Citigroup Cutting 50,000+ Jobs

Citigroup Set To Cut
Citigroup will slash a staggering 53,000 jobs - the second-largest cut ever by a US company - because of punishing losses and a reeling economy, the financial giant announced yesterday. The massive job cuts, which will shrink New York-based Citigroup's workforce by about 15 percent, comes just two months after the banking behemoth finished trimming 23,000 positions. About half of the new cuts will come through layoffs and attrition. The other half will come from the sale of units.

World Wide Job Losses

British Telecom Announces 10,000 Job Cuts
Canada's CanWest Cuts 560 Jobs

Siemens 16,750 Job Cuts By 2010

ANZ Bank Could Cut Up To 3500 Jobs

Royal Bank To Axe 3,000 Jobs

Nortel Posts Big Loss, To Cut 1,300 Jobs

Citi Will Halt Some Foreclosures

Citi Will Halt Some Foreclosures

A total of 765,558 U.S. properties got a default notice, were warned of a pending auction or were foreclosed on in the third quarter, the most since records began in January 2005, according to Irvine, California-based RealtyTrac, which sells default data. ``Citi is focusing particularly on borrowers in areas that are likely to face extreme economic distress,'' the release said. Home prices in 20 U.S. metropolitan areas fell in July at the fastest pace on record, and sales of previously owned homes in August were 32 percent below the peak of September 2005. Citigroup plans to reach out to loan holders working with the bank, who live in their homes, and have ``sufficient income for affordable mortgage payments,'' the statement said. The bank will extend a moratorium on foreclosures to those who meet these criteria.

Obama's Afghan War Plans

Obama's Afghan War Plans...

Staff Sergeant Brendan Kearns went through urban combat training six months ago with the U.S. Army's 10th Mountain Division, preparing for a planned return to Iraq. In January, his brigade is heading to Afghanistan instead. While Iraq has long dominated headlines, Afghanistan will demand more immediate attention, as President-elect Barack Obama becomes the first commander-in-chief since Richard M. Nixon in 1969 to take charge during wartime. Intensifying violence is ramping up U.S. involvement, costing money and lives when America faces a record budget deficit and the public is weary of war. Backing off may allow al-Qaeda and the Taliban to return to power. ``The most pressing problem for the next president will be the Afghan-Pakistan conundrum,'' says retired Lieutenant Colonel John Nagl, lead author of the U.S. Army/Marine Corps Counterinsurgency Field Manual

China's Stimulus Package

China's Rescue Plan

China's massive effort to shore up its domestic economy may also do the world a favor. ``Very few countries are going to match this stimulus -- it's huge,'' said Nicholas Lardy, senior fellow at the Peterson Institute for International Economics in Washington. ``It's a very strong step and puts them in a commanding position in setting an example to other economies.'' The $586 billion stimulus package, announced on Nov. 9, pushed the price of copper and silver higher yesterday and sent stocks soaring from Hong Kong to Frankfurt. The reaction was a sign of global dependence on the $3.3 trillion Chinese economy, which accounted for about a quarter of world growth last year and consumed 41 percent of coal production. The global financial crisis and resulting collapse in demand has led to a contraction in Chinese manufacturing and a slump in exports. In addition to propping up domestic industries, the measures may give the world a cushion as the U.S., European and Japanese economies shrink.

2 Trillion Of Loans To Unknown

Fed Defies Transparency

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return. ``The collateral is not being adequately disclosed, and that's a big problem,'' said Dan Fuss, vice chairman of Boston- based Loomis Sayles & Co., where he co-manages $17 billion in bonds. ``In a liquid market, this wouldn't matter, but we're not. The market is very nervous and very thin.

AIG Bailout Doubled

AIG Gets Expanded Bailout
American International Group Inc. got a $150 billion government rescue package, almost doubling the initial bailout of less than two months ago as the insurer burns through cash at a record rate. AIG will get lower interest rates and $40 billion of new capital from the government to help ease the impact of four straight quarterly deficits, including a $24.5 billion third- quarter loss posted today by the New York-based company.

Schiff: More Of The Same, Only Worse With Obama

Part #1


Part #2

Brown: Its Time To Build A Global Society

Brown Says Time To Build...

The financial crisis has given world leaders a unique opportunity to create a truly global society, Prime Minister Gordon Brown said on Monday. Brown, who has spearheaded calls for the reform of international financial institutions, said that Britain, the United States and Europe are key to forging a new world order."The alliance between Britain and the U.S. -- and more broadly between Europe and the U.S. -- can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order," Brown said in a speech in London.

GM Rated Worthless

GM Plunges as Deutsche
General Motors Corp. plummeted to its lowest level in 59 years after a Deutsche Bank AG analyst downgraded the shares, saying they may be worthless in a year. Even if GM succeeds in averting a bankruptcy, we believe that the company's future path is likely to be bankruptcy- like,'' Deutsche Bank's Rod Lache wrote today in a note. The New York analyst recommended selling the shares and cut his 12-month price target to zero. He previously advised holding the stock.