Entries Tagged 'Crisis' ↓
November 30th, 2009 — Arab, Crisis, Debt, Dubai, Market Crash, UAE
Stocks in the Persian Gulf state of Dubai fell more than 7% Monday, the first day of trading after the state’s debt problems shocked financial markets around the world last week.
The index for the Dubai Financial Market, the emirate’s primary stock exchange, ended the day down 7.3%.
The announcement last week raised fears about the overall health of the global financial system and made investors nervous across the globe. Concerns were eased slightly on Sunday after the United Arab Emirates (UAE) offerd Dubai some support.
The UAE, a federation of seven emirates announced that it will establish an emergency liquidity facility to help prevent Dubai from defaulting on its debts.
Fellow emirate Abu Dhabi also announced plans to provide aid to some selected Dubai banks and financial establishments.
Major indexes in Europe remained under pressure this afternoon, with shares in London, Paris and Frankfurt down about 1% in afternoon trading.
March 2nd, 2009 — Crisis, Economy, Estate, Fraud, Madoff, Ponzi Scheme, Scam, Scandal
Bernie Madoff’s attorneys asked today that federal prosecutors be barred from seizing the his New York City apartment and $62 million in cash and bonds that they say belongs to not to Bernie, but his wife, Ruth, and are not related to his alleged fraud.
The court acknowledged the request, but did not grant it, according to court documents filed today by federal prosecutors and the trustee overseeing the liquidation the Madoff estate for the benefit of his former customers.
Madoff’s assets were frozen back in December when he was arrested on charges of operating a massive Ponzi scheme, with losses as high as $50 billion.
At the beginning of the year, he and his wife agreed to a voluntary asset freeze when prosecutors, pointing to the couple’s botched attempts to mail away expensive jewelry to family and friends, sought to revoke Bernie’s bail.
View Court Documents [PDF]
October 9th, 2008 — Crisis, Economy, Job Cuts, Kaine, Layoffs, Virginia
Tim Kaine, Governor of Virginia, announced today that the state will be laying off 570 state workers as its budget outlook worsens amid the deepening financial crisis.
The job cuts are the worst in five years in Virginia.
Kaine also announced that public college funding is being slashed, state employee raises are being withdrawn and another 800 open jobs will go unfilled.
The Democratic governor says the state is likely to be at least $970 million short this year and may be up to $1.5 billion short in the fiscal year that begins next summer.