Goldman to be paid $1bn if CIT fails: The payment stems from the structure of a $3bn rescue finance package that Goldman extended to CIT on June 6 2008, about five months before the Treasury bought $2.3bn in CIT preferred shares to prop it up at the height of the crisis. The potential loss for taxpayers would be the biggest to crystalise so far from the government’s capital injection plan for banks. Report on Bailouts Says Treasury Misled Public: The inspector general who oversees the government’s bailout of the banking system is criticizing the Treasury Department for some misleading public statements last fall and raising the possibility that it had unfairly disbursed money to the biggest banks. IG Report Finds Paulsen, Bernanke Misled Public on Bank Rescues: Report says then-Treasury Secretary Henry Paulson and other officials were wrong to contend that all nine banks receiving the first round of bailout support -- $125 billion -- were sound. Program to Buy Bad Assets Nearly in Place, U.S. Says: The Treasury Department said on Sunday that its scaled-down program to help banks unload their troubled mortgages and mortgage securities would begin operating at full strength by the end of this month, more than a year after Congress authorized $700 billion for that purpose. Firms are getting billions, but homeowners still in trouble: The federal government is engaged in a massive mortgage modification program that's on track to send billions in tax dollars to many of the very companies that judges or regulators have cited in recent years for abusive mortgage practices. America is suffering a permanent destruction of jobs.: Since the nadir of the last recession in November 2001, the U.S. has lost 839,000 jobs in the private sector, based on data from the Bureau of Labor Statistics -- the first time that’s happened over the course of a business cycle since 1980-82. Manufacturing and construction were particularly hard hit. UK: CBI report warns of 60,000 financial job losses: Up to 60,000 jobs could be lost in the financial services sector this year, according to the CBI and PricewaterhouseCoopers, adding to fears expressed by the International Monetary Fund (IMF) that Britain faces a jobless recovery How the Feds Imprison the Innocent Bernanke's Remedy: Pump More Blood Into a Corpse Follow the Money What Recession? The Tropes of 'Jewish Antisemitism'
By Paul Craig Roberts
For two decades I have been attempting to make Americans aware that the danger to their liberty comes not from foreign adversaries, terrorists, or criminals, but from prosecutors, who have destroyed law as a shield of the innocent and turned law into a weapon against the innocent.Continue
By Mike Whitney
Corporations are finding it harder to roll over their debt, bank loans are defaulting at a historic pace, and commercial real estate is imploding. Credit destruction is unprecedented, massive and ongoing. The capital hole is bigger than the Fed and bigger than the Treasury. It can't be plugged with liquidity alone. Continue
Cure Millions of Leprosy -- or Just Give Hank Paulson a Tax Break?
By Matt Bivens
There are many possible responses to the news that we have committed more than four trillion public dollars to Wall Street. Mine is a roar of admiration. Four trillion dollars! Holy hell! I didn't even know that was possible! U.S.A.! U.S.A.! Continue
As the Economy Crashed Around Them, 400 Richest Americans Lined Their Pockets with $30 Billion
By Les Leopold
It's great to know that during the worst economic crisis since the Great Depression, the wealth of the 400 richest Americans, according to Forbes, actually increased by $30 billion. Continue
By Antony Lerman
The concept of the 'self-hating Jew' has been dignified with a pseudo-psychopathology by those keen to suppress dissent. Continue
Tuesday, 6 October 2009
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