S&P Downgrades Britain’s Banking Industry

Standard & Poor’s blames move on Britain’s weak economic environment and banks’ dependence on state supportNorthern Rock, one of the banks in which the British government has a majority stake. Standard & Poor’s said reliance on state support contributed to its move to downgrade the banking industry’s ratingBritain’s banking industry was downgraded by the international [...] continue reading world news

Controller: Pennsylvania Capital Should Weigh Bankruptcy

The Pennsylvania State Capitol building seen from State Street in Harrisburg.Jan. 26 (Bloomberg) — Harrisburg, Pennsylvania, the capital of the sixth-largest U.S. state by population, should skip a $2.2 million debt service payment due Feb. 1 and consider bankruptcy, City Controller Dan Miller said.Harrisburg faces $68 million in payments this year in connection with a [...] continue reading world news

Rep. John Mica encourages Treasury Secretary Geithner to resign

Added: 27. Januar 2010- SEC Mulled National Security Status For AIG Bailout Details (Reuters)- America’s Impending Master Class Dictatorship! (Kitco)- Ron Paul on FOX NEWS: Wall Street Bailout FRAUD- The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street (RT)- Senator Jim Bunning: SEC Should Probe NY Fed Staff Over AIG (Bloomberg)- [...] continue reading world news

High Frequency Trading Raises Meltdown Fears

Meltdown? Fear?“We are doing God’s work!”(Click on image to enlarge.)(Financial Times) — An explosion in trading propelled by computers is raising fears that trading platforms could be knocked out by rogue trades triggered by systems running out of control.Trading in equities and derivatives is being driven increasingly by mathematical algorithms used in computer programs. They [...] continue reading world news

Verizon to Cut 13,000 Jobs

See also:- Sam’s Club cuts 11,200 jobs, 10 percent of workforce(AP)Jan. 26 (Bloomberg) — Verizon Communications Inc., coping with subscriber losses at its fixed-line phone business, plans to cut about 13,000 jobs at the division this year after posting fourth-quarter revenue that missed analysts’ estimates.The cuts will follow reductions of a similar size last year, [...] continue reading world news

Sam’s Club cuts 11,200 jobs, 10 percent of workforce

SAN FRANCISCO (Reuters) - Sam’s Club, the warehouse club division of Wal-Mart Stores Inc is cutting roughly 11,200 jobs, or about 10 percent of its workforce, as it outsources in-store product demonstrations and eliminates positions used to recruit new business members.Sam’s Club Chief Executive Officer Brian Cornell said on Sunday that the retailer would outline [...] continue reading world news

FDIC Seizes Five Banks; US bank failure tally hits 9 for 2010

And the FDIC is broke.Regulators seized five banks in Florida, Missouri, New Mexico, Oregon and Washington, lifting the total number of failures this year to nine as financial institutions struggle with loan defaults and a weak economy.Two of the five institutions had assets of more than $1 billion. The Florida bank, in Miami, was sold [...] continue reading world news