iOS app Android app

Bailout Outrage

Remember That Whole Thing About Fixing Our Financial System?

Arianna Huffington | Posted 05.25.2011 | Business
Arianna Huffington

"Everybody understands," Geithner said on This Week, "that we cannot have our financial system go back to the practices that brought this economy to the brink of collapse." The problem is, it already has.

It's Time to Treat America's Homeowners as Well as We've Been Treating Wall Street's Bankers

Arianna Huffington | Posted 05.25.2011 | Business
Arianna Huffington

"The banks are too big to fail" has been the mantra we've been hearing since September. But when you consider the millions of American homeowners facing foreclosure, aren't they also too big to fail?

What Is So Outrageous About Paying Our Bills?

Larry Gellman | Posted 05.25.2011 | Politics
Larry Gellman

I always thought that taxes were the way we paid our bills. In a democracy we have elected representatives who spend money on our behalf on things like defense, security, wars, bridges, and health care benefits.-

Time Rewrote History With "25 People to Blame for the Financial Crisis"

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

Instead of pinpointing culpability among the key players, Time deflects blame away from Republicans and falsely implicates Democrats, to create a muddleheaded "plenty-of-blame-to-go-around" narrative.

Farting Permitted, Politics Prohibited? Does Apple Have a Problem with Political Games?

William Volk | Posted 05.25.2011 | Media
William Volk

On the web games pop up based on current events in days. It would be a shame if that wasn't possible on the iPhone.

AIG's Financial Products Unit Hasn't Signed "Big Bang" Protocol

Financial Times | Michael Mackenzie and Francesco Guerrera | Posted 05.25.2011 | Business

The unit that all but destroyed AIG has failed to sign up for the overhaul of the global derivatives market which was given added impetus by the troub...

AIG Risk Officers Remain In Place, Despite Disastrous Decisions

Huffington Post | Julie Satow | Posted 05.25.2011 | Business

AIG's risk management team, whose job was to manage credit risk at the giant insurer, remain in place despite their disastrous oversight. At least f...

AIG Anger and the Free Market Myth

Charles A. Clarkson | Posted 05.25.2011 | Business
Charles A. Clarkson

What do the Easter Bunny, the Tooth Fairy, Santa Claus and the "free market" have in common? None of them exist.

Fred Goodwin Vandalized: Former RBS Chief Attacked

The Guardian | Jenny Percival and Severin Carrell | Posted 05.25.2011 | Business

An anonymous email threatened further action against "criminal" bank bosses after the home of the former Royal Bank of Scotland chief executive, Sir F...

Arthur Delaney

JP Morgan Spending Millions On Jets: Keep Blowing The Whistle On Bailout Waste | Arthur Delaney | Posted 05.25.2011 | Business

JPMorgan Chase, beneficiary of $25 billion in taxpayer bailout dollars, plans to spend $138 million for swank corporate jets and a new hangar, ABC New...

AIG Continues Risky Lending Practices | Bruce Krasting | Posted 05.25.2011 | Business

On March 16, 2009 United Guaranty revised its standards for providing the first loss insurance that has caused so much pain... Noteworthy is the fact...

Could Anger at AIG and Geithner's New Bank Plan Help Unions?

Art Levine | Posted 05.25.2011 | Business
Art Levine

The aim of the new union-backed populist uprising is to fight back against the same corporate interests that are now scheming against raised living standards for workers.

Capitalism and Moral Sentiments

Jeffrey Sachs | Posted 05.25.2011 | Business
Jeffrey Sachs

The fascinating thing about this Wall Street greed is that it is so deeply ingrained that neither the bankers themselves nor our economic leadership understands just how disgusting and dangerous it is.

Goldman Sachs, Obama, Money

Bob Ostertag | Posted 05.25.2011 | Politics
Bob Ostertag

Have things changed so dramatically that Obama will have room to dump his biggest campaign contributers overboard? That question will be answered in the coming weeks.

Protests Across Country Focus on Workers' Strife, Citizen Journalists Report

Matthew Palevsky | Posted 05.25.2011 | Politics

Reporting by Natasha Chen, Daniel Howes, Karen Kilpowicz, Pamela Mays McDonald, Linda R. Monk, Dorothy Noble, Elizabeth Ross, Jim Stevenson, Betty Ten...

Arthur Delaney

Activists Hosting 'Bus Tours' Of AIG Executives' Homes | Arthur Delaney | Posted 05.25.2011 | Business

On Saturday, the Working Families party is organizing a "Lifestyles of the Rich and Infamous" bus tour of Connecticut homes belonging to executives fr...

90% Tax? Now, We Really are Screwed

Henry Blodget | Posted 05.25.2011 | Business
Henry Blodget

The frantic passage of the Populist Rage Tax was a new low in the US government's response to this crisis.

Naughty, Naughty Boys and the Collateralized Commodity Bailout

Robyn O'Brien | Posted 05.25.2011 | Business
Robyn O'Brien

A hot new trend among traders is betting on packages of energy and agricultural futures. Kind of like the bankers bet on subprime mortgages, traders recently invented Collateralized Commodity Obligations.

Wall Street CEOs Push Back On Bonus Tax: "Terribly Unfair"

Wall Street Journal | JOE BEL BRUNO and MATTHIAS RIEKER | Posted 05.25.2011 | Business

The chief executives of the nation's three largest banks on Friday pushed back against legislation that would heavily tax Wall Street bonuses. Citigr...

An AIG of conservative enlightenment? Hardly.

Karl Frisch | Posted 05.25.2011 | Media
Karl Frisch

Little Limbaughs throughout the media are taking El Rushbo's cue, lining up, pitchforks in hand, rallying to the defense of the little guys at the bazillion-dollar insurance behemoth.

AIG, Toxic Assets and the Call to Personal Sacrifice

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

If there has ever been an example of "sow and ye shall reap" gone awry, it is the madcap stripping of the national treasure by those who have brought us to the edge of the cliff.

Billions In Merrill Lynch Bonuses Would Elude Tax

NY Times | LOUISE STORY | Posted 05.25.2011 | Business

Merrill Lynch's $3.6 billion bonus pool has been among the most controversial payouts on Wall Street. But most of those bonuses, which included some 7...

Stop the Financial Services "Super Czar" (Updated)

Don McNay | Posted 05.25.2011 | Business
Don McNay

There has been talk about appointing a new "Systemic Risk Regulator." This "Super Czar" would oversee all of the financial services industry. We had a "Super Czar" last year. His name was Henry Paulson.

Lessons from AIG

Robert Weissman | Posted 05.25.2011 | Business
Robert Weissman

What is vital now is that the public's righteous anger is not expressed only as "no." There are a lot of things to which We The People do need to say "no." But we need a lot of "yes's," too.

Creep of the Week: AIG Bonus Grantor Edward M. Liddy

Leo W. Gerard | Posted 05.25.2011 | Business
Leo W. Gerard

AIG Chairman Edward M. Liddy gets the Creep of the Week award for his stunning, overwhelming, dumbfounding display of cluelessness.