Posts Tagged ‘Money’
(CRIME/WORLD) READ: Peru Flooding US With Counterfeit Bills…
About $8 million in fake greenbacks found in U.S., another $18 million in Peru
(Newser Summary) – American officials have seized some $8 million in high-quality counterfeit US bills made in Peru, reports the Los Angeles Times. South American raids have uncovered another $18 million. The massive number of fake bills costs businesses and individuals millions, and threatens to undermine confidence in US currency, warn officials. “It’s a form of economic terrorism,” said a Secret Service agent.
Early this year, US officials launched a special task force to train Peruvian police and bankers to identify and capture counterfeiters. Columbia used to print about 70% of fake dollars passed in the states until a similar crackdown cut production to about 5%—which still accounts for millions of fake bills. Police action may have driven some Columbian counterfeiters to Peru. Human “mules” bring the money across borders, often with it strapped to their bodies.
Source: Los Angeles Times
(READ): Teen Lotto Winner Faces Bankruptcy…
Source: Newser.com
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Newser Summary) – Callie Rogers was once the UK’s second-youngest lottery winner, coming into more than $3 million in 2003 at the age of sixteen. Now at 22, she’s attempted suicide twice, drives a secondhand car, and works three jobs to avoid bankruptcy, the Mail reports. Rogers—who has two children with a criminal—told a friend, “’My life is a shambles and hopefully now it has all gone I can find some happiness.”
(ECONOMY/WORLD) READ: Germany braces for second wave of credit crunch …
Source: Telegraph.co.uk
Germany’s economics ministry is drawing up a raft of special measures with the Bundesbank to head off a fresh financial crisis, fearing that a loan squeeze by struggling banks will set off a serious credit crunch early next year.
“The most difficult phase for financing is going to be in the first and second quarter of 2010,” said Hartmut Schauerte, the economic state secretary.
“We are working as a government to create instruments that can offset a feared credit crunch or any credit squeeze in sectors of the economy,” he said.
Mr Schauerte said firms with weak balance sheets may struggle to roll over loans as they come due in coming months. Negotiations with banks could prove “very difficult”.
State support is likely to be concentrated on boosting the capital base of German firms and providing credit insurance for exporters, perhaps to the tune of €250bn to €300bn (£256bn). “If this service fails, we are going to see dozens of credit collapses,” he said. Read More
READ: Banks make $38bn from overdraft fees
Source: Financial Times: (Editors Note: This really doesn’t fit into the “Underreported News” Section but I just thought It was interesting and would like to share it with everyone.)
By Saskia Scholtes and Francesco Guerrera in New York
Published: August 9 2009 22:52 | Last updated: August 9 2009 22:52
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US banks stand to collect a record $38.5bn in fees for customer overdrafts this year, with the bulk of the revenue coming from the most financially stretched consumers amid the deepest recession since the 1930s, according to research. The fees are nearly double those reported in 2000. Read More
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