Japan lost track of their old folks

Japan lost track of some 230,000 centenarians (over 100 years of age).

More than 230,000 Japanese centenarians ‘missing’

More than 230,000 elderly people in Japan who are listed as being aged 100 or over are unaccounted for, officials said following a nationwide inquiry.

Officials have found that hundreds of the missing would be at least 150 years old if still alive.

The inquiry followed the discovery of the mummified remains of Sogen Kato, who was thought to be the oldest man in Tokyo.

However, when officials went to congratulate him on his 111th birthday, they found his 30-year-old remains, raising concerns that the welfare system is being exploited by dishonest relatives.

Reports said he had received about 9.5m yen ($109,000; £70,000) in pension payments since his wife’s death six years ago, and some of the money had been withdrawn. (Source: BBC)

Porn industry wants a US$5b bailout

Well if the banking industry gets it, why not the porn industry?

Porn Kings to D.C. – Help Us Through Hard Times

Joe Francis and Larry Flynt claim the economy has made America’s sexual appetite go limp, so they’re going to the one place where sex is always rampant — Congress.

Flynt (the “Hustler” guy) and Francis (the “Girls Gone Wild” dude) are asking the government for a $5 billion bailout, claiming the adult entertainment industry has taken a huge shot to the face because of the downturn — citing the fact that XXX DVD sales are down 22% from a year ago.

“With all this economic misery and people losing all that money, sex is the farthest thing from their mind,” Flynt says. “It’s time for Congress to rejuvenate the sexual appetite of America.”

Francis sees his industry like the big three automakers, only BIGGER: “Congress seems willing to help shore up our nation’s most important businesses; we feel we deserve the same consideration.”

Francis says he’s going to D.C. to personally make the pitch. Sounds like someone has a bone to pick. (Source: TMZ)

Of course I’m not suggesting you should bail out the porn industry. But seriously too much money has been poured to the bailout so US$5b for the porn industry? Perhaps this isn’t that significant after all

Next to be saved by the government: Citibank

The U.S. government announced multi-billion dollar backstop for Citigroup. Citigroup, with $2 trillion worth of assets, is the largest U.S. bank by assets.

Too big too fail again?

U.S. Offers Citigroup Sweeping Safety Net

The Treasury Department, Federal Reserve and Federal Deposit Insurance Corp. said last night they will protect Citigroup, one of the nation’s largest banks, against potential losses on a $306 billion pool of troubled assets.

Citigroup would absorb the first $29 billion in any further losses on these assets, which are primarily securities backed by mortgages and commercial real estate loans, with the government stepping in to cover most of the losses beyond that amount. In return, the government is to receive $7 billion in preferred shares in the company.

The government also will invest another $20 billion in Citigroup, on top of the $25 billion infusion of taxpayer dollars already made.

This time, though, the company in jeopardy is truly gigantic. Citigroup is the largest U.S. bank by assets, with $2 trillion on its books. (Source: Washington Post)

On other news, Bloomberg reports Goldman, Morgan Stanley May Want Citigroup:

Goldman, Morgan Stanley May Want Citigroup, CreditSights Says

A purchase of Citigroup Inc. would “significantly” add to Goldman Sachs Group Inc. or Morgan Stanley’s earnings as long as the U.S. government absorbed losses on the embattled bank’s assets, according CreditSights Inc.

Buying Citigroup “would be significantly accretive to Goldman and Morgan Stanley’s earnings as the potential buyer would be acquiring a significant future earnings stream for a relatively low price,” David Hendler, an analyst at CreditSights in New York, wrote in a report yesterday. The buyer “would probably receive government support if it was needed.” (Source: Bloomberg)

Erm… As long as what?

Sun Microsystems swings to big quarterly loss

Sun Microsystems isn’t going to perform well this season. The first thing that comes to my mind about Sun is Java. (Darn they even rename their stock ticker to JAVA.) While Java as a language is still thriving the JAVA just got its outlook revised to negative by Fitch.

Sun Microsystems swings to big quarterly loss

SAN FRANCISCO (AP) — Battered by competition and slowing demand, Sun Microsystems Inc. swung to a big loss in its fiscal first quarter, dragging the server and software maker’s results below Wall Street’s forecast.

Sun also plans to write down the value of its business, a sign of the company’s deteriorating competitive position and vulnerability to the economic meltdown. Shares fell more than 8 percent in after-hours trading.

The Santa Clara, Calif.-based company is scheduled to release its earnings Oct. 30, but it offered an early peek Monday. Sun said its loss will be between 25 cents and 35 cents per share for the three months ended Sept. 28. Excluding one-time charges, the falls between 2 cents and 12 cents per share. (Source: Associated Press)

And just hours ago, Forbes reported that Sun Microsystems’ co-founder Andy Bechtolsheim is leaving the company to concentrate on his startup, Arista Networks. But it’s not the first time Bechtolsheim left Sun. Back in 1995, Bechtolsheim left Sun for networking startup Granite Systems. Granite was acquired the following year by Cisco System and Bechtolsheim went with the group. Bechtolsheim then left Cisco for startup Kealia in 2003, which was acquired the following year by Sun, where Bechtolsheim was named chief architect and senior vice president for Sun’s systems group. (Source: Forbes)

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But worry not on the programming language Java, Java is simply too big to fail. It always feels good to be too big to fail.

Citigroup posted third-quarter net loss of $2.82 billion

Citibank people sent me an email reassuring their customers on the company. It’s kinda saying Citibank is better of the worse. Anyway, more money disappearing:

Citigroup posts loss amid credit costs

NEW YORK (Reuters) – Citigroup Inc, battered by the global credit crisis, posted its fourth straight quarterly loss on Thursday, hurt by more than $13 billion of credit costs and write-downs tied to complex and low-quality debt.

The bank said it was making good progress on shedding assets and cutting costs. But tight credit conditions and potential recessions globally could cut into its other businesses, from retail brokerage to credit card lending.

Citigroup posted a third-quarter net loss of $2.82 billion, or 60 cents per share, compared with a profit of $2.21 billion, or 44 cents, a year earlier. It loss from continuing operations was $3.42 billion, or 71 cents per share.

Citigroup ceded its crown as the largest U.S. bank by assets to JPMorgan Chase & Co after shedding $50 billion of assets since June. Citigroup ended September with $2.05 trillion of assets, while JPMorgan had $2.25 trillion. (Source: Reuters)

November 4 is the start of the US elections. I can’t wait. I am more excited about this than any other thing that happens this year.