The French Fraud King – $7.14 billion fraud by one man

PARIS (AP) — In what appears to be the largest trading fraud ever carried out by a single person, a young trader at French bank Societe Generale is accused of making unauthorized bets on stock markets that cost the bank nearly $7.2 billion but may not have netted him a cent. The bank called the [...]

Recession 2008: How bad it can get

NEW YORK (CNNMoney.com) — The sputtering U.S. economy has gotten everyone from the financial markets to the Federal Reserve to Congress in a panic. But here’s a disheartening message for those already worried about economic growth — it could get much worse. Most economists who believe a recession is already here or at least near [...]

Inflation Monster Gobbling Consumer Pocketbooks Worldwide!

The U.S. Federal Reserve’s recent decision to sharply cut its benchmark interest rate prompted a happy response from investors, so it may seem strange that many other central banks aren’t making similar cuts. Jean-Claude Trichet, the president of the European Central Bank, stomped out speculation (Bloomberg) that he might follow the Fed’s lead. The Bank [...]

Zimbabwe Releases $10 Million Bill – Which is Worth USD $4

As the US economy inches ever closer to a recession, it might provide a little perspective to look at what a real economic crisis looks like. Plagued by hyperinflation of over 50,000% a year, Zimbabwe’s central bank recently decided to issue $10 million notes– believed to be the highest denomination of currency in the world [...]

Taxpayers could get checks under economic stimulus plan

WASHINGTON (CNN) — U.S. taxpayers would get checks of several hundred dollars from the federal government under a plan to stimulate the economy, congressional and Bush administration officials said Thursday. “Tens of millions Americans will have a check in the mail,” House Speaker Nancy Pelosi, D-California, said at a Capitol Hill news conference. “It is [...]