current segregated funds ....
Doing some quick inverse addition and we get a (w)hole of $5.45 less $2.5 less $1.5 or $1.45 billion. In other words, the theft by MF Global was not stealing hunderds of millions form its customers: it has stolen a whopping $1.5 billion!
MFGlobal  fraud  regulation  CFTC  CME  oversight  bankruptcy  chapter-11 
november 2011 by asterisk2a
Why the latest eurozone bail-out is destined to fail within weeks - Telegraph
Some say Western governments shouldn't "accept" what the market says. "Who do these trading people think they are," I hear from the lips of the educated but financially-illiterate political elite. Let's be clear – if global bond markets stop lending to a number of large Western economies, we are in the realms of unpaid state wages and pensions, transport chaos and closures of schools and hospitals – sparking the prospect of serious civil unrest. Forgive my intemperate tone, but these are the dangers we face. And I'm afraid the only rational response to Thursday's announcement is that the probability of such undesirable outcomes has just been increased.
europe  state  bankruptcy  insolvency  insolvent  PIIGS  austerity  2011 
october 2011 by asterisk2a
GM Could Be Free of Taxes for Years -
it turns out, according to documents filed with federal regulators, the revamping left the car maker with another boost as it prepares to return to the stock market. It won't have to pay $45.4 billion in taxes on future profits.

The tax benefit stems from so-called tax-loss carry-forwards and other provisions, which allow companies to use losses in prior years and costs related to pensions and other expenses to shield profits from U.S. taxes for up to 20 years. In GM's case, the losses stem from years prior to when GM entered bankruptcy.

But the federal government, in a little-noticed ruling last year, decided that companies that received U.S. bailout money under the Troubled Asset Relief Program won't fall under that rule.

profit-shielding tax credit makes the bailed-out companies more attractive to investors, and that the value of the benefit is greater than the lost tax payments, especially since the tax payments would not exist if the companies fail.
GM  TARP  bankruptcy  2010  taxation  bailout  lobby 
november 2010 by asterisk2a
Financial Crisis Panel Lends Sympathetic Ear to Lehmans Ex-Chief -
The commission’s hearing Wednesday did not focus on Lehman’s responsibility for its own undoing, including its excessive leveraging and speculative investments. Nor did it question the accounting gimmicks, known as Repo 105, that Lehman had used to conceal some of its debt, as a court-appointed bankruptcy examiner detailed in March.

FULD: “Lehman was forced into bankruptcy not because it neglected to act responsibly or seek solutions to the crisis, but because of a decision, based on flawed information, not to provide Lehman with the support given to each of its competitors and other nonfinancial firms in the ensuing days,”

lawyers for the Fed — Scott G. Alvarez, and Thomas C. Baxter Jr., — disagreed.

“The Federal Reserve did not ‘allow’ Lehman Brothers to die,” “tried hard to save it,”
“We did not succeed, but the effort made was serious and determined,” Mr. Baxter said. “We came very close.”
lehmanbrothers  2010  FinancialCrisisInquiryCommission  bankruptcy  Fed  agenda  timgeithner  bailout  bearstearns  henrypaulson  benbernanke  AIG 
september 2010 by asterisk2a
Lehman Used ‘Alter Ego’ to Transfer Risks -
The firm, called Hudson Castle, played a crucial, behind-the-scenes role at Lehman, according to an internal Lehman document and interviews with former employees. The relationship raises new questions about the extent to which Lehman obscured its financial condition before it plunged into bankruptcy.

While Hudson Castle appeared to be an independent business, it was deeply entwined with Lehman. For years, its board was controlled by Lehman, which owned a quarter of the firm. It was also stocked with former Lehman employees.

None of this was disclosed by Lehman, however.

Entities like Hudson Castle are part of a vast financial system that operates in the shadows of Wall Street, largely beyond the reach of banking regulators. These entities enable banks to exchange investments for cash to finance their operations and, at times, make their finances look stronger than they are.
lehmanbrothers  hudsoncastle  banking  financial  market  regulation  regulators  reform  FDIC  SEC  bankruptcy  accounting  moody's  shareholder 
april 2010 by asterisk2a
Elizabeth Warren: America Without a Middle Class
Today, one in five Americans is unemployed, underemployed or just plain out of work. One in nine families can't make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. More than 120,000 families are filing for bankruptcy every month. The economic crisis has wiped more than $5 trillion from pensions and savings, has left family balance sheets upside down, and threatens to put ten million homeowners out on the street.
middleclass  USA  unemployment  recession  creditcard  bankruptcy  foodstamps  foreclosure  savings  2009  2010  infographics 
december 2009 by asterisk2a

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