Carl Levin vs. Lloyd Blankfein: BP earns £463 a second... as motorists suffer record petrol prices: Motorists paying record prices at the pumps reacted with fury at news of a 135per cent rise in profits by oil giant BP - earning a massive £463 a second. Oil Giant Shell Pumps Out £3.2bn Profit: Anglo-Dutch oil company Shell has announced profits of £3.2bn for the first quarter of 2010 - up more than 48% year on year. Oil Slick Could Become Worst In US History: The slick covers an area 48 miles long and 39 miles wide, close to the Mississippi Delta. Cuts to Debt Rating Stir Anxiety in Europe: Greece’s credit rating was lowered to junk status Tuesday by a leading credit agency, a decision that rocked financial markets and deepened fears that a debt crisis in Europe could spiral out of control. Now Spain has its credit rating downgraded: Rating agency Standard & Poor's cut the status of Spanish debt one notch to AA from AA-plus and said the outlook was "negative" in a sign further downgrades could follow. Goldman executives: 'No regrets' for deals that accelerated crisis: Goldman Sachs traders who helped the firm rack up billions of dollars in profits from secret bets against the housing market told a Senate investigating panel Tuesday that they'd done nothing wrong. States Bristle as Investors Make Wagers on Defaults: As U.S. cities and towns wrestle with financial problems, investors are finding a new way to profit on their misery: by buying derivatives that essentially bet municipalities will default.
Wednesday, 28 April 2010
By Bob Chapman
As the world faces an ongoing sovereign debt debacle we see an attempt to defuse an oncoming scandal involving Goldman Sachs, Paulson and perhaps others. Continue
Video
Sen. Carl Levin (D-Mich.) was grilling Goldman Sachs executive Dan Sparks during a hearing by the Senate panel investigating the causes of the nation's financial crisis. Continue
By Jerry Mazza
Financial regulators are not enough to deal with the Big Six banks, whose employees are very smart people, very hungry for financial opportunity, legit or not legit. Thus, very often regulators are sucked into large investment banks or affiliated financial institutions like the distinguished Michael Oxley, co-author of the Sarbanes Oxley Act. Oxley has joined the financial industry, along with some 124 former other members of Congress and their aides. Continue
The Nuclear Nonproliferation Treaty:
By Prof. John Kozy
Can the expansion and enforcement of the NPT succeed? Doubtful! The knowledge of how to build atomic weapons is widespread; it can no longer be contained. So the policy now is to maintain control of the fissionable material needed to make the bombs. Continue
By Fidel Castro Ruz
“The greatest contradiction of our time is the ability of our species to destroy itself, and its inability to govern itself.” Continue
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