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3 Congressmen Under Investigation For Bribery In Financial Reform Vote - (www.dailybail.com) House investigators have recommended that three lawmakers be further investigated to determine whether political contributions were improperly linked to votes on the huge financial overhaul bill. The independent House Office of Congressional Ethics recommended that the member-run House ethics committee pursue potential rules violations by Republicans John Campbell of California and Tom Price of Georgia and Democrat Joseph Crowley of New York. The ethics office recommended no further investigation of five other lawmakers in the same probe: Democratic Reps. Earl Pomeroy of North Dakota and Mel Watt of North Carolina, and Republicans Jeb Hensarling of Texas, Chris Lee of New York, and Frank Lucas of Oklahoma. All offices of the lawmakers had received letters from the OCE by Tuesday and made the conclusions public. President Barack Obama signed the financial overhaul bill into law July 21. It aims to restrain Wall Street excesses with the most sweeping overhaul of financial rules since the Great Depression, clamping down on lending practices and expanding consumer protections to address failures that precipitated the 2008 meltdown that knocked the economy to its knees.
Rumors that China's central bank chief defected; $430 billion loss on U.S. Treasuries - (au.ibtimes.com) Rumors have run rampant in China that the governor of the People’s Bank of China (PBC) Zhou Xiaochuan may have fled the country, according to a report from STRATFOR, the global intelligence company. The rumors seem to have started following reports on August 28 which cited Ming Pao, a Hong Kong-based news agency, which said that the Chinese government may punish some members within the PBC, including Zhou, due to an approximate $430 billion loss on U.S. Treasury bonds. STRATFOR said it has received no confirmation of the rumor, and that “reports by state-run Chinese media appeared to send strong indications that Zhou is in no trouble at the moment.” However, STRATFOR noted, the release of this rumor and its dispersion throughout the public is significant, particularly as the Communist Party of China prepares for a leadership transition in 2012.
Ron Paul questions whether there's gold at Fort Knox, NY Fed - (www.thehill.com) Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it's "a possibility" that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank. The libertarian lawmaker told Kitco News, a website tracking news about precious metals, that an audit was necessary to determine how much the U.S. maintains in gold reserves in case the government were to use gold to back the dollar. “If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said. “Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit? “I think it is a possibility," Paul said when asked if there was truth to rumors that there was actually no gold at Ft. Knox or the New York Fed.
Foreclosures soar in Mass. in July - (www.boston.com) More than 1,200 Massachusetts homeowners lost their properties to foreclosure in July as the sluggish economy and high unemployment keep pushing the number of homes taken back by lenders toward what could be a record high this year. “Homeowners are still under duress, and the market isn’t getting any better,’’ said Vincent M. Valvo, editor-in-chief of the industry publication Banker & Tradesman. “We are likely to see increasing foreclosure activity for the next few months.’’ In July, 1,243 foreclosures were finalized, almost an 80 percent increase from the same month last year, according to Warren Group, a Boston company that tracks local real estate and publishes Banker & Tradesman. There have been 8,676 foreclosures completed during the first seven months of the year — an increase of 60 percent when compared with the same period in 2009. At that rate, foreclosures for 2010 could surpass the 12,430 recorded in 2008, the highest number on record, according to Warren Group.
Employed, but still stressed by joblessness - (www.vcstar.com) As we head into Labor Day weekend, a new survey of Californians indicates the lousy labor market isn’t just straining the lives of the jobless — the employed say they’re being stretched thin. More than half (52 percent) of all Californians say their on-the-job stress level has increased in the last two years, and 58 percent of Southern Californians say they’re working longer hours, according to the survey conducted by Harris/Decima and released Wednesday. The survey also found 53 percent of Californians have heavier workloads than they had two years ago, and 50 percent feel they have less job security. “The morale in the workplace is just so low,” said Daisy Swan, a Los Angeles-based career strategist. “People are being squeezed like never before.” When the dust settled from all the layoffs across the state, staffers began to realize they were being watched for productivity levels, and more was being expected of them, Swan said. She is working with several clients who describe today’s workplace as competitive and stressful, with managers not always acting their best.
OTHER STORIES:
Global financial regulators to decide on stronger bank capital rules - (www.latimes.com)
Housing Can Find a Home Without Fannie, Freddie - (www.bloomberg.com)
The Upcoming Collapse of the Banking Cartel - (www.irvinehousingblog.com)
Mortgage modification ends in foreclosure filing - (www.signonsandiego.com)
Lehman Bros.' unexpected afterlife - (www.latimes.com)
Goldman's still got it, at least on Wall Street - (www.latimes.com)
How Obama Got Rolled by Wall Street - (www.newsweek.com)
Bernanke Rejects Criticism Of Fed As Cause Of Financial Crisis - (www.rttnews.com)
Are We a Kleptocracy and What Does That Mean Anyway? - (www.alternet.org)
Once-trendy Melrose Avenue shopping area losing its cachet - (www.latimes.com)
Homeland insecurity: Americans reject U.S. stocks but crave overseas issues - (www.latimes.com)
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