Amidst the economic wreckage, after 7 million job losses and approaching 2 million home foreclosures in the US alone, with businesses and consumers around the world still struggling to get finance after the long credit crunch, Wall Street is finally on trial. A little piece of Wall Street, at least. Goldman Sachs posts massive profits: US bank Goldman Sachs has posted third-quarter profits that are more than three times the earnings it made at the same time last year. Goldman Sachs: Your tax dollars, their big bonuses: Goldman Sachs is having a banner year, and is getting a big boost from government programs. Bank of America reports losses: US bank announces third-quarter losses of $2.2bn on back of consumer credit defaults. Recession Will Be 'Full-Blown Depression': Strategist: This global recession will turn into a "full-blown depression," Nicu Harajchi, CEO of N1 Asset Management, said Friday, adding that global stimulus hasn't come down to Main Street. Dollar May Drop 20% More, Harvard’s Ferguson Says: The dollar will extend its drop versus the euro over the next two to five years, falling as much as 20 percent to an all-time low under a widening U.S. budget deficit, Harvard University’s Professor Niall Ferguson said. Britain is in danger of going bust, warns EU: Britian's economy was consigned to a list of those at 'high risk' yesterday because of the spiralling national debt
Saturday, 17 October 2009
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