Tuesday, 01 June 2010 07:25 'The US House of Representatives on Friday voted to more than quadruple a per-barrel oil tax that fills a special trust fund to pay for damages from major spills like the Gulf of Mexico disaster. The measure called for raising the eight-cent-per-barrel tax to 34 cents, raising nearly 12 billion dollars over 10 years for the Oil Spill Liability Trust Fund, which currently holds about 1.5 billion dollars. The legislation, which passed by a 215-204 margin, also aimed to raise the cap on per-incident trust fund expenditures from one billion dollars to five billion dollars.' Read more: US House Votes for Quadrupling of Per-Barrel Oil Tax Tuesday, 01 June 2010 07:17 "A shocked world has responded with outrage. Turkey recalled its ambassador to Israel and warned of unprecedented and incalculable reprisals. Two Turkish activists were reported to be among those killed in the flotilla. Ankara warned that further supply vessels will be sent to Gaza, escorted by the Turkish Navy, a development with unpredictable consequences.'
Monday, 31 May 2010 07:41
"We have found no evidence that these events were triggered by 'fat finger' errors, computer hacking, or terrorist activity, although we cannot completely rule out these possibilities," a recent Securities Exchange Commission (SEC) report on the so-called May 6 "Flash Crash" that wiped out a cool trillion in a mere half-hour weakly admitted. "Much work is needed to determine all of the causes of the market disruption."
If anything, the Flash Crash proved that market makers like Goldman Sachs and plenty more playing both sides of securities could be capable -- with the high-priced help of math and computer science Ph.Ds crafting up proprietary, recursive algorithms -- of wiping out any corporation's stock, perhaps any nation's economy, in a comparative instant with just the press of a button.'
Read more: Are Goldman Sachs and the Megabanks Able to Wipe out an Entire Economy with a Keystroke?
Monday, 31 May 2010 07:50
"In 2009, the Obama administration intervened to support the reversal of a court order that would have halted offshore oil drilling in the Gulf of Mexico. Obama’s Interior Secretary Ken Salazar, who has long had close ties to the industry, specifically cited BP’s Deepwater Horizon operation as one that should be allowed to go forward, according to a group involved in the court case.
A Washington DC Appeals Court ruled in April 2009 that the Bush administration’s five-year plan for offshore oil and gas drilling (covering 2007 to 2012) was not based on a proper review of the environmental impact of the drilling. Only days before the ruling, the Obama administration had granted BP a “categorical exclusion,” exempting it from an environmental impact study for the Deepwater Horizon project".'
Read more: Obama Administration Blocked Efforts to Stop BP Oil Drilling Before Explosion
Monday, 31 May 2010 09:13
'This letter's authenticity is not disputed by the White House. It exposes the Obama administration's forked-tongue response to the Brazil and Turkey brokered swap. The White House is now in full spin mode, but the spin has already been undercut by the release of the letter's full text.
Of late, Hilary Clinton has been the main vehicle for the White House's double-talk, which is now entirely aimed at closing down opportunities to find a negotiated settlement to the Iran nuclear issue no matter what the new National Security Strategy might say. But Obama must also bear the burden of blame, his is the desk where the buck stops.'
Read more: Obama's Letter to Lula Exposes White House Forked Tongue On Iran
Monday, 31 May 2010 08:52
'From the beginning, it’s been clear that the bailout of Greece would be a bailout in large part of French banks, owing in part to the fact that French banks had the biggest exposure. Yet apparently some top German bankers are alarmed at how things are playing out. A report in Der Spiegel (in German) suggests that top Bundesbank bankers see a “plot” underway at the ECB.'
Read more: Top German Bankers See Plot To Funnel Greek Bailout Money To French Banks
Monday, 31 May 2010 10:14
'It shouldn't surprise because no one gets the top job or any government position of power unless they're safe, yet, naively, most people thought Obama was different. Many still do. As a candidate, he promised change, a new course, sweeping government reforms, addressing people needs, and "ensur(ing) that the hopes and concerns of average Americans speak louder in Washington than the hallway whispers of high-priced lobbyists" - the same ones who bought and now own him.
He promised peace and delivered war; real health and financial reform, not same old, same old; help for millions losing jobs, homes, hope and futures, not handouts to Wall Street and other industry favorites; regulatory oversight, not the usual incestuous government-industry ties, making disasters like in the Gulf possible, and when they happen conspiring with offenders in coverup, distortion, lies, and a total disregard for the environment, wildlife, and way of life for thousands - let alone permanent damage to a vital ecosystem.
At the same time, Big Oil gets billions in subsidies, special tax breaks and other financial benefits, besides operating in a regulatory-free environment.'
Monday, 31 May 2010 10:02
'Multinational seed corporations are following a consequent strategy to gain control over basic resources for food production. As recent research shows not only genetically engineered plants, but more and more the conventional breeding of plants gets into the focus of patent monopolies: International patent applications in this sector are skyrocking, having doubled since 2007 till end of 2009.
Further on the multinationals expand their claims over the whole chain of food production from feed to animals and food products such as meat. In a pending patent application from Monsanto even bacon and steaks are claimed: Patent application WO2009097403 is claiming meat stemming from pigs being fed with the patented genetically engineered plants of Monsanto.'
Monday, 31 May 2010 09:48
'Royal Bank of Scotland will ignore protests and award up to £1 billion in bonuses to its staff next month. The bank will pay out a combined total of between £950 million and £1 billion. However, several RBS institutional investors believe that the bank should not be paying anyone a bonus while it is still loss making. Last year the lender made a pre-tax loss of £2.6 billion.'
Read more: Royal Bank of Scotland Rejects Protests Over £1 Billion Bonus Payout
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