Too Big To Fail : Too Big To Jail
By Danny Schechter
We had three industries collaborating in crimes of industrial proportions — real estate, finance (with the collusion of ratings agencies) and insurance giants like AIG. Continue
Debt Virus Spreads During Make-Believe Recovery: Under the surface, the cracks in the euro are getting worse. The imbalances in the euro area are growing all the time. The resistance to the bailout package will rise as the terms turn out to be immoral and absurd. And the big-deficit nations are locked in a downward economic spiral.
Time is running out for the West: The Great Recession has dramatically shrunk the time left for the big AAA states to prevent a full-blown sovereign debt crisis as their demographic time-bomb threatens, US rating agency Moody's has warned.
George Soros slashes exposure to US equities: George Soros has slashed the amount of money he is willing to gamble on the fortunes of the US stock market in the second quarter as market volatility increased.
22 cities in danger of a double-dip recession: A new report from Moody's Economy.com singled out 22 cities that are at risk of slipping back into a recession in as early as three months. To come to this conclusion, the economists considered dwindling progress in employment, housing starts, home prices and industrial production.
Fannie Mae and Freddie Mac reform: Would it add $5 trillion to US debt?: The Obama administration held a conference Tuesday about how to reform mortgage giants Fannie Mae and Freddie Mac. Reform could involve adding Fannie and Freddie's roughly $5 trillion in obligations, in effect, to the federal balance sheet.
US Says Bankruptcies Reach Nearly 5-Year High: U.S. bankruptcy filings have reached the highest level since 2005, government data released on Tuesday show, as the economy slows and the unemployment rate hovers just below double digits.
Judge balks at SEC's settlement with Citigroup : A federal judge refused on Monday to accept a $75 million settlement between the Securities and Exchange Commission and Citigroup, marking the second time this year that a judge has questioned whether the agency had exacted the proper sanction from a major bank.
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