Yesterday I read about how the folks at AIG will be getting their bonuses. Like many of you, this infuriated me to no end. Once more, failed business people gaining reward for their bad decisions. The shareholder has lost most of the value in the equity in the company. The taxpayer (and also now a shareholder) has actually gotten two punches in the gut, including diminishing share value they've also had to put up billions of dollars. Frankly enough is enough.
The last couple of days we have been hearing from the CEOs of three of largest financial conglomerates (Citigroup, Bank of America and JP Morgan Chase). All three are talking up the profitability of their companies. And of course as a result of public statements about profitability the price of their respective stocks goes up. How convenient is that? Is this stock price manipulation? What they fail to mention is the hundreds of billions of dollars in toxic stuff still on their balance sheets.
There was a time when a person could get in trouble with the Securities and Exchange Commission (SEC) for making publicly misleading statements. But these CEOs statements are probably border line legal. Besides, I am sure that the SEC has its hands full with other matters.
by Zach Carter, Media Consortium MediaWire Blogger
In this week's Audit, we're examining Treasury Secretary Timothy Geithner's thoroughly uninspiring bank bailout plan, which fails on almost every level. What's more, some of the most insightful (and stinging) critiques of the proposal are coming from progressive media.
by Zach Carter, Media Consortium MediaWire Blogger
The U.S. economy lost nearly 600,000 jobs in January, bringing total losses in the past three months over 1.5 million—more than the entire population of Philadelphia. If there ever was a good time to mend the tattered U.S. social safety net, it's now. While unemployment benefits and food stamps remain relatively uncontroversial, basic welfare continues to be neglected by the general media and vilified by the right. And as of this moment, a responsible welfare program is needed more than at any point since the 1930s.
What is Nationalization? It means to put under government ownership and/or control a private sector institution.
Like a grassroots tsunami wave, the blogs are now a buzz with the concept of nationalization of the banks. But we pointed out, months ago, by nationalization, Sweden had the best result and least pain during their financial crisis.
Tony has made a list of some of the nationalize now blog posts sprouting up like mushroom clouds in a nuclear implosion.
Q. If Dilbert were real, would he still have a job?
A. No. I'm drawing a series right now where he gets laid off and he has to go through a really tough bunch of interviews to try and get another job. At one point he is asked whether he would take a bullet for a prospective employer and they make him go to a firing range to prove it.
Treasury Department officials are laying the groundwork for seeking the second half of the $700 billion financial rescue package from Congress ... [but w]ith lawmakers on both sides of the aisle expressing heated opposition to such a request, Treasury officials have come to realize that they need the president-elect's help to obtain the rescue money, the sources said.
The Treasury aired the possibility of seeking the second half of the funds with transition team officials, who said they would attend a meeting with lawmakers and the Bush administration if the department pulled one together.
....
Who am I talking about? Why the United States Auto Manufacturers of course.
America, you've got it all backwards. The outrage should be directed at the financial bail out, not at the automobile manufacturers.
A poll says 61% of Americans oppose the bail out of the auto industry and Senate Majority Leader Harry Reid says the Auto Bail Out bill is dead, they don't have the votes.
More interesting in the poll, people do not believe the collapse of the auto industry will affect them. Well, I have news for you, it will affect you, probably more than you can imagine.
One topic no one mentions in the Detroit Bailout controversy is all the offshoring that has been, and still continues, in the auto industry. GM just announced new plants in Brazil, Russia and India, coinciding with plant closings in America.
Recent comments