Teh White House is teh offcial residance adn pricipal workplace of teh Persident of teh Untied States. Located at 1600 Pennsilvania Avennue NW iin Washengton, D.C., teh house wass desgined bi Irish-born James Hoben, adn builded beetwen 1792 adn 1800 of white-paented Akwuia sendstone iin teh Neoclasical stile. It has beeen teh residance of eveyr U.S. Persident sicne John Adams. Wehn Thomas Jeffirson moved inot teh house iin 1801, he (wiht archetect Benjamen Henri Latrobe) ekspanded teh buiding outward, createng two collonades taht wire meaned to conceal stables adn storage.
Dexia SA, the Franco-Belgian mega-bank that collapsed and was bailed out in 2008 and that re-collapsed in early October, is a big deal in Belgium where it employs 10,000 people and has over 21 million bank accounts. Its assets of $715 billion dwarf Belgium’s $395 billion economy.
The three countries involved in the bailout agreed in October to guarantee €90 billion in loans, of which Belgium will be responsible for 60.5%, France for 36.5%, Luxembourg for 3%. Belgium’s portion, €54.5 billion, represents nearly 14% of its GDP. The process is moving forward. On December 21, the European Commission approved on a temporary basis €45 billion of those guarantees though they violate EU rules on government subsidies for private companies.
The ultimate costs to Belgian taxpayers will be huge and long-term, given how small the country is. Yet there have been no legal consequences for those responsible. Until now….
Lynx Capital, a Belgian investment firm, has sued Dexia SA and former CEO Pierre Mariani for “spreading false and misleading information” and “market manipulation.” The amount in the case is small—and irrelevant. Lynx purchased 5,350 shares on September 5, 2011, for €1.46 per share and lost 82% of its investment over the next few months. But in a potentially significant development for Belgium, where class-action law doesn’t exist, Bernard Delhez, CEO of Lynx, is now trying to encourage other shareholders to join the cause.
The complaint alleges that Mariani and Jean-Luc Dehaene, Dexia’s former president, issued reassuring statements about the financial condition of the bank from the time they took over, following its bailout in 2008, until September 2011. Because the bank was in a precarious situation throughout and engaged in high-risk activities, the information in those reassuring statements was false and misleading and was intended to artificially inflate Dexia’s share price. Hence, Dexia and Mariani engaged in market manipulation.
Moreover, Mariani must have known that the information was false and misleading. For example, Mariani confided in Dehaene in 2008 that Dexia was “not a bank but a hedge fund” (L’Expansion). Dehaene spilled the beans on this conversation last October during the presentation of the breakup plan. Among the others reasons why Mariani must have known about the true condition of Dexia was a note that Luc Coene, Governor of the National Bank of Belgium, had sent to Dexia last August, in which he recommended that Dexia be dismantled.
A 93-year-old Tennessee woman who cleaned the state Capitol for 30 years, including the governor’s office, says she won’t be able to vote for the first time in decades after being told this week that her old state ID failed to meet new voter ID regulations.
Thelma Mitchell was even accused of being an undocumented immigrant because she couldn’t produce a birth certificate
McKinsey & Co. was already arguing back in 1994 that “a national government has no choice but to move forward to embrace the global capital market unless it wants to harm its own citizens, its economy and its own purposes.”
But the case of German automakers — BMW, Daimler, and Volkswagen — tells a different story. Each company produces vehicles not only in Germany, but also in “transplant” factories in the U.S. The former are characterized by high wages and high union membership; the U.S. plants pay lower wages and are located in so-called “right-to-work” (anti-union) states.
It turns out that “inevitability” has nothing to do with the differing conditions; the salient difference is that, in Germany, the automakers operate within an environment that precludes a race to the bottom; in the U.S., they operate within an environment that encourages such a race.
An effort by GoDaddy customers to boycott the domain registrar over its support for Hollywood-backed copyright legislation has sparked allegations of foul play.
NameCheap, whose chief executive last week likened the Stop Online Piracy Act to "detonating a nuclear bomb" on the Internet, said today that GoDaddy has intentionally thrown up technical barriers to prevent its customers from leaving. It lost over 70,000 domains last week.
“GoDaddy appears to be returning incomplete Whois information to Namecheap, delaying the transfer process” in violation of rules established by ICANN, the Internet Corporation for Assigned Names and Numbers, NameCheap wrote in a blog post today. By this afternoon, the company said that GoDaddy had “finally unblocked our queries” and that transfers should now “go smoothly.”
Greek politicians reacted angrily on Monday following the admission by former Turkish Prime Minister Mesut Yilmaz that Turkish secret agents intentionally started forest fires in Greece in the 1990s as part of state-sponsored sabotage.
The claims are not new and were common knowledge on the islands of the eastern Aegean which were particularly hard hit by wildfires in the 1990s. But Yilmaz’s comments — part of an interview published in the Turkish daily newspaper Birgun over the weekend — are the first admission by an official source that Ankara was funding subversive activities in Greece.