It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Red line train 214 was stopped just outside the station, waiting for clearance to move to the platform. A second train, No. 112, came up behind it and "for reasons we do not know, plowed into that train," Metro General manager John Catoe Jr. told reporters.
One area for examination is why the Metro system's computerized signal system failed in its mission to keep the trains from coming too close to each other. Another issue is why the operator of the striking train, who was killed in the crash, failed to apply brakes manually to prevent the accident.
The train that caused the accident was made up of Series 1000 cars, the oldest in the fleet. Debbie Herman of the NTSB told the Associated Press that the agency had warned of safety problems with the older cars and recommended that the cars be phased out or retrofitted to better withstand a crash. She said it was "unacceptable" that neither had been done.
The train that was struck was made up of newer cars that were equipped with data recorders to provide information in the event of an accident. The Series 1000 cars, the type in the striking train, do not have data recorders.
Metro has a total of 1,126 rail cars in its Metrorail fleet. There are 290 1000-series rail cars, 364 2000/3000-series rail cars, 100 4000-series rail cars, 188 5000-series rail cars and 184 6000-series rail cars.
Originally posted by Rockpuck
reply to post by RetinoidReceptor
If you invest $100 and you borrow $50, and god forbid the stock losses 95% of it's value, and your left with $5 dollars.... you still owe the bank/broker $45...
Most margin accounts require a certain criteria as far as amount deposited, credit history or some form of collateral. It is after all, technically speaking, a loan.
If your a new trader and you have (typically under $25k) and you have no form of collateral, you're not very likely to get margin trading..
But I suppose GBM would know more about it.. he trades on the Margin and with an auto trading computer program at that.
Originally posted by Rockpuck
reply to post by DangerDeath
I always find it odd when trains collide... surely the conductor HAS to see the other big train in front of him, even if it's more then a mile away (assuming no bends).. perhaps it was another case of texting like LA? Even still, it made me sick to watch the reporters desperately interview anyone they could to get the most exciting story of what happened, hardly containing their smiles..
Optimism stalls amid second thoughts on recovery
NEW YORK (Reuters) - After months of wishful thinking, investors are nervous again about financial markets and the world economy, and it may take a flurry of much better economic data to make them believe in a sustainable recovery.
Anxiety grew on Monday after the World Bank cut its 2009 global growth forecast, saying the world economy will contract 2.9 percent this year.
That added to a decline that has hit major markets identified with increased risk -- global stock markets, currencies such as the euro, and oil, copper, gold and other commodities.
US consumer confidence nears record low in latest week-ABC
NEW YORK, June 23 (Reuters) - ABC News on Tuesday released
its weekly index on consumer confidence in the United States.
The Consumer Comfort Index fell in the latest report to
-53 from -49 the prior week.
The index is now just one point above its all-time low of
-54, which was reached in the week ended Jan. 25, 2009, and
before that in the week ended Dec. 1, 2008.
UPDATE 1-FASB overseers to seek input on new strategic plan
NEW YORK, June 23 (Reuters) - In a move that could change the way accounting rules are set in the United States, the group that oversees U.S. accounting rulemakers plans to embark on a "listening tour" in the next few months to develop a new two- to three-year strategic plan for its boards.
The Financial Accounting Foundation trustees, who oversee the U.S. Financial Accounting Standards Board (FASB), will meet with small closed discussion groups of investors, auditors, academics and regulators in New York, Dallas, San Francisco, Chicago and Washington, D.C., as well as with the FASB's standing advisory groups.
"The meetings will be a key building block to our strategic plan," FASB spokesman Neal McGarity said on Tuesday.
"This outreach process we are undertaking is a continuation of the work the FAF trustees did over the last few years. Although it's not something new, it's a strategic and ambitious program to map out the course ahead."
Banking "broken," consumers need help: U.S. watchdog
WASHINGTON (Reuters) - The outspoken head of a U.S. Congressional watchdog panel will strongly urge lawmakers on Wednesday to set up a new government agency to protect consumers from "tricks and traps" set by banks.
President Barack Obama has called for creating an independent financial products agency to oversee consumer lending as part of his sweeping proposal to overhaul the U.S. financial regulatory system.
"We can help fix the broken credit market. And I can sum it up in four words: Consumer Financial Protection Agency," said Elizabeth Warren, chairman of the Congressional Oversight Panel of the Troubled Asset Relief Program, in prepared remarks.
"When we signed the contract, the biggest risk was the fact that we didn't know what we didn't know," CEO Tom Geisel of New Jersey-based Sun Bancorp told CNNMoney.com. "The government was a partner that could do whatever it wanted. That's not a partnership. I've never signed a document like that before in my life, and I'll never sign one again."
Now however, after initiating several investigations of Treasury officials involved with the scandalous AIG bailout and executive compensation arrangements, Secretary Geithner is calling a legal dispute as to who Barofsky reports to. Geithner believes that the reports should go through him to the President’s desk, not directly to the President himself.
Obviously, the Treasury Department does not want to lose clout regarding the bailout and the billions of dollars in TARP allowances handed out. Barofsky’s office is a threat to their legitimacy in that area. More importantly, Barofsky’s investigations are a threat to top Treasury officials, perhaps including Secretary Geithner.
Citi to boost employees' base pay by up to 50 percent: report
(Reuters) - Citigroup Inc intends to raise employees' base salaries by as much as 50 percent this year to offset smaller annual bonuses, the New York Times said, citing people with direct knowledge of the plan.
With an eye on retaining employees and neutralizing a drop in the value of their stock holdings, Citi also plans to award millions of new stock options to employees, according to the paper.
Citigroup officials declined to discuss the issue on the record with the New York Times, but told the paper the changes would bring the bank's compensation plan in line with the general Wall Street view that bonuses are a form of deferred salary and not one-time payouts.
Goldman Sachs on pace for record bonuses: report
NEW YORK (Reuters) - Goldman Sachs Group Inc is on pace to make record bonus payouts after a robust first half, the Guardian newspaper reported on Sunday.
Goldman staff in London were briefed on the outlook and told they could look forward to the bonus hikes if the company registers its most profitable year ever, the report said.
The surge in projected profit can be attributed to a lack of competition and increased revenue from trading foreign currency, bonds and fixed-income products, the newspaper said, citing insiders at the firm.