Mayor Daily Dozen 10/09/12: IMF Warns of Global Recession, Goldman Abandons Obama, Rahm's Coke-Hold

Mayor Daily Dozen 10/09/12: IMF Warns of Global Recession, Goldman Abandons Obama, Rahm's Coke-Hold



Rahm and Quinn Spar on Wrigley: Mayor Rahm Emanuel and Gov. Pat Quinn traded barbs yesterday over Emanuel's opposition to the woman Gov. Quinn appointed to lead the Illinois Sports Facilities Authority. Gov. Quinn believes the Mayor's opposition stems from his desire to cut a "back room deal" with ISFA to put tax-payers on the hook for the ultimate renovation of 98-year-old Wrigley Field. Read more from the Sun-Times here.

Cash Strapped Mayor in 'Coke Hold': Chicago Mayor Rahm Emanuel announced today that the city would partner with the nation's largest soft drink makers to help fund a health care program for city workers. Rather than pursue prohibitive taxes on soft drinks such as those recently passed in New York City and Boston, the Mayor is seeking a $5 million wellness grant from companies such as Coca-Cola and Pepsi that encourages personal responsibility. Read more from the Chicago Tribune here.


Global Recession Risk Rises: At a meeting of 188 member nations in Tokyo, the International Monetary Fund lowered global growth forecasts and called the chances of a worldwide economic downturn 'alarmingly high.' The fund expects the world economy to expand just 3.3% this year and 3.6% in 2013, as growth slows in nearly every major nation and political uncertainties threaten recoveries in the U.S. and euro zone. That is a revision downward of 0.2 percentage point for 2012 and 0.3 percentage point for 2013 from its July forecast. The report warns that its outlook would be significantly worst if the US fails to avoid the upcoming 'fiscal cliff' and Europe is unable to unify around a plan to solve the Greek debt crisis. Read more from the Wall Street Journal here.

Mysterious Algorithm Discovered: A mysterious algorithm that placed orders and subsequently cancelled them was responsible for over 4% of the total quote volume in the US stock market last week. Critics of the high frequency algorithm content that the increase of suffering from another 'flash crash' has increased because of the sheer size of this and other similar algorithms. Read more from CNBC here.


Romney Delivers Major Foreign Policy Speech at VMI: Speaking in the critical swing state of Virginia at the Virginia Military Institute, Mitt Romney delivered a speech that sought to articulate his world view which calls for a strengthened American presence in global affairs.

Goldman Abandons Obama Campaign: In 2008 no company did more to elect Barack Obama to the presidency than Goldman Sachs. Four years later no firm is doing more to defeat him. Goldman employees gave $1 million to Obama in 2008 but have contributed only $136,000 to his re-election campaign and virtually no money to pro-Obama super PACs. By contrast Goldman employees have contributed over $900,000 to Mitt Romney and another $900,000 to super PACs supporting him. This marks a stunning reversal for one of the Democratic party's most loyal allies over the past forty years. Read the complete story from the Wall Street Journal here.

A Tale of Two Policies: The Economist Compares the Tax Policies of Gov. Mitt Romney and President Barack Obama.


Middle East Heating Up: Syria and Turkey exchange fire for the 6th consecutive day. Tensions in the West Bank continue to rise between Israelis and Palenstinans after a drone was shot down over Isreali air space this past weekend.

To Infinity and Beyond: Former Austrian Paratrooper Felix Baumgartner, 43, will attempt to be the first skydiver to break the sound barrier as he jumps from a balloon borne capsule 22 miles above Earth later today. The dive is expected to last 5 and a half minutes before Baumgartner's parachute deploys about a mile over a remote stretch of New Mexico. Read more from this incredible story from the New York Times here.

Was She Really 132: Antisa Khvichava, a woman from the Republic of Georgia who claimed to be 132 years old has died. Mrs Khvichva has a Soviet Era passport that denotes her date of birth as July 8, 1880. Mrs Khvichava, who only spoke in the local language Mingrelian , would already have been 31 when the Titanic sunk in April 1912, and 37 during the Russia’s October Revolution. She would have been 61 when the Soviet Union entered the Second World War in 1941 and 111 when the Soviet Union formally came to an end in 1991. Her age has never been verified as original records were lost due to living through a variety of revolutions in Georgia as it became part of and then later left the USSR. However friends and family all back her assertion that she was 132 years old which would make her the longest living person in history. Read more from the Independent (UK) here.

Cartel Head Killed: The Mexican Navy believes it has killed Heriberto Lazcano, the reputed leader of the Zetas cartel. The Zetas stand out among the country’s two or three largest criminal groups for their butchery, carrying out be-headings and other mutilations to intimidate enemies and murdering those, including migrants passing through their turf mainly in northeastern Mexico, who do not follow their orders. They have staged some of the country’s most spectacular jailbreaks — they were said to be behind one last week in which scores of inmates walked out of a state prison — and most brazen attacks on Mexican security forces. Read more from the New York Times here.


Sandusky Speaks: On the eve of Jerry Sandusky's sentencing hearing, the convicted sex-offender released a recorded  jailhouse statement that played on Penn State radio. In the recording Sandusky maintains his innocence and suggests he is the victim of an elaborate fleecing by the purported victims who came after him for his money.

Keep it Classy Cincinnati: Former Cincinnati Bengals cheerleader Sarah Jones pleaded guilty today to having sex with her 17 year old former student. Ms. Jones first met the victim when he was in her freshman English class.  As part of a plea agreement Ms. Jones had to admit that she had sex with her student who is now 18. Ms. Jones will not be facing any jail time because she is still romantically involved with now 18 year old former student who left the court with her. Read more from ESPN here.

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