| The 90-Grand Phone Call
In early July, Joel Albert headed to his local Staples in Potomac, Md., to buy a paper shredder. The retired broadcast journalist opted for the cheapest model he could find -- one that accommodated just five documents at a time and cost less than $30. His purchase was a small gesture toward trying to establish some measure of security for his finances -- giving him and his wife just a little peace of mind in the aftermath of his role in the now widely publicized identity theft ordeal that unfolded just weeks before. Albert was one of the 30,000 victims of the largest identity theft racket in U.S. history. He was no small contributor to the culprits' total take of $3 million and counting. His contribution? Nearly 90 grand in equity he had built up in his Maryland home over the past 31 years.
Market Follies and US Dollar Index Update
Old man winter definitely arrived last night (for the second time this year, dumping around 6 inches of snow on the Peg. Each snowflake by itself is nothing in weight, but collectively represent a significant amount of weight that can pack down and form glaciers that may not move mountains, but definitely carve a path. Think of each USD as a snowflake, which by itself is nothing. Collectively though, the trillions of USD similar to the snowflakes blanketing a city are instead blanketing the globe. This creates a real slippery situation that causes accidents left and right, even for those that are conservative drivers. Snowploughs (AKA Central Bankers) can clean up and move the snow, but it merely is removed. Allow for a strong wind and the snowflakes are blown all over the place, creating huge drifts in areas where there once was nothing.
The Politics of An Economic Nightmare
A possible economic meltdown is worrisome enough, but a possible meltdown in an election year is downright frightening. For months now, Republicans have been pushing the White House to take some action that looked and sounded big enough to give them some cover if and when things got worse. President Bush has now responded with a stimulus package more than twice as large as the one Bill Clinton briefly entertained at the start of 1993 but couldn't get passed. Not to be outdone, Democrats want to appear at least as bold, which means they'll suspend pay-go rules and throw fiscal responsibility out the window. In other words, hold your noses, because the "bipartisan" stimulus package that's about to be introduced could be a real stinker, including tax cuts for everyone and everything under the sun — except, perhaps, for the key group of lower-income Americans.
Mortgage meltdown: Losing home through a lender short sale isn't easy ...
The East Bay has been hit particularly hard, especially Contra Costa County, primarily because it's the place so many first-time homebuyers get their feet wet in the Bay Area housing market. The East Bay Business Times reports that Contra Costa County ranked 10th statewide in July with one foreclosure sale for every 2,411 residents. Of course, many homeowners facing foreclosure are looking for a way to ease the pain of this situation, as well as avoid the black mark it will leave on their credit rating. Many can't or simply don't want to go through the hassle of refinancing, or trying to get the lender to modify the terms of their loan. So, another "solution" has been growing in popularity in the Bay Area: the short sale. A short sale, essentially, is what happens when a homeowner - with the mortgage lender's approval - sells his or her property for less than what is owed on the mortgage.
Société Générale in danger of takeover
While the market turmoil may make bidders wary, they may see the extraordinary revelation about the alleged fraud as an unique opportunity to strike. "This will be the time we look back to and say this is when SocGen lost its independence," one source said. A senior banker added: "The rights issue has strengthened their capital, but from a sentiment point of view they are weak. Whether they survive the next three to six months will be key." SocGen's shares fell 4pc to €75.81. Traders said speculation about a takeover prevented the stock from falling further. Among the bidders for SocGen could be Barclays, which last year lost out to a consortium led by Royal Bank of Scotland in an attempted cross-boarder merger with Dutch bank ABN Amro. Italy's Unicredit could also be a serious contender.
Position vacant at Elland Road
In that time he has seen Leeds through financial crisis and lead the Whites to the play-off finals last season. However, a string of bad results have left Leeds United at the foot of the Championship and a cup win against Barnet was not enough for Blackwell to avoid the axe. So - Kevin Blackwell has gone, who would you like to see as the new manager of Leeds United? In a special programme on BBC Radio Leeds on Wednesday 20 Septembers callers mentioned a number of names including Dennis Wise, Alan Curbishley and even David O'Leary. .
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