Tag Archives: banks

Business/Economics

Black Horse & Morgan Stanley: Cuts employee pay 30%, claims profits are down, gets hit with billion dollar lawsuits, then hires ex Merrill Lynch team. If you’re not a shareholder, you are a nobody!!!

…there before me was a black horse! Its rider was holding a pair of scales in his hand. Then I heard what sounded like a voice among the four living creatures, saying, “A quart of wheat for a day’s wages, and three quarts of barley for a day’s wages, and do not damage the oil and the wine!”

“You’re naive, read the newspaper, number one. Number two, if you put your compensation in a one year context to define your overall level of happiness, you have a problem which is much bigger than the job. And number three, if you’re really unhappy, just leave. I mean, life’s too short.”-James Gorman, CEO of Morgan Stanley, telling employees who’re not happy with pay cuts to go home

Bloomberg reporting that Morgan Stanely is cutting employee pay by as much as 30%, as well as capping bonuses.  Is it because profits are down? Well they are down, but they still made a profit of $4.11 billion in 2011!

Oh, and CEO James Gorman got a 25% cut in pay.  He made only $10.5 million in 2011!  Is it because they’re being sued by two major banks over the home foreclosure fiasco? A German bank, and a French/Belgian bank, are suing for $1.2 billion, because they claim Morgan Stanley sold them bad mortgage investments between 2006 and 2007.

Officials with Morgan Stanley are not commenting on the lawsuit, they claim they don’t know anything about it (at this point).

But if Morgan Stanley is hurting for cash, why did they hire an ex team of ‘advisers’ from Merrill Lynch, for who knows how much?  It’s claimed Philip Ressa and Justin Cho made Merrill Lynch $2.1 million last year.

I think CEO James Gorman revealed the real reason for cutting pay and bonuses when, at the end of a statement to Bloomberg media, he said “…we have to respect the fact that shareholders have to get paid…”

Business/Economics, International, Technology, U.S.

World War 3 & Government Hypocricy: BP to be exempt from Iran oil embargo, proof the U.S. is controled by the British Empire

There are reports that say British Petroleum (BP) is to be exempted from the U.S. and EU oil embargoes.  It was part of the deal to get the European Union to impose sanctions against Iran.

BP was born out of the old British controlled Anglo-Iranian Oil Company. Despite the decades of sanctions against Iran (since the early 1980s) BP has still managed to do business with Iran.

BP, and a Norwegian company (Statoil), are currently running a natural gas operation in the Caspian Sea in co-operation with Iran, called Shah Deniz.  But back in the United Kingdom, sanctions forced BP to shut down a North Sea gas operation, because it was 50% owned by Iran!

British officials do not want anymore halts to BP operations, so they lobbied hard with the United States to get BP exempt from any European/U.S. oil embargo.

 

Fukushima

Pale Green Horse & Government Evil: Japan breaks own laws and destroys Nuclear Disaster meeting records!

I looked and there before me was a pale horse! Its rider was named Death, and Hades was following close behind him.  They were given power over a fourth of the earth to kill by sword, famine and plague, and by the wild beasts of the earth.

The Japanese news media agency, NHK, has discovered that the Japanese Nuclear and Industrial Safety Agency has destroyed (or never kept) records of at least 21 nuclear disaster meetings, in direct violation of Japanese law!

NHK discovered the illegal act when it demanded to see the public records of the meetings.  What NHK got was a list of items discussed at the meetings, but no detailed minutes.

NHK was told no records of the actual discussions were kept.  NHK says Nuclear and Industrial Safety Agency officials told them they were too busy to keep records!

The meetings took place after the General Electric designed Fukushima Daiichi nuclear plant went critical following the 11 March 2011, earthquake and tsunamis.

Also missing are records of government meetings with the operator of Fukushima Daiichi, Tokyo Electric Power Company (TEPCo).

NHK says they wanted to see the documents because they were part of the government’s disaster reaction decision making.  Both the Japanese government, and TEPCo, have been accused of dragging their feet, taking too little action in dealing with the ongoing nuclear disaster.

 

Fukushima

Pale Green Horse & Corporate & Government Incompetence: Radioactive construction gravel shipped all over Japan!

I looked and there before me was a pale horse! Its rider was named Death, and Hades was following close behind him.  They were given power over a fourth of the earth to kill by sword, famine and plague, and by the wild beasts of the earth.

Japan’s Industry Ministry now admits that since the March, 2011, nuclear disaster in Fukushima Prefecture, construction gravel from that area has been shipped all over Japan, and it’s radioactive!

The ministry was forced to make the admission after an occupied apartment building tested positive for high levels of cesium (more on the inside of the building than on the outside).

Industry officials said they did not think there would be a problem with the gravel since it is first dug up out of the ground.  Apparently they didn’t think it would be contaminated while sitting on the ground waiting to be shipped out, after all the Fukushima Daiichi reactors are still spewing radiation!

The gravel quarry operator said at least 20 construction companies took on large amounts of gravel just from the end of March through April, 2011.

Business/Economics, U.S.

Pale Green Horse & Medical Incompetence: FDA says blood from American Red Cross still not safe to use

I looked and there before me was a pale horse! Its rider was named Death, and Hades was following close behind him.  They were given power over a fourth of the earth to kill by sword, famine and plague, and by the wild beasts of the earth.

Yet again, the American Red Cross (ARC) has been fined by the U.S. Food and Drug Administration (FDA) for continued violations of blood safety rules.

“Since the FDA and American Red Cross’s 2003 agreement, the Red Cross has been previously fined $37 million, but the substandard performance of critical Red Cross blood handling functions continues.”-Sidney Wolfe, Public Citizen’s Health Research Group

In an official letter made public on January 13, the ARC was fined $9.59 million for failure to correct violations.  This is not the first time, the ARC has been cited at least 14 times, and fined at least $37 million since 2003!

The ARC insists that the country’s blood supply is “safer today than ever before”, yet implied a confrontational attitude towards the FDA: “We don’t discuss our relationship with the FDA.”-Stephanie Millian, Red Cross spokeswoman

Problems listed include improper training of ARC volunteers in handling blood, and lack of staffing due to consolidation (downsizing?) of facilities in Philadelphia and North Carolina.

 

 

Fukushima

Pale Green Horse & Corporate & Government Incompetence: New Japanese apartment building is radioactive, residents contaminated with Cesium!

I looked and there before me was a pale horse! Its rider was named Death, and Hades was following close behind him.  They were given power over a fourth of the earth to kill by sword, famine and plague, and by the wild beasts of the earth.

In Fukushima Prefecture, a newly built apartment building has proven to be highly radioactive.  In fact, local Nihonmatsu City officials say the building emits more radiation on the inside, than on the outside!

Construction of the three story building was finished in July, 2011, almost four months after the beginning of the on going nuclear disaster at Fukushima Daiichi.  People are already living in the apartments!

Officials found that the inside of the building, on the first floor, is emitting 1.24 microsieverts per hour of cesium.  It looks as if the foundation of the building is the source of radiation, because radiation levels decrease as you go to the upper levels.

Turns out the construction company got its foundation material from inside the 20km no go evacuation zone around the nuclear plant!  But why did Nihonmatsu City officials wait until the end of December to inspect the building for radiation, after people had moved in? Apparently no one thought about it, until children living in the building turned out to have more cesium contamination than other children in the city! Can you say incompetence?

International

Red Horse & False War on Drugs in Mexico: 13,000 people killed in the first 9 months of 2011. Prepare for U.S. invasion

Then another horse came out, a fiery red one. Its rider was given power to take peace from the earth and to make men slay each other.

The Mexican attorney general released an official death toll for the first nine months of 2011. It’s 11% higher than the same time in 2010.  2010’s death toll was 70% higher than 2009!  So far the official death toll in the so called Mexican war on drugs is 45,515! That’s not a war on drugs, that’s an all out civil war!

In May, 2011, I wrote that what was going on in Mexico was actually a civil war between the pro-U.S. government, and ultra right wing nationalist.  One reason is that the majority of people getting killed are not drug dealers or police, but migrant workers from Central American countries, as well as a few tourists from the United States!

In a 1998 book (called The Next War), co-authored by former U.S. Secretary of Defense under Ronald Reagan, Caspar Weinberger listed which countries the United States was going to go to war with (so far he’s been right, one being Iraq, the other [most likely] being Iran), and that includes Mexico!

“…an American expeditionary force invades Mexico to topple a corrupt and recalcitrant drug-running regime…”-Amazon book review

Weinberger’s scenarios are based on actual Department of Defense war scenarios.  In the case of Mexico, the scenario says that nationalist drug lords take over Mexico and begin nationalizing the oil industry (which the U.S. oil companies had worked so hard to take over).  Under the pretext of stopping masses of refugees flowing into the U.S., and to restore democracy, the United States invades Mexico.  The invasion is launched from Texas.

By the way, Weinberger also says we are going to attack Russia, Korea and Japan.  The 1998 book also talks about cyber warfare and Arab uprisings (what is now called The Arab Spring in the West).  Mmmm, are our leaders using this book as a guide?

Business/Economics, Idaho, International, Technology, U.S.

Corporate Incompetence & What Economic Recovery? Hoku Materials begs for money from China, to pay its overdue Idaho Power bill

Pocatello, Idaho’s, polysilcon factory, run by Hoku Materials (which is a subsidiary of Hoku Corporation, which is 60% owned by China’s Tianwei New Energy Holdings Company Limited) continues to have trouble paying its electric bill.

Hoku has paid part of its November Idaho Power bill (still owes interest), but has failed to pay its December bill.  As a result Hoku has turned, once again, to China for financial help.   At least $1.9 million will be wired from the Bank of China.

Idaho Power says it’s tired of the games Hoku is playing, and will end power supply on January 26 if the balance isn’t paid in full.

You know, the utilities have no problem cutting off power to individuals who can’t pay their power bills, so why not when it comes to a corporation that owes millions of dollars?

This might be the final nail in the coffin for Hoku, which is years behind schedule and hasn’t even started polysilicon operations yet (although its Chinese owners jumped the gun and announced such production start up back in December).

CORPORATE INCOMPETENCE:  IDAHO’S HOKU POLYSILICON FACTORY, LOOKS MORE AND MORE LIKE THE DEAL IS OFF!

Business/Economics, International, U.S.

Media Incompetence or Complicity? Olympus not first Japanese company to lose billions, and then try to hide it. It happened before, in the 1990s, but the reporter who was about to blow the whistle was literally sent out of the country.

“If we had published the story, the result for Yamaichi shareholders and people connected with the company might have been very different.”– Shigeo Abe, investigative journalist

Right now the Olympus scandal is still making headlines in Japan.  Partly because many people find it hard to believe that a company could lose so much money on “investments” then try to cover it up with more bogus investments and company take overs.  Yet something similar happened in the mid 1990s, but then it was deliberately hushed up by the Japanese media!

In 1994 journalist Shigeo Abe, and a few other reporters, did some investigating and discovered that one of Japan’s biggest securities firms, Yamaichi, had hidden millions in losses by creating fake companies.  The deception started in 1992.

Shigeo Abe’s bosses at his newspaper didn’t jump for joy at the thought of having such a scandalous story, instead they ordered him to leave the country! (shimanagashi, the feudal practice of sending political troublemakers away)

“The Yamaichi president had called the Nikkei president and pressured him to not run it. He said: ‘If we go bankrupt it will cause chaos in the economy.’ And that was that.”– Shigeo Abe, investigative journalist

He was gone for three years.  It was at the end of that three years that Yamaichi Securities finally went bankrupt, despite the story not being published (there’s a lesson for you who believe in the “see no evil, hear no evil, speak no evil” philosophy). Japanese taxpayers got stuck with a debt bill equal to several million U.S. dollars (not to mention the huge losses for stockholders).

Shigeo Abe says what is going on with Olympus is similar. He said the Japanese media knew Olympus was in trouble at least one year before it was reported (guess who reported it first?).  He says nothing in the mainstream media is reported without official consent from the government or corporations: “There are no real scoops in Japanese newspapers. They are almost always authorized leaks.”

As a former TV news producer (six years), I can say the same applies to the mainstream U.S. media.

What happened to Shigeo Abe? He decided that the mainstream media is totally ineffective so he create an independent magazine called FACTA (not to be confused with the so called Fair and Accurate Credit Reporting Act). It was his 100% subscriber supported magazine that revealed the Olympus scandal!

 

 

 

 

 

 

Fukushima

Government Incompetence: Only 330 cats & dogs rescued from radiation zone in Japan, hundreds more still roaming lose!

The Japanese government announced that 330 cats and dogs have been rescued from the no entry zone around the damaged Fukushima Daiichi nuclear plant, just in the month of December.

The Environment Ministry, and government of Fukushima Prefecture, have conducted rescue operations for dogs and cats.  However, citizens groups have been doing their own rescuing since 11 March 2011.

Several pet rescue blogs talk about the difficulty of dealing with government bureaucracy, in trying to get into the no entry zone.  Some citizen pet rescuers broke the law by going into the highly contaminated area without government permission.

Pet shelters in Japan need financial support to help care for those pets that’ve been rescued. Many pets lost their human companions to the tsunamis. Most pet rescues took place in the tsunami hit areas, but relatively little has been done in the radiation danger zone.

For those who can help, you can check out globalanimal.org. They have contact info of several of the private rescue groups in Japan, and interesting animal rescue stories.

FOOD CRISIS: HALF MILLION LIVESTOCK STARVING TO DEATH IN JAPAN!