On tapes, secret scumbaggery and why John Key should have known better!

It’s Nov. 2, 1993, and two employees of Bankers Trust Co. are discussing a leveraged derivative deal the bank had recently sold to Proctor & Gamble Co. “They would never know. They would never be able to know how much money was taken out of that,” says one employee, referring to the huge profits the […]

Summer 2009: The US government defaults on its debt

In this 28th edition of the GEAB, LEAP/E2020 has decided to launch a new global systemic crisis alert. Indeed our researchers anticipate that, before next summer 2009, the US government will default and be prevented to pay back its creditors (holders of US Treasury Bonds, of Fanny May and Freddy Mac shares, etc.). Of course […]

U.S. biofuel plants go bankrupt on feedstock costs

And this is another reason why it is unsustainable. NEW YORK (Reuters) – Soaring corn and soy prices on top of rising construction costs and tight credit markets have pushed about a dozen U.S. biofuel plants to file for bankruptcy protection, experts said. Prices for corn, the feedstock for most U.S. ethanol plants, hit fresh […]

GM, Ford `On the Verge of Bankruptcy,’ Altman Says

Economic meltdown in the USA continues. By Greg Miles and Caroline Salas July 22 (Bloomberg) — General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University’s Stern School of Business. “Both […]