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Archive for the ‘Economic News’ Category

According to a legal action filed yesterday in New York, Bernie Madoff’s  prison associates are quite cast of characters. Right now Madoff shares a jail cell with a 21-year-old drug dealer and hangs out with a former crime boss and an Israeli spy.

Complaint lodged against Bernie Madoff in New York Supreme Court by California Law Firm

Attorneys who interviewed Madoff in jail in July used information obtained from him to file a series of claims against major banks and accountancy firms, in an action that also throws light on Madoff’s life behind bars… ... Read Full Story

Port of  Spain,  April 17, 2009 -  President Obama shook hands with Venezuelan Presiden Hugo Chavez  during an impromptu meeting with the anti-U.S. leader at the Summit of the Americas.

“I greeted Bush with this hand eight years ago; I want to be your friend,” Chavez told Obama, according to a Venezuelan presidential press office statement.

Chavez, a staunch ally of Cuba, had became one of the Bush’s administrations most strident critics. In March, he called Obama at best an “ignoramus” after the U.S. leader said Chavez obstructed progress in Latin America.

 Ties between Washington and Caracas have frayed under Chavez, who often accuses U.S. officials of trying to topple him. Chavez expelled the U.S. envoy to Caracas in September in a dispute over U.S. activities in Venezuelan ally Bolivia.

 Former soldier Chavez says socialist revolution can counter U.S. free-market policies in South America and he has become a standard-bearer for anti-U.S. sentiment in the region. But Washington has branded him a threat to regional stability. (Reporting by Patrick Markey; Editing by Eric Walsh)

Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 341,180 properties in March, 46% more than a year ago and 17% more than February’s total, according to the latest report from RealtyTrac Inc., a foreclosure listing firm. (RealtyTrac is a partner of MSN Real Estate.) Read more about  Foreclosures surge back with a vengeance

General Growth Properties Inc., owner of some of the nation’s most prominent malls, including the Glendale Galleria, filed for Chapter 11 protection from creditors Thursday, marking the biggest real estate bankruptcy in U.S. history.

The filing, anticipated for months, comes as cash-strapped consumers turn away from shopping as a favorite pastime and the role of the mall in American culture is losing its charm.

No One Wants To File For Bankruptcy But It May Be The Smartest Choice… ... Read Full Story