On Jan 14, 4:55 am, kangarooistan <kangaroois...@[EMAIL PROTECTED]
> wrote:
> ENRON was an American energy company based in Houston, Texas. Before
> its bankruptcy in late 2001, Enron employed around 22,000 people
> (McLean & Elkind, 2003) and was one of the world's leading
> electricity, natural gas, pulp and paper, and communications
> companies, with claimed revenues of $111 billion in 2000.
>
> Fortune named Enron "America's Most Innovative Company" for six
> consecutive years. At the end of 2001 it was revealed that its
> re****ted financial condition was sustained mostly by
> institutionalized, systematic, and creatively planned accounting fraud
> (see: Enron scandal). Enron has since become a popular symbol of
> willful cor****ate fraud and corruption.
>
> http://en.wikipedia.org/wiki/Enron
>
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>
> Merrill Lynch , Goldman Sachs , UN all warn of impending " reality
> check " for the USA economy.
>
> I notice more good news every day
>
> Perhaps it may have been best if they admitted in 2001 they were
> bankrupt and avoided a war to try and save the USA and Israel , now
> its time to start facing he grim reality
>
> Now they are in real deep ****
>
> Bankrupt AND defeated in 2 wars
>
> I knew they were in real trouble when they started pouring hundreds
> of billions
> into the banks , an act of desperation , The USA is like one giant
> Enron
>
> Nothing can save the USA or Israel now , they are desperate to sign a
> treaty with Palestine before the people discover the USA is DOOMED
>
> kanga
> =3D=3D=3D=3D=3D
>
> Banks, UN warn of impending recession
>
> Posted Thu Jan 10, 2008 7:37am AEDT
>
> Another big investment company in the US is warning of an impending
> recession in the American economy, while the United Nations (UN) has
> warned US economic problems could trigger a world recession.
>
> Goldman Sachs says the American housing and credit woes suggest the US
> economy "is falling into recession".
>
> In a research note to clients the investment giant says it expects
> economic activity to contract modestly this year, followed by a
> gradual recovery next year - and it says the weakening economy will
> force the Federal Reserve to lower interest rates to 2.5 per cent by
> the third quarter.
>
> Earlier this week Merrill Lynch said a recession was a present day
> reality for the world's biggest economy.
>
> UN warnings
>
> Meanwhile, the United Nations has warned of "clear and present
> dangers" of the world economy coming to a near standstill this year
> because of US housing and credit problems and the weak dollar.
>
> In an annual re****t, the world body forecast global economic growth at
> 3.4 per cent for 2008, only slightly lower than last year, but said
> that under a pessimistic scenario, if US difficulties were acute, it
> could be just 1.6 per cent.
>
> The bursting of a housing bubble in the United States last year and a
> crisis over subprime mortgages has caused uncertainty across financial
> markets around the world, said the World Economic Situation and
> Prospects 2008.
>
> The US problems "could trigger a worldwide recession and a disorderly
> adjustment of global imbalances," the re****t said.
>
> "The recent global financial turmoil has heightened these risks and
> shown them to be clear and present dangers."
>
> A senior UN official, Jomo Kwame Sundaram, says there is about a 50
> per cent chance of recession.
>
> "We are all hoping very much that it can be slowed down and that there
> will a number of adjustments, which can be moderate adjustments,
> rather than meltdown situation, which could have catastrophic and
> unpredictable consequences," he said.
>
> - ABC/Reuters
Recession fears hit stock markets
Japanese businessman walks past stock market display board
Many investors are wondering if stock markets are overvalued
European and Asian shares have fallen on continuing fears of a US
recession and slowing cor****ate profit growth.
The UK's FTSE 100 stock index fell 1.3% to 5946.40, while Germany's
Dax and France's Cac fell about 1%.
Earlier, Japan's Nikkei index had fallen to its lowest in more than
two years, closing 3.4% lower at 13,504.51.
The slide in share prices was triggered on Tuesday by a quarterly loss
at US bank Citigroup and a re****t showing weak US retail sales over
Christmas.
Indexes tumbled on the news, with the UK FTSE 100 index shedding 3% on
Tuesday and the negative sentiment seeping into Wednesday.
Analysts warned that more declines may be on the way as concerns about
the cor****ate and economic environment persist.
"The fallout from the Citigroup result is significant," said Trent
Muller of ABN Amro Morgan.
"We will see a bit of panic selling with a lot of investors taking
cash off the table today."
Francis Lun of Fulbright Securities said that problems in the US,
where a slump in the housing market and higher interest rates have
amplified concerns, would continue to stalk the markets.
"American financial mismanagement has brought us to this economic
meltdown," Mr Lun said.
Mortgage market
Many investors are now predicting that interest rate cuts will be
needed to keep the US economy going, and the US dollar fell as a
result.
Investors tend to seek out currencies and assets in nations with
higher interest rates as that increases their returns.
On Tuesday, Citigroup said that it had made a net loss of almost $10bn
(=A35bn) for the last three months of 2007 because it had to cut the
value of investments that were linked to the US housing market.
The bank, one of the biggest in the world in terms of assets, said the
loss had been caused by an $18.1bn exposure to bad mortgage debt.
This reinforced the extent of the housing crisis in the US, while
spurring worries that other banks were still harbouring undisclosed
losses.
On Wednesday, Germany's Dax was trading down 0.9% at 7498.20, while
France's Cac shed 1.2% to 5189.99. Hong Kong's Hang Seng closed almost
4% lower.
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