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Financial crisis News

Over 60% of leaked records exposed by financial services firms

Which sector of the economy is most closely associated with data breaches? The answer is financial services. Is this because these firms have weak systems or are they the most heavily targeted?

Chaos, calamity and crisis — The main themes of Rio Olympic Games

Rio De Janeiro - Rio de Janeiro's acting mayor on Monday warned the Summer Olympic Games could end up being a "big failure" because of the huge budget shortfalls that threaten to compromise security and mobility during the games.

Review: ‘The Price We Pay’ fails to uncomplicate costs of tax avoidance Special

‘The Price We Pay’ is a dense documentary that explores and condemns corporate tax avoidance by demonstrating its impact on ordinary people via interviews with political and financial experts.

Afghan bank clerks rob their own bank of $1.4 million and run

Kabul - Bank clerks in Afghanistan's southern Kandahar province may have stolen as much as 81 million Afghanis ($1.4 million) from the country's central bank when they raided their own bank and fled, said one official on Saturday.

Oxfam: Number of billionaires has doubled since financial crisis

The number of billionaires in the world has more than doubled since the global financial crisis of 2009, with inequality reaching new extremes, according to a recently-released report from the UK-based charity Oxfam.

Texas Pastor bans women from wearing hair weaves to church

Waco - While many churches tell people to come as they are, one Texas pastor has added an exception to the message — women, leave your hair weaves at home.

Op-Ed: Nasdaq stops all trading as Economic Armageddon looms

The Nasdaq stops all trading partly because we are now on the verge of a historic economic meltdown. The Dow sinks for the sixth day as traders ponder fed exit. We are heading toward a frightening fall and punishing winter decorated in economic collapse.

Access to medicines restricted in Greece

Athens - Access to new medicines for patients in Greece has been on hold since December 2010 and the arrears owing to pharmaceutical companies from the state-run health insurer total over 2 billion euros.

'Iceland' thaws out relationships with money and each other Special

Toronto - 'Iceland' is a Canadian play that premiered last summer to much acclaim. It presents three monologues that examine the banking crisis, revealing our own attitudes to money, opportunity, wealth, and success in the process.

Could change in U.S. economic philosophy solve financial crises? Special

Many people are apprehensive of the direction in which the economy is going, and as these concerns over dire financial situations emerge across the world, people are actively searching for information.

Swiss bank UBS cuts 10,000 jobs

The major European bank UBS has announced it will cut 10,000 jobs worldwide. This is an attempt by the bank to reduce its costs. The restructuring is a result of the bank's exposure to the global financial crisis.

Op-Ed: How many idiots does it take to fix a global economy? Too many

Sydney - Globalization has revealed exactly how many idiots, elected and otherwise, there are in top echelons in business and government around the world. They insist on using old logic to solve new problems.

Op-Ed: The US dollar could collapse in the near future

The US dollar (USD) could collapse within the near future. The USD could fall during the months of October or November of 2012 or shortly afterwards. It could be replaced by either a new global or North American currency.

Op-Ed: The Beijing Defense vs. America's One Trick Pony

For the last three or four years we have seen the continual demise of the US dollar's influence and the rapid growth in China currency swaps, currency controls and currency ties as strategies against the dollar's influence. What of the dollar's future?

Defying the city's eviction notice, Occupy Oakland storms bank

Oakland - After receiving an eviction notice from the city, the Occupy Oakland General Assembly defied the order to disperse, shutting down streets and storming a Chase bank branch.

Crystal Cathedral files for bankruptcy

Garden Grove - The financial crisis and the troubled times that followed have hit every sector of the economy. Even churches have been hit hard. Now Crystal Cathedral in Garden Grove, California has filed for bankruptcy. It is apparent that nothing is sacred.

Report: Suicide rate doubled year-over-year in Greece

According to Klimaka, an organization that runs a helpline in Greece for people considering suicide, recent months have seen the suicide rate go up from 1 person a day in 2009 to more than 2 per day this year.

Bill Clinton blames current crisis on getting off gold standard

Former President Bill Clinton repeated the same sentiments as many Ron Paul supporters and Austrian theorists who want to see a return to the gold standard and that is the current financial crisis was due to getting off of the gold standard.

Goldman Sachs 'boasted' about profits as economy fell

A U.S. Senate subcommittee released e-mails in which Goldman Sachs executives discuss how the “big short” strategy allowed the company to reap profits while others suffered large losses.

World Economic Forum warns of a financial, sovereign debt crisis

This week the World Economic Forum said there is a one-in-five chance of a second financial crisis that could cost the world at least $1 trillion and a sovereign fiscal crisis.

Storm Clouds Over Dubai

Dubai’s rapid growth was financed on borrowed money - its time to pay the piper. World Markets are worried about the emirate's six month delay in payments on its debt load.

Financial markets reflect on one-year anniversary of crash

Exactly a year has passed since global economic markets crashed. On this day, mainly as a result of the financial meltdown in the US, most of the world's stock exchanges experienced the worst declines ever, with drops of around 10 percent in most indices.

Alan Greenspan: Another financial crisis inevitable

Former United States Federal Reserve Chairman Alan Greenspan sat down with the BBC to discuss the current financial crisis, past mistakes and the future outlook of the global economy.

Iconic Manhattan Post Office Building Future is Uncertain Special

The James A. Farley Building, forever a symbol of the U.S. Postal Service, now stands as both a reminder of what was and as a metaphor for what will be.

Financial Crisis Will Increase Child Mortality Rates

A new United Nations study claims the global financial crisis will touch the lives of the world’s most vulnerable, pushing millions into deeper poverty and leading to the deaths of thousands of children.

Investors turn to Gold

As the global financial crisis got worse trading in gold rose 58% to a record $20.2 trillion (£13 billion) last year. Silver trading also increased 39% to a record $2.6 trillion.

Op-Ed: What a great year for an alternative Christmas

The financial crisis of 2008 means many of us will have our first alternative or green Christmas. Nothing like the promise of a worsening economic situation to get your values in order. Maybe changing spending and consumption habits is the silver lining.

Obama to Bank Executives: 'You Don't Need Your Big Bonuses'

United States Democratic President-elect Barack Obama had some interesting things to say to bank executives in regards to their fat bonuses.

Times are Getting Tougher, Even for Those Willing to Sacrifice

Amid rising unemployment and layoffs, most Americans are willing to do what it takes to find work. However, even that attitude to sacrifice sometimes just isn't enough. Just ask Sam Gallup, a miner from upstate New York.

Impact of Financial Crisis on World’s Urban Poor

The current global financial turmoil must be viewed as a “housing finance crisis,” leaving the world’s urban poor to fend for themselves.
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Eurozone is lost in translation as EU collapses
Eurozone is lost in translation as EU collapses
CRISIS: Message posted on ATMs in Greece last month at height of country s dispute with European Uni...
CRISIS: Message posted on ATMs in Greece last month at height of country's dispute with European Union lenders. Banks were closed for more than three weeks but reopened Monday with limits on withdrawals.
SucreRouge/Wikimedia Commons
A scene from  The Big Short
A scene from 'The Big Short'
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