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15 Mar 2009 21:34

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Biz, U.S.: Where did the AIG money go? Now we know!

  • $44 billion went to debts the company sustained in its “securities lending” program, when the economy went plop. source
  • $22 billion went to satisfy credit-default swap debts its London subsidiary, AIG Financial Products, caused source
  • $12 billion went to pay debts to municipalities in dozens of states who signed complex investment agreements with AIG source
Posted by Ernie Smith • 0 Comments • Permalink

15 Mar 2009 11:46

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Biz: We think we understand this forced entrepreneurship talk

  • If there is a silver lining, the large-scale downsizing from major companies will release a lot of new entrepreneurial talent and ideas — scientists, engineers, business folks now looking to do other things.
  • Mark V. Cannice • Executive director of the entrepreneurship program at the University of San Francisco, on how the economy is making people a bit more creative, building their own businesses, instead of trying to look for work. We kind of did both.  • source
Posted by Ernie Smith • 0 Comments • Permalink

15 Mar 2009 11:05

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Biz, U.S.: Rep. Barney Frank wants to try to take back the AIG bonuses

  • Good for him! He’s a cool guy. Frank, a Democrat, said he’ll look into taking the roughly $1 billion in bonuses, which the company says it’s legally obligated to give out, away from the company. “We need to find out whether these bonuses are legally recoverable,” Frank said. AIG Financial Products is receiving half of the bonuses – they’re the part of the company that made the credit default swaps that screwed up the economy. source
Posted by Ernie Smith • 0 Comments • Permalink

14 Mar 2009 19:53

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Biz: Bernie Madoff is worth a lot of money, but not enough

  • $823 million Madoff’s approximate net worth, according to court papers source
Posted by Ernie Smith • 0 Comments • Permalink

14 Mar 2009 18:20

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Biz, U.S.: Dear AIG: Why are you still giving out bonuses?

  • AIG got a ton of money from the government to keep the economy going, because they’re too freaking big and broke everything. source
  • They’re restructuring some of their biggest bonuses to executives, but still giving out hundreds of millions to employees. WTF? source
Posted by Ernie Smith • 2 Comments • Permalink

14 Mar 2009 17:55

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Biz, U.S.: If you’re on unemployment, don’t use the debit cards

  • 30 states offer debit cards as a direct-deposit option to those who are on unemployment; most have contracts with banks. source
Posted by Ernie Smith • 0 Comments • Permalink

13 Mar 2009 18:42

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Biz, U.S.: Lawrence Summers: “Excess of fear” hurting our economy

  • If, in the last few years, we’ve seen too much greed and too little fear, too much spending and not enough saving, too much borrowing and not enough worrying, today our problem is very different. It is this transition from an excess of greed to an excess of fear that President Roosevelt had in mind.
  • Lawrence Summers • President Barack Obama’s top economic adviser, on the economic struggles the country is facing, harkening back to President Franklin Roosevelt’s “We have nothing to fear but fear itself” line. His words also appeared to be critical of investors whose caution is stagnating the market even as consumer spending improves. • source
Posted by Ernie Smith • 0 Comments • Permalink
 

13 Mar 2009 13:53

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Biz, U.S.: Weekend at Bernie’s: How bad is Madoff’s cell, anyway?

Let’s put it this way. The culture shock is really, really high. And few will give him any remorse. source
Posted by Ernie Smith • 0 Comments • Permalink

13 Mar 2009 13:45

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Biz, U.S.: This probably isn’t going to work, Bernie Madoff’s lawyer

  • Can we put Bernie back in his penthouse? Ira Sorkin, Bernard Madoff’s lawyer, is appealing the decision to put his client, who pled guilty yesterday to charges related to his ponzi scheme, back under house arrest. The Manhattan jail cell he was put in is a far cry from the penthouse he once lived, as you might guess. source
Posted by Ernie Smith • 0 Comments • Permalink

13 Mar 2009 13:33

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Biz, U.S.: One of Seattle’s papers is probably gonna die. Let’s look back.

A local radio station takes a good look back at a Seattle (and American) newspaper institution. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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