Mitt Romney continued to drive a debt-oriented message here on Wednesday morning, extending his “prairie fire” of debt metaphor with the assistance of a prop.

In a nod to the independent voters who pushed the Sunshine State into the Democratic column in 2008, Romney noted that both parties were responsible for pushing the debt to the “incomprehensible” levels – which were represented on a giant prop debt clock behind him.

CONTINUED at MSNBC.

Spain tumbled into recession and European stock markets and the euro fell Thursday as Greece installed a crisis government to tackle its crippling debt, EU leaders prepared for talks and analysts raised the spectre of a run on eurozone banks.

“Markets are worried about eurozone bank deposit runs and an escalating banking crisis,” London-based VTB Capital economist Neil MacKinnon told AFP.

Heavy withdrawals of deposits have been reported in Greece and Spain, and top European Union leaders were to hold a videoconference.

They were initially to discuss an upcoming G8 meeting of industrialised countries but were now faced with a serious deterioration of the situations in Greece and elsewhere across the eurozone.

A caretaker government took office in Athens on Thursday to organise its second election in six weeks after an inconclusive May 6 vote as fears over its possible euro exit rocked Spain and Italy.

The election left Greece in limbo and the new poll on June 17 offers no guarantee of a viable government able to implement an EU-IMF bailout which has divided the country.

The International Monetary Fund announced Thursday that it would hold off on official contacts with Greece until after the June 17 elections.

CONTINUED at Yahoo News.

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founderEduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

In September 2011, Saverin relinquished his U.S. citizenship before the company announced its planned initial public offering of stock, which will debut this week. The move was likely a financial one, as he owns an estimated 4 percent of Facebook and stands to make $4 billion when the company goes public. Saverin would reap the benefit of tax savings by becoming a permanent resident of Singapore, which levies no capital gains taxes.

At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.”

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, Saverin’s spokesman, told Bloomberg News in an email.

Last year 1,700 people renounced their U.S. citizenship.

Source: ABC News.

The federal government paid at least $439 million in employee bonuses last year, down $43 million since new austerity restrictions were announced.

The largest merit awards went to senior executives in Washington and air traffic controllers, an Asbury Park Press investigation found. The highest award, $62,895, went to 16 employees from agriculture to NASA.

The $439 million in bonuses may be a staggering amount — enough to buy the former New Jersey Nets, valued at about $357 million by Forbes magazine — but it represents just 0.4 percent of the $105 billion in salaries for most of the government’s civilian employees. In 2010, at least $482 million was paid in bonuses, according to federal data.

CONTINUED at the Asbury Park Press.

Surveillance aircraft used by the U.S. military overseas could soon be coming to the skies above Los Angeles County.

KNX 1070′s Charles Feldman reports the Federal Aviation Administration is making it easier for local law enforcement agencies to fly unmanned drones.

The FAA has streamlined the process that would allow agencies to fly smaller, unarmed versions of the drones that hunt down terrorists in places such as Pakistan and Afghanistan.

While the Los Angeles County Sheriff’s Department has not yet applied for an application to fly drones over our skies, its Homeland Security chief Bob Osborne said drones could be in the department’s future — with some caveats.

CONTINUED at CBS Los Angeles.

STORY 1: Obama worth as much as $10 million

Three things are apparent from President Obama’s annual financial disclosure statement, released today:

He is a wealthy man, with assets of as much as $10 million.

He has a hefty stake in JPMorgan Chase, the megabank that just made a bad $2 billion bet. Obama has an account worth between $500,000 and $1 million.

Despite the nation’s $15.6 trillion debt, he is a believer in government paper. More than half of his assets are in Treasury bills and notes.

The disclosure statement lists assets and liabilities in dollar ranges, so pinpointing the president’s net worth is difficult. His assets appear to tally between $2.6 million and $9.9 million. He holds a mortgage on his Chicago home of $500,000 to $1 million.

As was clear from Obama’s income tax filing, much of his income continues to roll in from book royalties. The disclosure form lists $100,000 to $1 million in royalties from Dreams From My Father, $100,000 to $1 million from Of Thee I Sing: A Letter to My Daughters, and $50,000 to $100,000 from The Audacity of Hope.

Vice President Biden, on the other hand, isn’t all that wealthy. His financial disclosure statement includes less than $1 million in assets — and as much as $1.5 million in liabilities, including between $500,000 and $1 million on his Wilmington home.

Source: USA Today.

STORY 2: Obama has up to $1 million with JPMorgan Chase

US President Barack Obama has up to $1 million in a JPMorgan Chase checking account, the White House said Tuesday as a controversy deepened over the bank’s $2 billion dollar losses.

Public figures in the United States are required by law to publish their assets and investments to avoid conflicts of interest, and the White House releases disclosures for Obama and Vice President Joe Biden each year.

As well as the between $500,000 and $1 million in the JPMorgan Chase Private Client Asset Management checking account, Obama also has millions of dollars in a variety of other accounts and funds, bonds and treasuries.

The largest holding, according to the disclosures, is between one and five million dollars in US Treasury notes.

Most of Obama’s wealth comes from book royalties, including from his best selling autobiography “Dreams From My Father.”

Obama said during a television interview with ABC’s “The View” broadcast Tuesday that the $2 billion in derivatives losses suffered by JPMorgan proved the need for tighter banking regulation.

He also said that JPMorgan chief Jamie Dimon was “one of the smartest bankers we got and they still lost money.”

“They still lost $2 billion dollars and counting precisely because they were making bets in these derivative markets. This is why we passed Wall Street reform.”

The US Justice Department has opened an FBI probe into JPMorgan Chase’s more than $2 billion trading loss, a person familiar with the matter told AFP Tuesday.

News of the investigation came as Dimon, JPMorgan’s embattled chief executive, faced criticism at the company’s annual shareholders meeting in Tampa, Florida, over the shock loss.

Source: Yahoo News.

The head of Greece’s Council of State will take the reins of the country until it holds new elections on June 17, state TV said a meeting of party leaders decided Wednesday, a day after power-sharing talks collapsed.

Nine days of negotiations among Greece’s bickering parties failed after May 6 inconclusive elections left no party with enough votes for a majority in parliament. The lack of a deal to share power meant the only option open was to head back to the ballot box.

The caretaker government will have no mandate to take any internationally binding commitments, with emergencies to be handled in consultation with party leaders, Communist Party head Aleka Papariga said.

“It will be a strictly caretaker government, which must not take any action at the EU or NATO that will be binding for the Greek people,” Papariga said after another meeting with other party heads, convened by President Karolos Papoulias to find agreement on who will lead the temporary government.

“If there is an emergency or unforeseen event, that can be addressed by consultation among the parties with the involvement of the president,” she said.

CONTINUED at CNBC.

*Written by Rob Rimes.

Yesterday was a pretty emotional day for Paul supporters everywhere. The Paul campaign announced that they would no longer compete in the states that have not yet voted as it would cost too much money moving forward. In fact, here is what Ron Paul said himself:

Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted. Doing so with any hope of success would take many tens of millions of dollars we simply do not have.

This is completely understandable and really just goes to show how fiscally responsible Dr. Paul truly is, especially when comparing him to his conservative counterparts who spent themselves into oblivion and racked up some serious campaign debt. With that being said, this is only more reason to vote for the man as he knows where to draw the line and also knows what all of Paul supporters know, which is that we will all continue to vote for the man regardless of the campaign’s inability to compete with the Wall Street funded Mitt Romney. When those Occupy kids are looking for a leader it should probably be the guy whose campaign is funded by the downtrodden 99 percent as opposed to the 1 percent big bank bank funded candidates like Romney and Obama.

This doesn’t mean that Paul is completely out of this race. As was just mentioned, his supporters are loyal and will vote for him despite this seemingly tragic pitfall. The hunt for delegates will continue and ultimately, Ron Paul will continue to surprise the doubters and make a serious impact on this race. This isn’t blind faith or overly-loyal Paulbot idiocy, this is facts. I doubted the campaign’s strategy but have since learned that in the realm of acquiring delegates, they are doing a hell of a job. The media doesn’t accurately report on what’s going on in the delegate hunt and honestly, you can go to various mainstream media sites and look at their delegate counts and the numbers don’t match – corporate media is clueless. Romney may have been announced the winner in Maine but Paul walked away with the most delegates. Santorum and Gingrich have lost theirs and with 11 states left to vote, Paul could continue to be a thorn in the side of the establishment beast. As I’ve said many times, this isn’t about winning, this is about the message and gaining enough support to stamp it on the leviathan’s forehead before it is once again let loose on the masses. In other words, Paul might not win the fight but he is going to break a motherfucker’s nose.

Even though the mainstream media has been quick to gleefully write Paul off as a quitter, his forces are moving forward – just more covertly in a way that is unique and foreign to these political experts spewing regurgitated pre-written bullshit through our television and radio speakers. In order to dispel the mainstream hogwash, Paul’s chief strategist Jesse Benton sent out an official statement. Here is some of what that memo states:

Let me be very clear. Dr. Paul is NOT ending his campaign. As Dr. Paul has previously stated, he is in this race all the way to the Republican National Convention in Tampa this August. Looking ahead, our campaign must honor that trust by maximizing our resources to ensure the greatest possible impact at the National Convention. So while our campaign is no longer investing in the remaining primary states, we will continue to run strong programs at District and State Conventions to win more delegates and alternate delegates to the National Convention.

To this end, our campaign has several positive and realistic goals: 1) Having recently WON Maine, we believe we can win several more states. 2) We will win party leadership positions at both the state and national level. 3) We will continue to grow our already substantial total of delegates.

We will head to Tampa with a solid group of delegates. Several hundred will be bound to Dr. Paul, and several hundred more, although bound to Governor Romney or other candidates, will be Ron Paul supporters.

Unfortunately, barring something very unforeseen, our delegate total will not be strong enough to win the nomination. Governor Romney is now within 200 delegates of securing the party’s nod. However, our delegates can still make a major impact at the National Convention and beyond. All delegates will be able to vote on party rules and allow us to shape the process for future liberty candidates.

We are in an excellent position to make sure the Republican Party adds solid liberty issues to the GOP Platform, which our delegates will be directly positioned to approve. Our campaign is presently working to get several items up for consideration, including monetary policy reform, prohibitions on indefinite detention, and Internet freedom.

Finally, by sending a large, respectful, and professional delegation to Tampa, we will show the Party and the country that not only is our movement growing and here to stay, but that the future belongs to us…

Considering that two of the biggest states, California and Paul’s home state Texas, haven’t yet voted, there are a shitload of delegates that could easily go Paul’s way, especially since he has performed well in both of those states. The race is still as interesting as it has been all along, even though the media is ignoring Paul and pretending he isn’t even a part of this race anymore. Their “out of sight, out of mind” strategy hasn’t worked in the past and it won’t work this time. Paul supporters aren’t going anywhere and their numbers will continue to expand.

In retrospect, was this even about winning the presidency or was this about turning the Republican Party on its head and making a real difference? Is this really about shattering one half of the two-party mold in an effort to fix the system from within? If so, will it work? Either way, this game has been well-played by the Paul camp and ultimately it’s up to us everyday people to see that the message is sent and clearly understood. From here on out, this game is going to get pretty fucking filthy. Put on your gloves because we aren’t done swingin’!