Paulson's Swindle Revealed
By William Greider
The swindle of American taxpayers is proceeding more or less in broad daylight, as the unwitting voters are preoccupied with the national election. Treasury Secretary Hank Paulson agreed to invest $125 billion in the nine largest banks, including $10 billion for Goldman Sachs, his old firm. But, if you look more closely at Paulson's transaction, the taxpayers were taken for a ride--a very expensive ride. Continue
The World Tires of Dollar Hegemony
By Paul Craig Roberts
What explains the paradox of the dollar’s sharp rise in value against other currencies (except the Japanese yen) despite disproportionate US exposure to the worst financial crisis since the Great Depression? Continue
Europe's looming crisis: It all started with sub-prime loans in the United States. Or did it? As the IMF is called in to bail out failing economies, the scale of European exposure to toxic debt is becoming clear
AIG used billions from Fed but hasn't said for what: The American International Group is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September could have developed such a big hole by October. Some analysts say at least part of the shortfall must have been there all along, hidden by irregular accounting.
Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out: Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million.
Taxpayers Could Cover Government Pension Shortfall: Illinois taxpayers may soon be called on to bail out what is arguably the best-funded public pension plan in the state thanks to $3.6 billion in fund losses caused by the spiraling economy.
Exxon Mobil posts biggest US quarterly profit ever: Exxon Mobil Corp., the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.
October 29, 2008
The “Dirty Little Secret” Of the US Bank Bailout
By Barry Grey
In an unusually frank article published in Saturday's New York Times, the newspaper's economic columnist, Joe Nocera, reveals what he calls "the dirty little secret of the banking industry"--namely, that "it has no intention of using the [government bailout] money to make new loans." Continue
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