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Monthly Archives: June 2012

Bank of America is Fucking Retarded: Glitch Allows Detroit Man Withdraw $1.5 Million From ATM

Ronald Page seemingly had it made when Bank of America unintentionally changed his account status, allowing the 55-year-old man to make unlimited ATM cash overdraft withdrawals.

But ABC News reports that Page, who in reality had only $300 in his checking account, used the accidental loophole to withdraw more than $1.5 million—losing it all on gambling.

And even worse for Page, the U.S. Attorney’s Office in Detroit says he is now facing 15 months in prison after pleading guilty to charges of theft of bank funds, $1,543,104 in total between December 1, 2008 and May 31, 2009.

“In this case, the bank’s glitch allowed the defendant to lose a significant amount of money that was not even his in the first place,” reads the U.S. Attorney’s sentencing memorandum, obtained by ABC. “The fact that defendant acted on an impulse does not minimize the seriousness of his conduct and the need for a custodial sentence.”

The day the Bank of America glitch went into effect, Page reportedly withdrew $312,000 from ATMs at the Greektown Casino in Detroit and an additional $51,727 from the MGM Grand Casino. Bank of America placed a hold on his account 17 days later, but he had already withdrawn $1.5 million by that point.

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Obamacare Hidden Panel of Unelected Officials Beyond Congressional Control

The Cato Institute released a study entitled, The Independent Payment Advisory Board: PPACA’s Anti-Constitutional and Authoritarian Super-Legislature, authored by Diane Cohen and Michael Cannon, which states that once the “unelected government officials on this board submit a legislative proposal to Congress, it automatically becomes law.”

The Independent Payment Advisory Board (IPAB) is comprised of “doctors and patient advocates would be nominated by the President and confirmed by the Senate.”

The Patient Protection and Affordable Care Act (PPACA), a.k.a. Obamacare, requires that the Secretary of Health and Human Services (SHHS) implement the proposal. Denying its execution would necessitate the House, Senate and President agree on an alternate plan.

The IPAB’s plan would become law without Congressional approval, oversight, or even be subject to a presidential veto. Once this proposal is submitted, it is law.”

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Pete Townshend of The Who Calls Apple Inc. a Vampire

“The Who guitarist Pete Townshend has urged Apple’s iTunes to use its power to help new bands instead of “bleeding” artists like a “digital vampire”.

Townshend made the comments in BBC 6 Music’s inaugural John Peel Lecture, named in honour of the legendary DJ.”

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[youtube://http://www.youtube.com/watch?v=GnHLgxKUsEA 450 300]

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Households Aged 35 To 44 Lost More Than Half Their Net Worth In The Recession

“Are you in your late thirties or early forties? Our condolences, then. The recession was probably especially horrible for you.

Households aged 35 to 44 were the group hardest hit during the Great Recession,according to a U.S. Census Bureau report released Monday. Many members of this group lost more than half of what they had: the median net worth for households in this age range fell by 59 percent between 2005 and 2010.”

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Banks to Use Gold Reserves to Mitigate Derivative Risk – $GLD, $IAU, $AUY, $NEM, $ABX

“The Federal Deposit Insurance Corporation (FDIC) yesterday issued a notice of proposed rulemaking that revises the measurement of risk-weighted assets by incorporating the latest changes to the Basel III framework and by implementing changes brought on by the Dodd-Frank Act. Among the many changes is one that allows banks to use gold reserves to mitigate derivative risk with a zero percent risk…”

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Time to Get Your Ag On ?

There are multiple reports today that corn prices are set to surge. If so then perhaps you may want ot consider the Ag play.

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Presenting Apple’s Mountain Lion With Hidden Features

“AirPlay mirroring, dictation, and Notification Center stole the show during the Mountain Lion portion of Apple’s WWDC keynote last week.

With more than 200 new features, there’s still a lot to unpack with Apple’s new desktop operating system.

It was impossible for Apple to cover everything during the presentation, so check out these other features that will enhance your Mac experience this July.”

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Meredith Whitney: Lack of Local Investing Creating ‘Ghost Towns’

“Businesses in big-spending, tax-heavy states like California are investing elsewhere and are creating ghost towns back home in the process, says Meredith Whitney, founder of Meredith Whitney Advisory Group.

Business friendly states like Texas are seeing investments show up from other states, while in California, firms and even wealthier households can easily move.

The result, Whitney says, is that cities in California are quickly becoming ghost towns marked by falling housing prices and a fleeing tax base.

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Rumor: ECB Will Buy Bonds of Troubled Governments…Markets Rip….Rumor Now Denied

While i was out to lunch rumors pushed the markets up from 100 DOW points to as much as 150 DOW points. The rumor was Merkel discussed buying bonds of troubled governments in Europe at the G20 meeting. The rumor is now being called absolutely false and the DOW is only up 102 points.

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