Tag Archives: financial

Stop the "flood" of corporate seeds in the agricultural reconstruction of Pakistan!

The flooding that submerged nearly a fifth of Pakistan starting in July this year displaced about 20 million people and killed nearly 2,000. This number of people whose property and livelihoods were destroyed surpassed the number of combined victims of the 2004 Indian Ocean tsunami, 2005 Kashmir earthquake and the Haiti earthquake earlier this year. Without a doubt, it was one of Pakistan's worst floods ever. “The destruction isn't over yet. A big threat looms in the way the government is rebuilding agriculture, in partnership with big agribusiness companies, in the flood-stricken areas of Pakistan,” says Azra Sayeed of Roots for Equity, a Karachi-based grassroots NGO that works with small and landless peasants in the flooded areas. “A torrent of corporate hybrid seeds, and possibly GM seeds as some suspect, packaged with fertlisers, farm implements and production credit is streaming into the affected provinces in the name of agricultural reconstruction.” Free seeds? In October, a consignment of 2,000 bags of wheat seeds was dispatched to flood-hit farmers by the Mir Khalil-ur-Rahman Foundation (MKRF) and the Imran Khan Flood Relief Fund (IKRF). A scheme was launched to provide wheat seeds to farmers owning 25 acres of land in every flood-hit province without discrimination. Under the scheme, certified and good quality seeds were provided to farmers covering 150,000 acres of land. [1] Also since early November, the United States government has provided about US$62 million to the UN Food and Agriculture Organization (FAO) to expand an agriculture recovery program to the Province of Balochistan. The program includes provision of seed and fertilizer to flood-affected farmers, to help salvage the winter planting seasons and restore livelihoods for farmers in flood-affected areas. [2] Sindh Chief Minister, Syed Qaim Ali Shah, has said last month that the government's attention is focused on the rehabilitation of more than seven million flood-affected people and efforts are being made to give Rs100,000 (US$ 1,165) as well as seeds and fertilisers to each survivor family free of cost. [3] There are reports, however, that not all of this is free, as the seeds are being tied to micro-finance packages where fertilisers and services are only provided to small farmers through loans. The threat of contamination What the seeds are and where they come from are of deep concern. Currently they are being distributed in small white plastic bags with the monogram of UN World Food Programme. Unfortunately, there's very little public information available. And without an independent body monitoring the inflow of seeds to Pakistan, it's hard to rule out if some of the seeds and foodstuff being distributed are not GMOs or products of GMOs. With Bayer, BASF, Monsanto, Du Pont, Dow Chemical and Cargill, among the long list of donors to Pakistan's rehabilitation, the suspicion is high that these companies can use the situation to get their GM seeds on the ground and make contamination a done deal. Cargill is known for receiving huge subsidies from the US government to dump vast amounts of grains in poorer countries. It also processes soybean oil for Monsanto. Bayer Crop Science has a GM canola variety called Invigor, while Monsanto has the herbicide resistant Round-up Ready canola. On the other hand, BASF and Monsanto have a joint undertaking to develop GM wheat. Dow Chemical owns Mycogen which has a range of GM and hybrid seeds – maize, canola, soybeans, sorghum, and sunflower. In the Sindh province, sunflower seeds have been distributed with their source of origin unknown. Some Pakistani farmers are worried that seeds of GM canola may outcross to their local mustard varieties. Canola and mustard, both open-pollinated crops are from the same Brassica family, which also includes cabbage as distant relative. The possibility of GM contamination cannot be ruled out. “It's not just the seeds that are of concern here. It's the entire drive to transform Pakistan's agriculture into cash crop export production, controlled by a few big seed and agrochemical companies, at the expense of its own food security,” says Vlady Rivera of GRAIN, a small international non-profit organisation that works to support small farmers and social movements in their struggles for community-controlled and biodiversity-based food systems. “To take advantage of the post-flood situation to push that corporate agenda is simply perverse. What people normally see as seed aid on the surface is actually big business at the core.” A deal with Monsanto As part of its rehabilitation program, Pakistan's agriculture ministry entered a deal with Monsanto for a large-scale importation of its Bt Cotton seeds, despite strong opposition from local seed producers and farmers groups. The Seed Association of Pakistan (SAP) has warned the Punjab government to refrain from signing an agreement with Monsanto, believing this will “annihilate national seed companies, besides causing huge financial burden on the national treasury.” The group also believes that the importation of Bt cotton seed by the Pakistani government will cost the country millions of dollars in compensatory and royalty payments. [4] added by: JanforGore

Wall Street Quietly Creates a New Way to Profit From Homeowner Distress

Auctions allow private investors to acquire rights to collect overdue property taxes, levy escalating fees on homeowners, and foreclose on those who do not pay. Some auctions, like this one in Washington, D.C., take place in person. Others occur online, where bidders can buy property tax liens by the thousands. Credit: Emma Schwartz When Florida retiree Gladys Walker fell behind in paying taxes on her modest Pompano Beach home, she had no idea one of America’s biggest banks and a major Wall Street hedge fund engaged in frenzied bidding for the right to collect her debt—all $768.25 of it. “I just couldn’t come up with the money,” said Walker, 67, a former hotel worker who makes do on a monthly Social Security check. Barely more than a year after a taxpayer bailout of major financial institutions, Bank of America and the hedge fund, Fortress Investment Group, spotted a fresh money-making opportunity – collecting the tax debts of tens of thousands of people like Walker. The bank and hedge fund can add interest charges and fees, and they bundled the debts as securities for investors. In late May and early June, proxies for the two institutions quietly bought hundreds of millions of dollars in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. They didn’t use their names but donned multiple other identities, dominating the auctions and repeatedly bidding on the same parcels – in the case of Walker’s small home, more than 8,000 times. Then, in September, Bank of America’s securities division packaged $301 million worth of the tax liens it and Fortress had acquired into bonds pitched privately to major investors. The anticipated return – estimated at between 7 to 10 percent – is possible because buyers of tax debts can assess a panoply of interest charges and other fees. When the debt goes unpaid long enough, the liens buyer can seize properties through foreclosure. Because the bonds were sold privately, there’s no public record indicating who purchased them, the prices paid, or the anticipated return. Moody Investment Services spokesman Tom Lemmon said the type of offering, known as a tax lien securitization trust, is fairly uncommon. Bank of America, he added, may make additional offerings in future years. A Bank of America spokesman, while otherwise declining comment, said that the bank and Fortress had not acted together in bidding in the auctions. Bank of America spokesman William Halldin said by email: “Our bids were made independent of any other organization. Any suggestion that they weren’t independent is simply incorrect.” Fortress, which is headed by former Fannie Mae chief Daniel Mudd, had no comment. The Florida securities deal illustrates how financial institutions, including some beneficiaries of federal bailout dollars, are actively creating new ways to profit from the financial distress of homeowners. Acting as surrogate tax collectors, they can help local governments quickly and efficiently bolster their budgets by tens of millions of dollars and in some cases find new owners for dilapidated property. Miami-Dade County, for instance, took in more than $374 million in June 2009 from the sale of about 60,000 property tax liens. added by: toyotabedzrock

Wall Street Quietly Creates a New Way to Profit From Homeowner Distress

Auctions allow private investors to acquire rights to collect overdue property taxes, levy escalating fees on homeowners, and foreclose on those who do not pay. Some auctions, like this one in Washington, D.C., take place in person. Others occur online, where bidders can buy property tax liens by the thousands. Credit: Emma Schwartz When Florida retiree Gladys Walker fell behind in paying taxes on her modest Pompano Beach home, she had no idea one of America’s biggest banks and a major Wall Street hedge fund engaged in frenzied bidding for the right to collect her debt—all $768.25 of it. “I just couldn’t come up with the money,” said Walker, 67, a former hotel worker who makes do on a monthly Social Security check. Barely more than a year after a taxpayer bailout of major financial institutions, Bank of America and the hedge fund, Fortress Investment Group, spotted a fresh money-making opportunity – collecting the tax debts of tens of thousands of people like Walker. The bank and hedge fund can add interest charges and fees, and they bundled the debts as securities for investors. In late May and early June, proxies for the two institutions quietly bought hundreds of millions of dollars in homeowners’ property tax debts in Florida by bidding at a series of online auctions held by county tax collectors. They didn’t use their names but donned multiple other identities, dominating the auctions and repeatedly bidding on the same parcels – in the case of Walker’s small home, more than 8,000 times. Then, in September, Bank of America’s securities division packaged $301 million worth of the tax liens it and Fortress had acquired into bonds pitched privately to major investors. The anticipated return – estimated at between 7 to 10 percent – is possible because buyers of tax debts can assess a panoply of interest charges and other fees. When the debt goes unpaid long enough, the liens buyer can seize properties through foreclosure. Because the bonds were sold privately, there’s no public record indicating who purchased them, the prices paid, or the anticipated return. Moody Investment Services spokesman Tom Lemmon said the type of offering, known as a tax lien securitization trust, is fairly uncommon. Bank of America, he added, may make additional offerings in future years. A Bank of America spokesman, while otherwise declining comment, said that the bank and Fortress had not acted together in bidding in the auctions. Bank of America spokesman William Halldin said by email: “Our bids were made independent of any other organization. Any suggestion that they weren’t independent is simply incorrect.” Fortress, which is headed by former Fannie Mae chief Daniel Mudd, had no comment. The Florida securities deal illustrates how financial institutions, including some beneficiaries of federal bailout dollars, are actively creating new ways to profit from the financial distress of homeowners. Acting as surrogate tax collectors, they can help local governments quickly and efficiently bolster their budgets by tens of millions of dollars and in some cases find new owners for dilapidated property. Miami-Dade County, for instance, took in more than $374 million in June 2009 from the sale of about 60,000 property tax liens. added by: toyotabedzrock

Octomom Offered Gig as Vivid VIP Party Hostess

Vivid Entertainment really wants to tap Nadya Suleman . Not sexually … goodness no. Although they have made such overtures in the past. This time, however, porn kingpin Steven Hirsch just wants her as a hostess . The company wants the mother of 14 at the AVN Awards in Las Vegas next month, offering her a job as co-host of their parties during the weekend festivities. WHICH WAY TO THE MONEY? No word on how much Octo would be paid . Hirsch previously offered Nadya Suleman $1 million to get naked on video to fight her financial troubles. They tried again for $500K as a production assistant. Nads turned them down. She has her principles, after all. But might she consider it this time around? Things are getting more and more desperate for her. She has until January 1 to fork over $450,000 in balloon payments on her house or else the guy who holds the note is going to kick her brood to the curb.

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Octomom Offered Gig as Vivid VIP Party Hostess

Nigeria To Charge Dick Cheney In $180 Million Bribery Case, Issue Interpol Arrest Warrant

The energy services company Dick Cheney ran prior to becoming Vice President of the United States was atop the tongue of liberals each time it was awarded a contract in Iraq. Now the company's name, Halliburton, is being spoken somewhere else: Nigeria. According to a story filed late Wednesday( http://www.businessweek.com/news/2010-12-01/nigeria-to-charge-dick-cheney-in-pip… ), Cheney will be indicted in a Nigerian bribery case as part of an investigation into an alleged $180 million bribery scandal. “Last week, Nigeria arrested at least 23 officials from companies including Halliburton, Saipem, Technip and a former subsidiary of Panalpina Welttransport Holding AG in connection with alleged illegal payments to Nigerian officials. Those detained were all freed on bail on Nov. 29,” Bloomberg News' Elisha Bala-Gbogbo wrote. “Authorities in the West African nation are probing Halliburton, Saipem and Technip for the alleged payment of $180 million in bribes to win a $6 billion liquefied natural-gas contract,” Bala-Gbogbo added. “Panalpina is being investigated for illegal payments it allegedly made to Nigerian customs officials on behalf of Royal Dutch Shell Plc.” The prosecuting counsel for the country's Economic and Financial Crimes Commission said that indictments will be handed down in the next three days and that an arrest warrant for Cheney “will be issued and transmitted through Interpol.” Adds Bloomberg, “Obla said charges will be filed against current and former chief executive officers of Halliburton, including Cheney, who was CEO from 1995 to 2000, and its former unit KBR Inc., based in Houston, Texas; Technip SA, Europe’s second-largest oilfield- services provider; Eni SpA, Italy’s biggest oil company; and Saipem Construction Co., a unit of Eni. Obla didn’t identify the former officials whom he said held office when the alleged bribes were paid.” A spokesman for Cheney declined to comment. The US Securities and Exchange Committee probe focused on the deal as early as 2004. Wrote The Washington Post at the time: ( http://www.washingtonpost.com/wp-dyn/articles/A35486-2004Jun11.html ) The Nigerian project, started in the early 1990s, was worth almost $5 billion to TSKJ, a partnership that included a KBR predecessor, as well as companies from France, Japan and the Netherlands. At issue are payments made to Tristar, a Gibraltar company that had a consulting arrangement with a corporation formed by TSKJ to “administer the contracts and execute the work” in Nigeria, a Halliburton spokeswoman said in response to questions. KBR, the engineering and construction subsidiary of Halliburton, was formed when Halliburton acquired Dresser Industries Inc. in 1998. It was a combination of Halliburton's Brown & Root and Dresser's M.W. Kellogg Co. Officials from the SEC and Cheney's office declined to comment. Early on Thursday, Halliburton said( http://www.sfgate.com/cgi-bin/article.cgi?f= /g/a/2010/12/02/bloomberg1376-LCSK1K6TTDS801-2FON5J2K50U6QS8ACM9RA159SE.DTL#ixzz16xiDvrD6) they hadn't seen the new charges, but still denied their involvement. “Halliburton's oil-field services operations in Nigeria have never in any way been part of the LNG project and none of the Halliburton employees have ever had any connection to or participation in that project,” Tara Mullee Agard, a spokeswoman for the Houston-based company, said in an e-mailed response to Bloomberg. Added Bloomberg: “Halliburton Co., the world's second- largest oilfield-services provider, said it hasn't seen any amended charges by Nigerian authorities who plan to indict current and former employees in a bribery scandal.” added by: toyotabedzrock

The Federal Reserve bailout scandal explained

All the numerous tendrils of financial corruption are starting to re-converge on the core of the scandal. Here is what happened and how you got screwed by the bankers and the US Government in layman's terms. 1. Wall Street created the mortgage-backed security as an investment device, sold them, used ponzi scheme tactics to make them look immensely profitable while the SEC looked the other way. 2. In order to meet the demand for MDS created by the illusion of major profits from the Ponzi activity, the mortgage bundlers pledged the same mortgages over and over and over again into different investment bundles. 3. In late 2008 the fraud started to appear in US financial circles. Congress, itself invested in the financial firms that bought those fraudulent mortgage-backed securities, voted through TARP to save their own fortunes at the expense of the US taxpayer. 4. In 2009, the foreign banks began to realize that Wall Street had screwed them and began to demand the repurchase of the bad paper. The Fed started handing out trillions of dollars borrowed against the American people, mostly to foreign banks, to cover the fraud. 5. But cash was flowing out of the nation faster than the Federal Reserve could print it up. Something needed to be done to balance the loss and put the bankers back into the black, so the only real hard assets left n the nation, Americans' homes, were to be sacrificed for the good of the banks' capital structure. 6. By perpetuating tax credits that encouraged the offshoring of American jobs to other countries, the US Government created a situation in which millions of Americans would no longer be able to make their mortgage payments and lose their homes to the banks. The banks would then add the full value of those homes to their balance sheets to keep themselves appearing solvent. The US Government deliberately killed your jobs, so the fraudulent bankers could save themselves from prison by taking your homes to cover the buybacks from Europe. That is pretty much the story of the last few years. Analysis from Mike Rivero at What Really Happened added by: maasanova

Memes can be fun — but can they also change the world?

Last week’s hot image meme, Privilege Denying Dude — and his creator, 20-year-old vegan feminist Diana Lopez — struck a cord across the interwebs. Usually a medium reserved for hilarious frat-boy culture and fart jokes, Lopez used the meme aesthetic to address privilege.

Beck: Obama Will Blame Terror Attack On TSA Resistance

Fox News host warns that administration is preparing to exploit event to squelch resistance to airport security In little noticed comments made during an appearance on Judge Andrew Napolitano’s show on Fox News, Glenn Beck warned that the Obama administration wouldn’t hesitate to exploit a terror attack targeting airliners to blame the event on people protesting naked body scanners and TSA groping in airports. The Fox News host said that the government was deliberately provoking the American people to rise up so they could squelch the growing resistance with an iron fist, noting that Obama has failed to give a single speech addressing the TSA revolt even amidst the biggest holiday travel period of the year. “Let’s get people to rise up and say no scanners….something happens, the President then has the ability to finally give a speech on airport security and say ‘I was trying to protect you and these people stood up against these scanners, and these people died because of it….you have to stop listening, I’ll protect you,” said Beck, implying that the Obama administration would exploit a terror attack to blame it on those protesting against scanners and TSA groping in airports. Beck added that people in the Obama administration were probably having casual conversations surrounding the potential of a terror attack targeting airline travel along the lines of, “Gee, it wouldn’t be so bad, would it?” Beck made similar comments earlier this month when he suggested that the Obama administration was preparing to stage an event that would be blamed on opponents of big government. Discussing how leftists need violence to realize their political agenda, Beck featured a clip in which former Clintonite and Democrat operative Mark Penn said Obama needs an OKC bombing-style event to regain his popularity. “Remember, President Clinton reconnected through Oklahoma, right?” said Penn on Chris Matthews’ Hardball show. “And the president right now seems removed. It wasn’t until that speech [after the bombing] that [Clinton] really clicked with the American public. Obama needs a similar” defining moment, according to Penn. As we have documented, Penn is not the only prominent insider to invoke exploitation of terror as a means of reinvigorating the big government agenda. Back in July, former senior advisor to President Bill Clinton Robert Shapiro wrote in the Financial Times that only an OKC bombing or 9/11 style event could provide Obama with the opportunity to demonstrate that he is a strong leader. After reading a letter written by Tides CEO and founder Drummond Pike that encouraged advertisers to boycott Fox News in a thinly veiled threat that implied Beck’s rhetoric is leading to another OKC bombing, Beck stated, “They are setting up an Oklahoma City, they are claiming that one is coming and they’re already marked the one who caused it,” referring to himself. The resistance to TSA groping and naked body scanners is only accelerating as Thanksgiving nears and a national opt-out protest is less than 48 hours away. More and more cases of TSA abuse continue to pour in on a daily basis as Transportation Security Administration head John Pistole indicates for the first time that the agency may be starting to cave to the backlash. Pistole told CNN’s State of the Union yesterday that screening procedures would not be altered but in a subsequent statement acknowledged that the TSA needed to make airport security “as minimally invasive as possible,” in response to the building nationwide outrage and vows by numerous airport directors to ditch the TSA altogether in favor of private security. http://www.prisonplanet.com/beck-obama-will-blame-terror-attack-on-tsa-resistanc… added by: im1mjrpain

Sonja Morgan Files for Bankruptcy

Sonja Morgan, who joined the Housewives franchise in the show#39;s third season, stated that she#39;s battling a “bitter” divorce with John Adams Morgan and listed $19.8 million in debt and $13.5 million in assets on her Chapter 11 bankruptcy petition. Following in the financial footsteps of The Real Housewives of New Jersey#39;s Teresa Giudice, Sonja Morgan of the New York City cast has filed for bankruptcy, reports The Wall Street Journal. “The decision to seek bankruptcy relief was not an e

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Sonja Morgan Files for Bankruptcy

New MRC Report Documents Massive CBS Tilt Toward Obama: ‘Syrupy Minutes’

On Sunday, the season premiere of 60 Minutes will include an anticipated Scott Pelley report on the Ground Zero mosque. Will the story be pro-mosque, just like President Obama? The first clips displayed softballs of sympathy , that it should be seen as “a hub of culture, a hub of coexistence, a hub of bringing people together.” To underline the overwhelming sympathetic tilt of this program in the Obama era — especially all the Steve Kroft hope-and-change goo before the 2008 election — the MRC has a new special report called “Syrupy Minutes.” Here’s my executive summary:  In the last five years, CBS’s 60 Minutes has become infamous for letting its left-wing ardor get way ahead of its journalistic mission. Dan Rather destroyed his own reputation in 2004 with a 60 Minutes II “expose” of President Bush’s incomplete Vietnam-era service in the Texas Air National Guard which relied on falsified documents. A CBS-appointed panel found “myopic zeal” in Rather’s professional demise, but no one would admit a political bias. For more than 40 years, CBS has boasted of 60 Minutes as a hard-hitting news show, a weekly story of investigative gumshoes digging up dirt and accusing major business and government leaders of committing dastardly deeds against the public interest. But the history of 60 Minutes isn’t filled to the brim with brutal investigations. It has a much softer, syrupy side, and it isn’t just reserved for movie stars or rock musicians. When it comes to champions of liberalism and even the radical left, the CBS News program has rolled out a red carpet, asking softball questions and lionizing their policy stands and programs – whether they were actually “achievements” or disasters. On September 19, a week before the new season officially began, CBS’s Lesley Stahl promoted the latest book of Jimmy Carter, and insisted that Carter was a bigger success than most presidents, including Ronald Reagan: “But when all is said and done, and many will be surprised to hear this: Jimmy Carter got more of his programs passed than Reagan and Nixon, Ford, Bush 1, Clinton or Bush 2.” Carter’s utter failure to end the Iranian hostage standoff and crushing inflation and unemployment rates were somehow irrelevant to history. Stahl also gushed to Carter: “A lot of critics of yours, when you were President, say that you’ve been a fantastic ex-President. You hear that all the time.” She said this even as she reminded viewers that Carter wrote a letter to the U.N. Security Council telling them they should oppose the first President Bush on the need for the Gulf War. In studying 60 Minutes broadcasts from January 1, 2006 through the September 2010 season premiere, Media Research Center analysts have found a very biased pattern of soft interviews and promotional language for the American left: — Liberals were featured more than twice as often than conservatives, and were four times more likely to be awarded easygoing interviews. Since 2006, 60 Minutes has aired 35 interviews with liberal leaders and celebrities versus 17 with conservatives. Twenty-four of the 35 interviews with liberals (69 percent) were friendly and unchallenging. Only five of the 17 conservative segments (29 percent) were soft – and one unchallenged conservative was hammering Sarah Palin as utterly unqualified for national office.. — Barack Obama was a major beneficiary of 60 Minutes admiration. CBS has devoted hours of air time to the promotion of Barack Obama – five interviews before the election, and six after it, all reported by Steve Kroft. Of the 49 Kroft questions in the first four CBS interviews (before the financial crisis hit), 42 were personal or horse-race questions. Only seven focused on issues – five on foreign policy, and two on trade – with no real focus on any domestic issues. Kroft never focused a question on Obama scandals, or his record in the Illinois legislature. Even issue questions were soft and open-ended. Kroft’s interviews were even made into a DVD for nostalgic Obama supporters, Obama All Access . — Other candidates for president were not granted the same red carpet as Obama. The contrast was striking to Scott Pelley’s 2008 bailout interview with John McCain: “But why would you let the Wall Street executives sail away on their yachts and leave this on the American taxpayer?” Mike Wallace’s interview with Mitt Romney in 2007 was sharply personal, demanding to know if the Republican candidate had premarital sex with his wife and asking his five sons why none of them had ever joined the military. — Liberal journalists and celebrities were also celebrated, and conservative celebrities were hounded. Morley Safer championed Stephen Colbert for satirizing conservative talk show hosts and their “wildly inaccurate, but patriotic and combative noise…With all of their excesses, it was only a matter of time before someone came along to skewer them. Well, the eagle has landed.” Safer also felt the pain of actor Alec Baldwin having to deal with “conservative junkyard dogs like Sean Hannity.” But Mike Wallace confronted Bill O’Reilly: “You are addicted to the power, you are addicted to the money, you are addicted to the fact that ‘I am Bill O’Reilly, and everybody knows it.'” A review of the recent output of 60 Minutes should cause media historians to restrain themselves before declaring that this program is a hallmark of hard-hitting journalism, without a political axe to grind. They either carry an axe or a shoe-shine kit.

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New MRC Report Documents Massive CBS Tilt Toward Obama: ‘Syrupy Minutes’