Silvio Berlusconi resigned on Saturday to make way for an emergency government Italians hope will save them from financial ruin as thousands of jeering protesters shouted "clown, clown" and toasted the end of a scandal-plagued era.
List of Scandals
• Lodo Mondadori: bribery of judges (statute of limitation acquittal)
• All Iberian 1: 23 billion Lira bribe to Bettino Craxi via an offshore bank account code-named All Iberian (first court sentence: 2 years 4 month jail; appeal: acquitted since the statute of limitations expired before the appeal)
• Lentini affair: false accounting (not guilty because of changes in the false accounting law)
• Propaganda Due (P2) masonic lodge trial: false testimony (guilty but amnesty applied)
• Macherio estates: false accounting (amnesty applied following the 1992 fiscal remission law)
• All Iberian 2: false accounting (acquittal following the new law on the false accounting passed by the Berlusconi government)
• Sme-Ariosto 2: false accounting (acquittal following the new law on the false accounting passed by the Berlusconi government)
• Sme-Ariosto 1: charge for the sale by IRI, bribes to judges (first instance court sentence)
• Bribery of the Guardia di Finanza (first sentence: 2 years 9 months jail; appeal: statute of limitations for 3 charges, acquittal for the fourth (not proven)
• Medusa Cinema company: false accounting (acquitted since too rich for being aware of such small amounts)
• Sme-Ariosto 1: bribes to the judge Renato Squillante
• Macherio estates: embezzlement, tax evasion, another false accounting (the statute of limitations expired before the first court verdict for one charge; and before the appeal court for the second one)
• Television rights: false accounting, tax evasion, embezzlement
• Fininvest financial statement: false accounting and embezzlement (archived thanks to the new law on the false accounting passed by the Berlusconi government)
• Fininvest consolidated financial statements: false accounting (archived thanks to the new law on the false accounting passed by the Berlusconi government)
• Agreement on the division of publicity between RAI and Fininvest televisions
• Traffic of drug
• Tax bribery on the Pay-tv
• Collusion into the 1992–1993 slaughters
• Mafia collusion, together with Marcello Dell'Utri, money laundering
• Bribe to the lawyer David Mills: corruption to influence a judiciary sentence
• Corruption of senators of the Romano Prodi government camp (procedure transferred from Naples to Rome)
• Paying an underage girl (Karima el-Mahroug) for sex and abuse of office relating to her release from detention
Former European Commissioner Mario Monti is expected to be given the task of trying to form a new administration to face a widening financial crisis which has sent Italy's borrowing costs to unmanageable levels.
More than a thousand demonstrators waving banners mocking Berlusconi flocked to the president's residence at the Quirinale Palace as the motorcade carrying the billionaire media entrepreneur, who has been Italy's longest serving prime minister, entered.
The crowd grew so unruly that Berlusconi was forced to leave (scurry away) secretly via a side entrance and return to his private residence.
Cheers broke out when they heard that Berlusconi had resigned and the square broke out into a party atmosphere. People sang, danced and some broke open bottles of champagne.
An orchestra near the palace played the Hallelujah chorus from Handel's Messiah. "We are here to rejoice," one said.
Demonstrators chanting "resign, resign, resign" also gathered outside the prime minister's office and parliament, heckling ministers as they walked between the two buildings.
After the resignation, hundreds shouting "Jail, Jail, Jail," moved from the presidential palace to Berlusconi's residence to continue the noisy celebrations below his windows.
With a public debt of more than 120 percent of gross domestic product and more than a decade of anemic economic growth behind it, Italy is at the heart of the euro zone debt crisis and would be too big for the bloc to bail out.
Berlusconi, fighting an array of scandals and facing trials on charges ranging from tax fraud to paying for sex with an under-aged prostitute, had been under pressure to resign for weeks as the market crisis threatened to spin out of control.
Social Justice: Current Affairs, Business, Politics, and all the reasons in the world to Thrive on Creative Discontent!
Saturday, November 12, 2011
Friday, November 11, 2011
Occupy Wall Street: CEO of Goldman Sachs makes $16,000/hour while Unemployment for Young Vets hit 30% and is Rising!!!! God Bless America…
On Veterans Day in America, it’s sobering to realize just how badly the job market has turned against the men and women who fought in Iraq and Afghanistan.
U.S. Bureau of Labor Statistics employment data: while the job market is slowly improving for most Americans, it’s moving in the opposite direction for Gulf War II vets (defined by the BLS as those on active duty since 2001). The youngest of veterans, aged 18 to 24, had a 30.4 percent jobless rate in October, way up from 18.4 percent a year earlier. Non-veterans of the same age improved, to 15.3 percent from 16.9 percent. For some groups, the numbers can look a good deal worse: for black veterans aged 18-24, the unemployment rate is a striking 48 percent.
That 18-24 category only covers 320,000 veterans.
“The numbers don’t lie,” says Ryan Gallucci, deputy legislative director for the Veterans of Foreign Wars in Washington. “The new veterans are going into the unemployment pile.”
The skills issue is particularly troubling. Hiring is strongest in jobs that require specialized education, and weakest for blue collar jobs, says Stephen Fuller, a professor of employment and economics at George Mason University in Arlington, Va. Even military jobs that are in the right ballpark for growth industries — say, software or electronics technician — may involve specialization that doesn’t readily apply to Silicon Valley’s Web 2.0 or software-services jobs.
So ponder this America. A young Marine goes over 2011, to having missed his kids birthdays, his wife probably having cheated on him, no work, and bills to pay. the recruiters hipe about skills easily transferrable to the civilian sector are just BS. But we have 1,400 billionaires/millionaires who paid zero ($0) taxes in 2010.
Wake up!!! Civilization is based on the premise of community = communal responsibilities; communities take care of those who sacrifice for them = this was even true in the stone age....
U.S. Bureau of Labor Statistics employment data: while the job market is slowly improving for most Americans, it’s moving in the opposite direction for Gulf War II vets (defined by the BLS as those on active duty since 2001). The youngest of veterans, aged 18 to 24, had a 30.4 percent jobless rate in October, way up from 18.4 percent a year earlier. Non-veterans of the same age improved, to 15.3 percent from 16.9 percent. For some groups, the numbers can look a good deal worse: for black veterans aged 18-24, the unemployment rate is a striking 48 percent.
That 18-24 category only covers 320,000 veterans.
“The numbers don’t lie,” says Ryan Gallucci, deputy legislative director for the Veterans of Foreign Wars in Washington. “The new veterans are going into the unemployment pile.”
The skills issue is particularly troubling. Hiring is strongest in jobs that require specialized education, and weakest for blue collar jobs, says Stephen Fuller, a professor of employment and economics at George Mason University in Arlington, Va. Even military jobs that are in the right ballpark for growth industries — say, software or electronics technician — may involve specialization that doesn’t readily apply to Silicon Valley’s Web 2.0 or software-services jobs.
So ponder this America. A young Marine goes over 2011, to having missed his kids birthdays, his wife probably having cheated on him, no work, and bills to pay. the recruiters hipe about skills easily transferrable to the civilian sector are just BS. But we have 1,400 billionaires/millionaires who paid zero ($0) taxes in 2010.
Wake up!!! Civilization is based on the premise of community = communal responsibilities; communities take care of those who sacrifice for them = this was even true in the stone age....
Finally something resembling higher thought from Harvard as students walk out...
What’s wrong with Ec 10? The dozens of Harvard University undergrads who walked out of the school’s famous introductory economics course this month think they know.
The students’ general criticism is that Ec 10, in which some 700 students are enrolled, “espouses a specific -- and limited -- view of economics.” Their specific criticisms are that economics as taught in this class, formally called Economics 10, failed to prevent the financial crisis and does nothing to narrow the gap between rich and poor.
They’d like a more diverse intro course that includes exposure to more progressive economic frameworks.
“I’m someone who lives below the poverty line, my family’s extremely poor. And having a class like this that promotes gaining at the expense of millions of people disturbs me and bothers me at my core,” freshman Amanda Bradley told National Public Radio.
As for their eminent professor, N. Gregory Mankiw, the implication is that he’s too politically conservative to have such authority over the minds of future leaders. After all, Mankiw is helping out Mitt Romney’s campaign and served as an economic adviser to President George W. Bush.
The students are correct that Harvard’s economics instruction could use some diversifying.
In case the illustrious minds at Harvard miss the point....you're wrong!!! Your views of moral relativism and exploitive economics simply serve the enfranchised. You are no longer a great liberal arts center of education -- you are merely a cog in a machine that evidences both its age and abuse.
The students’ general criticism is that Ec 10, in which some 700 students are enrolled, “espouses a specific -- and limited -- view of economics.” Their specific criticisms are that economics as taught in this class, formally called Economics 10, failed to prevent the financial crisis and does nothing to narrow the gap between rich and poor.
They’d like a more diverse intro course that includes exposure to more progressive economic frameworks.
“I’m someone who lives below the poverty line, my family’s extremely poor. And having a class like this that promotes gaining at the expense of millions of people disturbs me and bothers me at my core,” freshman Amanda Bradley told National Public Radio.
As for their eminent professor, N. Gregory Mankiw, the implication is that he’s too politically conservative to have such authority over the minds of future leaders. After all, Mankiw is helping out Mitt Romney’s campaign and served as an economic adviser to President George W. Bush.
The students are correct that Harvard’s economics instruction could use some diversifying.
In case the illustrious minds at Harvard miss the point....you're wrong!!! Your views of moral relativism and exploitive economics simply serve the enfranchised. You are no longer a great liberal arts center of education -- you are merely a cog in a machine that evidences both its age and abuse.
Thursday, November 10, 2011
Keystone Pipeline on a path of destruction
If you were going to design an industrial energy project to cause the most extreme environmental damage possible, you probably couldn’t do better than the Keystone XL pipeline.
Here are just a few problems with the Keystone XL:
• This pipeline will carry oil cooked from tar sands strip-mined from virgin forest that would turn a wildlife-rich habitat into a barren moonscape.
• Producing oil from tar sands is a double disaster for global warming. First it destroys the ability of forests to safely store excess carbon pollution out of the atmosphere. Then it burns extra energy - natural gas - to melt the oil out of the tar. All of this means that oil from tar sands emits twice as much carbon pollution as conventional oil.
• The pipeline will cross 70 rivers and streams, including the Missouri, Platte, Yellowstone, and Arkansas. It crosses aquifers on which millions of Americans rely for drinking water and agricultural irrigation. The likelihood of pipeline leaks and spills is near-certain.
Keystone XL is a bad idea being advanced by oil companies, stripminers, and developers who profit from declaring open season on open spaces. Buoyed by billions of dollars in lobbying, many of these proposals are gaining serious consideration in Washington.
Don't you believe that pristine forests, deserts, coasts and other landscapes belong to all of us, to both enjoy and admire?
Here are just a few problems with the Keystone XL:
• This pipeline will carry oil cooked from tar sands strip-mined from virgin forest that would turn a wildlife-rich habitat into a barren moonscape.
• Producing oil from tar sands is a double disaster for global warming. First it destroys the ability of forests to safely store excess carbon pollution out of the atmosphere. Then it burns extra energy - natural gas - to melt the oil out of the tar. All of this means that oil from tar sands emits twice as much carbon pollution as conventional oil.
• The pipeline will cross 70 rivers and streams, including the Missouri, Platte, Yellowstone, and Arkansas. It crosses aquifers on which millions of Americans rely for drinking water and agricultural irrigation. The likelihood of pipeline leaks and spills is near-certain.
Keystone XL is a bad idea being advanced by oil companies, stripminers, and developers who profit from declaring open season on open spaces. Buoyed by billions of dollars in lobbying, many of these proposals are gaining serious consideration in Washington.
Don't you believe that pristine forests, deserts, coasts and other landscapes belong to all of us, to both enjoy and admire?
Wednesday, November 9, 2011
Italy's motto "Thank God for Alabama!!!"
Jefferson County, Alabama, commissioners voted 4-1 to file the largest U.S. municipal bankruptcy after reaching an impasse over concessions with holders of $3.14 billion of bonds.
JPMorgan Chase & Co. (JPM), which arranged most of the debt to fund a sewer renovation, will likely take the biggest loss in the process, which begins with a hearing 10 a.m. local time tomorrow.
A provisional agreement with creditors that commissioners approved in September included $1.1 billion in concessions and called for sewer-rate increases of as much as 8.2 percent for the first three years. The county, which encompasses the state’s largest city, Birmingham, couldn’t get signed commitments from creditors, Commission PresidentDavid Carrington said today.
In addition, the 25-member legislative delegation for the county was unable to unite behind bills needed to implement the tentative settlement.
“We’ve reached that last resort,” said Commissioner Joe Knight. “We could continue and keep kicking this can down the road, but I think the people of Jefferson County have had enough.”
Governor Robert Bentley, a Republican, said he was disappointed by the commission’s vote.
JPMorgan Chase & Co. (JPM), which arranged most of the debt to fund a sewer renovation, will likely take the biggest loss in the process, which begins with a hearing 10 a.m. local time tomorrow.
A provisional agreement with creditors that commissioners approved in September included $1.1 billion in concessions and called for sewer-rate increases of as much as 8.2 percent for the first three years. The county, which encompasses the state’s largest city, Birmingham, couldn’t get signed commitments from creditors, Commission PresidentDavid Carrington said today.
In addition, the 25-member legislative delegation for the county was unable to unite behind bills needed to implement the tentative settlement.
“We’ve reached that last resort,” said Commissioner Joe Knight. “We could continue and keep kicking this can down the road, but I think the people of Jefferson County have had enough.”
Governor Robert Bentley, a Republican, said he was disappointed by the commission’s vote.
Tuesday, November 8, 2011
What we learned about business and government in the 60s is sadly still the same = not to be trusted
Folk-rock icons David Crosby and Graham Nash performed for society’s besieged 99 percent in a New York acoustic concert audible to about 99 protesters and press.
The outdoor concert today in Zuccotti Park, home of Occupy Wall Street in lower Manhattan, began with “Long Time Gone,” and ended with “Teach Your Children.” Introducing “They Want It All,” Nash, in sunglasses and a green work shirt, called it “a song for the guys in the buildings down here.”
“They want it all,” he and Crosby sang, accompanied by onlookers who could hear. “They want it now. They want to get it and don’t care how.”
The two played acoustic guitars and were joined by a man on Melodica. Occupiers have been prohibited from using electronic amplification since they took over the park almost two months ago, a restriction applicable to visiting performers.
The crowd, peaceful if not silent, was packed tight around Crosby, 70, and Nash, 69.
“He used to be on drugs for a long time,” a woman in a straw hat said during the opening number, without specifying the performer.
“I used to do drugs,” a man responded. “I still do.”
Ed Kirby, a 51-year-old who lives in Brooklyn and said he’s involved with software and architecture, complained that photographers constantly jostled for position.
“They were singing military madness,” he said, referring to the song “Military Madness.” “I heard media madness.”
Stephen Stills, who played with the two at New York’s Beacon Theatre the previous two days, wasn’t present.
Nash ended the concert by toasting the occupiers.
“Keep going,” he implored. “Stay here!”
A few occupiers before the show debated the value of visiting celebrities and continued the debate after.
“Are they good, are they bad, do they deserve special treatment?” Rachel Signer, a 27-year-old freelance writer, asked rhetorically in an interview.
“We’re happy they’re here but it does interrupt our work,” said Signer, who’s part of an impromptu “think tank.” “If you really want to know what’s going on here, it has nothing to do with celebrities. It has to do with hard-working activists.”
She said occupiers are forming alliances and planning marches, among other tasks.
“It’s still movement building,” she said.
The outdoor concert today in Zuccotti Park, home of Occupy Wall Street in lower Manhattan, began with “Long Time Gone,” and ended with “Teach Your Children.” Introducing “They Want It All,” Nash, in sunglasses and a green work shirt, called it “a song for the guys in the buildings down here.”
“They want it all,” he and Crosby sang, accompanied by onlookers who could hear. “They want it now. They want to get it and don’t care how.”
The two played acoustic guitars and were joined by a man on Melodica. Occupiers have been prohibited from using electronic amplification since they took over the park almost two months ago, a restriction applicable to visiting performers.
The crowd, peaceful if not silent, was packed tight around Crosby, 70, and Nash, 69.
“He used to be on drugs for a long time,” a woman in a straw hat said during the opening number, without specifying the performer.
“I used to do drugs,” a man responded. “I still do.”
Ed Kirby, a 51-year-old who lives in Brooklyn and said he’s involved with software and architecture, complained that photographers constantly jostled for position.
“They were singing military madness,” he said, referring to the song “Military Madness.” “I heard media madness.”
Stephen Stills, who played with the two at New York’s Beacon Theatre the previous two days, wasn’t present.
Nash ended the concert by toasting the occupiers.
“Keep going,” he implored. “Stay here!”
A few occupiers before the show debated the value of visiting celebrities and continued the debate after.
“Are they good, are they bad, do they deserve special treatment?” Rachel Signer, a 27-year-old freelance writer, asked rhetorically in an interview.
“We’re happy they’re here but it does interrupt our work,” said Signer, who’s part of an impromptu “think tank.” “If you really want to know what’s going on here, it has nothing to do with celebrities. It has to do with hard-working activists.”
She said occupiers are forming alliances and planning marches, among other tasks.
“It’s still movement building,” she said.
Monday, November 7, 2011
Do not look where you fell, but where you slipped. -- Chinese Proverb
Most of the biggest solar equipment makers may disappear in the next few years as plunging prices erode margins and drive the weakest out of business, according to Trina Solar Ltd. (TSL), the fifth-largest supplier of solar panels.
“This is the decade of mergers and acquisitions,” Jifan Gao, chief executive officer of Changzhou, China-based Trina, said in an interview. “From now until 2015 is the first phase, when about two-thirds of the players will be shaken out.”
Three U.S. solar companies including Solyndra LLC have gone bankrupt this year and others led by First Solar Inc. (FSLR) and Yingli Green Energy Holding Co. slashed sales and margin forecasts, reflecting slower demand growth and stiffer competition. SunPower Corp. (SPWRA) and Roth & Rau AG (R8R) of Germany agreed to takeovers.
Gao, who founded Trina in 1997, predicted that only about five companies may survive through 2020 in each of the three major manufacturing segments. He defined those as photovoltaic panels, ingots and wafers, and the raw material polysilicon.
“Globally, that would be stable and sustainable,” Gao said last week, without naming survivors or his expectations for his own company.
SunPower and First Solar, the largest U.S. solar-gear manufacturers, this month said they will reorganize after cutting their forecasts.
The five biggest makers of traditional crystalline silicon panels by factory capacity are China’s Suntech Power Holdings Co. and LDK Solar Co., Ontario-based Canadian Solar Inc. (CSIQ), Germany’s SolarWorld AG (SWV) and Trina, according to Bloomberg industry data.
“This is the decade of mergers and acquisitions,” Jifan Gao, chief executive officer of Changzhou, China-based Trina, said in an interview. “From now until 2015 is the first phase, when about two-thirds of the players will be shaken out.”
Three U.S. solar companies including Solyndra LLC have gone bankrupt this year and others led by First Solar Inc. (FSLR) and Yingli Green Energy Holding Co. slashed sales and margin forecasts, reflecting slower demand growth and stiffer competition. SunPower Corp. (SPWRA) and Roth & Rau AG (R8R) of Germany agreed to takeovers.
Gao, who founded Trina in 1997, predicted that only about five companies may survive through 2020 in each of the three major manufacturing segments. He defined those as photovoltaic panels, ingots and wafers, and the raw material polysilicon.
“Globally, that would be stable and sustainable,” Gao said last week, without naming survivors or his expectations for his own company.
SunPower and First Solar, the largest U.S. solar-gear manufacturers, this month said they will reorganize after cutting their forecasts.
The five biggest makers of traditional crystalline silicon panels by factory capacity are China’s Suntech Power Holdings Co. and LDK Solar Co., Ontario-based Canadian Solar Inc. (CSIQ), Germany’s SolarWorld AG (SWV) and Trina, according to Bloomberg industry data.
Sunday, November 6, 2011
The Buffett Bull Breaks Out during Q3!!!
Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) invested $23.9 billion in the third-quarter, the most in at least 15 years, as he accelerated stock purchases and broadened the portfolio beyond consumer and financial-company holdings.
Berkshire bought almost $7 billion of equity securities in the three months ended Sept. 30, compared with $3.62 billion in the second quarter and $834 million in the first, the Omaha, Nebraska-based company said Nov. 4 in a filing. Stockholdings labeled “commercial, industrial and other” soared 62 percent in the three months to $17.4 billion on a cost basis, surpassing equity investments in financial and consumer-product firms.
“He sees something, and it’s big,” said Thomas Russo, a partner at Berkshire investor Gardner Russo & Gardner.
Berkshire bought almost $7 billion of equity securities in the three months ended Sept. 30, compared with $3.62 billion in the second quarter and $834 million in the first, the Omaha, Nebraska-based company said Nov. 4 in a filing. Stockholdings labeled “commercial, industrial and other” soared 62 percent in the three months to $17.4 billion on a cost basis, surpassing equity investments in financial and consumer-product firms.
“He sees something, and it’s big,” said Thomas Russo, a partner at Berkshire investor Gardner Russo & Gardner.
104 years later and we're still victims of financial institution malpractice!!!
This week marked the 104th anniversary of the night that ultimately gave birth to the Federal Reserve.
On Nov. 2, 1907, John Pierpont Morgan assembled the presidents of several prominent trust companies in the library of his Fifth Avenue mansion. The illiquidity of their firms had caused what is known today as the Panic of 1907. Morgan forced those rich and powerful men to wait and worry, and by the next morning he had strong-armed them into an agreement that ended the crisis.
It wasn't the first time that Morgan, a private citizen, had come to the rescue of the financial community. And the reaction among the public, and at all levels of government, was a mixture of shame and anger. In response, Congress created a central bank six years later, on Dec. 23, 1913.
On Nov. 2, 1907, John Pierpont Morgan assembled the presidents of several prominent trust companies in the library of his Fifth Avenue mansion. The illiquidity of their firms had caused what is known today as the Panic of 1907. Morgan forced those rich and powerful men to wait and worry, and by the next morning he had strong-armed them into an agreement that ended the crisis.
It wasn't the first time that Morgan, a private citizen, had come to the rescue of the financial community. And the reaction among the public, and at all levels of government, was a mixture of shame and anger. In response, Congress created a central bank six years later, on Dec. 23, 1913.
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