Huge industry subsidies by the taxpayer do little to preserve jobs or the industries themselves, writes Ian Hanke, of Agitate.com.au and the HR Nicholls Society.
Aig
Business As Usual: Economy back to centre stage … BP = Big Problems … more US banks go under …
About $US50 billion has been wiped off BP’s market value since mid-April, more US banks bite the dust as consumers try to save rather than spend, Iron ore prices may be on the up and other business news.
How the banks raped and pillaged us
Banks have learnt absolutely nothing from the GFC, argues Rolling Stone in a damning and fascinating look into how the big US banks gorge themselves while America goes hungry. Is another crash coming?
How Goldman killed AIG
The NYT reveals how a dispute between Goldman Sachs and AIG, which it calls “one of the most momentous in Wall Street history”, bled the embattled insurer dry, ultimately forcing the US government to bail it out to the tune of $180b.
revealed 
Who was paid off in the AIG bailout?
HuffPo has an uncensored version of the US Government document showing just how much money it lost during the controversial AIG bailout, and all the toxic mortgage bonds that banks insured through AIG.
Bailouts, failures, big losses, job cuts — aka the US economy.
Another major US retailer has been forced into liquidation by the credit crunch. And it may the US taxpayer who comes to the rescue. By Glenn Dyer.
Wall Street II: Australia will lose billions on AIG and Lehman
Malcolm Turnbull’s opening two salvos in Question Time yesterday were right on the money, writes Stephen Mayne.
Commentariat: No sympathy for the Wall Street devils
No sympathy for the devils … After 73 years, the last gasp of the broker-dealer … A sense that Wall St.’s boom times are over … The resilience of American finance … How not to lose everything.
Fed swoops to save AIG with $US85 billion loan
In a bid to stave off greater financial instability, the US Federal erserve has offered embattled insurer AIG an $85 billion dollar bailout loan. By Glenn Dyer.
Heather Ridout, the 21st member of Rudd’s Cabinet
Julia Gillard’s first task as Deputy Prime Minister back in December was to address the Australian Industry Group. Since then, the AIG’s CEO Heather Ridout has scored a number of important Government gigs, writes Bernard Keane.
