The nonpartisan Center on Budget and Policy Priorities has updated research that projects nearly half of public debt in 2019 will be attributable to President George W. Bush’s tax cuts plus the ongoing wars in Iraq and Afghanistan.
The founder of the Galleon Group hedge fund, Raj Rajaratnam, faces 25 years in prison after a jury convicted him on 14 charges related to a six-year insider-trading binge that netted him more than $60 million. (more)
Most of those Wall Street executives whose firms took ridiculous risks and brought the global financial system to its knees are far from a jail cell, or even from being prosecuted by the Justice Department.
In a fascinating tale of international financial intrigue, the Wall Street Journal reveals how a secret task force of European leaders—dubbed “the group that doesn’t exist”—was formed in 2008 to prevent the collapse of the eurozone, which could have triggered another global economic tsunami.
With the scent of the global financial crisis swimming in their nostrils, G-8 leaders pledged a mere $5 billion in aid to reduce deaths among African mothers and infants, a decrease of 90 percent in the funding promised five years ago at the group’s meeting in Gleneagles, Scotland.
If you thought the United States’ $700-billion bailout would quell the global financial crisis, think again. The German parliament just approved a $675-billion bailout of Germany’s financial markets, a plan that is part of a coordinated European response to volatile global and regional markets.