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Archive for March 16, 2011

F.D.I.C. Approves ‘Too Big to Fail’ Plan

March 16, 2011 Comments off

nytimes.com

A top banking regulator approved a plan to seize and unwind big banks — a proposal that will help address those “too big to fail” firms whose collapse could imperil the financial system.

The board of Federal Deposit Insurance Corporation voted unanimously on Tuesday to approve a set of proposed rules intended to create an orderly process to unwind large financial institutions. The rules outline how creditors can file a claim and how those claims will be addressed, hopefully bringing some clarity to a previously murky situation.

The vote moves the proposal into a 60-day public comment period, after which the agency will have to settle on final rules. The rule would apply to big banks, financial firms and large nonfinancial companies that pose a systemic risk to the broader economy.

“Today’s action is another significant step toward leveling the competitive playing field and enforcing market discipline on all financial Read more…

Vladimir Putin offers to relocate 100 Million Japanese

March 16, 2011 Comments off

Vladimir Putin has offered up a plan to relocate 100 Million Japanese to Russia’s far east in advent of a worst case nuclear scenario.

In the advent that central Japan would become a uninhabitable because of nuclear contamination, Russia is offering a long term lease of Russia’s far east including Kamchatka and Sakhalin Island. Certainly there would be an astronomical dollar value attached to the deal but Japan may need a homeland and Russia can use an extra Trillion dollars per year. China has been pushing hard on Russia’s southern border and the great untapped resources of the region represent the greatest undeveloped area on the earth.

Hundreds shot in Bahrain as emergency declared

March 16, 2011 Comments off

AFP

MANAMA – At least 200 people were shot and wounded on Tuesday in a Shiite village south of the Bahraini capital, a medic said, and two people killed elsewhere, as the king imposed a state of emergency after bringing in foreign troops to help quell anti-regime protests.

As violence escalated, close ally the United States warned that there was “no military solution” to political upheaval in Bahrain and that any violence against peacefully expressed political demands “should be stopped.”

Secretary of State Hillary Clinton said Bahrainis must “take steps now” toward a political resolution of the crisis.

And top Bahraini Shiite clerics sought Muslim and international help as they warned that anti-regime protesters will be targeted with Read more…