The Fed’s $7 Trillion Secret Loan Program

The Fed has some ‘splainin’ to do! Continue reading

Doe or Die

An Ultimatum for Carmakers From Obama – NYTimes.com: “‘And so today, I am announcing that my administration will offer G.M. and Chrysler a limited period of time to work with creditors, unions and other stakeholders to fundamentally restructure in a way that would justify an investment of additional tax dollars; a period during which they …

Getting Value for Our Money (or Not)

Bush overpaid banks in bailout, watchdog says – Yahoo! News: “Overall, the panel and the analysts it retained to conduct the valuation study found that the Treasury used taxpayers’ money to pay $62.5 billion more than the value of assets in the 10 transactions it examined. By extrapolating to the more than 300 institutions that …

Salary Caps hit Wall Street

Obama’s cap on CEO pay strives to end era of excess | csmonitor.com: “‘This is America. We don’t disparage wealth. And we believe that success should be rewarded,’ Obama said. ‘But what gets people upset – and rightfully so – are executives being rewarded for failure. Especially when those rewards are subsidized by US taxpayers.’ …

Op-Ed Columnist – How to Fix a Flat – NYTimes.com

Op-Ed Columnist – How to Fix a Flat – NYTimes.com: “‘In return for any direct government aid,’ he wrote, ‘the board and the management [of G.M.] should go. Shareholders should lose their paltry remaining equity. And a government-appointed receiver — someone hard-nosed and nonpolitical — should have broad power to revamp G.M. with a viable …