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Wall Street scoundrel Bernie Madoff has been sentenced to 150 years in prison for perpetrating one of the biggest financial frauds in history. NEW YORK – Convicted swindler Bernard Madoff was sentenced to 150 years in prison Monday for fraud so extensive that the judge said he needed to ...
A small piece of good economic news: WASHINGTON – President Barack Obama is complimenting banks that are reimbursing taxpayers to the tune of $68 billion in federal bailout assistance.
Economy, Finance, Business, Financial Crisis, Banking Industry, Barack Obama
Have no fear, your credit problems are over: Obama Signs Credit Card Bill. (CBS/ AP) President Barack Obama warned overeager shoppers and greedy credit card companies alike on Friday to act responsibly as he signed into law a bill designed to protect debt-ridden consumers from surprise charges. The White ...
Economy, Finance, Business, Financial Crisis, Credit, Credit Card, Barack Obama
This is an excellent video presentation on the credit crisis, created by designer Jonathan Jarvis. [Video] Here’s Jarvis’ description of the project, from his website: The Crisis of Credit Visualized distills the economic crisis into a short and simple story by giving it form. It is also argues that ...
Economy, Finance, Business, Financial Crisis, Credit, Investments, Banking
Now he tells us: GM’s New CEO: Bankruptcy May Be Best Option for Automaker. General Motors’s new chief executive told CNBC that filing for Bankruptcy may be the best option for the struggling automaker. In a taped interview to be aired tonight on NBC Nightly News, Fritz Henderson said ...
Economy, Finance, Business, Financial Crisis, General Motors, Auto Industry
The House Financial Services Committee has approved new legislation that would allow the government to determine how much all employees of businesses that accept federal money should be paid—and it’s retroactive, allowing the government to void existing contracts and impose new terms. And the government would also determine the “performance ...
Economy, Finance, Business, Financial Crisis, Barack Obama, Barney Frank
General Motors CEO Rick Wagoner has presided over a steady decline in sales and market share for the past 8 years, and now Barack Obama has asked him to step down as part of the plan to restructure the auto industry. The Obama administration asked Rick Wagoner, the chairman ...
Economy, Finance, Business, Financial Crisis, General Motors, Auto Industry
Pathetic. Standing before television cameras, Minority Leader John Boehner (R-Ohio), Whip Eric Cantor (R-Va.), Conference Chairman Mike Pence (R-Ind.) and other members — including the top Republican on the Budget Committee Paul Ryan (Wis.) — couldn’t answer specific questions about their spending plan. After weeks of promising a comprehensive ...
Economy, Finance, Business, Financial Crisis, Deficit, GOP, Budget
Barack Obama has been selling his budget on a trans-continental PR charm offensive for the last two weeks, but public support is still slipping. People who feel positively about his budget fell from 44% in late February to 39% this week. People who feel negatively about the budget increased ...
Economy, Finance, Business, Financial Crisis, Budget, Barack Obama
Here’s The Republican Road to Recovery in PDF form. What do you think? It’s hard not to notice that there are no actual numbers therein.
The Washington Post published a graph that speaks volumes about the incredible debt this country is preparing to assume: Projected Deficit. (Hat tip: Athos.)
Apparently, those AIG executives returned their bonuses because New York Attorney General Cuomo threatened to release their names to the angry populist mobs. An email from the head of a controversial unit at AIG suggests employees who gave up their bonuses did not do so voluntarily, but feared their ...
We don’t expect honesty or integrity from our politicians in the United States any more, but it’s a bit shocking how corrupt the system really is—as the AIG scandal continues turning over rocks: Dodd’s Wife a Former Director of Bermuda-Based IPC Holdings, an AIG Controlled Company. No wonder Senator ...
Economy, Finance, Business, Financial Crisis, AIG, Chris Dodd
A month and a half after Barack Obama set up a special panel to advise him on the economy, the panel has yet to meet publicly. Six weeks after President Barack Obama appointed a blue-ribbon panel to help him dig America out of its economic crisis, the board has ...
Economy, Finance, Business, Financial Crisis, Stock Exchange, Barack Obama
Republican Senator Judd Gregg, who withdrew as Barack Obama’s Commerce Secretary, says Obama’s economic policies will bankrupt the country. But at the same time, he praises Obama’s policies for restoring the banking system to health. It’s not clear how these two contradictory opinions can be reconciled. [Video] ...
Economy, Finance, Business, Financial Crisis, Stock Exchange, Barack Obama, Judd Gregg
When even the President of the United States is demonizing AIG executives and talking about his “anger,” this is the kind of thing that results: Busload of Crazies to Tour Homes of AIG Executives This Weekend. This insanity is going to end up with someone getting hurt or killed. ...
In case you haven’t already seen this news: Chris Dodd AIG admission: Senator says he helped adjust bill to allow bonuses. HARTFORD, Conn. — Sen. Christopher Dodd (D-Conn.) suffered a political blow Wednesday with the admission that he had been involved in key legislative changes that helped pave the ...
Economy, Finance, Business, Financial Crisis, AIG, Chris Dodd
As politicians on both sides of the aisle make populist hay out of the AIG bonuses scandal, ABC News asks: Will Obama, McCain, Dodd Return Contributions From AIG Employees? AIG employees kept doling out donations to politicians, including presidential candidate Barack Obama, after getting bailed out with federal funds ...
Here we see the current head of AIG Financial Products and former vice chairman of Morgan Stanley, Gerry Pasciucco, at an event called “Fiesta Cuba,” wearing a Che Guevara T-shirt. The photo comes from this page at Fairfield County Look, where we learn more about the fun-filled evening: ...
The problem with all of this populist outrage about the bonuses being paid to AIG executives is that the company is contractually obligated to pay them, which means that if AIG reneges, the execs can and will sue the pants off the already pantless insurance giant. That’s why Barack Obama, ...
President Obama has asked the Secretary of the Treasury to try to block AIG bonuses. WASHINGTON — President Obama vowed to try to stop the faltering insurance giant American International Group from paying out hundreds of millions of dollars in bonuses to executives, as the administration scrambled to avert ...
Instapundit has photos from the Tea Party protest in Cincinnati, with quite a large turnout: THE CINCINNATI TEA PARTY IS UNDERWAY, and a reader sends this photo via Blackberry ...
After a small gain yesterday, the Dow index is now down another 200 points. Someone please ask the bears to unclench their fists...
Economy, Finance, Business, Financial Crisis, Stock Exchange
President Obama says he’s looking at the big picture, not sweating the small stuff. The stock market is story of like a tracking poll in politics. It bobs up and down day-to-day,“ Obama said. ”And if you spend all your time worrying about that, then you’re probably going to ...
Economy, Finance, Business, Financial Crisis, Stock Exchange, Barack Obama
Ouch. The Dow closed down by ~300 points, bottoming at 6762, the lowest level since 1997. Obviously bad news for folks invested in the stock market, and not exactly a vote of confidence for the Obama administration. Here’s an open thread to discuss...
Economy, Finance, Business, Financial Crisis, Stock Exchange