Word: bankes
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Dates: during 2000-2009
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...flying currency trading outfit, CRE Capital Corp., based in Atlanta, and charged Ossie with allegedly bilking 120 investors out of $25 million. Not exactly Bernie-level action, but for investors who believed Ossie's "little-risk currency-trading contracts" pitch, it goes down as a dark day for their bank accounts...
Funny thing is, CRE and Ossie did trade in currencies - they were just lousy at it. SEC documents show that in June 2008, CRE shifted $12 million from its Atlanta fund to Deutsche Bank in London. In short order, it lost $8 million in European currency trading. (See pictures of the global financial crisis...
...notion of a bailout for Main Street didn't have enough hurdles to overcome, Obama may also need to ask for upwards of $50 billion more for the already approved bank bailout to deal with the continuing credit crunch. Considering that nine Democrats disregarded Obama's personal appeal last week and voted against giving his new Administration the second half of the $700 billion allocated by Congress in September, adding $50 billion more to the stimulus could poison the well for Dems adamantly opposed to further aid for Wall Street...
...time of plunging stock markets, bank bailouts and deepening recession, the economic data released by the Chinese government on Thursday might be enough to make many drool. GDP for the world's third-largest economy surged 9% in 2008 from the year earlier. But first looks can be deceiving. The statistics also showed just how quickly and severely the global economy decelerated in the latter part of the year. China's growth in the fourth quarter, at 6.8%, was the slowest the country has experienced in seven years. Compare that figure to the first half of 2008, when growth...
Many South Koreans have the nagging feeling that authoritarian tendencies are in play here since Minerva, who had already achieved notoriety months before the arrest, was in the government's sights as early as September and October after his blogposts predicted the fall of U.S investment bank Lehman Brothers as well as the won's decline. Minerva had become such a sensation during the global financial meltdown that Korea's Minister of Strategy and Finance, Kang Man Soo, weighed in, saying he hoped to furnish the blogger with more economic facts so he would trust the government. (See 10 things...