Business Insider Magazine - Los Angeles South Bay » finance

Economists Opposing Federal Reserve Audit Have Undisclosed Fed Ties

Editor and Publisher — Fri, 20 Nov 2009 18:16:56 +0000

Blog Editor’s Note: This piece delivers more exposure than the usual establishment press critique of the current controversy surrounding the Federal Reserve. However, the focus on key economists with Fed connections ignores the fact the identity of the private investors with controlling interests in the Federal Reserve is what they REALLY don’t want you to know. That’s why Fed supporters are open to a little more transparency they can control, but will put their full global financial weight in front of any attempt to conduct a full audit of the organization.

(This Huffington Post) As the debate over an audit of ... Continue Reading

Kilroy Realty To Sell $150 Million in Notes

Editor and Publisher — Tue, 17 Nov 2009 00:09:33 +0000

Blog Editor’s Note: Kilroy Realty has major holdings near LAX and Long Beach Airport.

By DEBORAH CROWE

( Los Angeles Business Journal) Kilroy Realty Corp. said Monday that its operating partnership will offer $150 million in senior debt in a private placement to institutional buyers.

The Los Angeles real estate investment trust said the exchangeable senior unsecured notes from Kilroy Realty L.P. will be due 2014. The interest and exchange rates and other terms will be determined in negotiations between the company, operating partnership and initial purchasers. Under certain circumstances, the notes may be exchanged for cash up to the principal amount ... Continue Reading

Dollar falls, sending gold to record high

Editor and Publisher — Mon, 16 Nov 2009 23:57:42 +0000

LONDON (Yahoo News – AFP) – The dollar fell on Monday as China accused the United States of increasing protectionism and following unexpectedly strong Japanese economic growth figures, pushing gold prices to a record high point.

US President Barack Obama is in China for a three-day mission aimed at convincing Beijing that Washington is its partner, not its rival.

As the dollar dropped against the euro and yen, gold struck an all-time peak of 1,133.20 dollars an ounce.

In late morning trading here, the euro climbed to 1.4969 dollars from 1.4918 dollars late in New York on Friday.

Against the Japanese currency, the ... Continue Reading

Millions may have to repay part of Obama tax credit

Editor and Publisher — Mon, 16 Nov 2009 23:25:50 +0000

Blog Editor’s Note: If reading this article doesn’t convince you the game is rigged from top to bottom, all I can say is, “enjoy your Kool-Aid.”

By Jim Puzzanghera

(The Los Angeles Times ) For more than 15.4 million people, the Making Work Pay tax credit enacted as part of the $787-billion economic stimulus package could turn out to be a Making You Pay Back tax credit.

That’s the finding of a government watchdog report out today about the credit, which provides as much as $400 for individuals and ... Continue Reading

East West Bank Acquires Failed Bank’s Assets

Editor and Publisher — Fri, 13 Nov 2009 21:38:22 +0000

Editor’s Note: East West Bank has several South Bay branches and United Commercial Bank has a Torrance branch serving the South Bay south communities. This acquisition will significantely enhance East West’s position in the local market.

By RICHARD CLOUGH

(Los Angeles Business Journal) East West Bank nearly doubled in size late Friday after acquiring San Francisco’s United Commercial Bank, which was closed by regulators earlier in the evening.

East West Bancorp Inc., a Pasadena holding company for a bank catering to the Chinese-American community, purchased $10.2 billion in United Commercial’s assets, including 63 ... Continue Reading

Consumer Sentiment Falls – Unemployment Mounts

Editor and Publisher — Fri, 13 Nov 2009 19:08:36 +0000

By Shobhana Chandra and Bob Willis

(Bloomberg) — Confidence among U.S. consumers unexpectedly dropped in November as the loss of jobs threatened to undermine the biggest part of the economy.

The Reuters/University of Michigan preliminary sentiment index decreased to a three-month low of 66 from 70.6 in October. A report from the Commerce Department showed the trade deficit widened in September by the most in a decade as rising demand for imported oil and automobiles swamped a fifth consecutive gain ... Continue Reading

Continuing deflation in real economy

Editor and Publisher — Thu, 12 Nov 2009 21:01:29 +0000

By Bill Bonner

(The Daily Reckoning)

Financiers have the world’s financial system in a “doom loop,” says the Bank of England. We’ve thought so ourselves. The bankers take money from the government and use it to speculate, not to lend. “Excess” reserves are at a record high as consumer credit continues to decline.

Most people find it both galling and absurd to see the bankers getting $10 million bonuses while there is 10% unemployment. Here at The Daily Reckoning, it’s just a matter of curiosity. You’d think there would be more wage competition ... Continue Reading

US banks prepaying $45 billion in insurance fees

Editor and Publisher — Thu, 12 Nov 2009 20:32:25 +0000

(The Los Angeles Times) WASHINGTON — U.S. banks will prepay about $45 billion in premiums to replenish a federal deposit insurance fund now in the red, under a plan adopted by federal regulators.

The Federal Deposit Insurance Corp. board voted Thursday to mandate the early payments of premiums for 2010 through 2012. Amid the struggling economy and rising loan defaults, 120 banks have failed so far this year costing the insurance fund more than $28 billion.

To address concerns of small banks in weak financial condition, the FDIC also set up an exemption process for those that prove the prepaid fees would ... Continue Reading

This year’s budget gap may hit $7 billion

Editor and Publisher — Thu, 12 Nov 2009 20:28:46 +0000

By Kevin Yamamura and Dan Smith

(The Sacramento Bee) Gov. Arnold Schwarzenegger estimated Monday that California’s budget will fall out of balance by $5 billion to $7 billion this fiscal year, on top of a $7.4 billion gap already projected for 2010-11.

If true, state leaders would confront at least a $12.4 billion to $14.4 billion problem when Schwarzenegger releases his budget in January. California currently has an $84.6 billion general fund budget.

The Republican governor spoke with The Fresno Bee editorial board Monday after signing a bill placing a water bond on ... Continue Reading

The Feds Have No Faith in Recovery

Editor and Publisher — Wed, 11 Nov 2009 19:33:15 +0000

(Hellenic Shipping News) The stock market has enjoyed a significant rally since the end of the first quarter. The Bureau of Economic Analysis reported last week that the economy grew at a 3.5% annual rate in the third quarter–a figure they achieved by that claiming inflation was running at only a 0.8% annual rate, despite a sharp drop in the dollar, a spike in commodity prices and record highs for gold. The cyclical bull market in stocks and positive print on GDP has caused some on Wall Street and in ... Continue Reading