810,000 federal workers, give or take a few, were furloughed this week as Shutdown 2013 began. Those employees had to report to work to “prepare” for a shutdown, in many cases simply reporting, signing a form acknowledging the furlough, and leaving again.
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
Steven A. Cohen’s SAC Capital Advisors was one of the biggest, most powerful and profitable hedge funds on Wall Street. Cohen himself is a legendary figure, replete with odd, personal eccentricities that are the hallmark of the truly brilliant.
Famous for spending hours as a younger man watching the tape roll by, and for keeping his Stamford, CT, trading floor at a steady 68 degrees, Steve Cohen made billions for his clients – and himself.
Now the sharks are circling, the dominos are falling – nearly any hackneyed metaphor a writer could think of to evoke a doomstruck sentiment applies.
The SEC and Manhattan U.S. Attorney Preet Bharara have pursued Cohen and SAC Capital with a rare, almost indecent zeal. The charge is insider trading, allegations which Cohen vehemently denies, but which the SEC is pursuing.
Detroit is the largest municipal default in the history of the US.
The city owes $9.2 billion in pensions, $1.9 billion to creditors and is $18.5 billion in debt.
The city’s infrastructure is collapsing. Almost half of its streetlights are not working and aren’t being repaired.
The average time for Detroit police to respond to an emergency is just under an hour. Crime has spiked. Many in the city have resorted to carrying firearms for their personal protection.
The city bankruptcy epidemic is likely to spread around the country, resulting from years of overspending on wages and pensions in order to keep public employee unions happy and city politicians re-elected.
We take a look at 8 U.S. cities on the verge of bankruptcy:
