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Bailout Outrage

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...

Northern Trust Bank Threw Lavish Parties, Sponsored Golf Tournament After Getting Bailout Funds

AP | STEPHEN BERNARD | Posted 05.25.2011 | Business

NEW YORK — Northern Trust Corp., a bank that received $1.6 billion in government funds, is facing scrutiny for hosting parties and other events ...

Citigroup Nationalization: Market Reacts To Talks Of 40% Gov Stake

AP | TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — Wall Street has turned the clock back to 1997. Investors unable to extinguish their worries about a recession that has no end in sigh...

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.

Cuomo Files Documents To Get Thain To Give Up Bonus Details

AP | IEVA M. AUGSTUMS and STEPHEN BERNARD | Posted 05.25.2011 | Business

CHARLOTTE, N.C. — A New York judge cleared the way Monday for former Merrill Lynch & Co. CEO John Thain to testify about bonuses paid to Merrill...

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...

Bear Stearns Rescue Backed Amid Concerns

AP | MARTIN CRUTSINGER | Posted 05.25.2011 | Business

WASHINGTON — Federal Reserve Chairman Ben Bernanke and the Bush administration on Thursday defended the decision to rescue Bear Stearns amid que...

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?

Banks Promise They Won't Use Bailout Money For Pay

AP | JOHN DUNBAR | Posted 05.25.2011 | Business

WASHINGTON — Some of the nation's largest banks sharing in the $700 billion government bailout of the financial industry tried to assure lawmake...

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."

Why Should I Care About the Nice Guys When the SOB's Have Screwed Up the Economy?

Russ Edelman | Posted 05.25.2011 | Business
Russ Edelman

By learning how to speak up, confront situations and make choices, overly nice guys can help break the downward slide in this economy.

Streamlined Modification Program: The New Homeowner Bailout From Fannie Mae And Freddie Mac

AP | ALAN ZIBEL | Posted 05.25.2011 | Business

WASHINGTON — Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. ...

FDIC Head: New Mortgage Plan Not Enough

AP | ALAN ZIBEL | Posted 05.25.2011 | Business

WASHINGTON — Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. ...