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October 2, 2014
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Tag: Bailout


360b / Shutterstock.com

Should Companies Have to Pay Taxes?

Reading companies’ annual reports to the Securities and Exchange Commission is a reliable cure for insomnia. Every so often, though, there is a significant revelation in the paperwork.

Posted on Aug 29, 2014 READ MORE



AP/Charles Dharapak

We Need Elizabeth Warren on the Supreme Court

Elizabeth Warren is uniquely positioned to revive the flagging spirits of the left, and help restore the country’s confidence in the Supreme Court, which has sunk to record lows.

Posted on Jul 16, 2014 READ MORE



Out-of-Control Central Banks on a Corporate Buying Spree

Today, however, central banks are on a global corporate buying spree not to bail out bankrupt corporations but simply as an investment, to compensate for the loss of bond income due to record-low interest rates. Central banks have become some of the world’s largest stock investors.

Posted on Jun 23, 2014 READ MORE



GM Fires 15 Over Ignition Scandal but Says ‘No Cover-Up’

General Motors Chief Executive Mary Barra said Thursday that the company had fired 15 mostly senior executives over the deadly ignition scandal that has placed the automaker under federal investigation.

Posted on Jun 5, 2014 READ MORE



White House/Pete Souza

Geithner Tacitly Acknowledges Special Relationship With Citigroup

In his new book, former New York Fed chair and Treasury Secretary Timothy Geithner suggests that his relationship with Citigroup executive Robert Rubin did affect his supervision of the bank, which taxpayers ultimately bailed out with $45 billion.

Posted on May 14, 2014 READ MORE



Shutterstock

An L.A. Story That’s All Too Familiar

When a city is forced to spend more on Wall Street fees than on basic public services, it is the sign of trouble.

Posted on May 9, 2014 READ MORE



Aspen Photo / Shutterstock.com

Let Them Eat NCAA Brackets

There are many modern-day analogies to Marie Antoinette’s attitude toward the proles during the 18th century, but nothing quite like Warren Buffett’s billion-dollar giveaway.

Posted on Mar 28, 2014 READ MORE



Journalist Crashes Wall Street Secret Fraternity Party, Lives to Tell Bizarre Tale

As he recounts in New York magazine, journalist Kevin Roose was able to infiltrate a secret Wall Street fraternity party in January 2012 that was attended by many of the top financial moguls of our time.

Posted on Mar 11, 2014 READ MORE



Gil C / Shutterstock.com

How the Rich Became Dependent on Government Welfare

Remember when President Obama was lambasted for saying “you didn’t build that”? Turns out he was right, at least when it comes to lots of stuff built by the world’s wealthiest corporations.

Posted on Feb 28, 2014 READ MORE



Shutterstock

Don’t Pity the Billionaire

The rich have never been richer and the poor keep getting poorer. And if you think there’s a problem with that, you’re a Nazi. At least according to the poor, put-upon oligarchs.

Posted on Jan 31, 2014 READ MORE



AP Images

Elizabeth Warren’s Bill Could Mean Billions for Taxpayers

Sen. Elizabeth Warren has teamed up with Republican Sen. Tom Coburn of Oklahoma to introduce a bill that takes aim at the efficacy and malfeasance of government settlements on corporate wrongdoing and could bring billions of dollars back to taxpayers. If corporations have the same rights as people, then they should have to suffer the same consequences.

Posted on Jan 13, 2014 READ MORE


Financial Help or Bombardment ?

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Posted on Jan 5, 2014 READ MORE



Iker Merodio (CC BY-ND 2.0)

Irish Compliance Yields Eurozone Bailout Exit

Three years after international lenders loaned Ireland $92.7 billion to recover from its part of the international economic crisis, the country is the first afflicted eurozone state to exit its rescue program.

Posted on Dec 14, 2013 READ MORE



Shutterstock

Why Republicans Can’t Address Rising Inequality

So far, the Republican response to President Barack Obama’s historic address on economic inequality has not veered from the predictable cliches of tea party rhetoric.

Posted on Dec 6, 2013 READ MORE



Shutterstock

Discredited Economic Theory Holds Europe in Deflationary Thrall

Why there is such iron fidelity to neoliberal austerity in the contemporary community of official, semiofficial and even academic economists? It can’t be that it works. It doesn’t work.

Posted on Nov 5, 2013 READ MORE



Bert Kaufmann (CC-BY)

There Is No Bailout for Climate Change

The head of the Organization for Economic Co-operation and Development is set to address an event co-organized by the London School of Economics, where he is expected to harshly criticize the global disregard of the impending disaster of climate change.

Posted on Oct 9, 2013 READ MORE



AP/J. Scott Applewhite

The People Win as Lawrence Summers Trades Power For Wealth

Poor Lawrence Summers, he doesn’t get to be chairman of the Federal Reserve, aka the czar of the world’s economic order.

Posted on Sep 16, 2013 READ MORE



Why the Anger?

Why is the nation more bitterly divided today than it’s been in 80 years?

Posted on Aug 13, 2013 READ MORE



CarbonNYC (CC BY 2.0)

The Insider’s Economic Dictionary: B Is for Bailout

Republicans and the financial sector sequester the economic surplus in their own hands, price their economic rents to squeeze incomes, and then criminalize poverty as if the poor vote to be poor as a matter of choice!

Posted on Aug 10, 2013 READ MORE



White House/Pete Souza

Gag Me With Lawrence Summers

President Obama thinks his former economic adviser is brilliant, but as Summers’ second trip through the revolving door between Washington and Wall Street reveals, he’s just greedy.

Posted on Jul 29, 2013 READ MORE



Image via Shutterstock

U.S. Banks Rake In Record $40.3 Billion in Quarter

Business is clearly good again for the financial institutions that were rescued by American taxpayers just a few short years ago. Thanks in part to increased revenue from customer fees, U.S. banks’ profits soared to a record high for the first quarter of 2013, the Federal Deposit Insurance Corp. reported Wednesday.

Posted on May 29, 2013 READ MORE



AP/Alexander Zemlianichenko

Why Putin Let Russia’s Richies Take a Bath

The collapse of the Cypriot banking system reveals much about the complex relationship among ordinary Russians, “offshore oligarchs” and a political system that depends on both.

Posted on May 14, 2013 READ MORE



Shutterstock image of bank.

Big Banks Are Victims of Their Own Success

Now that Wall Street has managed to neuter and delay the modest reforms passed by Congress, there is more political momentum to pass stricter financial regulations.

Posted on May 1, 2013 READ MORE



Shutterstock photo of a bill fragment with blood spots.

Wall Street Is Killing Dodd-Frank One Regulation at a Time

The already tepid reforms enacted by Dodd-Frank are falling prey to business leaders, Republican lawmakers and the son of Supreme Court Justice Antonin Scalia.

Posted on Apr 30, 2013 READ MORE


Stains on a Legacy

In retrospect, George W. Bush’s legacy doesn’t look as bad as it did when he left office. It looks worse.

Posted on Apr 26, 2013 READ MORE



mahalie (CC BY-SA 2.0)

Winner Takes All: The Super Priority Status of Derivatives

With taxpayer bailouts no longer an option, a major derivatives crisis could transfer money currently held by state and local governments and citizens—secured and unsecured, insured and uninsured—into the hands of derivative claimants.

Posted on Apr 10, 2013 READ MORE



AP

It Wasn’t David Stockman Who Wrecked the Economy

For all of the strident attacks on Stockman’s column, I have yet to read a serious critique of his most brazen claim.

Posted on Apr 2, 2013 READ MORE



Rand Paul (CC-BY-SA)

Good Intentions, Bad Information at CPAC

Libertarians, whom the Republican National Committee has largely shut out, assumed a more energetic role at CPAC this year, using the failed election as evidence that the GOP should return to their philosophy’s ideals.

Posted on Mar 20, 2013 READ MORE



AP/Mark Lennihan

If Corporations Don’t Pay Taxes, Why Should You?

The U.S. government exists primarily to make the world safe for multinational corporations, but those firms feel no obligation to pay for that protection in return.

Posted on Mar 12, 2013 READ MORE


Two 2016 Prospects Spotlight Democrats’ Identity Crisis

Despite its success in recent elections, and despite the image of unity it projects, the Democratic Party is in the throes of an epic identity crisis pitting its corporate money against its stated principles.

Posted on Feb 22, 2013 READ MORE



AP/Charles Dharapak

It’s Good to Be a Goldman

Here’s a get-out-of-jail-free card, and while we’re at it, take this obscenely huge bonus for having wrecked the economy.

Posted on Feb 1, 2013 READ MORE



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



White House/Pete Souza

The Inconvenient Truth About Jack Lew

I suppose that he can’t be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary.

Posted on Jan 11, 2013 READ MORE



Pastor’s Anti-Gay Remarks Stir Inauguration Controversy, Taibbi Blasts Government Lies, and More

A look at the day’s political happenings, including CNN interrupting Joe Biden’s gun control presentation to report on another school shooting and a heated on-air argument between MSNBC’s “Morning Joe” co-hosts.

Posted on Jan 10, 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



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



AP/Elise Amendola

Cerberus Collected Ex-Government Opportunists

How fitting that Dan Quayle, a bumbling excuse for a vice president of the United States, should end up as a top executive of a $20 billion private equity firm mired in controversy.

Posted on Dec 28, 2012 READ MORE


Coaches Over the Common Good

This is the microcosmic lesson of the University of Colorado’s recent decision to pay a new football coach $2 million a year. The move - and the reaction to it - is a perfect illustration of America’s values, or lack thereof.

Posted on Dec 21, 2012 READ MORE


Pig

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Posted on Dec 21, 2012 READ MORE    



Image from "Economix: How and Why Our Economy Works (and Doesn't Work), in Words and Pictures"

Understanding Economics in Plain English

Fedspeak, vague and convoluted answers to economic questions, was popularized by Alan Greenspan, chairman of the Federal Reserve from 1987 to 2006. It allowed him to essentially say “no comment” without admitting that he was avoiding questions.

Posted on Dec 14, 2012 READ MORE



The Growing Global Movement Against Austerity

Amaia Engana didn’t wait to be evicted from her home. On Nov. 9, in the town of Barakaldo, a suburb of Bilbao in Spain’s Basque Country, officials from the local judiciary were on their way to serve her eviction papers. Amaia stood on a chair and threw herself out of her fifth-floor apartment window, dying instantly on impact on the sidewalk below.

Posted on Nov 15, 2012 READ MORE


The Election—In a Word

Mike Allen, for those who don’t know, is Washington’s insiders’ insider.

Posted on Nov 9, 2012 READ MORE



AP/Jack Dempsey

Vote for the B-

I have been a harsh critic of the president, but a vote for Barack Obama in a swing state is a no-brainer.

Posted on Nov 5, 2012 READ MORE



Illustration by Mr. Fish

Why I’m Voting Green

The November election is not a battle between Republicans and Democrats. It is not a battle between Barack Obama and Mitt Romney. It is a battle between the corporate state and us.

Posted on Oct 29, 2012 READ MORE


No Denial: ‘Son of Detroit’ Profited From Bailout—and Jobs Shipped to China

The neglect of the Delphi story by mainstream and even progressive outlets such as MSNBC has been remarkable, particularly because neither Romney nor his campaign has denied it.

Posted on Oct 25, 2012 READ MORE


How the Right Wing Lost in 2012

If conservatism were winning, does anyone doubt that Romney would be running as a conservative? Yet unlike Ronald Reagan and Barry Goldwater, Romney is offering an echo, not a choice. His strategy at the end is to try to sneak into the White House on a chorus of me-too’s.

Posted on Oct 25, 2012 READ MORE


Detroit

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Posted on Oct 23, 2012 READ MORE



AP/J. Scott Applewhite

Meet Romney’s Economic Hit Man

Mark the name of R. Glenn Hubbard, the man who will make your life miserable if Mitt Romney is elected president.

Posted on Oct 18, 2012 READ MORE



Fortune Live Media (CC BY-ND 2.0)

Truthdigger of the Week: Sheila Bair

Few voices in the regulatory community called for the expulsion of derelict executives and the means to force banks to lend bailout money to the public amid the 2008 financial crisis. Former FDIC Chairman Sheila Bair was among them.

Posted on Oct 13, 2012 READ MORE



AP/Charlie Neibergall

Sigh No More: Obama, Romney Leave No Room to Argue

The presidential debate this week was much ado about nothing, and Mitt Romney beat Barack Obama because he was more energetic in distorting the significance of their miniscule differences.

Posted on Oct 5, 2012 READ MORE


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