Word: jannings
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...plunging interest rates, a wobbly banking sector and creaking government finances have driven traders to dump the pound. "I would urge you to sell any sterling you might have," Jim Rogers, once a business partner of George Soros and now chairman of a Singapore investment company, told Bloomberg on Jan. 20 just before the pound hit a 23-year low. "I hate to say it, but I would not put any money in the U.K." (See pictures of the financial crisis in London...
...does not cite an official Ponzi scheme, it certainly looks and smells like a Ponzi. The complaint alleges that Agape's bridge loans were touted as secured by borrowers' assets and that investors would receive substantial interest returns ranging from 48% to 80% per year. Records indicate that from Jan. 1, 2006, to Nov. 30, 2008, more than $370 million was deposited into Agape accounts - the vast majority of which was provided by more than 1,500 investors - and that less than $10 million of the $370 million was actually used to make loans to commercial borrowers. (See pictures...
...which involved more than 2000 demonstrators who broke windows, banged on pans and drums and hurled eggs and skyr, a kind of Icelandic yogurt, at parliament and at riot police, seems to have shaken Icelandic politicians. Two days after a throng of angry protesters beset his official car on Jan. 21, Prime Minister Haarde called a press conference to reveal that doctors had found a malignant tumor in this throat and that he would step down. In an unexpected move, Haarde called for an election in May, only days after firmly and repeatedly denying the possibility of such a poll...
Indeed, al-Sadr's once formidable movement appears to be at its nadir, with the cleric himself scarcely a presence in Iraqi politics these days and his political bloc pushed to the sidelines of the provincial elections on Jan. 31. A series of military defeats at the hands of toughened Iraqi security forces plus political missteps over the past year by al-Sadr and his followers have left the future of the mass movement in doubt. And without a solid showing of popular support in the coming vote, the Sadrists appear set to lose what remains of the enormous political...
Provincial balloting in southern Iraq on Jan. 31 will probably reveal how much life remains in the Sadrist movement. If candidates tied to the movement fail to make a decent showing in cities such as Basra, Amarah, Najaf and Karbala, the Sadrists' only official political power will be in the Iraqi parliament, where they hold 28 of 275 seats...