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April 3, 2009

Royal Bank of Scotland Shareholders Reject Former Chair’s Pension!

rbs-4-1-9-london-financial-district  Police in riot gear stand outside a Royal bank of Scotland branch. Thousands of demonstrators converged on London’s financial district on chanting “abolish money” and “storm the banks” in a heavily policed protest to coincide with the G20 summit of world leaders.

Ninety percent of Royal Bank of Scotland’s (‘RBS’) shareholders have categorically rejected former chief Sir Fred Goodwin’s $1 million annual pension.

Sir Fred was fired last fall when RBS was forced to beg the English taxpayers for billions of pounds in a bailout. The bank’s new chairman, Sir Philip Hampton said that the pension plan is legally stipulated by Sir Fred’s contract but no stone is being left unturned” to see if it can be overturned.

RSB’s purchase of Dutch rival ABN Amro in 2007 was catastrophic the bank and weighed it down with billions of pounds of sub-prime assets. Sir Fred and the bank have been the focus of public anger as the banking crisis continues to send the British economy into deeper recession.

June 18, 2008

Economy: When America Gets An Economic Cold, The Rest Of The World Gets Pneumonia

  In the States, food prices have reached a18-year high.  Bad weather, bad harvests and the demand for biofuels all add up to increased produce prices, shopping pressures and the result is more consumers are heading for discount supermarkets.

American families already feeling the pinch caused by soaring energy costs are taking another big hit to their household budgets as food prices increase swiftly.  Milk, cheese, eggs and cooking oil have all increased in price by 20% since last May.  Meat and bread were up by 9%; fish and vegetables were up by 7% and fruits increased by a more modest 2.4%.  The cost of living is now the highest since 1990 with half of the increase accounted for by food prices.

Escalating food costs could present a greater problem than soaring oil prices for the national economy because the average household spends three times as much for food as for gasoline.  Food accounts for about 13 percent of household spending compared with about 4 percent for gas.

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