iOS app Android app

Wall Street Bailout

A Trillion Dollars for the Banks: How About a Second Opinion?

Dean Baker | Posted 05.25.2011 | Business
Dean Baker

Given how much money Tim Geithner wants to spend -- putting it in the hands of the folks that brought on this economic crisis -- it would seem appropriate to first examine all the alternatives.

Neurofinance: Gaming the Human Brain?

N. E. Marsden | Posted 05.25.2011 | Business
N. E. Marsden

Wall Street has come up with a new twist on "insider trading": brain science. Neuroeconomics and Neurofinance give new meaning to the term "Pandora's Box."

Getting Good Mileage from the GM Takeover Plan

Randall Amster | Posted 05.25.2011 | Business
Randall Amster

Wouldn't it be fun to be lounging on crushed velvet seats in a little red Corvette -- um, I mean Prius -- instead of always being in the SUV breakdown lane spewing fumes during rush hour?

Letters to Obama: What About Wall Street?

Mary Lou Song | Posted 05.25.2011 | Business
Mary Lou Song

You did the right thing about asking Wagoner to step down, but that it is not enough. We need more action, Obama. We need more fairness and non-partisanship in your office and in congress.

Fix the Airlines Instead of Bailing Out Wall Street

Don McNay | Posted 05.25.2011 | Business
Don McNay

I used to schedule an out of town trip then meetings the next day. Now I can't. I am not sure if I will get back or if I will get home exhausted and stressed.

The Question Tim Geithner Refuses To Answer

Henry Blodget | Posted 05.25.2011 | Business
Henry Blodget

Why is Geithner bailing out the people who lent trillions of dollars to our now-insolvent banks? Who are these people?

Creating A Register of Shame For White-Collar Malefactors

Philip Slater | Posted 05.25.2011 | Business
Philip Slater

Why should the corporate miscreants who did untold harm to millions upon millions of their fellow citizens, remain largely anonymous, shielded from public scorn?

Wall Street, Geithner, and Defunct Economics Threaten Obama's Leadership

Ann Pettifor | Posted 05.25.2011 | Business
Ann Pettifor

President Obama is in danger of making the same mistake Nelson Mandela made. Obama is abrogating power to shape the recovery of the US economy, and handing over the leadership to Wall Street and lesser mortals.

Business School Rankings For Bailed Out Bankers, CEOs (SLIDESHOW)

businessinsider.com | Joe Weisenthal | Posted 05.25.2011 | Business

No big surprise: Most of the bankers, politicians and regulators who got us into this mess went to a handful of elite universities and business school...

AIG Underbidding Insurance Rivals and Why We Should Be Really Angry

Don McNay | Posted 05.25.2011 | Business
Don McNay

If AIG loses millions, or billions, in the future due to its "overly aggressive pricing" we are going to be picking up the tab.

Rolling Stone: How Wall Street Insiders Are Using Bailout To Stage A Revolution

Rolling Stone | Posted 05.25.2011 | Business

It's over -- we're officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few week...

Sunday Roundup

Arianna Huffington | Posted 05.25.2011 | Politics
Arianna Huffington

Barack Obama's Special Olympics line on Leno got all the headlines, but the night's real money quote was his saying that his administration plans to "set up a securitized market for student loans and auto loans outside of the banking system" in order to "get credit flowing again." Excuse me, but isn't that what the $700 billion bank bailout was supposed to do? So what happened? Instead of lending the billions we gave them, Obama explained to Leno, the bailed out banks "are keeping it in the bank because their balance sheets had gotten so bad." Imagine that: zombie banks using taxpayer money to stay afloat. If the White House really didn't see that one coming, it's no wonder the ferocity of the public's reaction to the AIG bonuses caught them so off-guard.

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.

AIG Plutocrats Pilfer the Public

Diane Francis | Posted 05.25.2011 | Business
Diane Francis

What is scandalous is not only the US$165 million in AIG bonuses. It's the US$180 billion which has been shoveled into AIG by taxpayers to date, funds...

Capitalism - the Gift That Keeps on Taking: Part I

Michael Gene Sullivan | Posted 05.25.2011 | Politics
Michael Gene Sullivan

Most Americans are not capitalists. They might want to be capitalists, but no matter how much you, or that hardworking barista, that well paid techno-nerd, small farmer, or gangsta rapping bank teller may want to be capitalists, you are not capitalists. You are workers.

Good Work, AIG!

Jonathan Richards | Posted 05.25.2011 | Politics
Jonathan Richards

The bonuses may seem greedy, but look what quality stuff they're producing!...

Powerball Jack and the Wall Street Bailout

Don McNay | Posted 05.25.2011 | Business
Don McNay

If the people on Wall Street knew that no one would ever be there to bail them out, ever again, they would be less inclined to gamble with instruments they don't really understand.

Larry Summers: Stop the AIG Bonuses. Yes You Can.

Aaron Zelinsky | Posted 05.25.2011 | Business
Aaron Zelinsky

Larry Summers claims that nothing can be done about the AIG bonuses. As a former Secretary of the Treasury, he should know better.

The Tricky 2009 Politics of Finance

Kevin Phillips | Posted 05.25.2011 | Business
Kevin Phillips

Paulson has left, to be sure, but his spirit (and his aides) linger on under Geithner. This doesn't quite seem like "real" change.

Is Obama-Love Holding the Economic Pitchforks & Torches at Bay?

Phil Bronstein | Posted 05.25.2011 | Politics
Phil Bronstein

There's something the president is doing effectively, charged rhetoric and gauntlet-throwing policies notwithstanding: he's doing a hell of a job keeping the lid on things.

CEO Compensation Increases Despite Firms' Troubles

Huffington Post | Julie Satow | Posted 05.25.2011 | Business

Companies may be floundering, but some chief executives continue to see their pay checks grow. According to Crain's New York Business: Amid the...

The Positive Economics of Food Stamps

Don McNay | Posted 05.25.2011 | Business
Don McNay

A program that gives back $1.73 for every dollar spent is a better return than Wall Street is offering.

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.

Stress Test Details Revealed, "Not Harsh Enough" Say Critics

New York Times | EDMUND L. ANDREWS and ERIC DASH | Posted 05.25.2011 | Business

WASHINGTON -- The Obama administration ordered the nation's 19 biggest banks on Wednesday to undergo stress tests to check whether they could hold up ...