Daily Archives: December 8, 2008

Dec 8 2008

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.

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.

Director Rubin and ousted CEO Prince – and their lieutenants over the past five years – are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths.

Rubin and other top insiders were able to keep Citi shares afloat until they could cash out more than $150 million for themselves in “suspicious” stock sales “calculated to maximize the personal benefits from undisclosed inside information,” the lawsuit said. 

In addition to Citigroup, Rubin and Prince, the complaint names Vice Chairman Lewis Kaden, ex-CFO Sallie Krawcheck and her successor CFO Gary Crittenden.

Rubin cleared $30.6 million on his stock sales, while Prince got $26.5 million, former COO Robert Druskin got nearly $32million and former Global Wealth Management unit chief Todd Thomson got $25.7 million, the suit said.

SOURCE: NEW YORK POST

Wonder what will come out of this scandal and what other names might just pop up?

Dec 8 2008

Homeowners who modified loans are in trouble again

More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday.
The U.S. economic picture has darkened over the past month. One in 10 Americans with a mortgage is either behind or in foreclosure, and more than 500,000 jobs were lost in November.

Unemployment stands at 6.7 percent, and the worldwide credit markets have only improved modestly from the freeze that led Congress to approve a $700 billion bailout before the election.

SOURCE: INO

Its not looking so good is it?  No matter how much the loan companies modified home loans, people without jobs or that has brought expensive homes that they could not afford to start with will not be able to pay their payments.  People have to learn to live within their means. 

Dec 8 2008

HOT UPDATE: DEC 11 – The Supreme Court has denied the “dual citizenship” challenge of Leo Donofrio – Obama vs. Constitution – Its Not Over Yet!

obamaquestions

 

UPDATE: DEC 11:

On Wednesday, December 10, 2008   

On the same day the Supreme Court declined to hear one appeal challenging Barack Obama‘s right to become president because of questions about his citizenship, Justice Antonin Scalia distributed another appeal on the same issue for the court to consider.

The new case, Cort Wrotnowski v. Susan Bysiewicz, Connecticut Secretary of State, is scheduled to be discussed by the justices at their Dec. 12 private conference. They plan to decide whether to give the case a hearing – again on whether the British citizenship of Mr. Obama’s father makes the president-elect ineligible to assume the office.

SOURCE: WASHINGTON TIMES
 

UPDATE: DEC  8

Philip J Berg, Press Release, December 8, 2008, Injunction to stay Electoral Votes, US Supreme Court

The Supreme Court has denied the “dual citizenship” challenge of Leo Donofrio.
People this is not going away, until we the American people get an answer.  There is still another suit pending and we never know what may happen about it.  The Supreme Court has thrown the Constitution into the trash can by refusing to hear these cases of Obama’s citizenship, they have also open a new can of worms to allow anyone from any country to become president of The United States.  This country is no longer free!   Check this page out http://f2a.org/coast2coast/obamacitizenship.htm