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...complaint says, only approximately $746,000 remained in all Agape accounts and most of Agape's money was used to pay prior investors, pay more than $55 million to brokers who recruited investors, and fund seven commodities-futures-trading accounts controlled by Cosmo. Those accounts, the complaint says, lost more than $80 million between October 2003 and October 2008. (See the Top 10 financial collapses...
...worth asking again, Where were BofA's risk and compliance troops? Wouldn't you want to be all over these people, especially in Q4? Or maybe they all took John Thain at his word when, in October, he said, "We continue to reduce exposures and deleverage the balance sheet prior to closing the Bank of America deal." Those words were surely reassuring, but isn't the whole idea of financial risk management that you don't take anyone at his or her word? (See the top 10 financial collapses...
Harry Truman, who became the holder of the first Medicare card for his support of the legislation, also succeeded in getting a bill passed in 1958 that provided former presidents with a pension, staff, and office space. Prior to that, ex-presidents received no such retirement benefits (Truman was fairly broke when he left office). And finally, Richard Nixon mediated a baseball umpire's strike in 1985. We don't know what to make of that either...
...though little noticed at the time, came two weeks ago, when he broadened his long-promised package of tax cuts for individuals to include a larger array of deductions for businesses. These proposed tax cuts and credits take the form of accelerated depreciation schedules for certain investments and complex prior-year tax rollbacks. The surprise proposals set the stage for what is likely to be a bipartisan passage of the stimulus package. The sheer volume of these cuts - numbering in the hundreds of billions - makes it very difficult for Republicans to oppose the stimulus measure. If anything, the proposals generated...
...based on deposits) of nearly 30% for the 23 bank deals it did in 2008, for which the FDIC released details, according to financial industry consulting firm Ely & Co. That is more than double the average loss of 13% the agency registered on bank rescues in the 17 years prior...