DID BUSH/PAULSON AND HIS SUCCESSORS FORCE CONGRESS TO ACT TOO QUICKLY?
This week two of the largest recipients of TARP funds, Goldman Sachs and Bank of America have announced they no longer need help and are plan to hand back their TARP funds before the end of April. I suppose that is good news for the American taxpayers. However what is baffling me is the AIG nonsense. Putting the bonus fiasco to one side, I am absolutely angry to learn most of their bailout money was quickly passed out to the world’s major banks, including Goldman Sachs and the B. of A. to pay out on lost bets. I originally thought AIG were like the Investment banks and were up to their eyeballs in toxic debt caused by the securitization of sub-prime mortgages. Never did I think, banks could even wager their way out of the serious business of finance, but moreover find a bookmaker who would take on their bets.
MAJOR AMERICAN FINANCIAL INSTITUTIONS WILL HAVE TO BE NATIONALIZED
A few months back I made a statement to the effect; Good bye capitalism and welcome socialism. Now the big three auto manufacturers have been given a temporary reprieve from bankruptcy and the banks have received a further $350 billion bailout money, I think it time for the Obama administration once they are settled in [...]
Lehman Brothers vs SAS
This week Timothy Pfeil, a two year employee of SAS between 2005 and 2006, has been sentenced to six months in jail for price fixing and joins ex`Qantas cargo executive, Bruce McCaffrey in the big house. Pfeil, formerly of Lufthansa, is just like the rest of the airline cargo executives, mere pawns in the fuel [...]
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