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20 Oct 2009 21:57

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Politics: NYT: Maybe it’s time we flip the rich-get-richer culture on its head

  • If some company is too big to fail, then it’s too big to exist. Break it up.
  • New York Times op-ed columnist Bob Herbert • In an article titled “Safety Nets for the Rich,” about the phenomenon of companies “too big to fail.” Herbert argues that much money is being given to the rich instead of the poor, and it’s causing crazy situations like the financial bailout. Now that the economy’s starting to even out, perhaps it’s time to consider working on financial industry regulation. • source
Posted by Ernie Smith • 0 Comments • Permalink

20 Oct 2009 09:41

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U.S.: Bailed-out firms in no rush to help the party behind the bailout

  • Having had their hides saved by the Democratic party, it might be suggested that bailed-out firms might try to pat their backs in return in future elections. source
  • However, largely out of fear of further hurting their public image, many bailed-out firms are staying away from a Democratic fundraiser near Wall Street. source
Posted by Ernie Smith • 0 Comments • Permalink

10 Oct 2009 07:06

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Biz: Retrospect, my name is Bank of America: A not-classic U2 rewrite

  • Did this disappoint you, or leave a bad taste in your mouth? You know, this video seemed out of place a few years ago, when it first became popular, when Bank of America was still riding high. Now, with the company still paying back TARP funds, living down its unpopular purchase of Merrill Lynch and famously charging absurd fees, it’s just sick. Ethan Chandler of Bank of America took U2’s message of comradery and twisted it into a message of greed. Way to miss the point.source
Posted by Ernie Smith • 0 Comments • Permalink

30 Sep 2009 19:47

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Biz: Penske ran rings around GM’s Saturn, but they couldn’t save it

  • 13,000 jobs could be lost in the wake of Roger Penske’s failed bid to keep the GM small-car brand alive source
Posted by Ernie Smith • 2 Comments • Permalink

29 Sep 2009 10:13

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Biz: Citigroup, Bank of America feeling the executive-pay squeeze

  • $45 billion amount each bank still owes the government in TARP bailout funds; hurry up and pay it source
Posted by Ernie Smith • 0 Comments • Permalink

19 Sep 2009 09:59

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U.S.: Senate minority to Timothy Geithner: Kill TARP. Now.

  • 39 Republican Senators (and one Democrat) want TARP to end source
Posted by Ernie Smith • 0 Comments • Permalink

18 Sep 2009 12:04

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Biz: Daily poll: Changing regulations on employee pay at banks

Posted by Ernie Smith • 0 Comments • Permalink
 

14 Sep 2009 09:40

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Biz, World: Most people (worldwide) support economic recovery via stimulus

  • 60% of people favored more (not less) government spending source
Posted by Ernie Smith • 0 Comments • Permalink

25 Aug 2009 10:06

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Biz, U.S.: Obama’s got Fed Reserve Chair Ben Bernanke’s back

  • As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another.
  • President Barack Obama • In a speech this morning confirming that Bernanke would be reappointed to his post as Federal Reserve Chairman. It’s notable in one way – Bernanke’s a Republican, which means Obama’s got a bipartisan feather in his hat – but considering Bernanke’s predecessor, Alan Greenspan, stuck around for multiple administrations, maybe it’s not. But then again, Greenspan didn’t have the mess that Bernanke’s dealing with. Either way, go Ben! • source
Posted by Ernie Smith • 0 Comments • Permalink

17 Aug 2009 10:52

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Biz: One of Citi’s big shots, Andrew Hall, got a big bonus anyway

  • $100 million the amount Citi paid Hall last year in bonuses, despite his company’s dire straits source
Posted by Ernie Smith • 0 Comments • Permalink
 
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