King of Pop Michael Jackson, who died on the night of June 26 from heart failure, left huge debts, wrote in a Friday newspaper «Vedomosti». According to The Wall Street Journal, they account for about 0.5 billion dollars. Earlier this year, the newspaper quoted sources in the environment of the singer, Jackson was in a panic because of their financial condition.
Approximately 200 million of debt Jackson has a credit of Bank of America, received in 2001. Deposit on the loan - the share in the company of Jackson's ATV Music, which owns the rights to the music of The Beatles and his own songs. He bought the company in 1985 for 47.5 million dollars, and that she gave him his livelihood. Two most famous album of Jackson - Thriller (1982) and Bad (1987) - sold a combined circulation of more than 100 million copies.
However, these funds Jackson was not enough, because he got into more debts. During the court hearings in 2002 revealed that he had accumulated unpaid bills amounting to more than 12 million dollars. According to the source The Associated Press, in recent years, the singer spent a year at 30-40 million dollars more than they earn. In March last year, he has delayed payment on the mortgage of his famous estates Neverland. To return the estate, bought Jackson for 14.6 million dollars in 1988, the heirs of the singer will need to pay 24.5 million dollars.
To solve the financial problems of the singer who does not toured since 1997 and whose last album was released in 2001, decided to give a series of concerts. In March, production company AEG Live announced that will host 50 concerts at London's Jackson site O2. And at first it was planned 10 concerts, tickets for which were immediately sold out, and then it was decided to extend the tour. It is, according to AEG Live, the singer could bring about 400 million dollars. The first show, entitled This Is It was to be held on July 7. To get in shape before the speeches, Jackson on potent drugs.
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Monday, August 31, 2009
Sunday, August 2, 2009
Europe will suffer from American CC
In the Old World are preparing for a wave of defaults
Europe is in anticipation of a wave of defaults on consumer credit-related financial losses the owners of credit cards in the United States, which American banks have suffered billions of dollars of losses. Experts do not exclude the pessimistic prediction that the loss of banks on credit cards in Europe will exceed an average of 7%.
The International Monetary Fund (IMF), approximately 14% of U.S. consumer debt, amounting to 1.914 trillion dollars, will not be returned. The IMF predicts that Europe will lose 7% of total consumer debt, amounting to $ 2.467 trillion, the most powerful blow would cause the UK, which is the largest in the country of borrowing on credit cards: There are indexes of credit cards rating agency Moody's indicates that the level of losses increased from 6.4% of loans in May 2008 to 9.37% in May 2009 on. A British hotline Debts National Debtline has reported that in May took 41 thousand calls from consumers concerned about their outstanding debt on loans, credit cards and mortgages, compared to 20 thousand calls in May 2008. And, judging by the statements of the service, yet are not even signs of reducing the number of downloads.
Experts note that the United Kingdom, and other major European economies (although to a lesser extent) are primarily due to American concerns. For example, in U.S. banks such as Citigroup, Bank of America, JP Morgan Chase and Wells Fargo, as well as issuers of credit cards such as American Express, have suffered losses in the billions of dollars on their credit card portfolios and warned that it expected the new losses. «The concerns and fears of Europeans is understandable and justified, - the expert believes the London School of Economics, Philip White. - «Bad» loans - a serious problem not only for the banks. For example, the mortgage problems have already forced the government to go on an unprecedented write-offs, which led to huge budget deficits. Hence, U.S. banks suffer wreck and pull for the entire rest of the world, and Europe is no exception ».
Now the unemployment rate in the United States is the highest since 1983, reaching 9.4%, and is projected to the American Banking Association, by the end of the year was 10%, and early next year pereshagnet this point. «The only measures that can somehow positively affect the current situation - is a simple action to protect the rights, because the problem of non-payment, first, that people are either left without work or a result of substantial reduction in wages - believed analyst Friedman Billings Ramsey Gary Townsend. - With regard to exactly what the UK has been the most affected country in Europe, the case here in the attachment of Economics United Kingdom to the United States. London depends on Washington's much more than Germany ».
Europe is in anticipation of a wave of defaults on consumer credit-related financial losses the owners of credit cards in the United States, which American banks have suffered billions of dollars of losses. Experts do not exclude the pessimistic prediction that the loss of banks on credit cards in Europe will exceed an average of 7%.
The International Monetary Fund (IMF), approximately 14% of U.S. consumer debt, amounting to 1.914 trillion dollars, will not be returned. The IMF predicts that Europe will lose 7% of total consumer debt, amounting to $ 2.467 trillion, the most powerful blow would cause the UK, which is the largest in the country of borrowing on credit cards: There are indexes of credit cards rating agency Moody's indicates that the level of losses increased from 6.4% of loans in May 2008 to 9.37% in May 2009 on. A British hotline Debts National Debtline has reported that in May took 41 thousand calls from consumers concerned about their outstanding debt on loans, credit cards and mortgages, compared to 20 thousand calls in May 2008. And, judging by the statements of the service, yet are not even signs of reducing the number of downloads.
Experts note that the United Kingdom, and other major European economies (although to a lesser extent) are primarily due to American concerns. For example, in U.S. banks such as Citigroup, Bank of America, JP Morgan Chase and Wells Fargo, as well as issuers of credit cards such as American Express, have suffered losses in the billions of dollars on their credit card portfolios and warned that it expected the new losses. «The concerns and fears of Europeans is understandable and justified, - the expert believes the London School of Economics, Philip White. - «Bad» loans - a serious problem not only for the banks. For example, the mortgage problems have already forced the government to go on an unprecedented write-offs, which led to huge budget deficits. Hence, U.S. banks suffer wreck and pull for the entire rest of the world, and Europe is no exception ».
Now the unemployment rate in the United States is the highest since 1983, reaching 9.4%, and is projected to the American Banking Association, by the end of the year was 10%, and early next year pereshagnet this point. «The only measures that can somehow positively affect the current situation - is a simple action to protect the rights, because the problem of non-payment, first, that people are either left without work or a result of substantial reduction in wages - believed analyst Friedman Billings Ramsey Gary Townsend. - With regard to exactly what the UK has been the most affected country in Europe, the case here in the attachment of Economics United Kingdom to the United States. London depends on Washington's much more than Germany ».
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