Archive for the ‘Bailout’ Category

AIG’s insistence on bonuses raises ire in Washington

March 15, 2009

(CNN) — White House officials and some members of Congress reacted strongly Sunday to news that insurance giant AIG had intended to pay out $165 million in bonuses and compensation. The company has received at least $170 billion in federal bailout money. (more…)

10 Republicans Who Should Go Away

December 15, 2008

Ben Cohen Mon Nov 24, 10:04 am ET

With a new political era looming, veterans of the old political arena will scramble to redefine themselves in order to make a living. Politicians, media commentators and analysts may be ill equipt to deal with the changing electorate, increased power of the blogosphere and massive discontent with the status quo. Who will survive in the modern epoch? Here are 10 who should really think about calling it quits: (more…)

Big Three CEOs Flew Private Jets to Plead for Public Funds

November 19, 2008

Auto Industry Close to Bankruptcy But They Get Pricey Perk

By BRIAN ROSS and JOSEPH RHEE

November 19, 2008—

The CEOs of the big three automakers flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.

The CEOs of GM, Ford and Chrysler may have told Congress that they will likely go out of business without a bailout yet that has not stopped them from traveling in style, not even First Class is good enough. (more…)

So Little Time, So Much Damage

November 5, 2008
November 4, 2008
Editorial

While Americans eagerly vote for the next president, here’s a sobering reminder: As of Tuesday, George W. Bush still has 77 days left in the White House — and he’s not wasting a minute.

President Bush’s aides have been scrambling to change rules and regulations on the environment, civil liberties and abortion rights, among others — few for the good. Most presidents put on a last-minute policy stamp, but in Mr. Bush’s case it is more like a wrecking ball. We fear it could take months, or years, for the next president to identify and then undo all of the damage. (more…)

NO BONUSE$ FOR YOU

November 5, 2008

New York Post

NO BONUSE$ FOR YOU

By NELL MINOW

November 2, 2008 –Secretary Henry Paulson came up with a $700 billion emergency plan to pour government money into the Wall Street firms to save them from collapsing – not to fund a bonus pool for the billionaire boys’ clubs of the investment banking firms. It is the economy that is supposed to be bailed out – like the millions of homeowners currently or soon to face foreclosure – not the bankers.

(more…)

What caused McCain’s poll numbers to fall?

November 3, 2008
latimes.com

Dan Schnur says that the race was essentially tied before the Wall Street meltdown badly hurt McCain’s chances. Bruce E. Cain says he originally overestimated McCain’s ability as a candidate.

November 3, 2008

Wall Street collapsed right on top of McCain

Point: Dan Schnur

The most decisive event in this campaign wasn’t anything either of the candidates said at their respective conventions or in any of the debates. It wasn’t a sound bite from a speech or interview, or a memorable assertion in a television commercial or e-mail attachment. The turning point in this election didn’t happen on the campaign trail but rather on Wall Street. In the last week of September, the race was essentially tied. Then Wall Street collapsed — and it collapsed right on top of John McCain. (more…)

Republicans are The Real Socialists

October 31, 2008

October 31, 2008

Hale "Bonddad" Stewart

Hale “Bonddad” Stewart

Posted October 28, 2008 | 10:15 AM (EST)

I’ve been watching the news for the last few days (or maybe the last week) and frankly the fact that any intelligent idea actually gets out and discussed in the national media seems far-fetched and impossible. According to right wing talkers/news outlets, Obama is a socialist and that’s bad. The country is really scared of that possibility. Unfortunately, the real socialists are the Republicans. (more…)

They Warned Us About the Mortgage Crisis

October 24, 2008
In Depth October 9, 2008, 5:00PM EST

State whistleblowers tried to curtail greedy lending—and were thwarted by the Bush Administration and the financial industry

More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation’s top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic view of the capital, the AGs from North Carolina and Iowa said lenders were pushing increasingly risky mortgages. Their host, John D. Hawke Jr., expressed skepticism. (more…)

Next in the Financial Crisis: Possible Criminal Charges

October 24, 2008
Posted By: Albert Bozzo | Senior Features Editor
CNBC.com
| 21 Oct 2008 | 06:27 PM ETInvestors and taxpayers angry about the government bailout of seemingly mismanaged financial firms can probably count on a wave of criminal indictments in the coming months, say white- collar crime experts.

“I think we’re going to see some ‘perp’ walks,” says Columbia Law School Professor John Coffee, referring to the law enforcement practice of having the accused appear in public wearing handcuffs. (more…)

The Financial Crisis Blame Game

October 24, 2008

Tune in to Anderson Cooper on CNN and watch as he counts down the “10 Most Wanted Culprits of the Collapse.” Pick up the New York Post and read about FBI investigations of top financial firms under the headline “Fraud Street.” With a bewildering and frightening financial crisis in full swing, the new national pastime is finding someone to blame.

As markets crash and retirement dreams fade away, media and the public are full of outrage at everyone from mortgage brokers and Wall Street CEOs to real estate investors to experts who failed to predict the crisis was coming. Congress hauls the most prominent executives before tough committee hearings, while political candidates blame each other. Pundits proffer lists of the mustache-twirling villains who caused the whole thing. (more…)