tagged w/ Economic Downturn
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For six years Overstock.com has waged a war to expose Wall Street mischief. We did not go looking for a fight, but our company was attacked, and we learned we were not alone: the same manipulation-for-profit tools that Wall Street had deployed against us had also been deployed against many American companies, harming job creation, innovation, and economic growth. We knew that if left unchecked and unexposed, Wall Street's games could ultimately damage U.S. capital markets.
So in 2005 and 2007 we filed two lawsuits. The first case was against a hedge fund (Rocker Partners) and hatchet-job-for-hire research team (Gradient Analytics), both with ties to Jim Cramer. The second case was against a group of eleven Wall Street prime brokers, culminating in Goldman Sachs. The hedge fund in question (Rocker Partners) hired famed lawyer David Boies, and the prime brokers showed up with an army of the most prestigious law firms in America. Our lawyers were Dore Griffinger, Ellen Cirangle, Jonathan Sommer and Catherine Jackson of Stein & Lubin, a small but excellent San Francisco law firm.
We won the hedge fund case against Gradient and Rocker, extracting an apology, a retraction and over $5 million in cash (it felt good to beat David Boies' firm). In our prime broker case, one of the Wall Street banks (Lehman Brothers) has gone under (two, Bear Stearns and Merrill Lynch were sold at fire sale prices), and another seven paid us millions to let them out.
That leads us to the main event this coming March, when O.co will square off against Goldman Sachs and Bank of America subsidiary, Merrill Lynch, in a San Francisco courtroom. Recently, we uncovered evidence of collusive action between Goldman Sachs, Merrill Lynch and other Wall Street bad guys, in a scheme designed to fool regulators and profit illegally at the expense of O.co. As a result of this, in December 2010, we moved to add a Racketeer Influenced and Corrupt Organization (RICO) Act claim and requested treble damages, but the court denied our motion, though we firmly believe the conduct of Goldman Sachs and Merrill Lynch was "racketeering" and "corrupt." Nevertheless, we are moving forward: trial is scheduled to commence March 5, 2012. At trial we will hold Goldman Sachs and Merrill Lynch accountable and expose to public view a slew of illegal Wall Street practices, some of which, practiced in the broader market, have been responsible for the current economic downturn.
http://www.overstock.com/50257/static.htmlFor six years Overstock.com has waged a war to expose Wall Street mischief. We did not... more
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"...a poll of 66 businesses conducted by the National Tourism Chamber (CANATUR) last month, more than 60 percent of respondents said reservations for the first quarter of 2009 were down compared to 2008. Those that reported a slowdown said reservations had declined an average of 29 percent. And the number of passengers at Juan Santamaría International Airport was down 8.25 percent for the first 15 days of the month, CANATUR reported.""...a poll of 66 businesses conducted by the National Tourism Chamber (CANATUR)... more
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If lay-off's are grim, then this would be a shocker on comic book stands this week, as Spider Man's alter-ego, Peter Parker, faces the sack as the newspaper photographer and faces new challenges in the economic downturn, like unemployment.
Marvel Comics senior editor, Steve Wacker revealed "He's going to struggle with unemployment and trying to save the city while he can barely afford to keep a roof over his head..."
Source: http://edition.cnn.com/2010/LIVING/worklife/03/01/spiderman.gets.fired/?hpt=SbinIf lay-off's are grim, then this would be a shocker on comic book stands this... more
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In 2008, global food price spikes and four successive hurricanes battered the Caribbean island of Haiti, causing an estimated US$220 million in damage to food crops. Tens of thousands of farmers were left without a means of earning an income and the country without enough food to eat. This short video looks at a special IFAD-funded programme designed to kick-start the country’s food production quickly and the support needed to make Haiti food secure.In 2008, global food price spikes and four successive hurricanes battered the... more
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3 years ago
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Nearly half of all U.S. children and 90 percent of African-American kids will be on food stamps at some point during childhood, and researchers say fallout from the current recession could push those numbers even higher.Nearly half of all U.S. children and 90 percent of African-American kids will be on... more
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In a year, in Italy, we had an increasing of unemployment request of 52,2% compared to the same period of 2008. These are the scaring numbers told by the commisioner of Inps.
Workers, families, statistical offices, Europe, in short, everyone seems to notice the unemployment problem that is destroying a generation, and leaves no great hopes for a fast recovery of Italy. All except one person.In a year, in Italy, we had an increasing of unemployment request of 52,2% compared to... more
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Have your waitresses been getting better looking lately? That might be a sign that the economy will still be troubled for some time.
Hugo Lindgren of New York Magazine explains how the Hot Waitress Index works
The hotter the waitresses, the weaker the economy. In flush times, there is a robust market for hotness. Selling everything from condos to premium vodka is enhanced by proximity to pretty young people (of both sexes) who get paid for providing this service. That leaves more-punishing work, like waiting tables, to those with less striking genetic gifts. But not anymore.
A waitress at one Lower East Side club described to me what happened there: “They slowly let the boys go, then the less attractive girls, and then these hot girls appeared out of nowhere. All in the hope of bringing in more business. The managers even admitted it. These hot girls that once thrived on the generosity of their friends in the scene for hookups—hosting events, marketing brands, modeling—are now hunting for work.” A Soho restaurateur I know recently received applications from “a couple of classic Eastern European fembots. Once upon a time, these ladies must’ve made $1,500 a night lap dancing. At my place, they’re not going to make that in a week.”
This is more than just a real time indicator of our financial health, according to Lindgren. It's a leading indicator, predicting future performance of our economy. You'll recall that lots of people think unemployment may not be a lagging indicator this time around. But hotness is even more likely than employment to be an indicator because the hotness market is more flexible than the normal employment market.
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For complete article: http://tiny.cc/ojK33Have your waitresses been getting better looking lately? That might be a sign that the... more
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owenrm
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As businesses across the UK continue to suffer during this economic downturn, former England Captain Alec Stewart has teamed up with energy provider npower to launch a new campaign to help businesses cut their costs through basic energy efficiency. The renowned sportsman understands well the benefits of using and conserving energy in both sport and across his business ventures.
Just like the national cricket team each individual can play their part to reduce avoidable energy costs and help businesses proper as the UK looks towards an economic upturn.
The Switch On/Switch Off campaign has shown that any business can save up to 10% in energy costs, through very simple measures. For example, turning off your LCD PC screen, turning off TV’s rather than standby, unplugging kettles and only using air-con if it is a must, are simple energy efficiency actions which can have a significant financial impact on any business.
For further information: www.npower.co.uk/businessashAs businesses across the UK continue to suffer during this economic downturn, former... more
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The UK is going out less, spending more on drinking at home and swapping foreign trips for traditional holiday camps, because even those who have not been personally affected by the recession are scared of splashing out, research published today reveals.
I think everyone should visit Skegness once in they're life.The UK is going out less, spending more on drinking at home and swapping foreign trips... more
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African leaders have warned that parts of the continent could be plunged back into conflict if they are not helped to recover from the global downturn. The stark warning came as they gathered in London to put their case ahead of the G20 summit next month. The scale of the crisis faced by Africa because of the economic downturn is only now becoming apparent. British Prime Minister Gordon Brown heard tales of woe from across the continent - 500,000 thrown out of work in copper mines in Zambia, farmers losing jobs in Tanzania when the cotton price halved, foreign receipts down everywhere because of a cut in tourism and the reduction in remittances sent home by workers living abroad. The prime minister of Ethiopia, Meles Zenawi, made a case for the richest countries in the world to invest in Africa for their own self-interest.African leaders have warned that parts of the continent could be plunged back into... more
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pibbio
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4 years ago
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DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage.
Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.
“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”
With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.
The government says the real number is much lower. But the stories contain at least a grain of truth: jobless people here lose their work visas and then must leave the country within a month. That in turn reduces spending, creates housing vacancies and lowers real estate prices, in a downward spiral that has left parts of Dubai — once hailed as the economic superpower of the Middle East — looking like a ghost town.
No one knows how bad things have become, though it is clear that tens of thousands have left, real estate prices have crashed and scores of Dubai’s major construction projects have been suspended or canceled. But with the government unwilling to provide data, rumors are bound to flourish, damaging confidence and further undermining the economy.
Instead of moving toward greater transparency, the emirates seem to be moving in the other direction. A new draft media law would make it a crime to damage the country’s reputation or economy, punishable by fines of up to 1 million dirhams (about $272,000). Some say it is already having a chilling effect on reporting about the crisis.
Last month, local newspapers reported that Dubai was canceling 1,500 work visas every day, citing unnamed government officials. Asked about the number, Humaid bin Dimas, a spokesman for Dubai’s Labor Ministry, said he would not confirm or deny it and refused to comment further. Some say the true figure is much higher.
“At the moment there is a readiness to believe the worst,” said Simon Williams, HSBC bank’s chief economist in Dubai. “And the limits on data make it difficult to counter the rumors.”
Some things are clear: real estate prices, which rose dramatically during Dubai’s six-year boom, have dropped 30 percent or more over the past two or three months in some parts of the city. Last week, Moody’s Investor’s Service announced that it might downgrade its ratings on six of Dubai’s most prominent state-owned companies, citing a deterioration in the economic outlook. So many used luxury cars are for sale , they are sometimes sold for 40 percent less than the asking price two months ago, car dealers say. Dubai’s roads, usually thick with traffic at this time of year, are now mostly clear.
Some analysts say the crisis is likely to have long-lasting effects on the seven-member emirates federation, where Dubai has long played rebellious younger brother to oil-rich and more conservative Abu Dhabi. Dubai officials, swallowing their pride, have made clear that they would be open to a bailout, but so far Abu Dhabi has offered assistance only to its own banks.
[more at the link]DUBAI, United Arab Emirates — Sofia, a 34-year-old Frenchwoman, moved here a... more
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The number of companies filing for administration jumped by nearly 125 per cent in the final three months of last year as the financial crisis and the sharp economic downturn took its toll.
Consumers also felt the pain as the number of bankruptcies last year soared to the highest level since records began in 1960. Over 350 people a day are now becoming insolvent.
The total number of businesses going bust, which covers administrations and liquidations, rose by more than 50 per cent as increasing numbers of companies struggled to access finance or secure insurance.
Some 2,018 businesses entered into administration — the insolvency scheme usually used by larger companies — between October and December last year, up from 575 in the final quarter of 2007, figures from the Insolvency Service show. This is an increase of 251 per cent.
However, that figure includes the administration of one company that had 729 managed service businesses.
Stripping out that collapse in September 2008, the number of businesses filing for administration hit 1,289 in the final three months of the year, up 124 per cent from the comparable period.
While today's data was worse than expected, experts warned that the figures were set to rise higher in the coming year.The number of companies filing for administration jumped by nearly 125 per cent in the... more
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Where do you take that Movado Fiero watch if you come up a little short this month? Try the pawn shop! Though the income of a typical pawn shop customer is $29,000, The Wall Street Journal reports that middle- and upper-class customers are now streaming into pawn shops in search of cash. Several pawn brokers tell the paper of an uptick in luxury cars pulling up outside their doors. An Evanston, Illinois, pawn broker says he had one woman who arrived with a $9,000 fur coat from Saks. “She told him she needed a loan to help buy private-school uniforms for her child.”Where do you take that Movado Fiero watch if you come up a little short this month?... more
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10 October 2008 - Black Friday. Global stock markets crashed lower than at any other time in history. The UK government answer to halt another great depression, but this time on a global scale, was to flood the financial district with a £500 billion bailout from taxpayer's money.
Anger quickly spread, as for years Blair and Brown claimed there was no money for schools, hospitals, for the needy and vulnerable. Yet there was always money for war and now for the bankers, in what was labelled re-nationalisation of the banking system.
The anger spilled into the streets of the London financial district in the first of two waves of protest. Attempts to invade the Royal Exchange and Bank of England were quickly jumped on by police and all street protest was crushed in a show of brute force that is now becoming all too common on the streets of England.
Global Economic Crisis follows the first two protests called to oppose the taxpayer bailout of the worlds richest institutions, as the country heads towards the worst economic crisis ever recorded.
Music comes courtesy of Freeland (Marine Parade, Bucks Music Group) and Rikki Blue.
http://www.marineparade.co.uk/
http://www.bucksmusicgroup.com/
Filmed, Written and Driected by Jason N. Parkinson.
http://jasonnparkinson.blogspot.com/
Additional Footage by da100thmonkey and Reel News.
http://uk.youtube.com/da100thmonkey
http://www.reelnews.co.uk/10 October 2008 - Black Friday. Global stock markets crashed lower than at any other... more
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It's a sardonic sign of troubled times in Silicon Valley: A Web site launched this week as a kind of homage to the infamous site created by entrepreneur Philip Kaplan during the dot-com boom-and-bust whose name we can only print as f'd-company.com.
As karma would have it, Kaplan's new company, AdBrite, on Thursday became the lead post on the new site as news spread that Kaplan was laying off about 40 people, or 40 percent, of AdBrite's staff.It's a sardonic sign of troubled times in Silicon Valley: A Web site launched... more
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