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June 29, 2012

EU Leaders Ease Debt-Crisis Rules on Spain - Bloomberg

Filed under: business, canada — Tags: , , , — Snowman @ 4:36 am

Euro-area leaders agreed to relax conditions on emergency loans for Spanish banks and possible help for Italy as an outflanked German Chancellor Angela Merkel gave in on expanded steps to stem the debt crisis.

After 13 1/2 hours of talks ending at 4:30 a.m. in Brussels today, chiefs of the 17 euro countries dropped the requirement that taxpayers get preferred creditor status on aid to Spain

June 27, 2012

Rogers axes 375 jobs

Filed under: finance, online ads — Tags: , , , — Snowman @ 2:28 pm

TORONTO

June 25, 2012

Greece

Filed under: loans, online — Tags: , , , — Snowman @ 9:20 pm

ATHENS- Greece

June 23, 2012

Anna Schwartz, Economist Friedman

Filed under: mortgage, technology — Tags: , , , — Snowman @ 3:00 pm

Anna Schwartz, an economist and co- author with Milton Friedman of a book on monetary policy that shaped the views of central bankers including Federal Reserve Chairman Ben S. Bernanke, has died. She was 96.

She died today at her home in Manhattan after a long illness, said her daughter, Naomi Pasachoff.

The first book that Schwartz wrote with Friedman,

June 22, 2012

U.K. Retail Sales Rise More Than Forecast After April Slump - Bloomberg

Filed under: Uncategorized, online ads — Tags: , , , — Snowman @ 1:44 am

U.K. retail sales rose more than economists forecast in May, recovering some of the ground lost the previous month when poor weather damped demand.

Sales including auto fuel gained 1.4 percent from April, the Office for National Statistics said today in London. The median forecast of 20 economists in a Bloomberg News survey was for a 1.2 percent increase. Retail sales fell a revised 2.4 percent in April, curbed by the wettest April on record. Excluding fuel, sales increased 0.9 percent in May.

While easing inflation is easing the squeeze on Britons

June 20, 2012

Foreign Ownership of Japanese Debt Rises to Record on Europe - Bloomberg

Filed under: finance, technology — Tags: , , , — Snowman @ 2:08 am

Foreign ownership of Japanese government debt rose to a record in 2011, signaling increasing dependence on investors abroad to finance the world

June 18, 2012

Australia Has Scope to Respond to Europe Turmoil, Parkinson Says - Bloomberg

Filed under: Uncategorized, money — Tags: , , , — Snowman @ 11:20 pm

Australia has scope to respond to an economic shock emanating from Europe, where

June 16, 2012

Facebook to pay $10 million to settle users

Filed under: online, term — Tags: , , , — Snowman @ 10:44 pm

SAN FRANCISCO

June 15, 2012

Ponzi schemer Allen Stanford gets 110 years

Filed under: finance, loans — Tags: , , , — Snowman @ 11:56 am

Disgraced financier Allen Stanford was sentenced to 110 years in prison on Thursday for orchestrating a $7 billion fraud, one of the largest in U.S. history.

Prosecutors had called for the 62-year-old Stanford to receive the maximum sentence of 230 years in prison, calling him "a ruthless predator responsible for one of the most egregious frauds in history." The defense called for a sentence between 31 and 44 months, according to court filings, most or all of which Stanford would have already served.

By comparison, notorious Ponzi schemer Bernie Madoff, believed to have cheated his victims out of around $20 billion, received a 150-year jail term in 2009.

In March, Stanford was found guilty on 13 counts of fraud-related charges by a jury in Houston after a five-week trial.

Stanford surrendered to federal authorities in 2009 after being accused of orchestrating a massive fraud stretching two decades. Prosecutors charged that Stanford sold billions of dollars in certificates of deposit administered by Stanford International Bank Ltd., an offshore bank in Antigua, ensnaring thousands of victims.

Clients were told that these certificates of deposit averaged a rate of return 3-4% higher than U.S. CD’s, and that the bank made safe investments in products like stocks and bonds. But in fact, prosecutors said, Stanford diverted the proceeds into personal ventures like real estate properties and failing businesses.

Inside the bizarre legal case of Allen Stanford

A significant portion of the money was also used to fund Stanford’s lavish lifestyle, which included multiple homes in the Caribbean and the U.S. He was knighted in Antigua and sponsored a variety of golf tournaments and other sporting events.

"The sheer magnitude of the money stolen, the duration of the crime, and the extent to which Stanford lived a life steeped in deceit are almost unrivaled," prosecutors said in a court filing.

Stanford is appealing his conviction, and his lawyer, Ali Fazel, objected to the government’s characterization of his client as a Ponzi schemer.

"We are obviously disappointed at the sentence," he said.

Stanford’s victims have yet to receive any money, though the jury found that roughly $330 million in overseas accounts are proceeds of the fraud and should be returned.

"There’s still no money in the picture," Stanford victim Doug Birdsong told reporters outside the court. "He’s a predator — he doesn’t need to be out among people, because he would do the same thing again."

Stanford maintained his innocence throughout his trial. In a tearful 2009 interview, Stanford told ABC News: "I would die and go to hell if it’s a Ponzi scheme."

While in custody in 2009, Stanford suffered a severe beating at the hands of a fellow inmate, and the trial was subsequently delayed as a result of his health problems. 

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June 13, 2012

Hong Kong Pledges Currency Peg After Yam Urges Review - Bloomberg

Filed under: finance, marketing — Tags: , , , — Snowman @ 9:48 pm

Hong Kong

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