N.Y. investor kills himself after losing over $1 billion in alleged Madoff scam: He was a distinguished investor who traced his lineage to the French aristocracy, hobnobbed with members of European high society and sailedaround the world on fancy yachts.
'PONZI SCHEME' AT CITI: A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that's now choking world banking. .
Japan Should Scrap U.S. Debt; Dollar May Plummet, Mikuni Says: Japan should write-off its holdings of Treasuries because the U.S. government will struggle to finance increasing debt levels needed to dig the economy out of recession, said Akio Mikuni, president of credit ratings agency Mikuni & Co.
Investor demands fund checks: The second-biggest investor in hedge funds will demand that some of the largest names in the industry, including Cerberus, Citadel, DE Shaw and SAC Capital, appoint independent administrators or face it pulling its money.
U.S. Military Preparing for Domestic Disturbances: A new report from the U.S. Army War College discusses the use of American troops to quell civil unrest brought about by a worsening economic crisis.
US Army Ready If Downturn Gets Out Of Hand: The US Army War College is on the case - ready to handle "unforeseen economic collapse" and the "rapid dissolution of public order in all or significant parts of the US."
U.S. jobless claims surge to 26-year high: The number of U.S. workers filing new claims for jobless benefits jumped by 30,000 to a 26-year peak last week, government data on Wednesday showed, as the country's year-long recession continued to chill the labour market.
Housing Starts Fall Through the Floor: In fact, the start reported for November is lower than any rate reported for the last fifty years.
Unemployed Americans Competing With Immigrant Labor for Unskilled Jobs: "Everybody is coming to look for work," Rene Jemio, outreach coordinator for the hiring hall, told the Wall Street Journal. "It's not just your average immigrant anymore; it's African-Americans and whites, too.
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