Robert Oak's blog

Saturday Reads Around The Internets - Banksters & Bad Trade

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Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.

No Charges....Again for the Banksters

AIG, Goldman Sachs, Countrywide...the list goes on and on. To date there have been no real consequences or criminal charges for the people who committed the biggest fraud in history which brought the globe's economy to it's knees. The latest is Lehman Brothers:

The U.S. government's investigation into the collapse of Lehman Brothers Holdings Inc. has hit daunting hurdles that could result in no civil or criminal charges ever being filed against the company's former executives, people familiar with the situation said.

In recent months, Securities and Exchange Commission officials have grown increasingly doubtful they can prove that Lehman violated U.S. laws by using an accounting maneuver to move as much as $50 billion in assets off its balance sheet, which made it appear that the securities firm had reduced its debt levels.

SEC officials also aren't confident they could win any lawsuit accusing former Lehman employees, including former Lehman Chief Executive Richard Fuld Jr., of failing to adequately mark down the value of the large real-estate portfolio acquired in Lehman's takeover of apartment developer Archstone-Smith Trust or to disclose the resulting losses to investors, according to people familiar with the matter.

WTO Rules in China's Favor

China Gears Up to Repress Their People

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China really doesn't like the Populist uprisings in the Middle East. Today a state run newspaper blasted the protests:

A Chinese Communist Party-run newspaper on Saturday attacked anti-government protest movements in the Middle East and dismissed the possibility of something similar happening in China.

Such movements have brought nothing but chaos and misery to their countries' citizens and are engineered by a small number of people using the Internet to organize illegal meetings, the Beijing Daily, published by the city's party committee, said in a front-page editorial.

"The vast majority of the people are strongly dissatisfied (with the protests), so the performance by the minority becomes a self-delusional ruckus," the newspaper said.

The editorial appeared amid anonymous calls posted on the Internet for Middle East-inspired protests in dozens of Chinese cities the past two Sunday afternoons.

While drawing few outright demonstrators, the appeals have deeply unnerved authorities constantly on guard for any sign of challenges to Communist rule. Police and security agents shooed away onlookers and assaulted and detained journalists who turned up at the designated protest sites in Beijing and Shanghai.

Imagine That, Writing a Budget to Reduce Government Waste

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The GAO released a report for efficiencies in various government programs, Opportunities to Reduce Potential Duplication in Government Programs, Save Tax Dollars, and Enhance Revenue. While the headlines buzzed about savings, ya all need to read this. The GAO is going after a lot of low hangin' fruit, that being not large corporations but instead social programs and individual taxpayers.

Take this paragraph for example:

The housing market downturn is resulting in billions of dollars of forgiven mortgage debt. In tax year 2008 (the most current data available), the Internal Revenue Service (IRS) estimates that individual taxpayers excluded $6.4 billion to $11.8 billion in forgiven mortgage debts on principal residences. While most forgiven debt is treated as a financial gain and included in taxable income, forgiven mortgage debt is, according to complex rules, sometimes excluded from taxable income.

Forgiven mortgage debt means you probably were foreclosed on and declared bankruptcy. The GAO is recommending this be treated as taxable income? Talk about adding insult to injury.

Through 2012, taxpayers may exclude forgiven mortgage debts from taxable income if the mortgage proceeds were used to buy, build, or substantially improve a principal residence. Forgiven mortgage amounts used for other purposes, including purchases of vacation or investment properties, would generally still be considered taxable income unless the taxpayer is bankrupt or insolvent.

Saturday Reads Around The Internets - Public Unions & Homeless Beauty Queens

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shocknews
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.

Miss Colorado is Homeless

A sign of the times, our beauty queen is homeless.

Just months after receiving her crown, Miss Colorado USA Blair Griffith lost her home.

The 23-year-old, who will compete in the Miss USA pageant in June, was evicted, along with her mother, from their home last November. They have been living with a family friend ever since. Griffith is also scheduled to lose her job at Saks Fifth Avenue when the branch she works at closes its doors for good next month.

Jobs Being Created are Low Pay Ones

The NELP ran some numbers and discovered the new jobs are low paying ones.

Lower-wage industries constituted 23 percent of job loss, but fully 49 percent of recent growth. Mid-wage industries constituted 36 percent of job loss, and 37 percent of recent growth. Higher-wage industries constituted 40 percent of job loss, but only 14 percent of recent growth.

We're hearing a lot of spin on tech jobs and innovation lately. Realize those jobs have shrunk by 4.4% over the last decade. In other words, the sector is not even employing the U.S. workers who need a job and have the skills.

Economic Nonsense Reported As Fact

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