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An independent view of the world
seen from Tokelau
The Independent New York Times
Tokelau, Saturday,
December 13,
2008 Weekend Edition, editor
- contact sumpinein@gmail.com
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The
US unemployment rate soared to 6.7% and is
expected to go higher with companies
announcing massive downsizings almost
daily. The country has shed a huge 1.2
million jobs over the last 11 months,
letting 533,000 people go in November
alone. The last time figures such as
this were seen was back in December
1974, when inflation and economic
stagnation were occurring simultaneously
resulting in stagflation. The number of
job losses has obviously impacted hard
on the US residential property market,
and repossessions continue to rise at an
alarming rate, in addition the
commercial sector has seen a real slump
in demand, with office, retail and hotel
space all being affected.
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HIGH
DEFAULT RATE FOR MODIFIED HOME LOANS IN
USA |
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More than half of delinquent
homeowners whose mortgages were modified
earlier this year ended up re-defaulting
within six months, a top bank regulator
said Monday. Some 53% of borrowers
with loans modified in the first three
months of 2008 and 51% of those with
loans modified in the second quarter
could not keep up with payments within
six months, according to U.S. The high redefault rate raises
concerns about the long-term
effectiveness of loan modifications,
which many are pushing as a key solution
to the nation's financial crisis. A record 1.35 million homes are in
foreclosure, while the number of
borrowers who have fallen behind on
their payments soared to a record 6.99%,
the Mortgage Bankers Association said
last week. Meanwhile, 1.7 million homeowners
have been helped in 2008 through the
Hope Now Alliance, a coalition of
lenders, servicers, investors and
counselors working with delinquent
borrowers on modifications and repayment
plans. Modifications that include an
interest rate reduction have a 15%
redefault rate, said Bair, citing a
recent Credit Suisse study. |
BRITAIN TO JOIN
EURO? |
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This band
incarnates the traditional
values of Cajun music in the
USA. The Cajuns live mainly in
Louisiana and are the
descendants of Acadian exiles.
Today, the Cajuns make up a
significant portion of south
Louisiana's population, and have
exerted an enormous impact on
the state's culture. |
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Every now and
again a band comes along that redefines
a genre of music and carries it even
further...that group is Dennis
Stroughmatt and Creole Stomp. Always
leaving audiences wondering "who are
they?," and "where do they come from?,"
Dennis and CS are based in southern
Illinois and happily tell audiences "we
are from upper Louisiana." While this
may bring chuckles from many and nodding
heads from others "in the know," this is
the group that does represent "old upper
Louisiana." Dennis learned to speak
French and play French Creole music in a
southeast Missouri French Creole
community before moving to the state of
Louisiana. After returning to Illinois
from Louisiana, Dennis began a long
odyssey that eventually culminated in
the forming of Creole Stomp in 2002. And
since that time he and his band have
carried the torch of French Creole music
and culture across North America
performing a blend of music from the
state of Louisiana and old upper
Louisiana. Their unique sound and mix
of ancient and modern Mississippi River
valley musical tradition positions them
as the only band to encompass French
Creole and Folk Music from the entirety
of the old Louisiana Territory. And
although Dennis continues to play with
many of his Louisiana based friends on
occasion, you can always find him at the
helm of Creole Stomp playing
somewhere from San Diego to Boston |
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Read DEATH OF A
FINANCIER by JOHN
FRANCIS KINSELLA |
Tom Barton, a City
mortgage broker, decides
to quit his business in
the wake of the subprime
crisis and arrives in
Kovalam, in the south of
India. In the Maharaja
Palace he finds himself
in the company of
holiday makers from the
UK, Scandinavia and
Russia. Stephen Parkly,
the CEO of a successful
City bank, and his young
wife Emma are taking a
well earned year end
break. Parkly falls
gravely ill with a
mysterious infection,
whilst back in the City,
unknown to him his
mortgage and investment
bank, West Mercian
Finance is in grave
difficulties. Ryan
Kavanagh, a doctor,
comes to Emma’s aid with
the help of Barton,
after an attempted
cover-up by the Indian
authorities, who fear
for their tourist
industry and more
especially medical
tourism, as the disease
threatens the resort
with the tourist season
in full swing. Thousands
of British tourists
enjoying the sun are
unaware of the pending
disaster, many are
equally unaware their
savings about are to be
wiped out in the West
Mercian collapse. |
OR PRINT
VERSION
FROM
More books by John Francis Kinsella from Vincennes Books: Borneo Pulp, The Legacy of Solomon, Offshore Islands, The Lost Forest |
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Could
this be the world's
oldest living creature? |
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The span of history
a giant tortoise can
live through is vividly
illustrated in a
remarkable picture on
the British island
colony of St Helena in
the year 1900.
One of the men behind
them (in our second
picture) is believed to
be an Afrikaner captured
during the Boer War,
which lasted from
1899-1902. The remote
South Atlantic island,
the final prison of
Napoleon from 1815 until
his death there in 1821,
later housed a Boer War
prison camp holding
6,000 inmates. The scene is thought
to be the grounds of
Plantation House, the St
Helena governor's
residence in the island
capital of Jamestown,
where three giant
tortoises were brought
as ornamental pets from
the Seychelles in the
Indian Ocean in 1882.
The animals may have
been 50 years old then,
and so would be about 70
when the photo was taken
– and one of the three,
named Jonathan, is still
alive. At a possible age
of 175-plus he would be
the world's oldest
living animal. The
previous oldest-known
tortoise was thought to
be Harriet, a giant
Galapagos land tortoise
who died, aged 175, in
2005 in Australia.
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Lakeview Terrace |
A
gripping film about
neighbourly hate
that inverts racial
stereotypes.
Next door neighbour,
(Eddie Murhpy)
presents himself:
“I’m your worst
fucking nightmare,
man. I’m a nigger
with a badge.” When
Chris and Lisa
Mattson, a nice
mixed-raced couple,
move into their
dream home on a
quiet cul-de-sac in
southern California,
they discover their
worst nightmare
lives next door: a
black cop with a
badge and a hatred
of mixed-race
couples. Lakeview
Terrace belongs to
that genre of
thrillers — Unlawful
Entry, Fatal
Attraction — in
which good, white,
well-off
middle-class people
have their lives
invaded by former
lovers, lunatics or
the neighbour(s)
from hell. But this
is a film directed
by Neil LaBute (In
the Company of Men),
a man who loves to
press the buttons of
his audience —
especially the panic
buttons of
liberal-minded folk.
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GREECE SWEPT BY RIOTS |
Demonstrators
clash with Greek
riot police in
the centre of
Athens, Greece
on 07 December
2008. Civil
unrest broke out
across Greece on
06 December as
hundreds of
demonstrators
clashed with
riot police in
Athens and the
northern port
city of
Thessaloniki in
a second day of
protests
following the
death of a
teenaged boy
shot by police.
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ENGLISH CRICKET
TEAM ARRIVE IN
INDIA |
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THE INDEPENDENT NEW YORK
TIMES PRESENTS A WEEKLY
ROUND-UP OF STORIES AND
PICTURES THAT HAVE MADE
THE NEWS HEADLINES THIS
WEEK |
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The
Governor
of
Illinois
was
arrested
yesterday
for
allegedly
trying
to sell
Barack
Obama’s
vacated
US
Senate
seat to
the
highest
bidder.
The
arrest
of Rod
Blagojevich
and John
Harris,
his
chief of
staff,
cast a
light on
the home
state of
the
President-elect,
which
has a
history
of
endemic
corruption. |
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The
charges include
allegations that
the Democratic
governor, who
has served
two-terms,
conspired with
Antoin “Tony”
Rezko, a former
friend and
political donor
of Mr Obama, in
schemes
requiring
individuals and
companies to pay
kickbacks in
return for state
contracts.
Patrick
Fitzgerald, the
federal
prosecutor in
Chicago, said
that the charges
did not allege
any wrongdoing
by the future
president. “I
should make
clear the
complaint makes
no allegations
about the
President-elect
whatsoever,” he
said. Mr
Blagojevich, a
Serb-American
former shoeshine
boy who married
the daughter of
an influential
Chicago
alderman, was
handcuffed and
taken into
custody at his
home at dawn
after asking an
FBI agent: “Is
this a joke?”
After a court
appearance he
was freed last
night on a
$4,500 (£3,000)
bail.
Prosecutors said
that the FBI had
taken
exceptional
measures,
including
tapping the home
telephone of the
governor since
October, because
of a sudden
surge in alleged
corruption. They
said that Mr
Blagojevich was
trying to raise
$2.5 million
(£1.7 million)
in campaign
contributions by
the end of the
year before an
ethics law came
into force to
restrict
donations from
people who do
business with
the state. “We
are in the
middle of a
corruption crime
spree and we
wanted to stop
it,” Mr
Fitzgerald said.
The FBI has
issued a 76-page
affidavit
outlining the
alleged attempt
by Mr
Blagojevich to
extract a price
for exercising
his power to
appoint a
Senator to fill
Mr Obama’s
vacated seat. In
a secretly
recorded
conversation he
allegedly said
that the Senate
seat “is a
fucking valuable
thing, you just
don’t give it
away for
nothing”. In one
taped
conversation Mr
Blagojevich
allegedly
compared his
position to that
of a sports
agent shopping
around for a
sports star
among rival
teams. His
proposed
approach, he
allegedly said,
would be to ask:
“How much are
you offering,
[President-elect]?
What are you
offering,
[Senate
candidate 2]? .
. . Can always
go to . . .
[Senate
candidate 3].”
According to
prosecutors he
initially
discussed
trading the open
Senate seat for
a Cabinet post
or
ambassadorship
in the Obama
administration.
Mr Blagojevich
allegedly sought
a quid pro quo
for offering the
Senate seat to a
close aide of Mr
Obama — believed
to be his friend
Valerie Jarrett,
who later took
herself out of
the running and
who will be a
senior adviser
at the White
House. He then
allegedly
discussed a
three-way deal
where he would
name Ms Jarrett
to the Senate
seat in return
for a
high-paying
position with
Change to Win,
an organisation
affiliated to
the Service
Employees
International
Union. The Obama
administration
would then do an
unspecified
favour for
Change to Win.
Mr Blagojevich
said that he
would prefer,
however, to get
Mr Obama to ask
key donors such
as Warren
Buffett and Bill
Gates to set him
up as head of
his own charity,
with $10-$15
million in
funding,
prosecutors
said. Mr
Blagojevich also
allegedly
suggested that
Mr Obama could
help to get his
wife on to
lucrative
corporate
boards.
Concerned that
Mr Obama did not
want to pay to
get his favoured
candidate into
the Senate, Mr
Blagojevich
allegedly
threatened to
keep the Senate
seat or give it
to someone who
could offer him
cash up front.
In another
secretly
recorded
conversation Mr
Blagojevich
claimed that he
was offered a
deal by an
associate of an
unnamed Senate
candidate 5. “We
were approached
‘pay to play’.
That, you know,
he’d raise 500
grand. An
emissary came.
Then the other
guy would raise
a million, if I
made him [Senate
candidate 5] a
Senator,” the
governor
allegedly said.
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TEHRAN: An
Iranian man has been
sentenced to be blinded
under Islamic laws in
retribution for blinding
a woman by throwing acid
on her face for
rejecting his marriage
proposal, press reports
said on Thursday.
A Tehran criminal court
on Wednesday issued the
ruling against the
jilted suitor identified
as Majid, 27, who
confessed to throwing
acid on Ameneh Bahrami's
face four years ago,
Kargozaran newspaper
said.
Despite years of
treatment in Spain,
Bahrami has lost sight
in both eyes and still
bears serious injuries
to the face and body,
the report said.
The newspaper did not
say whether the convict
would appeal against the
ruling that he also be
blinded by acid.
Under the Sharia-based
law practised in the
Islamic republic, those
convicted of causing
intentional physical
injury are punishable by
"qisas", or the
eye-for-an-eye Islamic
penalty.
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'We have saved the
world' |
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Gordon Brown's slip of
the tongue provoked
hilarity in the Commons.
Gordon Brown is
preparing to offer
billions in loan
guarantees to struggling
businesses amid Tory
claims that his bank
rescue scheme is not
working. This autumn Mr
Brown injected £37
billion into High Street
banks to keep them
afloat and offered
taxpayer backing for
bank lending of up to
£250bn. To make matters
worse Germany has
lambasted Gordon Brown’s
response to the economic
crisis as “crass” and
“depressing” in an
astonishing attack as EU
leaders prepare to
debate how to recover
from the recession in
Brussels today.
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Barack
Obama’s grandfather was imprisoned and
brutally tortured by the British
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Barack Obama’s
grandfather was imprisoned and brutally
tortured by the British during the
violent struggle for Kenyan
independence, according to the Kenyan
family of the US President-elect.
Hussein Onyango Obama, Mr Obama’s
paternal grandfather, became involved in
the Kenyan independence movement while
working as a cook for a British army
officer after the war. He was arrested
in 1949 and jailed for two years in a
high-security prison where, according to
his family, he was subjected to horrific
violence to extract information about
the growing insurgency. |
DUBAI
ALCOHOL & SEX |
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The weekly Le Meridien
brunch has become a byword for
alcohol-fuelled over-indulgence.
Crowds of young European expats
pay just over £50 to eat as much
as they can from the luxury
buffet and drink as much
champagne as possible. It starts
at noon and by 4pm many
customers are extremely drunk
and dancing either on the small
dance floor or on their tables.
On July 4 this year, Acors and
publishing executive Palmer -
then strangers - met at the
same Le Meridien brunch. For the
past five months Acors, a father
of one from Bromley, South
London, and Palmer, from Oakham
in Rutland, have been trapped in
the oil-rich emirate as their
case progressed through its
court system. After being
convicted of public indecency
and having unmarried sex, they
were sentenced to three months
in jail. But two weeks ago the
court of appeal suspended the
sentences and ordered that they
be deported. They are expected
back in the UK next week.
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CHINA DEVALUES |
The central bank
has shifted the
central peg of
its dollar band
twice this week
in a calculated
move that
suggests Beijing
aims to offset
the precipitous
slide in Chinese
manufacturing by
trying to gain
further export
share abroad.
The futures
markets are
pricing in a 6pc
devaluation over
the next year.
"This is clearly
a big shift in
policy and we
are now on
alert," said
Simon Derrick,
currency chief
at the Bank of
New York Mellon.
The move follows
a Politburo
speech by
President Hu
Jintao warning
that China is
"losing
competitive edge
in the world
market".
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A
5,300-year-old
mummified
iceman
unearthed in
the Alps may
have been
carrying a
prehistoric
version of
tin foil and
an ancient
first aid
kit. Scots
researchers
found
fragments of
different
mosses in
the stomach
of Oetzi,
whose
remains were
found in the
Italian Alps
in 1991. The
discovery
baffled
scientists,
as mosses
have no
nutritional
value and
would not be
eaten. But
analysis has
revealed he
may have
used one
type of
moss, known
to have
antiseptic
properties,
to dress a
wound.
Another type
could have
been used to
wrap a snack
of red deer
and ibex
meat, like a
Neolithic
version of
tin foil.
Professor
James
Dickson,
senior
research
fellow from
the
University
of Glasgow,
revealed
Oetzi is the
first
glacier
mummy to
have
fragments of
mosses in
his
intestine.
He said:
“Mosses are
not
nutritious
or
palatable,
so you can’t
say he was
eating it.
My
explanation
is that it
was in
contact with
the food he
was carrying
or perhaps
wrapping
it.” Oetzi
had suffered
a deep gash
on his right
hand shortly
before he
died and a
fragment of
Bogmoss
discovered
in the
stomach may
have been
used for its
antiseptic
properties.
Professor
Dickson
said: “Bog
mosses were
used as
wound
dressings
right up
until the
Second World
War. “We
don’t know
if
prehistoric
people knew
of these
properties,
but my
opinion
would be
that they
did.” The
research is
published in
the journal
Vegetation
History and
Archaeobotany.
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WOOLIES GOES BUST 30,000 JOBS
TO GO |
A high
street symbol in the UK Woolworths
begins a closing down sale today after
administrators admitted that efforts to
keep the chain intact have come to
nothing. The retailer was put into
administration two weeks ago after it
was overwhelmed by mounting debt.
Now, the administrators, from accountancy firm Deloitte, are having to
settle for selling chunks of stores from
the 815 outlets under the Woolworths
umbrella. Woolworths started life
as a penny and sixpence store, but
became the place where generations of
teenagers would buy a pop single or a
bag of pick 'n' mix sweets. Deloitte has
already cut 450 administrative jobs at
Woolworths offices in London and
Castleton, near Rochdale. The chain
employs about 30,000 in total.
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BRITISH PRESS
MOCKS 'FLASH GORDON' BROWN |
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FOR TOURISTS ONE EURO ALREADY
EQUALS ONE POUND |
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DETROIT STILL WAITING |
Detroit depended
largely on SUVs
for sales and
profits for many
years. But those
vehicles were
very popular,
and there was
very little
competition from
foreign
automakers. In
2002, General
Motors sold more
than 2.8 million
light trucks
including 1.2
million SUVs.
That was an
increase of 6.2%
from the year
earlier. That
same year, GM
sold 2.3 million
cars, a drop of
almost 9% from
the previous
year. When gas
prices spiked in
2007, buyers
suddenly shifted
to smaller cars.
That was quickly
followed by an
economic crisis
that drove down
sales of all
types of
vehicles. But
trucks remain an
important part
of Detroit
automakers'
product
strategies. Even
with marker
share for cars
increasing, GM
sold more trucks
than cars in
October General Motors
Corp reported a
41 percent drop
in overall U.S.
sales for
November, saying
continued
economic
uncertainty was
hurting consumer
confidence.
The sales
results,
reported on
Tuesday, came as
the No.1 U.S.
automaker was
set to submit an
extensive
restructuring
plan to Congress
in support of a
$25 billion
rescue package
for the auto
industry. GM
sold 154,877
vehicles in the
U.S. market in
November,
compared with
263,654 a year
earlier. The
company said it
was extending a
"Red Tag" sale
with lower
vehicle prices
and cash-back
offers through
Jan. 5. GM
expects
first-quarter
2009 production
in North America
to be down 32
percent from a
year earlier,
based on a plan
to build 600,000
cars and trucks
in the period,
it said. "The
consumer is
scared and
sitting on the
sideline. We
need appropriate
economic
stimulus to get
the consumer
back in the
game," GM U.S.
sales chief Mark
LaNeve said in a
statement. GM
estimated that
industry wide
U.S. vehicle
sales dropped 34
percent in
November,
extending a
downturn that
has accelerated
amid financial
market turmoil.
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Celebrity
crunch: property
firm to the
stars, aAim,
goes bust |
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The
plummeting
property market
claimed a host
of celebrity
victims
yesterday when
companies whose
investors
include Sir Alex
Ferguson, Sir
David Frost and
Grant Bovey
collapsed into
administration.
The Times has
learnt that aAim,
a £3 billion
property
investment
company backed
by HBOS and
chaired by Sir
David, has gone
into
administration.
It is feared
that
shareholders
will lose all
their
investments.
aAim spent
billions of
pounds on
properties in
Britain and
mainland Europe,
before the
market fell last
summer. Property
prices in
Britain have
dropped by as
much as 35 per
cent since then.
aAim had a
number of
well-known
sponsors. Sir
Alex, the
Manchester
United manager,
was still listed
as a founder
shareholder and
investor last
night. “I have
been impressed
by the energetic
team, their
clarity of
vision and by
the consistent
high returns
they have
delivered,” Sir
Alex is quoted
as saying.
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REAL ESTATE DOWNFALL DRAMA |
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DRAMATIC PICTURES OF F-18 CRASH IN
RESIDENTIAL SAN DIEGO SUBURB |
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An Australian, who works as a mailman in the US,
has told of his escape when a fighter jet
crashed, killing at least three people. Bill
Dusting, formerly of St Kilda, said he managed
to dive for cover as an F/A-18D Hornet slammed
into a San Diego street, flattening houses and
killing residents. Mr Dusting, 48, was on his
midday mail round of the middle-class
neighbourhood near Miramar navy base when he
heard the loud pop of the pilot ejecting from
the jet. "I heard a bang, bang and I thought
someone was shooting at me," Mr Dusting said. "I
looked up and saw the parachute and then I saw
the jet, which was pretty much heading straight
at me." Mr Dusting said he sprinted away from
the house. "I'm running and it's coming closer
and I thought, 'Damn, it's coming at me like a
magnet' but I chose the right direction, running
right instead of left," he said. Moments later,
he said the jet appeared to smash through the
front door of the house, then into another two
homes before crossing the street and crashing
into at least two more houses. "When it hit the
first one it virtually evaporated and then the
smoke ... the flames trailed from the house next
to it, behind it and the flames trailed across
the street," he said. Mr Dusting said it was
"absolute carnage" and compared the scene to a
war zone in Iraq. He said the first house
usually had trucks parked outside and he had
believed no one was at home. He rang emergency
services. Three people have been reported killed
and one other remains missing. Mr Dusting has
delivered mail in the area for 15 years after
moving to the United States to marry his wife.
He said residents of the area were used to the
sound of jets overhead from the Miramar base,
made famous by the movie Top Gun. Mr
Dusting said it had been a quiet morning in the
neighbourhood and he was the only person on the
street when the jet careered into the ground.
Within minutes, distressed neighbours were
running to the scene. "I've never seen such a
quick response from police, fire department and
obviously some very secret black vehicles with
black windows coming in because you can imagine
what's going to go down with this being a navy
crash," he said. Mr Dusting said he was still in
shock, felt lucky to be alive and was about to
call his 89-year-old mother in Australia. "When
I saw everything was totally cool I just lost it
and got home, laughed, cried and I'm just
getting it together now," he said. "You've got
no idea how close it was. Looking at some of the
pictures ... at where the shrapnel was and where
I must have been, it must have been a good
dive." |
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CORPORATE JET CUT BACKS |
It is the great company jet fire
sale. Everything must go – and quickly.
For the credit-crunched giants of
corporate America, living on the
generosity of the taxpayer, it ill
behoves executives to fly luxury class,
and a string of expensive aircraft are
finding their way on to the market.
The bosses of the big three Detroit
car-makers were making a
self-flagellating road trip yesterday
from Motor City to Washington, where
they will plead for a $34bn (£23bn)
government hand-out this morning, a
fortnight after being ridiculed for
turning up at their last meeting on
$20,000-per-flight corporate jets. And
Citigroup, which just 10 days ago palmed
off up to $306bn in potential losses on
to the US government, was also reported
to be selling two of its fleet of
aircraft, decked out with lush dining
chairs and a well-stocked kitchen. The sales threaten to usher in an era
of penury for a cadre of executives who
are used to flying on the company jet
not just for business trips but also on
holiday. For the American public, bitter
at forking out more than $1trn so far
during the credit crisis to bail out
Wall Street banks and other companies,
it offers one small signal that
boom-time corporate excess is being
curbed. A small Maryland broker is hawking
two Dassault Falcon jets understood to
belong to Citigroup, the banking giant
brought to the brink of bankruptcy last
month by billions of dollars of losses
on sub-prime mortgages. The government
has already put in $45bn from the
bailout fund and promised more if
necessary. |
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Since food prices began to rise
100 million more people have been pushed into poverty,
according to the World Bank, with as many as two billion
on the verge of disaster. Almost half the world's
population, let's remember, live on less than $2.50 per
day. Millions die annually of hunger and starvation, and
more than a billion do not have access to fresh water. |
With the world financial crisis
these numbers are poised to rise dramatically with
population growth, dwindling natural resources and
higher consumer prices across all goods and services. So
as the stock market tumbles and the world economy
falters, it's important to remember that it's more than
financial losses we are talking about, it's the loss of
life. |
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