Around 300 Chinese workers who manufacture XBox consoles took to a factory roof and threatened bosses with mass suicide over a dispute about pay, unconfirmed reports have claimed.
The workers were employed at the Foxconn Technology Park in Wuhan in Hubei province. Foxconn is an independent, global manufacturing partner to companies including Apple, Microsoft and Sony.
Microsoft said that it is investigating the incident.
According to unverified reports emerging from anti-government Chinese news websites, about 300 workers took to the roof of the Taiwanese-owned factory to protest against their employers.
According to the reports the employees had asked bosses for a raise but in response were told to either quit with compensation or keep their jobs at their usual salary.
Most workers apparently decided to leave, but the company did not hand over the money as promised.
According to the China Jasmine Revolution website, the workers were only dissuaded a day later when the mayor of Wuhan talked them out of committing suicide.
Foxconn factories in China have been the scene of several suicides by workers in the past, including 14 in 2010 alone at its Shenzhen plant, after complaints of low pay and poor conditions.
MF Global unloaded hundreds of millions of dollars’ worth of securities to Goldman Sachs in the days leading up to its collapse, according to two former MF Global employees with direct knowledge of the transactions. But it did not immediately receive payment from its clearing firm and lender, JPMorgan Chase & Co (NYSE:JPM – News), one of the sources said.
The sale of securities to Goldman occurred on October 27, just days before MF Global Holdings Ltd (Other OTC:MFGLQ.PK – News) filed for bankruptcy on October 31, the ex-employees said. One of the employees said the transaction was cleared with JPMorgan Chase.
At the same time MF Global, which was run by former Goldman Sachs head Jon Corzine, was selling securities to Goldman to raise badly needed cash, the futures firm was also drawing down a $1.2 billion revolving line of credit it had with JPMorgan, according to one of the former MF Global employees.
JPMorgan spokeswoman Mary Sedarat said the bank did not withold money because of the line of credit. She declined further comment on details of the transactions.
PRESS RELEASE TORONTO, ON., CANADA- 19/12/2011
ECONOMIC THINK TANK CONFRONTS THE GLOBAL FINANCIAL POWERS IN CANADIAN FEDERAL COURT.
RESTORE THE USE OF THE BANK OF CANADA FOR THE BENEFIT OF CANADIANS AND REMOVE IT FROM THE CONTROL OF INTERNATIONAL PRIVATE ENTITIES WHOSE INTERESTS AND DIRECTIVES ARE PLACED ABOVE THE INTEREST OF CANADIANS AND THE PRIMACY OF THE CONSTITUTION OF CANADA
Canadian constitutional lawyer, Rocco Galati, on behalf of Canadians William Krehm, and Ann Emmett, and COMER (Committee for Monetary and Economic Reform) on December 12th, 2011 filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to municipal/provincial/federal governments for “human capital” expenditures (education, health, other social services) and /or infrastructure expenditures.
The action also constitutionally challenges the government’s fallacious accounting methods in its tabling of the budget by not calculating nor revealing the true and total revenues of the nation before transferring back “tax credits” to corporations and other taxpayers.
The Plaintiffs state that since 1974 there has been a gradual but sure slide into the reality that the Bank of Canada and Canada’s monetary and financial policy are dictated by private foreign banks and financial interests contrary to the Bank of Canada Act.
The Plaintiffs state that the Bank of International Settlements (BIS), the Financial Stability Forum (FSF) and the International Monetary Fund (IMF) were all created with the cognizant intent of keeping poorer nations in their place which has now expanded to all nations in that these financial institutions largely succeed in over-riding governments and constitutional orders in countries such as Canada over which they exert financial control.
The Plaintiffs state that the meetings of the BIS and Financial Stability Board (FSB) (successor of FSF), their minutes, their discussions and deliberations are secret and not available nor accountable to Parliament, the executive, nor the Canadian public notwithstanding that the Bank of Canada policies directly emanate from these meetings. These organizations are essentially private, foreign entities controlling Canada’s banking system and socio-economic policies.
The Plaintiffs state that the defendants (officials) are unwittingly and /or wittingly, in varying degrees, knowledge and intent engaged in a conspiracy, along with the BIS, FSB, IMF to render impotent the Bank of Canada Act as well as Canadian sovereignty over financial, monetary, and socio-economic policy, and bypass the sovereign rule of Canada through its Parliament by means of banking and financial systems.
A press conference will be held on Wednesday, December 21st, 2011 at 10:00 a.m. to answer any questions the media may have of the Plaintiffs at: 637 College Street, Suite 203, Toronto, Ontario.
As most Polish citizens can hardly fail to notice, Europe is experiencing a time of growing economic turmoil. So much so, that leaders of euro zone countries are now desperately searching for ways to prop up their tottering national economies as well as to maintain commitments to what is termed ‘monetary union’ – the euro zone holy grail.
Countries outside the euro zone also find themselves caught up by the effects of the gathering financial storm and are attempting to pitch their camps as appropriately as possible to deal with it.
But one thing that countries both inside and outside the euro zone share is a common problem of ‘debt’.
Levels of national borrowing (sovereign debt) have, over the past decade, exceeded the ability of many countries to pay back the ensuing interest and capital within permitted time zones, thus catalysing the ‘restructuring’ of these loans by the lenders and the setting of new terms for repayment. The ‘lenders’ are thus put in a position of great power: they can pull the strings and set the agenda – so long as the countries which are borrowing wish to maintain their particular monetary policies and ambitions for ‘economic growth’.
Poland, however, finds herself in a position of reasonable resilience to the euro zone storm. With an economy that is largely internally stimulated and not overtly reliant on exports, the country looks in fair shape to resist at least the worst consequences of the black hole which the euro zone is rapidly turning into.
And all that makes the MSM news here is that Occupy Toronto left the damn park a bit messy!
Contributor: "Brian H"
Apropos of comments the other day by YYC about "generally pleased Canadians" and Finance Minister Jim Flaherty’s public hand wringings, here is a long, involved read, but worth while, I think:
Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else
… it is a link so sinister it touches every corner of modern finance up to and including such supposedly "stable" institutions as Jefferies, which as it turns out has spent weeks defending itself, however against all the wrong things, and Canadian banks, which as it also turns out, defended themselves against Zero Hedge allegations they may well be the next shoes to drop …
Check out RBC and CIBC customers’ apparent exposure to disaster due to the practice known as "rehypothecation"!
"Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging)"
Basically they are using the same collateral over and over again on many loans. Of course, being global entities they can shop for the most favourable legal and regulatory system in which to hatch their nefarious plots and schemes.
Then, when it all blows up, they play the too-big-to-fail, get-out-of-jail free card from the last time they passed GO! And all that makes the main stream media news here is that Occupy Toronto left the damn park a bit messy! It makes my blood boil. As my late dad used to say: Wake the F up people!
You couldn’t make this stuff up with a straight face! Imagine trying it on your local bank’s loan manager? What do you mean I can’t pledge my car against four loans at once?
It makes underwater mortgages seem like just the kiddies’ wading pool. Or am I overreacting?