N.Y. Attorney General Investigates AIG’s ‘Staggering’ Bonus Mess

Staff / Truthdig Mar 18, 2009 In a letter to House Financial Services Committee Chairman Barney Frank, reprinted here, New York Attorney General Andrew Cuomo shares what his office has discovered so far about AIG's scandalous bonuses, which "made more than 73 millionaires in the unit which lost so much money that it brought the firm to its knees, forcing a taxpayer bailout." Dig deeper ( 4 Min. Read )

Obama Aiming to Block AIG Bonuses

Staff / Truthdig Mar 16, 2009 AIG's dishing out $165 million in bonuses to executives who played a part in bringing their company to near ruin is an "outrage," according to President Barack Obama, who pledged to do whatever he can to stop the payouts at the bailed-out insurance giant. Updated Dig deeper ( 1 Min. Read )

OK — So Where Did the Other Billions Go?

Staff / Truthdig Mar 16, 2009 In the face of mounting public outrage, AIG has revealed how it spent $75 billion of taxpayer money, a sum that amounts to less than half of the government's $170 billion bailout of the firm. AIG says it gave a sizable chunk of the money to banks, including foreign institutions, and spent a pretty penny to cover junk investments. Dig deeper ( 1 Min. Read )

AIG to Dish Out $165 Million in Post-Bailout Bonuses

Staff / Truthdig Mar 15, 2009 The tug of war continues between corporate financial giants and the federal government, and certain members of the former seem to have some trouble adjusting to their post-bailout status. AIG, for example, is still planning to reward its top 400 executives with a whopping $165 million in bonuses this weekend, even after the company was given more than $170 billion from taxpayers to stay afloat. Updated Dig deeper ( 2 Min. Read )

‘Left, Right & Center’: Madoff Hauled Off, Cramer Dressed Down

Staff / Truthdig Mar 14, 2009 Once again, the economy is front and center on "Left, Right & Center" -- and with good reason. Dig deeper ( 1 Min. Read )

Jon Stewart’s Not Buying What Jim Cramer’s Selling

Staff / Truthdig Mar 14, 2009 In this highly anticipated face-off between Jon Stewart and CNBC's Jim Cramer on Thursday's "Daily Show," Cramer furiously backpedals as he's zinged repeatedly by a (mostly) courteous but relentless Stewart, who questions whether Cramer isn't a snake-oil salesman who has supported the myth that there is one unified economic system that works the same for everybody while knowing that's not the case. Dig deeper ( 1 Min. Read )

Socialism Without a Soul

Robert Scheer / Truthdig Mar 11, 2009 Newt Gingrich is right: “It is European socialism transplanted to Washington.” How else to describe an economy in which the government controls the entire financial center and is now supplying life support for the auto industry? Dig deeper ( 3 Min. Read )

Billions Dished Out in the Shadows

Robert Scheer / Truthdig Mar 4, 2009 We've already given AIG a total of $170 billion -- an amount that dwarfs the $75 billion allocated to helping those millions of homeowners facing foreclosures. And more will be thrown down the AIG rat hole because President Barack Obama is blindly following the misguided advice of his top economic advisers, who insist that AIG is too big to fail. Dig deeper ( 4 Min. Read )

Dow Slides Below 7000, No End in Sight

Staff / Truthdig Mar 3, 2009 The Dow Jones industrial average fell to 6763.29 Monday. In less than a year and a half, the market has lost more than half of its value. More bad news from the financial sector has some analysts worried that rock bottom is still a long way away. Dig deeper ( 1 Min. Read )

Bigger Bailout Expected for AIG

Staff / Truthdig Mar 2, 2009 The government is expected to come to AIG's rescue for a fourth time as the mega-insurer prepares to announce the biggest quarterly loss by a single company in the history of the world. Reports put the bonus bailout at $30 billion, less than half of AIG's expected quarterly loss. Dig deeper ( 1 Min. Read )

Runaway Wall Street

Robert Scheer / Truthdig Feb 4, 2009 It is instructional that only one of the three tax-challenged Obama appointees has survived public scorn to claim a high position in the new administration. Oddly enough, it is Treasury Secretary Timothy Geithner, the man who will collect our taxes, whose career has not been stunted by his failure to pay them. Dig deeper ( 3 Min. Read )

Bailed-Out Bank Execs to Live It Up in Vegas

Staff / Truthdig Feb 4, 2009 What's a bunch of Wells Fargo bigwigs to do now that their struggling bank has gotten a whopping $25 billion from the federal government? Two words: Vegas, baby. Update Dig deeper ( 1 Min. Read )