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A Simple Guide to Understanding How the Bankers Screwed Up and Got Us in This Credit Crisis

My bankruptcy attorney friend sent me the link this the video below and said it was a great video to help explain the credit crisis. She was right. It is so nice to see clearly the relationship between the extremely poor decisions smart bankers made that have now trickled down to a foreclosed home near … Read more

Banks, Wall Street, and Mortgage Companies Screwed Consumers And Now Want to Leave You Hanging

I just watched the CNBC special “House of Cards” about the inside of the mortgage industry, rating agencies and the Wall Street banks that pumped loans to consumers that they knew people could not afford. And now that we are faced with a national foreclosure crisis, the very same banks and lenders now won’t workout … Read more

American Express Earnings Drop 80%. Oh, Boo Hoo.

American Express, AMEX, reported a 79% drop in earnings in the fourth-quarter. I rounded it up to 80% because it just made me feel better. Apparently American Express customers are defaulting at a higher pace than expected and the downturn in the economy has lead to financial hardship of many card members. Could that be … Read more

Citigroup to Say Goodbye to 39,500 More Workers

Kerthunk! That’s the sound of the other shoe dropping on Citigroup. I thought I was ahead of the game when just last week I wrote Citibank to Fire 10,000 Workers And Raise Your Interest Rates. Well at least I got the raise your rates part right. Seems I was off by about 38,000 more Citigroup … Read more

Citibank to Fire 10,000 Workers And Raise Your Interest Rates

Anonymous sources in Citibank are leaking that Citibank expects to cut another 10,000 jobs, bringing the total jobs slashed this year at Citibank to 33,000. In addition, Citibank is going to announce steep increases in the credit card interest rates and I’m sure we’ll also see higher credit card fees as well. The goal will … Read more

American’s Stranded in the Netherlands Because of Debt to Texas Bank

The 64-year-old ship captain and his crew, whose vessel has been stranded in the Netherlands for months due to a financial obligation gone awry between his employer and a local bank. It all started July 25 when a tugboat, the Alois, based in Orange, Texas, had been towing ship hulls from Romania, said Salem, who … Read more

American Express to Cut 7,000 Jobs. Experience The Freedom Of Joblessness.

As part of a reengineering plan, American Express plans to cut some 7,000 jobs, or about 10% of its work force, the company said Thursday morning. The company will cut staffing levels, reduce compensation, lower operating costs, and scale back its investment spending. "We’ve been engaged for the past few months in an intensive, companywide review of priorities and staffing levels," said Kenneth

Hasta la Vista Northern Rock

Word on the street today is picking Northern Rock (LON:NRK) for a fall. Despite the UK government’s vote of confidence and the Bank of England’s quick assurances that they would step in with an emergency loan to help the bank, consumers are still rattled. Over the weekend huge lines were seen at numerous Northern Rock … Read more