A French court has ordered IMF boss Christine Lagarde to face trial over the part she played in the Tapie Affair, regarding a €400m (£291m, $433m) transfer to French business tycoon and entrepreneur Bernard Tapie.In September, France's main prosecutor recommended magistrates at the Cour de Justice de la Republique, which deals with crime allegations against government officials, drop the investigation. The magistrates were probing Lagarde's alleged negligence in regards to the affair when she was finance minister of the country.Why advertise with usIn 2008, when Lagarde served under Nicolas Sarkozy's government, she approved a three member arbitration panel that awarded the payment from the taxpayers' pockets. Lagarde and Sarkozy have both been under fire since then for approving the panel.The payment followed Tapie's accusation that French bank Credit Lyonnais defrauded him when it handled the businessman's sale of his majority stake in German sports retailer Adidas in 1993. Tapie alleged the bank of deliberately undervaluing the company after it sold the stake for a higher sum.
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BP is asking for its punishment-literally | The Daily Caller - Chris Horner - 0 views
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Chris Horner was in the room when BP, Enron, Al Gore and Clinton met to discuss by-passing the Constitutional advise and consent role role of the Senate and signing the Kyoto Treaty with "Cap and Trade" mandates. Enron and BP invented "Cap and Trade". And now Obama promises to punish BP by passing a USA "Cap and Trade" energy tax on US citizens. Right. Figure that one out! Excellent article. Tim Carney has a column at the Washington Examiner detailing BP's lobbying influence, which begs the following history lesson and first-hand account for voters, generally unaccustomed to such sleaze, to fully appreciate the game presently being played out in Washington. President Obama announced in Pittsburgh last week that BP's Gulf oil spill demands his wrath in the form of the Kerry-Lieberman "cap-and-trade" energy tax. Hearing this, your reaction may have been to wonder just how making energy more expensive for everyone-seniors, the poor, it's all good-is a proper response. And the truth is that our young ideological president's effort to make sure this crisis doesn't go to waste is actually much worse than it seems on its face. BP, joined by Enron, invented carbon cap-and-trade in the mid-1990s. Yeah. That cap-and-trade. I know, because I was in the room. And BP has been lobbying for it aggressively and at great expense ever since, some eight figures of which has gone to green pressure groups. Specifically, in May 1997 I met with senior officials from BP, Niagara Mohawk Power, and others… "others" like the Union of Concerned Scientists and their ilk… in the Washington offices of a white-shoe New York law firm, putting our collective heads together strategizing on how to get the U.S. roped into a global warming treaty, and get "cap-and-trade" imposed domestically, too.
Tapie Affair: IMF head Christine Lagarde ordered to face trial by French court over tyc... - 0 views
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Because the now bust Credit Lyonnais was partly state owned, at least some of the money came from French taxpayers. Tapie sold his Adidas shares to become a cabinet minister. He backed and supported Sarkozy in his bid for presidency in 2007.
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The case has been brought up numerous times throughout the years, but some have accused current president Francois Hollande of playing politics. While others say that Lagarde and Sarkozy approved the payment because the influential Tapie backed their government.Tapie used to be popular among the French, as an entrepreneur and 'rags to riches' success story. Apart from Adidas, he has owned cycling team and Tour de France winner La Vie Claire and French football club Olympique Marseille.
IMF criticises US spending cuts - Americas - Al Jazeera English - 0 views
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The International Monetary Fund has assailed US government spending cuts as "excessively rapid and ill-designed" as it cut the economy's growth forecast for 2014. Warning that the country still faces downside risks to its recovery, the IMF cheered the Federal Reserve's stimulus efforts and urged Congress to help firm up growth by repealing the severe "sequester" budget cuts. In its annual report on the US economy, the IMF said growth would be only 1.9 percent this year, due to the sequester's impact, when it had the potential of growing as much as 1.75 percentage points faster.
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It suggested fundamental tax reforms as part of actions to confront the longer term fiscal shortfall, including eliminating many exemptions and loopholes, and introducing a value-added tax and a carbon tax. It credited the Federal Reserve's aggressive quantitative easing - its $85 billion-a-month bond purchases, to hold down interest rates - with keeping the economy on a sure footing as the government slashes spending.
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Austerity cuts for the rest of the world but more spending and "quantitative easing" for the U.S. Banksters!
Obama's Bait and Switch: Karl Rove describes how Obama's Policies Break His Campaign P... - 0 views
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For example, Mr. Obama didn't run promising larger deficits -- but now is offering record-setting ones. He'll add $4.9 trillion before his term ends and $7.4 trillion if given a second, doubling the national debt in five years and tripling it in 10.
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Obama railed against the Bush deficits, accusing Bush of irresponsible stewardship. Obama promised fiscal responsibility.
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Mr. Obama cannot dismiss critics by pointing to President George W. Bush's decision to run $2.9 trillion in deficits while fighting two wars and dealing with 9/11 and Katrina. Mr. Obama will surpass Mr. Bush's eight-year total in his first 20 months and 11 days in office, adding $3.2 trillion to the national debt. If America "cannot and will not sustain" deficits like Mr. Bush's, as Mr. Obama said during the campaign, how can Mr. Obama sustain the geometrically larger ones he's flogging?
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Mr. Obama pledged "no tax hikes on any families earning less than a quarter million dollars." What he didn't draw attention to was $600 billion in higher energy taxes he wants to impose through a cap-and-trade system on carbon emissions. These taxes will hit everyone who drives, flips a light switch, or buys anything manufactured, grown or shipped.
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Barack Obama won the presidency in large measure because he presented himself as a demarcation point. The old politics, he said, was based on "spin," misleading arguments, and an absence of candor. He'd "turn the page" on that style of politics. Last week's presentation of his budget shows that hope was a mirage.
An Inconvenient Truth: Liberal Climate Inquisition Can't Explain Past Temperature Changes - 0 views
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For instance, the chart above shows reconstructed average world temperature data for the past 500,000 years. Depending on the magnification and size of your monitor, each pencil dot would span something on the order of 1,000 years. The myriad 10-degree Celsius temperature flips all happened before man-made carbon dioxide could have had any impact—the final temperature spike started at the end of the last ice age.
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Now see if you can follow this: The “science thought police” insist that even though none of the temperature variations for the first 499,950 years had anything to do with human activity, virtually none of the temperature increases of the past 50 years had anything to do with nature. Got it?
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"In the week prior to the administration signing what should constitute an international climate treaty, one think tank, the Competitive Enterprise Institute, was subpoenaed for casting doubt on the agreement's associated science of climate catastrophe. As disturbing as such thuggery from state attorneys general would be in any case, the premise of the subpoena is faulty. The Competitive Enterprise Institute did not cast doubt on the dubious climate science. The actual data cast the doubt. The think tank and others have simply pointed out what the data show. It looks like thoughtcrime has now moved from George Orwell's novel "1984" to the twisted reality of our judicial system. Pointing out facts should never be a real crime. The Heritage Foundation's new Paris-bubble-popping science summary is also a case of letting the numbers tell a story. A story many never hear in the media-hyped spectacle that is international climate policy."
'Billionaire gave Netanyahus cigars, champagne worth hundreds of thousands' | The Times... - 0 views
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corruption investigation into Prime Minister Benjamin Netanyahu is reportedly addressing suspicions the premier and his wife illicitly accepted cigars worth hundreds of thousands of shekels and champagne from a Hollywood billionaire.
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Channel 2 news reported Thursday evening that Netanyahu received the cigars from acclaimed American-Israeli producer Arnon Milchan over the last seven-eight years. His wife, Sara, received bottles of pink champagne worth hundreds of shekels apiece during that period, the TV report said.
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Netanyahu is known as a connoisseur of fine cigars, and Channel 2 noted rumors the prime minister smokes tens of thousands of shekels’ worth of them each month. Police questioned Netanyahu under caution for a second time Thursday, in a five-hour-long session at his Jerusalem residence that lasted late into the evening, about suspicions he accepted gifts from foreign businessmen. Police announced afterward that they had also interrogated another, unnamed suspect in the case earlier in the week. Some reports said this second suspect was Milchan. Police had interviewed the prime minister on Monday for three hours, during which Netanyahu admitted that he had received gifts from businessmen, but insisted they were entirely legal exchanges, his lawyer said.
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French Tycoon on Trial for Massive Fraud: I Gave Netanyahu 1 Million Euros for Election... - 0 views
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PARIS - Arnaud Mimran, the main suspect in the great theft dubbed “the sting operation of the century,” testified on Thursday at a Paris court that he funded expenses of Prime Minister Benjamin Netanyahu in France, as well as directly funding election campaign expenses amounting to one million Euros. Netnahyahu vehemently denied the report. According to the law governing campaign contributions and instructions issued by the state comptroller, a Knesset candidate is entitled to accept donations from any individual totaling no more than 11,480 shekels ($2,970). In elections for leadership of a party or in internal party primaries, in which there are more than 50,000 voters, a candidate can accept individual donations of up to 45,880 shekels ($11,870). Mimran is suspected of stealing at least 282 million euros from the French Finance Ministry through a deception involving the rolling over value-added tax in deals relating to carbon dioxide capping. The focus of the court discussion on Thursday was to determine whether senior figures have succeeded until now in protecting Mimran from being indicted. In this context, Mimran’s close relations with Benjamin Netanyahu came up.
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A joint investigation by Haaretz and the French website Mediapart, published last month, showed that Mimran financed vacations for Netanyahu and his family in the Alps and on the French Riviera. Mimran also lent Netanyahu his apartment in the 16th arrondissement in Paris, taking him to a prestigious nightclub during Netanyahu’s visit to Paris. Arnaud’s name features prominently in the list of foreign donors that was compiled by Netanyahu on the eve of his return to power, as published by journalist Raviv Drucker on Channel 10 News. In addition to these expenses, Mimran has now testified that he signed a cheque for financing an earlier Netanyahu election campaign, in 2001, as far as he remembers. “I financed him to the tune of about one million euros,” he said. Mimran’s declaration came while he was being questioned on the witness stand about the extent of his expenses. His testimony revealed that most of his assets are not registered in his name. He explained to the judge: “The Rolls Royce is in my wife’s name, the McLaren is in my sister’s name. Only the Ferrari and Maserati are registered in my name.” This playing innocent caused quite a furor in the courtroom.
Fossil fuels subsidised by $10m a minute, says IMF | Environment | The Guardian - 0 views
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Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund. The IMF calls the revelation “shocking” and says the figure is an “extremely robust” estimate of the true cost of fossil fuels. The $5.3tn subsidy estimated for 2015 is greater than the total health spending of all the world’s governments. The vast sum is largely due to polluters not paying the costs imposed on governments by the burning of coal, oil and gas. These include the harm caused to local populations by air pollution as well as to people across the globe affected by the floods, droughts and storms being driven by climate change.
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Nicholas Stern, an eminent climate economist at the London School of Economics, said: “This very important analysis shatters the myth that fossil fuels are cheap by showing just how huge their real costs are. There is no justification for these enormous subsidies for fossil fuels, which distort markets and damages economies, particularly in poorer countries.” Lord Stern said that even the IMF’s vast subsidy figure was a significant underestimate: “A more complete estimate of the costs due to climate change would show the implicit subsidies for fossil fuels are much bigger even than this report suggests.”
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The IMF, one of the world’s most respected financial institutions, said that ending subsidies for fossil fuels would cut global carbon emissions by 20%. That would be a giant step towards taming global warming, an issue on which the world has made little progress to date. Ending the subsidies would also slash the number of premature deaths from outdoor air pollution by 50% – about 1.6 million lives a year. Furthermore, the IMF said the resources freed by ending fossil fuel subsidies could be an economic “game-changer” for many countries, by driving economic growth and poverty reduction through greater investment in infrastructure, health and education and also by cutting taxes that restrict growth.
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