Tag Archives: unemployment

Fukushima

One Year Later: Japanese tsunami hit town so contaminated with radiation, officials can’t dump radioactive debris, instead they want to burn it!!!

31 July 2012, the Japanese government is considering plans to incinerate highly radioactive debris from the tsunami hit towns of Hirono and Namie.

The destroyed houses and buildings have been contaminated by fallout from the ongoing nuclear disaster at the GE designed Fukushima Daiichi nuclear power factory.

The contamination is so high that local officials have been hamstrung because the debris can not be handled through usual removal methods.  A plan to build two new incinerators within the area was scrapped because of concerns about the radiation.

But wait, there’s more! In their wisdom officials have now rationalized that it’s OK to incinerate the radioactive debris as long as it’s outside of the contaminated area!

They are asking six municipalities to consider build incinerators for burning radioactive ruble from Hirono and Namie towns!

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

Where do the too big to fail Bankers get the death penalty? Iran!

While the U.S. crony capitalist system loves white collar crooks, allowing them to run corporations into the ground, and lose investor money to the tunes of billions of dollars, while still making millions of dollars in bonuses, the country of Iran issues true justice; they kill them!

On 30 July 2012, sentences were handed out for what turned out to be the biggest case of bank fraud in Iran’s history: “Of 39 defendants, whose charges were heard, the court’s judge has sentenced four to death and two others to life imprisonment. The remaining defendants received prison terms of 25 years, 20 years, 10 years, and less.”-Gholam-Hossein Mohseni-Ejei, Judiciary spokesman

The convicted worked for a company called Aria Investment Development Company.  They used fake credit documents, and bribes, to steal $2.6 billion USD!  The stolen money was then used to take over government owned businesses.

But the investigation is not over; at least seven Iranian banks were involved!

China also executes white collar criminals!  Why not the U.S.?  After all when white collar crooks destroy companies and basically steal investor money they are destroying lives!  During the time of the Khans in Mongolia it was rare that a person would be executed for killing another human, however, execution was automatic for those who stole.

The reason was simple; someone who’s been killed has no more worries, but, someone who spent more than half their life building their lives, and their family’s lives, who then loses it all because of a thief, will spend the rest of their life struggling to rebuild, and in those times it was not likely that you could rebuild your life.  Therefore, a thief is worse than a killer because a thief will cause you to spend the rest of your life struggling to get out of poverty!

But don’t kid yourself by saying ‘oh that only happened in medieval times’.  Studies have shown that for most people in the United States, those who lose their life savings, or a good paying job, are not able to rebuild their lives to the point they were at before the loss, even after 20 years!!!

 

Business/Economics, International, U.S.

World War 3: Qatar joins Saudi Arabia in buying hundreds of German Leopard tanks

29 July 2012, Germany’s Der Spiegel reporting that the Arabian Peninsula country of Qatar offered Germany’s Krauss-Maffei Wegmann $2.46 billion USD for 200 of their latest Leopard main battle tanks (MBT).

A month ago it was revealed that Saudi Arabia was buying 800 Leopard 2A7 tanks, despite many German politicians pointing out that the sale violated Germany’s constitution.  Angela Merkel’s government dismissed such claims, and some politicians said the sale was needed to support Germany’s shrinking economy.

The latest Der Spiegel article says Qatari officials made the offer weeks ago.  Qatar is supporting the invasion of Syria, and was one of the main Arab supporters of the western backed insurgency in Libya.

Angela Merkel’s secretive Federal Security Council has final say regarding such a sale to Qatar, and Der Spiegel says it’s likely it will be approved.

 

 

Business/Economics, U.S.

What Economic Recovery? 8 Kmart stores closing down, 174 and counting! 13,920 people lose their jobs!

On 29 June 2012, Sears Holdings released their latest list of store closings, this time they’re all Kmart stores.

Two Kmarts in Florida, and two Kmarts in Georgia will be shut down. The other four Kmarts are located in Iowa, Virginia, Minnesota and Tennessee.

Sears Holdings pointed out that each store employs between 40 and 80 people, so this latest round of closings could result in as many as 640 people losing their jobs.

Since the beginning of 2010 Sears Holdings has closed and/or announced the closing of at least 174 stores (going by Sears Holdings estimations that could be as many as 13,920 people who lost their jobs), and more closings are planned.  The store names are Kmart, Sears, Sears Grand/Essentials, Product Repair and The Great Indoors.

Business/Economics, International, U.S.

LIBOR: EU to make rate fixing a crime. Rate fixing scandal an excuse to create One World Bank! New CIBOR scandal!

26 July 2012, the European Union’s European Commission is asking its members to pass a new law making currency and interest rate manipulation a crime.

The scandal involves mainly U.S. and British Too Big to Fail banks and the British based LIBOR, Belgium based EURIBOR and Japan based TIBOR systems.  Recently it was revealed that such systems are also being used to help elites hide $20 trillion USD worth of wealth from tax collectors.

In Denmark, the Danish government is wrapping up their investigation into their own CIBOR system.  Officials running the Copenhagen Interbank Offered Rate are suspected of setting rates unjustifiably higher than the EURIBOR.

The Wall Street Journal recently said the scandal “…could lead to a new system of calculating a benchmark…”

Too Big to Fail Morgan Stanley is asking British officials to put the Bank of England in direct control of LIBOR.

Also, U.S. Treasury Secretary Timothy Geithner, stated he will be reviewing the proposed introduction of a new global rate system that will replace current LIBOR like systems.

The rate fixing scandal involves banks in North America, Europe and Japan (the regional members of the Trilateral Commission).

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

What Economic Recovery? Hoku Corporation voluntarily de-lists, chapter 11 coming soon, “Liquidate Hoku Materials”

“How much longer can Hoku Corp keep the tsunami of debt, liabilities, liens, foreclosures and material breaches of contract at bay? What’s the delay in filing for bankruptcy protection? I believe that it may be driven by their energetic attempts to sell their solar subsidiary before the much tighter restrictions on selling assets that would come under bankruptcy.”-Marco Mangelsdorf, ProVision Solar

Hoku Corporation, parent company of failed Hoku Materials in Pocatello, Idaho, voluntarily de-listed itself from NASDAQ, and will probably file chapter 11 bankruptcy.

On 29 June it was reported that Hoku Corp had enough cash for only nine weeks of operation!

“If Hoku is unable to secure additional financing, it believes it will need to seek protection in bankruptcy from its creditors and to liquidate and wind-down Hoku and Hoku Materials. “-Hoku SEC statement, 25 June 2012

Officials also said they were unable to complete required financial reports and would miss the filing deadline for the end of the fiscal year.

At the beginning of July 2012, Hoku Corp announced it would voluntarily de-list from NASDAQ.  This after NASDAQ stopped trading of Hoku stocks, after share price fell to below $1.00 back in December 2011.  Hoku said their de-listing would take place on 10 July.

Now, Hoku has been trading as a penny stock, and as of 17 July was worth only 4 cents per share!

HOKU CORP GOING BUST! POCATELLO WASTED HUNDREDS OF THOUSANDS ON TAX BREAKS!  WHO’S GONNA BUY ALL THOSE NEW HOMES NOW MR MAYOR?

Business/Economics, Idaho, U.S.

What Economic Recovery? Idaho’s Coldwater Creek struggles to keep head above water. Takes on more debts. One loan from company known for Mitt Romney style take overs!

“The proceeds of the Term Loan Agreement will be used for debt repayment, to finance the acquisition of working capital assets, and for other general corporate purposes.  On July 9, 2012, the Company used $14.8 million of the proceeds to repay its term loan with Wells Fargo Bank.”-Coldwater Creek statement

The struggling Sandpoint, Idaho based womens clothing retailer, Coldwater Creek, has been busy trying to save itself, through huge loans and stock tricks.

On 09 July 2012,  Coldwater Creek took a $65 million USD loan from Golden Gate Capital. Stockholders seemed happy that Coldwater Creek took on more debt, because the company stock went up, slightly, it’s still trading at less than one dollar.

Stocks trading at less than one dollar per share is in violation of NASDAQ rules, which means Coldwater Creek could be de-listed just like Hoku.

On 21 July, Coldwater Creek announced it was considering a stock split, in order to get it’s value above the magic one dollar mark.  NASDAQ has given Coldwater Creek until 11 December to bring up the value of its stock.

On 19 July stock prices were at a weak 68 cents per share. Officials with the Idaho clothing retailer hope that 1-3 split would raise the stock to $2.00 per share.  A 1-6 split could get it to $4.00.  A meeting was supposedly held on 25 July to consider the split.  But this is just tricks.

Notice in the above quote that Coldwater Creek says it paid down $14.8 million in debt to Wells Fargo. What they didn’t say is that they’ve negotiated another $70 million revolving credit deal with the same bank!

Back to Golden Gate Capital.  This finance company took over Eddie Bauer in 2009, and is part of a larger group that took over Collective Brands (which owns PayLess and StrideRite shoes).

Golden Gate Capital now holds 19.9% of Coldwater Creek stock, and put two of its own people on the board of directors of Coldwater Creek.

Back on 30 June, an analyst with The Motley Fool, gave three reasons to dump Coldwater Creek stock: Stiff competition, no profits since 2007 and tens of millions in debt!

Business/Economics, International, U.S.

What Economic Recovery? Sales up, yet profits down for Nissan. Sales & profits down for Ford!

26 July 2012, Japan’s Nissan Motor has reported an increase in sales for the April to June quarter, but decreased profits.

Nissan officials said sales were up in China and North America, but, because of the rising value of the Japanese yen, and increasingly stiff competition, the overall profits fell 19.7%.  Their profit was still a hefty $1.5 billion USD (oh those greedy stockholders)!

Nissan said the only way they can keep profits up is to send more of their Japanese production to other countries, and use parts made in countries where the money is worth less than the yen.  Of course, this means more job losses in Japan!

U.S. based Ford also reported down profits, by 57%!  Ford, a much bigger company than Nissan, made about the same profit as their Japanese competitor, but Ford’s profit loss is tied directly to decreased sales worldwide.

Officials with Ford said they lost money big time in Europe, where the iconic car company saw a 15% drop in sales, losing more than $400 million USD.  They also lost sales in Asia, and profits were down in South America.

Ford expects that by the end of the year they will lose more than $1 billion USD because of the European crisis!

Business/Economics, International

What Economic Recovery? Britain in worst double dip recession ever, blame the Queen!

“It is clear that Britain is in the midst of the most prolonged period of stagnation it has faced in decades.”-John Longworth, British Chambers of Commerce

25 July 2012, Office for National Statistics announced another drop in GDP, for the third month in a row, officially putting the United Kingdom back into a recession.

U.K. economic performance data started being recorded in 1955, and the current situation is worse than anything on official record!

Officials with the Office for National Statistics are still adding up the costs of celebrating the queen’s Diamond Jubilee, but are already calling it a “significant hit” to the British economy.  Any public event involving the Royals is paid for by the government/taxpayers.

Some analysts say the Diamond Jubilee celebration actually stopped any economic recovery in Britain.

“They [government leaders] need to change course as their policies are causing permanent damage to our economy.”-Brendan Barber, Trades Union Congress

 

Fukushima

One Year Later: Prosecutors to launch criminal investigations into Fukushima Daiichi nuclear disaster!

25 July 2012, after a final government initiated, independent investigation report was filed, NHK (nippon housou kyoukai/Japan Broadcasting Corporation) is reporting that Japanese prosecutors will now accept and investigate criminal complaints regarding the ongoing Fukushima Daiichi nuclear disaster.

The final report basically said that it is not clear that the nuclear disaster was caused by the natural disasters on 11 March 2011, in fact, in an earlier report the investigators said it was a “man made” disaster.

The final report also blamed the ongoing disaster on gross negligence, both by corporations and the government!  This is why Japanese prosecutors are now accepting criminal complaint cases.  Of course corporate officials, and government officials, deny such gross negligence.