Tag Archives: wall street

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

Corporate Incompetence: Olympus scandal deepens as company officials destroy documents, investigators say lost money went to organized crime, U.S. investor sues

“Olympus was exploited over its cover up totaling losses of 50 billion yen, and since 2000, over 200 billion yen has disappeared into the underground economy.”-leaked Japanese government memo

The New York Times claims to have seen an official memo, from Japanese investigators, which says it is highly likely that the fraudulent investment schemes that Olympus optical company was part of, were done for organized crime.

Investigators say U.S.$4.9 billion of the money Olympus invested, are unaccounted for! This is far more than initially reported.

This info comes as NHK reported that Olympus officials held a press conference in which they swore they were reforming their policies, and that they really are going to make money this year.

But that doesn’t help the fact that a new unnamed source says what we’re hearing is just the tip of the iceberg, because for years Olympus officials destroyed data, to cover up losses involving foreign investments.

Here in the United States a major holder of Olympus securities is so fed up that he’s filed a lawsuit.  Lloyd Graham says Olympus violated the U.S. securities and exchange laws.  Graham holds Olympus securities specifically issued to the U.S. market, called American Depository Receipts (ADRs) of Olympus.

Graham says Olympus officials intentionally hid investment losses, and released false reports on the firm’s finances and earnings for at least five years.

 

Business/Economics, International, U.S.

Occupy the World! Greeks attack U.S. Embassy, Hundreds arrested in New York, Bank of America occupied in California, retired Cop says police work for the 1%!

“All the cops are just workers for the 1%…As soon as I’m let out of jail, I’ll be right back here and they’ll have to arrest me again.”-Ray Lewis, retired Philadelphia Police Captain

Don’t think the OWS movement is dead, thousands are trying to shut down Wall Street today, November 17.  Those thousands include health care workers, retired police officers and even investment brokers!

“The fact of the matter is, there is a schism between the rich and the poor and it’s getting wider.”–Gene Williams, bond trader

The NAZI NYPD physically attacked the protestors, so far more than 200 have been arrested.  At one point, when the protestors stared to sign the National Anthem, the NYPD blasted them with sound cannons.

Across the country, in California, at least 100 protestors were arrested after they tried to take over the Bank of America, California HQ, in San Francisco.  For awhile the protestors were successful, disrupting bank operations for about four hours.

In Greece, in what could be a revival of the anti-U.S. revolutionary movement, known as 17 November, thousands of Greeks attacked the U.S. Embassy.  In 1973 the Greek people overthrew the U.S. backed military government. Now they see what’s happening in their country as an attempt by the corporate world, specifically Corporate America, to take over their country again.

More than 20,000 people marched through central Athens, while another 12,000 protesters joined a rally in Greece’s second-largest city, Thessaloniki.  The Greek government called out 6,000 cops to handle the protests.

Thousands of Italians also took to their streets, to protest their new non-elected technocrat controlled government’s draconian budget cuts.  Italian college students tried to use firecrackers as weapons against the cops.

Transportation unions shut down Italian public transportation services for several hours.

 

Business/Economics, U.S.

What Economic Recovery? Citigroup to layoff 3,000

The New York Times, and the Wall Street Journal, have been reporting that an unnamed source says Citigroup will layoff 3,000 employees.

Some employees have already been notified.

900 layoffs will take place in the banking and securities divisions.  The unnamed source says the number of laid off Citi workers could exceed 3,000 by next year.

 

Business/Economics, U.S.

Occupy America! 07:00 hours, November 17, Wall Street will be attacked by thousands of protestors

“Enough of this economy that exploits and divides us. It’s time we put an end to Wall Street’s reign of terror and begin building an economy that works for all.”-occupywallst.org

At 07:00 hours, New York time, on November 17 the OWS movement claims they will launch a human wave attack on Wall Street.

Organizers say events will take place in Europe as well, it’s being called “International Day of Action”.

Despite some U.S. media reports calling an end to the OWS movement, after a weekend of brutal police crack downs across the country, it’s clear the OWS movement is alive and well.

New York City officials say they’re ready: “Our plan is to be prepared. Our goal is to ensure this city continues to run.”-Cas Holloway, Deputy Mayor  

 

Business/Economics, U.S.

Occupy America! New study shows U.S. Middle Class shrinking fast, the 99 percenters are right!

A Stanford University study has researchers shocked at how fast the middle class is disappearing in the United States: “We already kind of knew that segregation by income had been going up from 1970 to 2000, though I was struck by the magnitude of that increase. One of the striking findings in the report is that in 90% of metropolitan areas, income segregation went up in the 2000s.”- Sean Reardon, Professor

The number of families living in middle income neighborhoods dropped to 44% in 2007, down from 65% in 1970.  The study looked at 2007 U.S. Census Bureau data covering 117 metropolitan areas.

The Stanford study also found what many economists, the IRS, and the Occupy Wall Streeters have been saying; fewer people are getting most of the money: “Given that in 2008 the top 10% of earners controlled approximately 48% of all income in the United States, the increasing isolation of the affluent from the low and moderate income families means that a significant portion of society’s resources are concentrated in a smaller and smaller portion of neighborhoods.”

Analysts say that it’s a good bet that Census Bureau data from 2008 to present would should an even bigger decline in the middle class.

 

Fukushima

Government & Corporate Incompetence: More Rice contaminated with Cesium!

The Fukushima Prefectural government says rice from a field in the Oonami district, in Fukushima City, are contaminated with 630 becquerels per kilogram of cesium.

The rice came from one farm.  There are 154 farms in the Oonami district in Fukushima City, they will now test all the farms.

Officials claim the contaminated rice is still in the warehouse and none was shipped to market.

Until now most contaminated rice, in Japan, was just under the government limit of 500 becquerels per kilogram of cesium.  This is the first time rice was found over the limit, and national government officials are now considering banning the sale of rice which comes from Oonami district.

Business/Economics, International, U.S.

Corporate Incompetence: Olympus now under investigation by the British, FBI also invloved. Olympus officials beg banks for more money

Scandal with Japan’s Olympus only gets deeper.  Now the United Kingdom’s Serious Fraud Office (SFO) confirmed they are investigating.

The SFO, located in a building known as Elm House, says they’re getting help from a former Olympus CEO, Michael Woodford.  He’s already turned over corporate documents he kept after he was fired from Olympus last month.  The SFO also confirmed that the U.S. FBI is involved.

This comes as Olympus held an emergency meeting with 40 banks, to  essentially beg them for more money.

According to NHK, Olympus officials swear they’re actually going to make money this year, however overall sales are slightly down from last year.  Olympus stated they will release their accounting books by the government ordered date of December 14.  They will also reveal who’s responsible for the huge losses from securities investments, as well as buyouts of other companies.

NHK gave no indication of how the bank officials reacted to the emergency meeting with Olympus.

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

End of Lawsuit may re-invigorate Idaho’s Micron, gets big boost from George Soros, rumors of insider trading

Finally, after more than a year (the last 8 weeks in deliberations), a California jury has decided in Micron’s favor, ending the possibility of Micron having to pay $11.9 billion in restitution.

A California company was suing Idaho’s Micron, along with a South Korean company, claiming they worked together (colluded) to fix computer chip prices, and to interfere with the California company’s ties with Intel.

Since 2009 Micron has fallen from being Idaho’s top employer, after laying off thousands of employees. If they had lost the lawsuit it would have been their death blow.

Even before the verdict the value of Micron stock started going up (possibly due to George Soros).  Bloomberg News reported that Micron stocks are making “unusual moves” upward.

A big reason Micron stock is going up is that billionaire investor, George Soros, recently bought up 484.5 million senior convertible Micron Technology securities, valued at $$477.6 million!  Maybe a positive turnaround for Idaho’s Micron is finally in the works?

Here’s the problem: George Soros started buying up Micron stock days before the California jury made their decision.  This is now starting rumors of insider trading.  But it’ll be tough to prove, after all, how could anyone know what a jury is going to decide, right?  Oh well, it’s happened before.

Fukushima

Government & Corporate Incompetence: Radiation levels increasing in Japanese Rivers!

Japan’s Environment Ministry reports that radiation levels in rivers, downstream of the radiation spewing Fukushima Daiichi, are only increasing.

The latest official readings come from samples taken back in September.

In northern Fukushima Prefecture, the cesium levels were 3,200 becquerels per kilogram in the upstream Niida River.  The cesium levels in the downstream side of the same river were 13,000 becquerels!  That’s triple the levels reported in May!

Cesium levels in the Mano River have doubled!

Kinki University Professor Yamazaki Hideo says the government should step up radiation monitoring in all rivers.

Business/Economics, Fukushima

Global Economic War: Japanese industry moving to China

Since the 11 March 2011 disasters, Japanese industries moving to China has increased 65%.  That’s according to the Chinese Commerce Ministry.

There are two big factors why Japanese industries are moving to a mortal enemy’s territory: Money and Electrical Power.

Since the March disasters, including the ongoing Fukushima Daiichi meltdown, about half of Japan’s nuclear power plants are shut down.  The problem is that Japan built it’s current industries around nuclear power.  There just isn’t enough alternative electricity sources to power Japan’s factories.

Also since March, the Japanese yen has been going up in value.  This makes it more expensive to build things in Japan; Japan has no significant resources so it must import everything.

Japanese media are finally getting concerned about the growing unemployment there, mainly because so many factories have shut down and moved out of the country.

I wounder how this will affect the plans to create a TPP (Trans Pacific Partnership), especially since one of its goals is to block out China.