These days we are hearing the word ceilings everywhere. There is this big hue and cry about debt ceiling and a couple of years back about the glass ceiling that was purportedly preventing women to ascend to presidency in this country(USA) as claimed by Hillary Clinton. I was curious about the origins of ceilings […]
Tax evader and Treasury Secretary Geithner is singing “I understand your pain” mantra. దెయ్యాలు వేద మంత్రాలు వల్లించడం అంటే ఇదే. Take a look. Visit msnbc.com for breaking news, world news, and news about the economy MIT’s Simon Johnson – break those big banks:
Citibank neither had enough, nor do they think that they gave us, the citizens enough of their crap. In the Mexican peso crisis of 1994-1995 CitiBank should have gone kaput. Thanks to Clinton’s Treasury Secretary Rubin and Alan Greenspan, Mexico was bailed out. The bailout gave a respite to the Orange County, CA pension fund […]
Today the Eurozone leaders have announced some sort of a rescue plan for debt burdened Greece. The pledge failed to calm fears. Experts I follow are warning that this sovereign debt storm will not stop with Greece, Spain or Portugal. It is expected to spread to entire Europe and affect US and all economies in […]
As I have alerted earlier on this blog that the epicenter of a new financial storm is currently centered in PIIGS countries – specifically, Greece. The problem is simple – Greece borrowed heavily for Olympics related spending and other growth. About 30 Bil Euros of that debt is due or needs to be rolled over […]
In the next few weeks we will be hearing a lot about sovereign debt crisis for Greece. Debt crisis is derivatives crisis. Derivatives are Greek – a lot of Greek! I found this simple chart at Zero-Hedge and it explains the ramifications in a decision tree, and in simple English.
Two years of business school education, and decades of experience in dealing with worthless securities is not enough to understand the complexities behind AIG bailout. Bernanke, one of the architects of the bailout, once expressed “outrage” over AIG executives getting bonuses. Today and this week both Bernanke and AIG will be in the news a […]
It has been widely reported that Goldman Sachs got a sweet-heart deal from the bailout arm of the US Treasury, courtesy the then Treasury Secretary Paulson and the NY Fed Chairman, Tim Giethner. Tomorrow’s hearings on Capital Hill about AIG bailout has already shed a lot of light on the skeletons in Goldman’s closet. I […]
It is irrelevant which party is in power, the modus operandi is the same. Give us what we want, or else markets will tank! What we know from this process is that it is not the elected officials who are in charge. This is no democracy. This is an oligarchy. A bunch of fat cat bankers and large corporations are in charge. Not the Congress. Not the President.
This news is at least 10 days old. But it is important enough to share with you. [This story is a bit of an extension on the post that was lost earlier: “Is Geithner Goner?”] This guy’s name is Stephen Friedman. While he was the Chairman of NY Fed, he oversaw the bailout of Goldman […]
