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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (107876)	6/1/2007 10:20:35 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 132070

Credit Bubble Bulletin Highlights May 30 – Bloomberg (Kabir Chibber and John Glover): “The biggest winners from the global buyout boom are hiring distressed-debt bankers in Europe at the fastest pace in five years… ‘When the turn does come, it will be unlike anything we have ever seen before,’ said Iain Burnett, 43, managing director of Morgan Stanley’s special situations unit… ‘The scale of it could be considerable because of the size of some of these leveraged deals…’ Firms are paying as much as $3 million a year for bankers who advise bankrupt companies and for traders who specialize in defaulted debt…” Fiscal Watch: May 31 – USA Today (Dennis Cauchon): “The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows. The loss reflects a continued deterioration in the finances of Social Security and government retirement programs for civil servants and military personnel. The loss — equal to $11,434 per household — is more than Americans paid in income taxes in 2006. ‘We’re on an unsustainable path and doing a great disservice to future generations,’ says Chris Chocola, a former Republican member of Congress…and corporate chief executive who is pushing for more accurate federal accounting. Modern accounting requires that corporations, state governments and local governments count expenses immediately when a transaction occurs, even if the payment will be made later. The federal government does not follow the rule…” prudentbear.com