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Fire Destroys Iron Mountain Data Warehouse, Argentina's Bank Records Lost
cagraham writes "A fire at Iron Mountain's data warehouse in Buenos Aires left the facility 'ruined' and killed nine first-responders, according to the Washington Post. The origin of the fire is unknown. The facility was supposedly equipped with sprinkler systems, fire control systems, and had a private emergency team on standby. Among the records destroyed are Argentina's bank archives, the loss of which could have some surprisingly far-reaching implications."
The obvious question is: Cui bono? Do any of Kirchner's henchmen have a gasoline odor on their hands?
My big issue with it is the crazy amounts of wasted whitespace. This is a trend in site layout that needs to die.
You are complaining about crappy stories and shitty web design, and then recommending Reddit as an alternative?
The cognitive dissonance is strong with this one.
change happens, sure, but when change is for the worse should we really embrace it? There is no shortage of news sites on the internet, I think the majority of old users like myself still come here for the comments/discussion, and if a redesign makes the comment section less usable and so causes people to leave, what's left then?
-- the cake is a lie
And in response most states enacted laws requiring that the mortgage be paid off before it could be challenged in court. Of course once its paid off... who the fuck cares? Result: Literally millions of fraudulent foreclosures. It was so bad that there were legal documents being presented in federal court signed with the name of an employee of the bank that could not be found. The bank had absolutely no record of anybody by that name ever working for the bank. The bank had made up a name and the signing of the documents was fictitious. But because the law required that you pay off, or otherwise post a cash bond for the amount of a loan, before you could challenge it... the fraud was allowed to stand in federal court unquestioned.
Source: I was a mortgage broker in California and watched this happen first hand.
Oh, I will add too... that with the law so protective of the lenders... they got bold. I dealt regularly with court documents where the value of the home, interest rate, mortgage value were all different than what was on the original wet ink signature documents (that I kept scanned copies of). I tried several times to submit my scanned copies to the court as the mortgage broker involved (showing that the lender was fraudulently foreclosing...) in the original transaction but was stymied every time. Any evidence submitted by the defense was essentially void until a bond had been posted for the same amount as the outstanding mortgage. The judge would not even listen to any discussion about inconsistencies, possible perjury, fraud or anything until we paid the bond to gain standing in court. We tried that route and the lowest we could find was 90% equity on a bond. Meaning we had to put up 90% of the value of the mortgage just to fight it in court. When you are fighting over a $700,000 mortgage... who has that kind of scratch just sitting around? If you do... $630,000 is most likely pocket change to you.
I will never, ever, ever buy a house in the united states after witnessing that.
Here is a historical breakdown of why Argentina is where it is (summary: it has absolutely nothing to do with Shell):
- Starting with Nestor Kirchner (Christina Kirchner's husband), there were a ton of social programs started that basically bankrupted the already bankrupt country
- In order to keep funding said programs, Argentina decides it doesn't want to pay it's foreign debts anymore, especially to the US. Argentina claimed that they had already paid back well beyond the original loan amounts. Simply put, they didn't like the terms of the loans and decided to threaten defaulting. The IMF threatened to put them on credit blacklist which drove their borrowing interest rates up even higher. In the end they restructured their debt, but like all spending problems, it is never the math that causes massive debt, but behavior.
- Fast forward to about a year or two ago. Christina Kirchner keeps spending on social programs with no way to pay for them and is facing massive devaluation of the Argentine Peso. Investors and individuals start buying up dollars and euros before the peso collapses. Kirchner bans the exchange of foreign currencies in Argentina.
-Fast foward to a couple of weeks ago. Argentine economists fear a massive bubble is building over the artificially propped up peso and convince Kirchner and politicians to open up foreign exchanges before the bubble gets so big that its collapse will crater the country like it did in 2001. You can read more about that incident's culmination here: http://en.wikipedia.org/wiki/D...
- As a result of foreign exchanges opening up the bubble pops and the peso loses 15% of its value in less than 12 hours.
-Foreign companies that operate in dollars or euros have to raise prices. Commodities tied to dollars or euros are always the first to rise. Oil is probably the most exposed to this as all Oil selling countries have to sell Oil in dollars.
-After a week of rapid inflation, Shell raises it's prices, and...drumroll...SO DO ALL OTHER GAS STATIONS TIED TO IMPORTED OIL.
It bothers me that people are always so quick to crucify companies (in this case oil companies) just because it is the popular thing to do. Those dirtbag Politicians in Argentina are no different than the dirtbag politicians we have here in the US. Their arguments consist of blaming anyone but themselves for domestic policy disasters. Just like Bush blamed Terrorists, Obama blamed Bush, and whoever comes next will blame Obama. Down there, they just say "Those damned European/American money grubbing corporations are doing this to us!" Sadly, like here in the US, the people there buy it hook line and sinker.
Sources - Reading the news, living in Argentina for a few years (2003 - 2005), and having a basic understanding of macro economics and currency valuations.