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A Treasury Department Fail, ‘SNL’ Takes on Biden, and More

A look at the day’s political happenings, including a bipartisan agreement reached on immigration reform and Obama and Clinton give a joint interview on “60 Minutes.”

Posted on Jan 28, 2013 READ MORE



Obama Picks Next Treasury Secretary, Jon Stewart Weighs In on Guns, and More

A look at the day’s political happenings, including AIG’s decision on whether to join a lawsuit against the government over the financial crisis bailout and the White House’s response to a petition to deport Piers Morgan.

Posted on Jan 9, 2013 READ MORE



Everybody Hates John Boehner, Piers Morgan and Alex Jones Face Off, and More

A look at the day’s political happenings, including Gabrielle Giffords’ new PAC, Elizabeth Warren admonishing AIG and Nate Silver talking politics and data analysis on Reddit.

Posted on Jan 8, 2013 READ MORE



Flickr/eflon

AIG’s Big ‘Screw You’ to America

In the ultimate act of corporate greed, the insurance giant—which received a bailout from the government to the tune of $182 billion—is showing what a truly unscrupulous and morally bankrupt organization it is by mulling whether to join a lawsuit against Uncle Sam over unfair bailout terms.

Posted on Jan 8, 2013 READ MORE



Flickr/Paul Hocksenar

The Natural Gas Bubble

The natural gas industry is waging an aggressive public relations campaign to bolster investor confidence, despite evidence showing that shale gas is an unreliable resource and that the production process releases large amounts of methane into the atmosphere.

Posted on Jan 4, 2013 READ MORE



U.S. Treasury

Treasury Projects a Profit From Bailout

Just as Mitt Romney has locked up the Republican nomination on a boast of fiscal conservatism, President Obama’s Treasury Department has said it expects to turn a tidy $2 billion profit from TARP and other extraordinary measures taken to bail out the financial industry.

Posted on Apr 15, 2012 READ MORE



bbc.co.uk

Truthdigger of the Week: Greg Smith

Yes, as a high-level executive for Goldman Sachs for more than a decade, Greg Smith was part of the toxic culture he decried in the resignation letter printed in Wednesday’s New York Times and re-posted around the world. Thus, he was part of the problem.

Posted on Mar 15, 2012 READ MORE



Code Pink (CC-BY-SA)

AIG Chairman Looks Down His Nose at OWS

The chairman of AIG, which is now majority owned by the United States Treasury thanks to a $182.3 billion bailout, was on Bloomberg TV, appropriately enough, when he declared that the “Occupy Wall Street crowd” has “a very simplistic view of things.”

Posted on Nov 16, 2011 READ MORE



A Road Map to Economic Armageddon

In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis.

Posted on Jun 2, 2011 READ MORE



AP / Charles Dharapak

Geithner and Goldman, Thick as Thieves

What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.

Posted on May 31, 2011 READ MORE



AP / Charles Dharapak

The False Debate on the Debt

In the ever-so-smug company of the rich and powerful, it is a given that there is never to be any expression of remorse or other acknowledgement of the pain they have inflicted on the lesser mortals they so cavalierly plunder.

Posted on Apr 13, 2011 READ MORE



nosha (CC-BY-SA)

Goldman Sachs Under Pressure to Return $2.9 Billion Windfall to Taxpayers

Critics of the financial chop shop, of which there are many, would like to see Goldman Sachs return billions in taxpayer dollars paid out to cover a $20 million bet. The huge payout was passed through AIG, orchestrated by then-Chairman Timothy Geithner’s New York Fed, and publicized by the Financial Crisis Inquiry Commission.

Posted on Feb 16, 2011 READ MORE



AP / LM Otero

The Life and Times of Bush the Clueless

The Harvard MBA is the degree that George W. Bush and his last treasury secretary, Henry Paulson, had in common, and their shared ignorance as they presided over the collapse of the U.S. economy is on full display in the former president’s newly published memoir.

Posted on Nov 10, 2010 READ MORE



Flickr / Clyde Robinson (CC-BY)

AIG’s IOU Coming Due With Strings Attached

AIG plans to start paying back the taxpayers some of the $182 billion it borrowed, but the plan involves trading the government’s preferred shares in the company for common stock, a move that ought to raise at least one eyebrow.

Posted on Sep 30, 2010 READ MORE



AP / Mark Lennihan

AIG Settles for $725 Million

American International Group, 80 percent owned by the U.S. government, has announced it will pay out $725 million in a settlement of a securities fraud lawsuit, begun in 2004, that accused the insurance Gargantua of accounting fraud and stock manipulation.

Posted on Jul 16, 2010 READ MORE



Photo illustration from White House photo by Pete Souza

Regulators Made Sure Goldman Sachs Got All of Its Bailout Money

A devastating report in The New York Times documents how Timothy Geithner’s New York Fed worked tirelessly to make sure that AIG was forced to pay banks such as Goldman Sachs 100 percent on dubious contracts that might otherwise have been slashed or subjected to lawsuits. (continued)

Posted on Jun 29, 2010 READ MORE



Wikimedia Commons

Former AIG Exec May Be Off the Hook

People close to the case are claiming that AIG executive Joseph Cassano will not face federal charges related to allegations that he misled investors over the company’s handling of mortgage-related securities prior to the economic crash and subsequent Wall Street bailout.

Posted on May 22, 2010 READ MORE


AIG sign

Senate Gives the Go-Ahead for Fed Lending Probe

When big financial institutions got themselves into a serious pickle in the fall of 2008, the Federal Reserve was there with beaucoup bucks in loans to prop them up. On Tuesday, the Senate voted unanimously to launch an inquiry into the Fed’s lending practices during the financial crisis.

Posted on May 11, 2010 READ MORE


Blankfein
AP / Mark Lennihan

Goldman’s Hand in AIG’s Collapse

Recently disclosed internal documents and an audio recording regarding a 2008 securities standoff between Goldman Sachs and insurance giant AIG appear to be the smoking guns necessary to pinpoint Goldman’s culpability in the mortgage meltdown and the collapse of AIG.

Posted on Feb 6, 2010 READ MORE



Flickr / eflon

Bernanke Offers Fed’s AIG Records to Gov’t Watchdogs

The Fed has nothing to hide about its dealings with AIG when it saved the too-big-to-fail insurance behemoth during the great bailout of 2008-9—or at least Federal Reserve Chairman Ben Bernanke has signaled his full willingness to make the central bank’s relevant “records and personnel” available to investigators from the Government Accountability Office.

Posted on Jan 19, 2010 READ MORE



commons.wikimedia.org / Ramy Majouji

Obama Wants a Wall Street Recovery Tax

President Barack Obama wants to slap a new tax on the country’s largest financial institutions in an ostensible attempt to “recover every single dime” given away in 2008’s Wall Street bailout. The tax was met with predictable fat-cat jeers, despite the fact that the industry has largely recovered from the crisis. 

Posted on Jan 14, 2010 READ MORE


banking protest
AP / Mark Lennihan

Reich Urges Obama to ‘Take On Wall Street’

He’s not the only one saying this, but considering his background, Robert Reich is a pretty significant voice pointing out how, over a year since things went seriously south on Wall Street, “almost nothing has been done to prevent all hell from breaking loose again.”

Posted on Jan 13, 2010 READ MORE



White House / Pete Souza

Rep. Cummings Wants Geithner to Testify About N.Y. Fed-AIG E-Mails

Back in 2008, when Treasury Secretary Timothy Geithner was just the lowly president of the New York Federal Reserve, he was involved in some interactions with embattled insurance giant AIG that apparently resulted in AIG withholding important information from the public. Now Geithner’s under pressure from at least one concerned member of Congress to testify about this matter.

Posted on Jan 8, 2010 READ MORE



Your Bailout Bill: $10,000 (and Counting)

The total price tag for each American for the financial bailout is about $10,000. Could be worse: Brits are paying more than $47,000 apiece. The unemployed bear the brunt of the meltdown, but we all carry a debt for saving Citi, AIG and the rest.

Posted on Jan 7, 2010 READ MORE



Flickr / eflon

What Do AIG’s E-Mails Reveal?

We all know the outcome now, but in the latter months of 2007 executives at AIG seemed to be only starting to catch wind of the problems that eventually led to the nationwide financial collapse the firm helped precipitate a year later. Were they just overly confident? Clueless? Or were they hiding the fact that they knew very well that the jig was up?

Posted on Dec 29, 2009 READ MORE


Geithner
AP / Jose Luis Magana

Still Doing God’s Work on Wall Street

Jail, anyone? Perhaps that’s too harsh, and at any rate premature, but is anyone ever going to be held accountable for the behind-the-scenes sweetheart deals that passed tens of billions of taxpayer dollars through the AIG shell game to the very banks that caused the financial meltdown?

Posted on Nov 25, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: The Geithner-Summers Backlash; Is Palin Dangerous?

At long last, it seems that members of Congress, of left- and right-leaning persuasions alike, are harboring serious doubts about a couple of key players on President Barack Obama’s economic task force. The right-leaning Tony Blankley thinks that this signals the cyclical, and helpful, breakdown of hyper-partisanship on Capitol Hill. Meanwhile, Robert Scheer thinks Sarah Palin is still scary.

Posted on Nov 20, 2009 READ MORE



Flickr / eflon

Bernanke Signals Possible End to ‘Too Big to Fail’ Era

Those financial institutions that viewed last year’s bailout as an object lesson that they can carry on as they wish so long as they’re “too big to fail” may have to adopt another approach. At least, that was the message Monday from Federal Reserve Chairman Ben Bernanke, if he makes good on words of warning to big banks.

Posted on Nov 16, 2009 READ MORE



White House / Pete Souza

Geithner’s Fed Made AIG Pay Banks to the Max

That Timothy Geithner must love the big banks he spends all day talking to. Back when he was in charge of things, the Federal Reserve Bank of New York forced AIG to pay off Wall Street tycoons for all those toxic bets, even though the mega-insurer was busy trying to negotiate a better deal.

Posted on Oct 28, 2009 READ MORE


Geithner
AP / Gerald Herbert

Zooming In on the Year’s Biggest Hoax

Who are these people? I am not referring to the pathetic parents of “Balloon Boy,” whose fake drama I have been unable to escape while on the treadmill this week, thanks to my gym’s insistence on tuning its flat-screen TVs to Wolf Blitzer’s nonstop self-parody.

Posted on Oct 21, 2009 READ MORE


Geithner
AP / Gerald Herbert

Public Health Before Wall Street Wealth

There is an odd disconnect between the furious public debate over health care reform, with its emphasis on the cost of an increased government role, and the nonexistent discussion about the far more expensive and largely secretive government program to bail out Wall Street.

Posted on Oct 13, 2009 READ MORE



pagetutor.com

Pox Americana: The Real Cost of Bailing Out Wall Street

In the 20th century, smallpox killed more people than all of that bloody century’s wars combined. It cost $300 million to eradicate the disease. What might have been achieved with the $4 trillion we gave Wall Street?

Posted on Oct 4, 2009 READ MORE


banking hearing
AP / Susan Walsh

Bank of America CEO to Pack It In at Year’s End

Another head of another big bank is rolling ... all the way out the door. On Wednesday, Bank of America CEO Kenneth Lewis made the startling announcement that he was opting to take early retirement, effective the last day of this calendar year.

Posted on Sep 30, 2009 READ MORE


Too Big to Jail

Share
Posted on Sep 25, 2009 READ MORE


AIG sign
visitbulgaria.info

AIG on the Mend?

After narrowly escaping catastrophe during the financial implosion that began last fall, American International Group—otherwise known as AIG—is leveling out, according to a cautiously optimistic new report from Congress’ Government Accountability Office.

Posted on Sep 21, 2009 READ MORE


AIG sign
visitbulgaria.info

AIG Logs a Profit

For almost two years, insurance giant AIG has experienced quarterly losses—until now. The infamous company is reporting its first profitable quarter since 2007, a turnabout that will give the U.S. government a whopping $1.5 billion gain as a shareholder, while individual shareholders get to split $311 million among themselves.

Posted on Aug 7, 2009 READ MORE



Flickr / eflon

AIG Gets Back to Bonuses

The closest we’ve come to a pitchfork moment in this whole economic crisis was the last time AIG tried to shower its employees with bonuses. You may recall that the financial giant was rewarded with $180 billion in federal funds after losing more money than any company ever did before and helping to ruin the world economy. Well, they’re at it again.

Posted on Jul 9, 2009 READ MORE


AIG
telegraph.co.uk

AIG: From Riches to Rags

It looks like the $150 billion bailout of AIG included everything but advertising funds. After four years of the insurance giant’s logo gracing the jerseys of one of the world’s most famous soccer teams, troubled economic times are bumping the iconic symbol in favor of a new sponsor.

Posted on Jun 3, 2009 READ MORE


Spitzah

Spitzer: ‘Wall Street Failed This Nation’

Everyone’s favorite client No. 9 is making the rounds of the cable news shows and is actually dropping some interesting takes on the economy and Wall Street regulation. Check out his two-part interview with Rachel Maddow.

Posted on May 13, 2009 READ MORE


AIG sign
visitbulgaria.info

AIG Still Ridin’ Dirty

AIG CEO Edward Liddy defended his enfeebled company on Capitol Hill Wednesday, yet claimed that even $180 billion in taxpayer money has only “reduced, but not eliminated the systemic risk [toxic assets] that AIG presents to the global financial system.”

Posted on May 13, 2009 READ MORE


Bernanke
AP photo / Susan Walsh

Bernanke Gets Our Hopes Up

The good news: Federal Reserve Chairman Ben Bernanke believes the U.S. economy may show signs of bouncing back before 2010—yay! The bad news: Bernanke also believes that aftershocks from the recession may continue to wreak havoc for a good while to come—sigh.

Posted on May 5, 2009 READ MORE


TARP hearing
AP photo / Pablo Martinez Monsivais

Thievery Under the TARP

We are being robbed big-time, but you can’t say we haven’t been warned. Not after the release Tuesday of a scathing report by the Treasury Department’s special inspector general, who charged that the aptly named Troubled Asset Relief Program is rife with mismanagement and potential for fraud.

Posted on Apr 22, 2009 READ MORE



abcnews.com

AIG’s War Business Draws Criticism

At least 30,000 private contractors have been injured in the wars in Iraq and Afghanistan, and the vast majority are insured by AIG. According to an investigation by ABC News, ProPublica and the Los Angeles Times, the insurance giant does about as good a job helping wounded contractors as gaming the derivatives market.

Posted on Apr 16, 2009 READ MORE


Lauer and Spitzer

Welcome Back, Spitzer

So, Matt Lauer busted right out of the gates with the sex-scandal questions in his interview with Eliot Spitzer on Monday’s “Today” show, taking far too much time to extract mea culpas from the fallen former New York governor before getting to the better part of the program, during which Spitzer holds forth about the economy.

Posted on Apr 6, 2009 READ MORE


Dodd
hoinews.com

Dodd Takes a Hit for AIG Bonus Blunder

When word got out that Sen. Chris Dodd was responsible for loosening the restrictions on executive bonuses while drafting the stimulus bill, his constituents were apparently listening, as the Democrat’s approval rating in his home state of Connecticut has hit an all-time low. Now he could be in danger of losing his Senate seat in 2010.

Posted on Apr 2, 2009 READ MORE


The Nobelists vs. Obama and Geithner

The president’s plan to bail out the banks reveals a deference to the existing financial system that puts him at odds with Nobel Prize-winning economists Paul Krugman and Joseph Stiglitz.

Posted on Apr 2, 2009 READ MORE


Close These Refuges for Scoundrels

The story of former AIG executive Joseph Cassano points up once more how tax and regulatory havens across the world encourage nefarious conduct, lack of transparency, evasion of taxes and corporate criminality.

Posted on Apr 2, 2009 READ MORE


toxic schmoxic
AP photo / Mary Altaffer

In for a Penny, In for $2.98 Trillion

The good news on the government’s “No Banker Left Behind” program is that, according to the special inspector general’s report on Tuesday, the total handout to date is still less than 3 trillion dollars. It’s only $2.98 trillion, to be precise, an amount six times greater than will be spent by federal, state and local governments this year on educating the 50 million American children in elementary and secondary schools. 

Posted on Mar 31, 2009 READ MORE


Frank and reporters
AP photo / J. Scott Applewhite

We’re Paying Congress for This?

Congress’ work has often offered us transparency and has usually led to useful, progressive legislation. And now comes Financial Services Committee Chairman Barney Frank’s choreographed extravaganza in the House of Representatives, supported by an echoing committee, with sound bites worthy of a night in the Borscht Belt.

Posted on Mar 27, 2009 READ MORE



What You Dig

Here are the five most-read stories of the last seven days, including Chris Hedges on America’s moral meltdown and Robert Scheer on the economic incompetents who find easy employment in the Obama administration. Full list after the jump.

Posted on Mar 27, 2009 READ MORE


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