Chase
Isn't the Only Bank in Trouble | Matt Taibbi - (www.rollingstone.com) One
gets the feeling that governments in all the major Western democracies would
like to sweep these manipulation scandals under the rug. The only problem is
that the scale of the misdeeds in these various markets is so enormous that
even the most half-assed attempt at regulation will cause a million-car pileup.
There's simply no way to do a damage calculation that won't wipe out the entire
finance sector when you're talking about pervasive, ongoing manipulation of
$5-trillion-a-day markets. That's the problem -- there's no way to do a slap on
the wrist in these cases. If they're guilty, they're done.
Blockbuster
Video-Rental Chain Will Shut Remaining U.S. Stores - (www.bloomberg.com) Blockbuster
LLC, the video-rental company now owned by Dish Network Corp. (DISH), will close its remaining 300 U.S. stores,
ending an era for a retail chain that was once a hallmark of shopping centers
across the country. Blockbuster will shut the outlets by early January and also
discontinue its DVD-by-mail service by the middle of next month, Englewood,
Colorado-based Dish said today in a statement. The company will keep the
licensing rights to the Blockbuster brand and use it with Dish services. It
also has a video-streaming product called Blockbuster On Demand. Dish, which
acquired the chain out of bankruptcy in April 2011, had already divested
Blockbuster’s international assets, including operations in the U.K. and
Scandinavia. The company has been gradually shutting down the 1,700 stores it
acquired. When Blockbuster was owned by Viacom Inc. (VIAB) in 2004, it operated about 9,000
locations -- before streaming video services such as Netflix Inc. (NFLX) devastated the industry.
REALTOR
Arrested and Charged for Stabbing Boyfriend to Death - (www.thedailyreview.com) At 8:07
p.m. on Wednesday, the Tioga County Sheriff's Office was called to 281 Thorn
Hollow Rd. in the Town of Tioga, N.Y. by 62-year old Doug Every, a local
realtor. What they found when they arrived was the deceased body of 39-year old
Milton Jump, who had been stabbed. According to Senior Investigator Pat Hogan,
from the Tioga County Sheriff’s Department, they arrived at the scene and
conducted an initial investigation that led to the charge of second degree
murder for Doug Every. Hogan noted that there was one witness at the scene as
well, and as all the facts are corroborated, more will be revealed as to what
happened Wednesday evening. “We are still trying to determine the
validity of the facts at this point,” said Hogan of what he learned initially
at the scene. Hogan also noted that statements were made that there was alcohol
consumption at the time the incident occurred. At this time, according to
Hogan, a post-mortem examination of Milton Jump is being performed, and once
the results of the exam are revealed, it will offer more information as to what
exactly happened. What they do know is that Milton Jump was stabbed, but the
details of what unfolded won’t be clear until more is revealed through this
investigation.
Credit
cuts out would-be housebuyers - (www.cnbc.com) Investors
may be reaping the rewards of the housing recovery, but regular buyers,
especially single and first-time buyers, are still on the outside looking in. Tight
credit has kept some financially qualified buyers from getting the loans they
need, according to a new survey from the National Association of Realtors. The
overall market share of single buyers fell from 32 percent in 2010 to just 25
percent today, according to the report. "Single home buyers have been
suppressed for the past three years by restrictive mortgage lending standards,
which favor dual-income households who are more likely to have higher credit
scores," noted Lawrence Yun, chief economist for the Realtors.First-time
buyers, who usually represent 40 percent of the market, have been falling
steadily out of the market, especially lately, with the surge in mortgage
rates. While this annual report puts them at a 38 percent share, the Realtors'
September home sales report shows they bought just 28 percent of the homes sold
in the month.
IRS
Cracks Down on Breaks Tied to Land of Rich Americans - (www.bloomberg.com) Behind
the glazed white terra cotta facade of the Ritz-Carlton hotel in New Orleans is
a 16-year legal battle with the Internal Revenue Service. The developers of the
hotel, which is housed in a former department store on the edge of the French
Quarter, say their promise to preserve the century-old facade entitles them to
a $7.4 million deduction. The U.S. tax agency disagrees. In this case
and dozens like it, the IRS is challenging a complex and obscure tax break that
benefits some of the nation’s wealthiest property owners. Without giving up
land, they donate the hard-to-calculate value of a perpetual promise to leave
the property undisturbed. For that, they claim a big tax deduction. “They’re
overwhelmingly to high-end individuals and provide little to no benefit to the
public,” said Dean Zerbe, who examined easement donations as a
Republican aide on the Senate Finance Committee. “I don’t know if I could
design a tax break that’s more targeted toward the millionaire set.”
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