You can’t but help be very very cynical about the news that Goldman Sachs and Warren Buffett are going to rustle up half a billion bucks and lend it to small businesses.
Wall street bailout
US finance sector’s sick reality
In the past month, 24 US banks have failed, two big finance companies have gone into bankruptcy, followed by a small credit card provider. But American investors don’t care; they know if the banks are small enough, the regulators will clean up.
How Uncle Sam blew the trillion-dollar trade of century
Sure, the White House had no choice but to step in to save banks in the wake of the financial crisis, says Mark Fisher, but it failed to see the opportunity to make the trade of the century for the American taxpayer.
New rules for bailed-out bankers revealed
The US Treasury and Federal Reserve have announced their new rules on executive pay at big and bailed-out banks: many will have their salaries capped at $500,000, total compensation will be cut by 50%, and cash guarantees will be restructured as stock.
Goldman Sachs: “Pay inequality benefits all!” Errr…
A Goldman Sachs adviser has lauded Wall St execs receiving huge paychecks and bonuses as “a way to achieve greater prosperity and opportunity for all.”
Bailed-out execs face 90% pay-cut
The US government is set to order the companies that received the most money in last year’s Wall St bailout to slash compensation for their top executives.
Country clubs and corporate jets: perks continue at bailed-out banks
When the US government was bailing out their banks to the tune of hundreds of billions of dollars last year, big banking executives were receiving more perks and bonuses than usual, according to new corporate disclosures.
Former Merrill Lynch CEO: “I should’ve gone to Ikea”
Former Merrill Lynch CEO John Thain now regrets buying a $68,000 antique credenza and $1400 wastebasket for his office after the company lost $15.3b and was bailed out by the government.
Business as usual on Wall St as big bonuses return
Buoyed by a recent boom in profits, Wall Street’s biggest banks are setting aside billions of dollars for executive bonuses, only months after they were rescued by the government bailout. Said government is less than impressed.
McCain fumbles the bailout and possibly his campaign
John McCain might have done just enough this week amid the financial crisis to destroy his chances of the winning the presidency. And if he hasn’t, Bernard Keane argues W. is poised to finish the the job for him.
Does the Wall Street bailout remind you of anything?
Does the Paulson package remind you of anything? It reminds me of the invasion of Iraq. And the Northern Territory intervention. And the Tampa. It’s the new black for government, writes Nicholas Gruen.
