UK determined to end the reckless banking practices including tax raid on banks
Joe Weinman
Oct. 18, 2009

UK plans for a tax raid on banks that could help pay the cost of the government's bail-out of the financial system and change the corrupt banking and investment culture in UK.

In the weekly podcast, Prime Minister Gordon Brown said categorically that UK government was taking "extensive action to reform the whole culture of the financial sector".

UK Government officials are upset with banks and other investment firms. There is ''considerable anger'' among UK ministers that, one year after the near-collapse of the financial system, banks are once again heading for huge profits and planning to pay out large bonuses.

UK determined to end the reckless banking practices including tax raid on banks
Joe Weinman
There is 'considerable anger' among UK ministers that, one year after the near-collapse of the financial system, banks are once again heading for huge profits and planning to pay out large bonuses.
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Mr. Rajaratnam, 52, founder of the Galleon Group accused linked to LTTE funding
Kiran Chaube
Mr. Rajaratnam was investigated but not charged in the terrorism investigation led by the Federal Bureau of Investigations and federal prosecutors in Brooklyn.
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President Barack Obama considering all options to create jobs, including another stimulus package to avoid economic depression in 2010-12
Peter Oberois
Unemployment stands at 9.8 percent, with more than 4 million jobs lost this year. The deficit has reached $1.4 trillion and the national debt $11.9 trillion.
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The US 2009 budget gap widened to $1.42 trillion as the deepest recession since the 1930s crippled tax revenue
Peter Oberois
The shortfall for the 12 months ended Sept. 30 was more than triple the $455 billion record set a year earlier, the Treasury Department said today in Washington.
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Commodity inflation explodes but why is bond market looking so bullish?
Fred Day
Economic 101 needs to be rewritten. Next several years, perhaps decades will see deep depression in the economy with hyper commodity inflation. The means there will be rapid drop in standard of living, loss of jobs, and commodity inflation.
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Sri-Lankan born Raj Rajaratnam an example of corrupt American insider trading scams
Tania Harding
In 1997, Sri-Lankan born Raj Rajaratnam launched his hedge fund Galleon Technologies and said 'This is Raj...only the paranoid survive.' He may be just the tip of the ice berg of American insider trading.
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Obama praises Senate committee's health care vote : 'serve the national interest despite the unrelenting efforts of the special interests'
Special Correspondent
...And for decades, whenever we have tried to reform the system, the insurance companies have done everything in their considerable power to stop us: Obama
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The underemployment in the economy accelerates, the economic depression is imminent
Peter Oberois
How can the two go up together? One hates inflation and the other loves inflation. The answer lies in something that is seldom in seen in centuries. When financial systems collapse, inflation and deflation meets at the point of singularity.
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