Sumit Sapra is a member of that ambitious, impatient generation of young Indians who rode the crest of the global economy. In five years, he changed jobs three times, quadrupling his salary along the way. Even when satisfied with his position, he kept his résumé posted on job sites, in case better offers came along. And he splurged. In three years, he bought three cars, moving up a notch in luxury each time. For weekend jaunts, he bought a motorcycle. More
Thursday, May 7, 2009
Depression or a prolonged stagnation?
Annual Elite Conclave, 58th Bilderberg Meeting to be held in Greece, May 14-17
The 2009 Bilderberg Group Conference will be held at the five-star Nafsika Astir Palace Hotel in Vouliagmeni, Greece, May 14-17, according to author Daniel Estulin. Insiders have told Estulin that rooms have been booked and flight plans made. He has also confirmed the location and dates with sources in Greece. Estulin is the world’s foremost investigative authority on this annual secretive and exclusive assembly, having investigated and infiltrated their meetings for over ten years. MoreBank Stress Test Results
The results of a comprehensive, forward-looking assessment of the financial conditions of the nation's 19 largest bank holding companies (BHCs) by the federal bank supervisory agencies were released on Thursday.
The exercise--conducted by the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation--was conducted so that supervisors could determine the capital buffers sufficient for the 19 BHCs to withstand losses and sustain lending--even if the economic downturn is more severe than is currently anticipated. In a detailed summary of the results of the Supervisory Capital Assessment Program (SCAP), the supervisors identified the potential losses, resources available to absorb losses, and resulting capital buffer needed for the 19 participating BHCs.
The SCAP is a complement to the Treasury's Capital Assistance Program (CAP), which makes capital available to financial institutions as a bridge to private capital in the future। Together, these programs play a critical role in ensuring that the U.S. banking sector will be in a position of strength.
The following institutions were directed to raise capital:Bank of America Corp. (BAC) $34 billion
Wells Fargo & Co. (WFC) $13 billion to 15 billion
GMAC LLC $11.5 billion
Citigroup Inc. (C) $5 billion
Morgan Stanley (MS) $1.5 billion
Regions Financial Corp. (RF) Amount unknown
These institutions were deemed not to need new capital:
JPMorgan Chase & Co. (JPM)
American Express Co. (AXP)
Goldman Sachs Group Inc. (GS)
Bank of New York Mellon Corp. (BK)
MetLife Inc. (MET)
Capital One Financial Corp. (COF)
State Street Corp. (STT)
Results for these institutions weren't known:
Fifth Third Bancorp (FITB)
KeyCorp (KEY)
PNC Financial Services (PNC)
SunTrust Banks Inc.(STI)
America On Sale !!!
The Chinese are about to embark on a shopping trip of epic proportions.
Hoping to take advantage of cheap prices on struggling American businesses, a group of 400 executives from state-owned and private Chinese companies will be visiting the US next month on the hunt for distressed assets.
China's Ministry of Commerce is behind the tour, and is planning visits to New York, Washington, Chicago and Salt Lake City. The trip also includes stops in Toronto, Vancouver and Montreal. More
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