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Bailout Outrage

Tim Geithner, CNBC, and the Second Coming of Known Unknowns

Arianna Huffington | Posted 05.25.2011 | Business
Arianna Huffington

AIG's CEO prefers not to say who has our money. Same with the Fed. Same with Bank of America's CEO who prefers to go to court instead of saying who got bonuses. It's time to call in all the knowable unknowns.

Why The Merrill Bonuses Are A Watershed Moment

US News | Rick Newman | Posted 05.25.2011 | Business

In the midst of the Vietnam War, an Air Force major told war correspondent Peter Arnett that it was necessary to destroy the town of Ben Tre in order ...

Govt: Bank Of America Threatened To Sue Employee Willing To Talk About Bonuses

ABC News | RICHARD ESPOSITO | Posted 05.25.2011 | Business

The battle for bonus figures in the New York State investigation into the merger of Merrill Lynch and Bank of America got even uglier today, with the ...

Merrill Lynch Gave Top Earners $209 Million In 2008 (SLIDESHOW)

Huffington Post | Katharine Zaleski | Posted 05.25.2011 | Business

UPDATE: Some of the top earners at Merrill Lynch who were given $209 million in 2008 were subpoenaed by New York State Attorney General Andrew Cuomo o...

Looking for Bailout Love in All the Wrong Places

Don McNay | Posted 05.25.2011 | Business
Don McNay

Citigroup and AIG employ thousands of good people. But they have had rotten apples in leadership. They created a culture that is probably impossible to change or fix.

BofA's Ken Lewis: TARP Funds "A Mistake"

Huffington Post | Julie Satow | Posted 05.25.2011 | Business

Bank of America's CEO Kenneth Lewis told the Financial Times the $20 billion in funds he requested in January was a "tactical mistake" that made the c...

BofA CEO Lewis Flies In Private Jet, Refuses To Answer Questions

ABC | RICHARD ESPOSITO and JOANNA JENNINGS | Posted 05.25.2011 | Business

In just one day, the president of Bank of America, Ken Lewis, managed to defy both President Barack Obama and New York Attorney General Andrew Cuomo. ...

BofA CEO To Be Grilled Over Bonuses: Who Approved $3.6 Billion Payout?

ABC News | Posted 05.25.2011 | Business

Bank of America President Ken Lewis is set to be confronted by the lawyers for New York Attorney General Anthony Cuomo this afternoon over his stateme...

BofA's Kenneth Lewis Calls $15.8B-Losing Merrill Lynch "A Thing Of Beauty"

Bloomberg News | Posted 05.25.2011 | Business

Bank of America Corp. Chief Executive Officer Kenneth Lewis said Merrill Lynch & Co. and Countrywide Financial Corp., the acquisitions that some analy...

Thain Tells All On Merrill Lynch Bonuses

ABC News | Posted 05.25.2011 | Business

John Thain, former CEO of Merrill Lynch, finally revealed the names of the executives who received multi-million dollar bonuses on the eve of his fail...

Things I Don't Get

James Moore | Posted 05.25.2011 | Business
James Moore

Rick Santelli and others are guilty of extreme hypocrisy, the type that only raises its moral head when it serves a particular constituency.

Virginia Hammerness, Bank Of America Heiress, Blasts Bank Leaders As 'Idiots' (VIDEO)

CBS5 | Posted 05.25.2011 | Business

SAN FRANCISCO (CBS 5) - The granddaughter of the man who founded Bank of America in San Francisco in the early 1900s called the bank's current conditi...

Freddie Mac, When Are You Coming Back?

Danny Schechter | Posted 05.25.2011 | Business
Danny Schechter

As housing implodes, is our nation at an economic tipping point?

Momonomics 102: The Wile-E Coyote Bailout

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

How does that impact a family in Houston or a farmer in Iowa? It means that it is going to become harder to borrow money since the banks don't want to make loans.

Speed is of the Essence, But So is the Right Solution

Neil Grossman | Posted 05.25.2011 | Business
Neil Grossman

Instead of buying bad debts from financial institutions at a relatively arbitrary price, I suggest we do the following.

McCain and Obama's Wall Street Greed Team

Earl Ofari Hutchinson | Posted 05.25.2011 | Politics
Earl Ofari Hutchinson

Team Obama has matched and in some cases exceeded Team McCain in the mad dash to bundle cash from Wall Street with one even more troubling note.

Bailout a Done Deal, So What Happens Now?

Henry Blodget | Posted 05.25.2011 | Business
Henry Blodget

Now that the government has been terrified into rubber-stamping the Wall Street bailout, what happens now? I wish the news were better, but in opinion, here's the most likely scenario.

Free Enterprise? Buffett Counts On Bailout

Robert Reed | Posted 05.25.2011 | Business
Robert Reed

Don't kid yourself, Buffett knows the score. That's why he favors a bailout! Believe me, without the distinct possibility of a taxpayer rescue, Buffett doesn't go anywhere near Goldman, GE or anything else.

Buddy, Can You Spare $250,000,000,000?

Stanley Bing | Posted 05.25.2011 | Business
Stanley Bing

Today we can add another group to the list of those who require intercession by We the People: Big Banks that have mismanaged the deposits entrusted to them by their customers.

Threatening Letters Sent To Chase CEO

ABC News | BRIAN ROSS and RICHARD ESPOSITO | Posted 05.25.2011 | Business

The U.S. Postal Inspection Service posted a $100,000 reward late Wednesday for information about a flurry of threatening letters sent to JP Morgan Cha...

Culture Zohn: Terms of Endearment, or Why the Collapse of the Financial Markets is Just Like Love

Patricia Zohn | Posted 05.25.2011 | Business
Patricia Zohn

I am still imagining this whole thing to be a physical thing -- something you can get your arms around, like a guy -- and soothe, by whispering sweet nothings in his ear.

What the Hell is Paulson Thinking???

Howard Schweber | Posted 05.25.2011 | Business
Howard Schweber

Paulson now says that the administration will not, after all, use any of the $700 billion to purchase asset-based securities. At this point it seems salient to ask, what the hell is going on?

Citigroup Job Cuts: Could Citi Be Headed For Buyout Or Government Takeover?

Huffington Post | Dave Burdick | Posted 05.25.2011 | Business

All weekend, the media has been atwitter with the rumor of enormous impending job cuts at Citigroup. This morning, Clusterstock reports that Citigroup...

Robert Rubin's Awkward, Damning Citigroup Crisis Interviews

New York Magazine | Posted 05.25.2011 | Business

Last week's New York Times article, which blamed him for bringing down Citigroup and really the entire global economy, must have been difficult for Ro...

Citigroup as the "Grim Reaper"

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

In an earlier post, I ended by paraphrasing Lenin, "Wall Street will sell us the rope to hang American Capitalism." Well, in Citigroup we have created the perfect "Grim Reaper."