Why should the corporate miscreants who did untold harm to millions upon millions of their fellow citizens, remain largely anonymous, shielded from public scorn?
Ann Pettifor | Posted 04.24.2009 | Business
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.
businessinsider.com | Joe Weisenthal | Posted 04.23.2009 | 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...
Rolling Stone | Posted 04.22.2009 | 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...
Don McNay | Posted 04.22.2009 | Business
If AIG loses millions, or billions, in the future due to its "overly aggressive pricing" we are going to be picking up the tab.
Arianna Huffington | Posted 04.21.2009 | Politics
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.
Don McNay | Posted 04.20.2009 | Business
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.
AP | Posted 04.19.2009 | Chicago
Several hundred workers have protested outside Chicago-area financial institutions, calling for an end to corporate bailouts. The Service Employees I...
Robert Weissman | Posted 04.19.2009 | Business
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.
Diane Francis | Posted 04.19.2009 | Business
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...
Jonathan Richards | Posted 04.16.2009 | Politics
The bonuses may seem greedy, but look what quality stuff they're producing! ...
Don McNay | Posted 04.16.2009 | Business
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.
Aaron Zelinsky | Posted 04.15.2009 | Business
Larry Summers claims that nothing can be done about the AIG bonuses. As a former Secretary of the Treasury, he should know better.
Kevin Phillips | Posted 04.13.2009 | Business
Paulson has left, to be sure, but his spirit (and his aides) linger on under Geithner. This doesn't quite seem like "real" change.
Don McNay | Posted 04.09.2009 | Business
A program that gives back $1.73 for every dollar spent is a better return than Wall Street is offering.
Phil Bronstein | Posted 04.09.2009 | Politics
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.
Huffington Post | Julie Satow | Posted 04.09.2009 | 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...
Don McNay | Posted 04.03.2009 | Business
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.
Michael Gene Sullivan | Posted 04.17.2009 | Politics
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.
AP | MARTIN CRUTSINGER | Posted 03.30.2009 | Business
WASHINGTON — The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 perce...
New York Times | EDMUND L. ANDREWS and ERIC DASH | Posted 03.29.2009 | 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 ...
Saskia Sassen | Posted 03.28.2009 | Business
The real challenge we face is how to switch out of the hyper-financial mode of the last two decades. It is not to rescue zombie banks.
Don McNay | Posted 03.27.2009 | Business
Every bailout plan reminds me of an economic re-run of the Iraq war: There is a lot of panic. A hastily written plan sweeps through Congress without scrutiny. The plan is expected to "shock and awe" us.
MoneyMorning.com | Martin Hutchinson | Posted 03.23.2009 | Business
We listed the 12 largest U.S. banks by assets, as of Dec. 31, ignoring foreign-owned banks, Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) (tho...
Robert L. Borosage | Posted 03.20.2009 | Politics
A long term discussion of America's finances could help Americans look beyond the crisis, defining where we need to go and how, in the long term, we'll pay for it.
Philip Slater | Posted 04.25.2009 | Business