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Tag: Bailout


Flickr / antiparticle

Goldman Sachs Execs Dumped Stock Like Crazy

Goldman Sachs is expected to announce a windfall quarter, thanks no doubt to billions in bailout money, but many people at the firm aren’t puffing their chests out. According to the Financial Times, Goldman executives dumped close to $700 million in stock between September 2008 and April 2009—after taxpayers came to the rescue.

Posted on Jul 13, 2009 READ MORE


Benjamins
Wikimedia Commons/Revisorweb

U.S. Budget Deficit Climbs to Over $1 Trillion

America’s spend-a-thon has brought some inevitable consequences, not the least being that we now are looking at a federal budget deficit of more than $1 trillion for the first time ever, and that number is projected to nearly double by October.

Posted on Jul 13, 2009 READ MORE


GM building
Flickr/richardefreeman

Here Comes the ‘New’ GM

General Motors Chief Executive Fritz Henderson tooted his company’s horn plenty when he ushered in a new, post-bankruptcy era for the Detroit automaker—but he couldn’t promise that GM 2.0 would be able to pay back the billions of dollars his company got from taxpayers.

Posted on Jul 10, 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



AP photo / Amy Sancetta

The Crooks Get Cash While the Poor Get Screwed

If you have defrauded banks and customers and investment firms of billions of dollars, as AIG or Citibank has, you get taxpayer money. If you are moral scum in America we take care of you. But if you are poor, if you are, say, Tearyan Brown of Trenton, N.J., you are in trouble.

Posted on Jul 6, 2009 READ MORE


pink slip poster
Flickr / aflcio2008

Wall Street Pay Fattens as Rest of U.S. Suffers

Unemployment rose to 9.5 percent last month, the highest level in 26 years. Meanwhile, Wall Street payouts are not dropping. Goldman Sachs will be shelling out a whopping $20 billion to its employees this year. As we enter the 20th month of this recession, unemployment is becoming a way of life for many, and the very same people who created this mess are still reaping the profits.

Posted on Jul 2, 2009 READ MORE



AP photo / Brennan Linsley, pool

Foreclosure Fiasco

The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis is a huge bust. The financial moguls, while tickled pink to have $1.25 trillion in toxic assets covered by the feds, along with hundreds of billions in direct handouts, are not using that money to turn around the free fall in housing foreclosures.

Posted on Jun 24, 2009 READ MORE


Daring to Dream

Most of the great American advances, from the airplane to the Constitution, were born from reinvention, not tinkering. For all the positive, even admirable steps Obama’s America seems poised to take, the aspirations still seem too small, too unimaginative, too confined by old conceptions of how things must work.

Posted on Jun 18, 2009 READ MORE


Sheila Bair
AP photo / J. David Ake

A Republican to Save Us

You probably don’t know much about Sheila Bair, but she is looking out for you, and that is why the big guys on Wall Street and their allies in the Obama administration are out to get her.

Posted on Jun 10, 2009 READ MORE



Flickr / The TruthAbout...

Some Banks to Repay Bailout Funds

Some of the country’s major banks are prepared to pay back money they borrowed under the TARP program, but don’t get too excited. The initial repayment is expected to be a meager $50 billion, which Timothy Geithner wants to inject right back into other troubled banks.

Posted on Jun 9, 2009 READ MORE



AP photo / Pablo Martinez Monsivais

Outrage—and Business as Usual

The public face of Congress is angry and outraged at all the bad behavior by banks, but in the other Washington, the financial industry continues to have its way.

Posted on Jun 8, 2009 READ MORE



Flickr / dok1

Supremes Stall Chrysler Deal

The Supreme Court has put the brakes on President Obama’s plans to bail out the auto industry, ordering a stay of the sale of Chrysler to Fiat. Before the ruling, the administration said blocking the deal would have “grave consequences” for Chrysler. Also, it could threaten the government’s plans for the much larger and more complicated GM. Update

Posted on Jun 8, 2009 READ MORE


Harry and Louise Need Health Reform

Remember the imaginary couple who appeared in the television ads that helped beat President Clinton’s health plan 15 years ago? That duo and the corporations behind them have switched sides in the debate, and for a good reason: 50 million new customers.

Posted on Jun 7, 2009 READ MORE


Left, Right & Center

LRC: Obama in the Middle East, GM in Bankruptcy, Now What?

You know you’re in for a spirited episode of “Left, Right & Center” when Truthdig’s own Robert Scheer drops a line like “Tony, you’re getting overly excited for NPR.”

Posted on Jun 5, 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


GM’s Fall and the Cars of My Youth

I wonder what my father would have thought of the self-destruction of General Motors. We were a General Motors family, but not a happy one.

Posted on Jun 2, 2009 READ MORE


A Lemon of a Bailout

With GM’s bankruptcy filing on Monday, we the people have become majority owners of a museum-quality piece of industrial history.

Posted on Jun 1, 2009 READ MORE


ENTER_ALT_TEXT
Flickr / World Economic Forum

Is Larry Summers Taking Kickbacks From the Banks He’s Bailing Out?

Why did Goldman Sachs, Citigroup and Morgan Stanley steer millions to a company Larry Summers directed while he administered “stress tests” on them?

Posted on May 30, 2009 READ MORE


Fessing Up Has Lost Its Shock Value

It seems government and investors are now engaging in damning honesty. With these outbursts of candor so brazen and self-explanatory, the press is being bypassed.

Posted on May 28, 2009 READ MORE


Schwarzenegger
AP photo / Rich Pedroncelli

Stuff the Bankers, Starve the Kids

I expected a federal government that has spent trillions salvaging the banks that got us into this mess to find the relatively minor sums needed to bail out California and other states that have been the victims of Wall Street’s dangerous games. But I didn’t count on the tough-love steeliness of the Obama administration.

Posted on May 26, 2009 READ MORE



Flickr / gotplaid?

Uncle Sam to Own GM Without Any of the Perks

GM’s restructuring plan will make the Treasury Department the majority owner of the company, according to Bloomberg. The administration reportedly intends to take as passive a role as possible and will not appoint anyone to the automaker’s board, thereby avoiding the danger that something competent might happen.

Posted on May 26, 2009 READ MORE


BlackRock HQ
AP photo / Mark Lennihan

Our Loss Is BlackRock’s Gain

How much do you know about BlackRock and the hedge funds they manage? Better bone up fast, now that the folks at BlackRock are calling the shots in the government’s trillion-dollar bailout program. BlackRock execs are now directing key elements of the government program at a time when they stand to reap great profits from the fallout of a problem they helped create. 

Posted on May 19, 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


New York Fed Chairman Steps Down

Although he went down insisting that his relationship to Goldman Sachs had been “mischaracterized,” New York Federal Reserve Chairman Stephen Friedman resigned on Thursday after The Wall Street Journal, with a boost from Truthdig, brought up the issue of a potential conflict of interest earlier this week.

Posted on May 7, 2009 READ MORE


Obama
AP photo / Charles Dharapak

Buying Brand Obama

The Obama brand is about being happy consumers. We are entertained. We feel hopeful. We like our president. We believe he is like us. But like all branded products spun out from the manipulative world of corporate advertising, we are being duped into doing and supporting a lot of things that are not in our interest.

Posted on May 3, 2009 READ MORE


Obama
AP photo / Gerald Herbert

Obama’s Next Target: Hedge Funds

President Obama gave certain hedge fund manager types who held out for “an unjustified taxpayer bailout,” as he put it, a dressing down in the midst of his comments about Chrysler’s bankruptcy filing on Thursday. Needless to say, that didn’t go over so well with the targeted demographic.

Posted on Apr 30, 2009 READ MORE


The End of the Middle Class as We Know It

This is how it ends. Or at least, this is how the latest, sad chapter in a story that has been ending for three decades is written.

Posted on Apr 29, 2009 READ MORE


Wall Street
weblogs.cltv.com

‘Wall Street’ Sequel in the Works

What would have happened to the likes of Gordon Gekko, the ultra-sharky villain of Oliver Stone’s “Wall Street,” in the current economic climate? We’re about to find out, as Stone and Michael Douglas, who first brought the unabashedly greedy Gekko to life in 1987, are gearing up to make a sequel to the classic financial cautionary tale.

Posted on Apr 29, 2009 READ MORE


News Flash: Populism Is Popular

Both parties are suddenly listening to “the people” instead of the Establishment. They know the political class, however offended, can no longer stop a voter backlash.

Posted on Apr 23, 2009 READ MORE



White House / Pete Souza

When Slapped, Slap Back

(Editor’s note: Eugene Robinson is the 2009 Pulitzer Prize winner for commentary.) It’s hard to argue with the results thus far from President Obama’s “no drama” approach to governing, but I think he should learn to chew a little scenery when the occasion demands.

Posted on Apr 20, 2009 READ MORE



NASA / U.S. Treasury

Treasury Covers for Stingy Banks

President Obama has said he doesn’t want public money going into a “black hole,” but his administration’s bank bailout looks more and more like an abyss of cosmic proportions. Not only are the bailed-out banks lending less than before, the Treasury Department appears to be engaging in creative math to obscure the gravity of the situation.

Posted on Apr 20, 2009 READ MORE


Don’t Underestimate the Tea-Baggers

The cool, cerebral White House might logically conclude that Wednesday’s decidedly uncool, uncerebral “tea bag” protests were intellectually and politically incoherent, and therefore not worth a second thought. That would be a dangerous mistake.

Posted on Apr 17, 2009 READ MORE



Flickr / stan

You Can’t Teach an Old Predatory Lender New Tricks

Like an abused spouse, America continues to stand by the banks, hoping they’ll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending.

Posted on Apr 13, 2009 READ MORE


American Pi

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Posted on Apr 13, 2009 READ MORE    



Flickr / dogonthesidewalk

Uncle Sam Forces GM to Stop and Ask for Directions to Bankruptcy

GM has until June 1 to cut a deal with its workers and bondholders, but the Treasury Department is requiring the automaker to prepare for bankruptcy just in case, according to The New York Times. Newly installed GM chief Fritz Henderson is more receptive to the possibility than his predecessor, but warns, “If we need to resort to bankruptcy, we have to do it quickly.”

Posted on Apr 13, 2009 READ MORE



What You Dig

What do you get when you mix drugs, greed, God and a splash of Bristol Palin’s baby-daddy? The five most popular Truthdig stories from the last seven days.

Posted on Apr 10, 2009 READ MORE


The Best Investment Money Can Buy

In the last decade, the financial industry’s $5 billion investment in campaign contributions and lobbyists resulted in deregulation and boatloads of free money. By Bloomberg News’ account, $12.8 trillion worth of taxpayer loans, grants and guarantees—all to Wall Street.

Posted on Apr 10, 2009 READ MORE


Protesters Confront Summers

Two protesters storm the stage during a talk by Lawrence Summers, who tries to laugh off the incident. If only there were something funny about President Obama’s top economic adviser making $8 million last year from some of the financial firms that have benefited from his economic policies.

Posted on Apr 9, 2009 READ MORE


GM Saw

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Posted on Apr 9, 2009 READ MORE


Summers
AP photo / Charles Dharapak

Living Large and in Charge

Not surprisingly, Lawrence Summers is convinced that he deserved every penny of the $8 million that Wall Street firms paid him last year. And why shouldn’t he be cut in on the loot from the loopholes in the toxic derivatives market that he pushed into law when he was Bill Clinton’s treasury secretary?

Posted on Apr 7, 2009 READ MORE


Shovel Ready [A Cartoon From Mexico]

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Posted on Apr 7, 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



AP photo / Susan Walsh

Resist or Become Serfs

If we do not immediately halt our elite’s rapacious looting of the public treasury we will be left with trillions in debts, which can never be repaid, and widespread human misery which we will be helpless to ameliorate. The stimulus and bailout plans are not about saving us. They are about saving them.

Posted on Apr 6, 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


60 Days

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Posted on Apr 1, 2009 READ MORE


GM Collapse

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Posted on Apr 1, 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


Seattle’s Lessons for London

A former police chief of Seattle—who directed the harsh action there against 1999’s WTO protesters—has changed his views on protests, as well as on drugs. The G-20 leaders meeting in London should heed his words.

Posted on Mar 31, 2009 READ MORE


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