Wall Street
"Goldman’s Record Year Ends With Modest Gain" by JENNY ANDERSON
Goldman Sachs did it again. Now the question is whether the Wall Street bank can do it again and again. The company capped another record year on Tuesday with a modest gain in fourth-quarter earnings, prospering amid the financial tumult that has hurt many of its rivals.
Goldman and its employees have much to celebrate, helped by big one-time gains. The record annual showing will mean a record payday for Goldman’s employees. The company set aside $20.2 billion for bonuses this year, or $661,490 an employee. That is up 6 percent from 2006. Lloyd C. Blankfein, the chairman and chief executive, is expected to take home about $70 million.
While vets sleep in the street, the country falls apart, and money is tossed away on wars, THESE GUYS CLEANED UP!
For the fourth quarter, Goldman earned $10.7 billion in net revenue, an increase of 14 percent from a year earlier."
Nevertheless...
"E.C.B. Makes $500 Billion Infusion" by CARTER DOUGHERTY
FRANKFURT — The European Central Bank on Tuesday pumped 348 billion euros ($500 billion) into the financial system, easing conditions in credit markets grappling with a global lending squeeze linked to the United States housing downturn and traditional year-end demands for cash.
The Bank of England also did its part, auctioning off £10 billion in three-month loans. But the British bank’s governor, Mervyn King, conceded on Tuesday that central banks, despite their ability to manufacture unlimited amounts of cash, are reaching the limits of their ability to ease the five-month-old credit crisis.
Yup, all that money gone where?
To bail out banks, right?
Main Street
"G.M. to Start Another Round of Buyouts and Seek Cheaper Labor" by NICK BUNKLEY
DETROIT — General Motors said Tuesday that it would begin another round of buyout offers that would allow it to begin hiring new workers for significantly less pay. G.M. is expected to replace most of the workers who leave its parts warehouses with new hires.
Its labor agreement with the U.A.W., which was ratified in October after a two-day nationwide strike, creates a second-tier wage rate of as little as $14 an hour for new workers in jobs classified as noncore. Current workers are paid twice that amount, which, including benefits, costs G.M. about $45 an hour more than those at the lower wage tier.
In addition to workers at the parts warehouses, the first phase includes about 250 workers at a stamping plant in Pittsburgh; about 350 workers at a casting plant in Massena, N.Y.; and 900 workers who were previously laid off from plants in Oklahoma City; Linden, N.J.; and Rancho Cucamonga, Calif. (The laid-off workers have continued to receive most of their pay and benefits under the Jobs Bank program to which G.M. is contractually obligated.)
G.M. plans to close or sell the Pittsburgh plant and close the Massena plant. The plants in Oklahoma City and Linden have already closed.
Separately, G.M. said Tuesday that it was raising sticker prices on most 2008 models by an average of 1.5 percent to compensate for higher steel and other commodity costs."
What a bunch of fucking robbers!
But there is no "buyout" for you, 'Murkns!
"Pension Fund Shortages Create Hard Choices" by MARY WILLIAMS WALSH
Almost half of the states have been underfunding their retirement plans for public workers and may have to choose in the years ahead between their pension obligations and other public programs, according to a comprehensive study to be released to the public on Wednesday.
New Jersey and West Virginia have made serious mistakes and are now cutting education and health programs as they struggle with costs incurred decades ago. By way of comparison, $2.7 trillion is roughly the value of all investments worldwide in information technology last year.
And of the WARS!
The report also noted that besides pensions, most states had promised health benefits to retired public workers and are only now starting to grapple with those costs.
Gonna BREAK SOME PROMISES are we?
States cannot turn to Washington for help."
No THAT'S WHY we are in this MESS!
Everything going to the WARS!!!!!!!!
And here is a Merry Christmas story, 'eh?
"Lawrence lays off 40 workers; More pink slips due in attempt to trim budget" by Russell Contreras Boston Globe December 19, 2007
Forty full-time and temporary Lawrence city employees were handed pink slips yesterday in the city's effort to close a $2.3 million deficit, officials announced.
Frank Bonet, the city's director of personnel, said twenty more layoffs are planned for Friday:
"I feel for these employees; this is the most depressing time of the year for this to happen, but we have no choice."
Yup, MERRY XMAS! We got WARS to PAY FOR!!!!!!
The city's Department of Public Works was the hardest hit, losing 20 employees. The city also laid-off all 10 employees in the city's water treatment plant. Bonet said the city will contract a consulting firm to run the plant. The city also laid off seven employees in the library department and a city nurse. In all, Lawrence has about 1,000 workers and 2,000 school employees.
Mayor Michael J. Sullivan also notified the police and fire departments that they must cut $250,000 each from their budgets, but Bonet said he doubts they will lose any positions.
Yup, the "SECURITY" STATE will remain UNTOUCHED!
Only the "SOCIAL" sector will be CUT!
Bonet said the city is not endangered by having fewer workers, but it may have to shut down some offices during less busy times of the week to save money."
And YOU PAID for THIS GOVERNMENT, reader!
Isn't the government supposed to BE THERE FOR YOU?!
YOU PAID for these "SERVICES!"
Well, actually, all you are doing is PAYING FOR WARS and LINING the POCKETS of WAR CONTRACTORS!!!!!!
