Welcome to CRWE FINANCE's Blog! WooEB http://blogs.wooeb.com/ 2010-09-10T05:37:14-04:00 Copyright (c) 2009 WooEB.com http://blogs.wooeb.com/CRWE12/Post.aspx?postID=92526 2010-06-06T21:51:50-04:00 2010-06-06T21:51:50-04:00

Reported By Mike Zaman On April 20 2010 BP's Deep Sea Horizon exploded dumping millions of barrels of oil into the gulf coast. It took some 46 days to finally cap the well and prevent even a quarter of the escaping oil from entering the gulf. The cap has been capturing some 10,000 barrels of oil a day since. Now BP executives believe this is only a portion of the oil still gushing from the ocean floor some 5,000 feet below the surface. We now are led to believe that more than 460,000 barrels of oil have contaminated the Gulf region and the shorelines of Florida, Alabama, Louisiana, and Mississippi, that's in excess of 19,320,000 gallons and it could be and most likely is twice that amount. Meanwhile this is the worst environmental catastrophe to ever hit the US. At Barataria Bay on the Louisiana coast, pelicans were so caught up in the oil slick that they were unable to free themselves. The oil was as thick as tar. Other pelicans stretched out useless wings, feathers dripping with crude. Dead birds and

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=92461 2010-06-06T12:15:52-04:00 2010-06-06T12:15:52-04:00

Reported BY Mike Zaman Melanoma, the deadliest form of skin cancer, may soon be treatable, but to what extent may depend on the severity of the disease. Melanoma is an accelerating disease that has become remarkably prominent in skin cancer circles. An experimental drug, ipilimumab (ip-ee-LIM-uh-mab), significantly improved survival rates of people in advanced stages of this disease, on average by 10 months. The drug works by helping the immune system fight tumors. The drug's maker, Bristol-Myers Squibb Co. may have FDA approval as early as the end of 2010, but the drug is expected to be very high priced, leaving the question, what price is a life worth? Before it is released to the public by FDA approval people with the disease may have access to it through special programs directly from Bristol-Myers. Melanoma is the most serious form of skin cancer when it spreads to vital organs, it's almost always fatal. Last year in the United States, about 68,720 new cases were diagnosed, and 8,650 people died

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=92436 2010-06-05T17:19:20-04:00 2010-06-05T17:19:20-04:00

Reported By Mike Zaman What is loss sharing? Loss sharing is a feature that the Federal Deposit Insurance Corporation (FDIC) first introduced into selected purchase and assumption (P&A) transactions in 1991. Under loss sharing, the FDIC agrees to absorb a portion of the loss on a specified pool of assets in order to maximize asset recoveries and minimize FDIC losses. Loss sharing reduces the immediate cash needs of the FDIC, is operationally simpler and more seamless to failed bank customers and moves assets quickly into the private sector. Does loss sharing put the taxpayer on the hook for additional losses down the road? When the FDIC calculates the estimated cost of a failure, it takes into account all expected losses on the assets covered in loss share agreements. These current market assumptions are built into the cost of failure at resolution. Thus the cost of all expected future payments are recognized at the time of bank failure and no losses are deferred. Any loss sharing payments are made from

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=92421 2010-06-05T15:01:53-04:00 2010-06-05T15:01:53-04:00

Reported By Mike Zaman As bank failures continue to take their toll on the FDIC fund, the government is concerned that the payout as banks continue to be seized will top $100bn over the next four years, but this may be overly optimistic, with 775 banks under scrutiny by the FDIC the likelihood is that the fund will be dry much before that. The FDIC Seized number 79 through 81 on Friday beginning with a Nebraska bank, TierOne Bank, based in Lincoln, Neb., with about $2.8 billion in assets. TierOne has struggled since early last year to try to remain solvent. Great Western Bank, based in Sioux Falls, S.D., agreed to acquire the assets and deposits of TierOne. In addition, the FDIC and Great Western agreed to share losses on $1.9 billion of TierOne Bank's loans and other assets. Great Western Bank has a great potential to become larger as TierOne, which was established in 1907, had 59 branches in Nebraska, nine in Iowa and one in Kansas. Added to their existing 135 branches Great Western will now operate

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=90727 2010-05-23T20:44:38-04:00 2010-05-23T20:44:38-04:00

By Mike Zaman The legislation intended to reform the financial system and as it passed the Senate and House have so many loopholes place in it by congresses Wall Street handlers, that this legislation is a complete sham. Not only will it not prevent other crises and more taxpayer bailouts in the future, but it guarantees it. The legislation is full of gaps, and loopholes, but more importantly many provisions of the Law depend on the "effectiveness" of regulatory agencies, who failed to over see the financial sector and mishandled the blooming bubble that took Wall Street and America to the brink of collapse. A big reason for the bill's limitations is that Wall Street banks and industry groups lobbied against rules they felt would reduce Wall Streets profit-making ability, such things as derivatives, those same instruments that collapsed the mortgage security network. The financial sector's influence in Washington reflects its massive donations and lobbying efforts, what you and I ceremoniously call

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=90658 2010-05-22T17:53:54-04:00 2010-05-22T17:53:54-04:00

By Mike Zaman Comparing Nevada's unemployment on a month to month basis, we see that it doesn't change much. Construction and the tourism industry have been the main focus of Job losses. With all the hype about the recession nearing the end, well, if you were living in Las Vegas and looking at Nevada's new jobless rate you wouldn't believe it, and they don't either. Never in the states history have so many people been out of work; a record 193,000. Construction continues to shed jobs; 700 in April alone. But even more of a concern, if there is any such thing? Nevada saw 1000 job losses in Government jobs in April, as the state, and its subdivision attempt to cope with budgets that are out of balance. But that's because so many people are out of work, and those working are working fewer hours. Another concern is retailing, and commercial centers, so many businesses have closed, and bankruptcies are still the primary business. Almost every retail center's store fronts are half vacant. Obviously, none

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=90050 2010-05-18T14:11:00-04:00 2010-05-18T14:11:00-04:00

US Banks anticipate Taxpayers bailout, in fact they demand it. By Mike Zaman There is a saying about history that it will repeat itself until we gain the intelligence to understand. Bailing out America's banks has become a large portion of the American financial landscape. And many are now asking, how long we will continue to put up with it? Our banks like JP Morgan and Bank of America have come to expect taxpayer handouts, in fact it's built into their systems and it will continue until we say, with a force of numbers "enough" The 1990's When Asian markets collapsed in the 1990s, the IMF and U.S. taxpayers spent billions bailing out huge banks like J.P. Morgan, Chase Manhattan, Citicorp and BankAmerica, even though these Wall Street bad guys had raked in Asian profits for decades. Did taxpayers revolt? No! So they did it again circa 2008. Right after the bailout of Morgan, which was not the first, nor would it be the last. A J.P. Morgan "currency expert," Ron Leven, is noted to have said: "Democracy

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89955 2010-05-17T19:12:36-04:00 2010-05-17T19:12:36-04:00

By Mike Zaman The US taxpayers are on the hook "tax-wise" to the tune of $34 billion, and the song isn't even close to being a hit, it's a small sum against the full weight of the government's attempt to bail out GM and Chrysler, but expect a lot more. We haven't yet seen the return of all Wall Street borrowed, (and used to generate their profits and bonuses, and pay lobbyists and congress to defeat the bank reform bill) and now the FED has pledged $1tn to guarantee the IMF bailout of all of Europe, just where will all this come from? If you think Greece's citizens went wild over the austerity initiatives just wait until you see the south rise up again. Initially taxpayers were on the hook for the entire $85bn bailout, but the government still believes it will see some additional money returned at least from GM and within the next few years. It seems the US Congress has gone crazy, using our credit cards then making us pay for the binge. The past two administrations have fairly well not only bankrupted the

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89952 2010-05-17T17:59:18-04:00 2010-05-17T17:59:18-04:00

By Mike Zaman A very famous man made a very profound observation: he said "you can fool some of the people all the time, and all of the people some of the time, but, you can't fool all of the people all of the time" Every other day we are confronted by economists, those pseudo intellects, who in media print attempt to paint a picture that the American economy is moving forward. They fail to mention, by the way, that Americans are still unemployed; actually it's in excess of 11.44% and growing weekly. That equates to more than 17.7 million, and we don't even have the real figures to quote. So, yes we are in deep "&%$#" as a nation, and as a one time world leader. However in the real world, not the one our economists live in, the largest US companies see the handwriting on the wall, and it's not from a messenger service, its in real time and in language we all can understand, real declining numbers. The economy can only go so far when that one percent at the top goes shopping, like when a movie actress

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89935 2010-05-17T15:23:09-04:00 2010-05-17T15:23:09-04:00

By Mike Zaman As predicted by Obama's close ally, George Soros, who has been shorting the Euro for months. The day of reckoning may not be far off. European stocks as well as their debts and currency are facing collapse as investors rush into Gold. Even the FED backed IMF $1 trillion loan doesn't appear to be making a difference. Much of Europe is still viewed as potentially set to default as even ($1) trillion may not be enough, and the pot is now empty. On Friday the euro fell to its lowest level since the intensity of the financial crisis began, and the assault continued into Monday as investors abandoned the currency as well as stocks in favor of gold and other assets viewed as more safe. Astonishingly the Dollar is seen as a safer value, even though the US is in worse financial condition than all of Europe combined. The president of the European Central Bank, Jean-Claude Trichet, in an interview published Saturday, warned that Europe was facing what he calls "severe tensions" and that the markets

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89784 2010-05-16T21:20:23-04:00 2010-05-16T21:20:23-04:00

News Release Many Businesses, Accountants and Public companies are aware that Nevada is the new Delaware. What do they know that you don't? First and foremost: Nevada has NO corporate income tax! In fact it has NO income tax at all! But there is a lot more! * No Taxes on Corporate Shares * No Franchise Tax * No Personal Income Tax * No IRS Information Sharing Agreement * Nominal Annual Fees * Minimal Reporting and Disclosure Requirements * Stockholders are not of Public Record Does this wet your appetite? Not yet? Then consider these additional advantages! * Stockholders, directors and officers do not need to live or hold meetings in Nevada, or even be U.S. Citizen. * Directors need not be Stockholders * Officers and directors of a Nevada corporation can be protected from personal liability for lawful acts of the corporation. * Nevada corporations may purchase, hold, sell or transfer shares of their own stock. * Nevada corporations may issue stock for capital, services, personal property or

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89780 2010-05-16T21:01:05-04:00 2010-05-16T21:01:05-04:00

Reported By Mike Zaman: Jupiter, Florida, May 6, 2010 - Weiss Group, LLC, a leading provider of independent research and ratings since 1971, has announced today that it has bought back the bank and insurance company ratings company which it had sold to TheStreet in 2006, restoring the business to its wholly owned subsidiary, Weiss Ratings. Unlike most other rating agencies, Weiss Ratings accepts no compensation of any kind from the companies it rates, deriving its revenues exclusively from the sale of ratings and data to consumers and others via public libraries and the Internet. In addition to its independent ratings on the nation's banks and insurers, Weiss has also entered into a licensing agreement with TheStreet to resume distribution of independent ratings on publicly traded companies, mutual funds, closed end funds and exchange-traded funds (ETFs). At the same time, TheStreet has licensed Weiss' bank and insurance company ratings to distribute to its customers. "I believe the timing of this change

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89769 2010-05-16T15:24:58-04:00 2010-05-16T15:24:58-04:00

By Mike Zaman The reason economics is not a science, is that there are just too many variables, e.g. people, jobs, incomes, classes, financial ability, product cost, sales prices, inflation, area of the country involved, the weather and a host of other variables to numerous to mention here. Because it is not a true science, by that we mean where a=b=c, our institutions and their graduate "economists" have been perpetuating a fiction, that existence itself is dictated by the unchallengeable laws of economics. These laws are completely challengeable. For instance "economists" would have us believe that the economy is returning to normal without Americans working, a doubtful theory at its best, and at its worst a false and misleading claim. For the economy to rebound, people must have an income, a job, and with more than 17.7 million Americans out of work, how can there be a recovery going on? These so-called laws are, in actuality, the economic mechanisms of past monarchs. Economic theories are just that, a

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89745 2010-05-16T13:12:03-04:00 2010-05-16T13:12:03-04:00

By Mike Zaman George Orwell's, 1984: was a dystopian novel about the totalitarian regime of the Party, an oligarchical collectivist society where life is a world of perpetual war, pervasive government surveillance, public mind control, and where the citizens' rights were avoided. Propaganda flourished in this 1984 setting, as it does today, the purpose to render the Party omniscient and always correct. Was this novel reminiscent of a vision into what America was to become. Like the quatrains of Nostradamus did Orwell hold a glimpse into our future? It has been said we are living post 1984, in such a world as Orwell envisioned. It has become common for history to be rewritten to suit those in charge, and more and more of our freedoms have been objectively eroded under a plethora of unending considerations expressed in the Patriot Act. But is it only big brother that is watching us? Or have they spies everywhere? Recent innuendo that Google for the past four years has been vacuuming up fragments of

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89744 2010-05-16T11:46:14-04:00 2010-05-16T11:46:14-04:00

By Mike Zaman Wall Street tactics parallel to the ones that promoted subprime mortgages in America have deteriorated the financial crisis, shaken Greece and undermined the euro by enabling European governments to hide their escalating debts. Yet some Wall Street Banks like Goldman Sacks took full advantage of the Greek and other EU nations crisis by aiding them to conceal the state of their economy then bet Greece and possibly the other nations would default. Bets were placed through AIG, in a derivative now known as a Credit Default Swap (CDS) Greek Prime Minister George Papandreou is now considering taking action against Wall Street Investment banks which he blames for the near collapse of his country, and GS may be right in the middle of the loop. After the fraud action from the SEC, potential US Criminal indictments, class action lawsuits, and with other European countries current sentiment, GS shareholders don't need more provocation. Warren Buffet appears to be the only defender of GS, but he has a

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89685 2010-05-14T22:02:19-04:00 2010-05-14T22:02:19-04:00

By Mike Zaman In what has become a domino effect, every Friday a state of panic comes over our small banks. That's the day the FDIC will generally show up around closing and padlock a failing bank. And this Friday was no exception. Regulators shut down Midwest Bank and Trust Company in Elmwood Park, Ill., as well as three smaller banks in Georgia, Michigan and Missouri Midwest Bank and Trust had about $2.4 billion in deposits and $3.2 billion in assets. The FDIC and Firstmerit Bank (who is assuming the assets and deposits) agreed to share losses on about $2.3 billion of Midwest Bank and Trust assets. The move is expected to cost the deposit insurance fund about $216.4 million but possibly more. Midwest Bank and Trust had 23 branches. FirstMerit is a division of FirstMerit Corp. has 186 offices across three states, Ohio, Pennsylvania and Illinois. The other banks the FDIC took over were: -- New Liberty Bank, based in Plymouth, Mich. The bank had about $101.8 million in deposits and $109.1 million in

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89090 2010-05-10T14:25:07-04:00 2010-05-10T14:25:07-04:00

By Mike Zaman The US Taxpayers have so far paid over $145bn to salvage Fanny Mae and Freddie Mac, yet their appears to be no end in sight. The question on every ones mind, is why? Fanny and Freddie acquired loans from Banks, such as Countrywide Bank, Washington Mutual, and a litany of others, loans that were, well let's be frank, "fraudulently" made. No borrower ability to repay those loans was evident, teaser loans with payments below even the interest were offered where principle was added to the loan balance increasing the debt, called option arms. Most were made to borrowers who had no way to repay those loans, for example Washington Mutual made a loan to an illegal immigrant earning $9.00 an hour for a home in California with a mortgage of $600,000 he would have been required to work 444 hours a month just to make the payment. It ended in foreclosure. Some banks even made no qualifying loans to inmates in Colorado prisons, and Fanny and Freddie bought those loans. Was it stupidity, ignorance or just

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89080 2010-05-10T12:43:55-04:00 2010-05-10T12:43:55-04:00

By Mike Zaman The nation's five largest and (as consumers feel), least credible banks which currently dominate the derivatives market; are in Washington armed with carpet bags full of cash. They have marshaled a contingency of trade groups, paid lobbyists and their own executives to convince senators that excluding banks from the derivatives business would make markets less safe. Just how, is a curious oddity? The banks reason, that the derivatives are a way of protecting their investments from failure, as they lay off the question of performance on third parties, like AIG for example, well that may be a bad example! But we get the point. But the notion of excluding banks from the derivative market isn't the issue. The issue is regulation and transparency of this 100 trillion dollar market. The financial legislation proposed by the Obama administration and as passed by the House would require "most derivatives" to trade on public exchanges, in the belief that a transparent marketplace will be safer and

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=89068 2010-05-10T11:35:42-04:00 2010-05-10T11:35:42-04:00

Reported By Mike Zaman The Weiss Group is going back into the rating business. Its first priority will be to downgrade the long-term credit rating of the U.S. government. Weiss Group LLC, an independent research provider, bought back a "financial-institutions rating business" it previously sold and intends to apply for the unit to become a "nationally recognized statistical ratings organization," or NRSRO, The unit, "Weiss Ratings", produces "financial-safety ratings" for hundreds of U.S. banks and insurance companies and doesn't accept compensation from the companies it rates, unlike the current rating companies do. Weiss said in a prepared statement "The risk factors impacting U.S. government debt make it abundantly evident that such action is long overdue". The current ratings companies have missed the mark on too many occasions, Weiss said. For example Weiss sites multiple Rating company failures: (1) Major Life and Health Insurance Companies Failures of the Early 1990s In its landmark 1994 study

http://blogs.wooeb.com/CRWE12/Post.aspx?postID=88937 2010-05-09T12:43:52-04:00 2010-05-09T12:43:52-04:00

By Mike Zaman Afghanistan has become a battleground over an oil pipeline that could have been negotiated. Instead we are involved in a crisis from which 1752 NATO forces have already died and among them 1,061 US soldiers. Afghanistan has little value other than strategic. Unless we consider the lavish poppy fields that dot the landscape and are a source of funding the war against the US occupation. Strangely these fields have multiplied since the CIA entered the picture, offering an observation that can't be dismissed. Are these fields under CIA guardianship? Given the history of the CIA, as has come to light from Vietnam and the golden triangle, and then under Oliver North, and Iran Contra, this question seems one that could have real significance. Note: the war against the Taliban had been planned long before the world trade center attack. It was and always has been over resources, and poppy seeds are a resource, and a very valuable one. But even more valuable is the pipeline for oil which has now been