tagged w/ taxpayers
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A senior adviser to the Center for Strategic and International Studies in Washington, said it was highly questionable whether contractors brought the same commitment and willingness to take risks as the men and women of the military or the diplomatic services. He also questioned whether using contractors was cost effective, saying that no one really knew whether having a force made up mainly of contractors whose salaries were often triple or quadruple those of a corresponding soldier or Marine was cheaper or more expensive for the American taxpayer.A senior adviser to the Center for Strategic and International Studies in Washington,... more
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VC1
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added this
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2 years ago
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In this brilliant article Rafeeq brings to the fore what any of us should know as obvious if we think about it and Madoff has deceived us all twice. There is no way that so many people and so many institutes, banks and pension funds would have invested billions with Madoff with absolutely zero oversight or prior investigation.
The more likely scenario is that is hedge fund went bust as are up to 30% of hedge funds are expected to do so. But by pleading guilty, the entire corrupt and criminal system has gone along with his deceit and accepted. It means that the tax payer will ultimately be bailing out these losses. Expect more "frauds" like Madoff to be come to light and the CEOs to strangely plead guilty because they now all want to get on the bailout gravy train.In this brilliant article Rafeeq brings to the fore what any of us should know as... more
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MILITARY personnel have stolen hundreds of thousands of dollars from taxpayer-funded credit cards to service illegal-drug and gambling habits.
The Sunday Telegraph can reveal there have been 220 reported cases of fraud or misuse of the Defence Travel Card - a taxpayer-funded corporate credit card used for official travel and expenses.
Our inquiries show that the Department of Defence has issued some 58,000 credit cards among 88,000 employees, accounting for two-thirds of its workforce, and the cards can be used to withdraw cash from ATMs.
The Department said fraud occurred because military personnel were motivated by personal debt, gambling and illegal-drug habits.MILITARY personnel have stolen hundreds of thousands of dollars from taxpayer-funded... more
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Dow Drops 733 Points As Fed Issues Gloomy Report, Retail Sales Show Steep Drop
Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.
The government's report that retail sales plunged in September by 1.2 percent - almost double the 0.7 percent drop analysts expected - made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.
The Commerce Department report was sobering because consumer spending accounts for more than two-thirds of U.S. economic activity. The reading came as Wall Street was refocusing its attention on the faltering economy following stepped up government efforts to revive the stagnant credit markets.
The release of the Beige Book, the assessment of business conditions from the Federal Reserve, added to investors' angst. The report found that the economy continued to slow in the early fall as financial and credit problems took a turn for the worse. The central bank's report supported the market's belief that difficulties in obtaining loans have choked growth in wide swaths of the economy.
"Even though the banking sector may be returning to normal, the economy still isn't. The economy continues to face a host of other problems," said Doug Roberts, chief investment strategist at ChannelCapitalResearch.com. "We're in for a tough ride."
Dow Drops 733 Points As Fed Issues Gloomy Report, Retail Sales Show Steep Drop... more
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New York Attorney General Andrew Cuomo today launched a probe and threatened legal action if insurance giant American International Group did not immediately cease spending money on extravagant bonuses and trips while the company is being bailed out by federal taxpayers.
Cuomo wrote a letter to AIG's board, saying that the company made extraordinary expenditures on lavish resorts and eight-figure bonuses for executives as AIG "slipped towards insolvency" in the past 12 months and that continuing such expenses would be "even more irresponsible and damaging."
He also demanded that the board quickly provide his office with an accounting of past executive compensation packages, junkets and perks at the company. He also urged that the board move to recover some of the excessive payments to former corporate executives and impose controls so it would review such proposed expenses in the future.
AIG spokesman Peter Tulupman said this afternoon that the board was being notified of the attorney general's concerns.
"On October 10, we issued a directive ending all activities that are not absolutely essential to the conduct of our business," Tulupman said in an e-mailed statement. "AIG's priority is to continue focusing on actions necessary to repay the Federal Reserve loan and emerge as a vital, ongoing business."
New York Attorney General Andrew Cuomo today launched a probe and threatened legal... more
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