PrudentBear.com - The One-Stop Shop for the Bear Case: "April 12 – Market News International (John Shaw): “In a trip last month, David Walker, the comptroller general of the United States, found a very receptive audience to absorb his message about the perils of the present path of American fiscal policy. That was the good news. The bad news was that the audience was in the ‘wrong’ country: the United Kingdom. In a speech to the London School of Economics, Walker said he is deeply concerned about the U.S.’s ‘deteriorating financial condition and worsening long-term fiscal outlook.’” Walker noted that the federal budget deficit for fiscal year 2005 was $319 billion, but added that far more troubling is the fact that the government’s liabilities and unfunded commitments reached $46 trillion that year, up from about $20 billion just five years ago. ‘As a certified public accountant and the federal official who signs the audit report on the U.S. government’s financial statements, I’m here to tell you that America’s finances are far worse than advertised.’”
Speculator Watch:
April 10 – Bloomberg (Harris Rubinroit and Alex Armitage): “Billionaire investor George Soros and partner Steven Mnuchin are seeking $745 million in loans to help buy Viacom Inc.’s DreamWorks LLC film library… Dresdner Kleinwort Wasserstein is arranging a $595 million five-year term loan with an interest margin of 1.375 percentage points over the London interbank offered rate…”
April 14 – Bloomberg (Alex Armitage and Dana Cimilluca): “Michael Jackson, struggling to stave off bankruptcy, agreed to a debt refinancing that may lead to him forfeiting a share of a music"
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