Financial News

NYC Ex-Bank Prez Charged in Bailout Fraud

Written By Larry Neumeister
March 17th, 2010

The former president of a small Manhattan community bank on Monday became the first person accused of trying to defraud the federal bailout program.

Prosecutors also contend that Charles Antonucci Sr., stole so he could live a lavish lifestyle that included a Super Bowl junket.

He was arrested Monday.


Gold and Silver Supply: Get Some While You Can

Written By
March 17th, 2010

Adrian Douglas of took a look at a summary of the goings-on at the Comex, and says, “the data reveals a very shocking trend. That is that the registered (dealer) inventory is being drawn down at a phenomenal rate. In silver the inventory has dropped by 24% in 6 months while in gold it has dropped an eye-popping 41% in 6 months!”

Already my eyes are glazing over at the sudden overload of information, most of which I know nothing about, but know that I should, and feel uneasy that I don’t, and guilty that I don’t even want to because it involves work and initiative, or, in this case, listening to the equivalent of, “blah blah blah silver and gold are going to go to the moon not only because the Fabulous Mogambo has thus foretold it, and the Austrian school of economics has explained it, but that blah blah blah at the Comex warehouses” and then I end up getting most of it wrong anyway and I look like an idiot.


Social Security to Start Cashing Uncle Sam's IOUs

Written By Stephen Ohlemacher
March 17th, 2010

The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.

It's time to start cashing them in.

For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits - billions more each year.
Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes - nearly $29 billion more.


Strategic Defaults Are Soaring In California, And Now They Might Really Explode

Written By Joe Weisenthal
March 17th, 2010

More and more homeowners in California are walking away from their mortgages, even though they can technically afford them.

This is a trend that's been happening for awhile, but it's picking up steam, and in part these homeowners see it as a big middle finger to the bailed-out banks.


How the IRS Helps H&R Block Scam Taxpayers

Written By Alexander Zaitchik
March 17th, 2010

You know tax season is around the corner when you see start seeing the guys in the cheap Statue of Liberty costumes. They begin popping up in mid-February, haunting subway exits and downtown intersections nationwide draped in garish aqua togas, faces lit up in sparkle paint, heads topped by radiant crowns of chipped Styrofoam. They are the hourly sandwich-board street barkers of Liberty Tax Service, carrying not tablets symbolic of ancient Roman wisdom, but paper fliers advertising modern-day tax services.

Echoing the original, these copycat Lady Liberties also beckon the poor. But instead of offering refuge, they offer scams.

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