AIG Announces PR Blitz To “Thank” Taxpayers For Bailouts

By: Tuesday January 1, 2013 7:08 am

In what borders on performance art, AIG is launching a public relations campaign to thank American taxpayers for letting them extort bailout money from Congress.

Greek Reaches Yet Another Debt Deal With Europe

By: Tuesday November 27, 2012 10:00 am

European Union finance ministers and the IMF reached another in a series of deals with Greece on long-term debt. The deal will lead to the release of another tranche of around 44 billion euros in bailout funds for the country to pay its debts to creditors, including government payroll and pensions. The deal aims to [...]

No, Mario Draghi Should Not Be Person of the Year, Because He Failed in His Effort to Break European Sovereignty

By: Monday November 26, 2012 12:30 pm

European finance ministers have yet to make any decisions on the Greek bailouts. In general they have to choose whether or not to continue funding the country’s borrowing and on what terms. Will they forgive another portion of Greek debt (this is unlikely)? Will they allow the country a reprieve from meeting EU budget targets [...]

Spanish Government: We Got Our Bailout, Thanks

By: Friday November 2, 2012 9:15 am

An anonymous Spanish government official announced what is obvious to anyone perusing bond yield statistics: they don’t need to request a formal bailout from European authorities. Spain is feeling less pressure to seek European financial aid in the short term because its state borrowing costs have dropped since the European Central Bank announced its offer [...]

The Economist Agrees that the Bailouts Didn’t Have to Turn Out This Way

By: Wednesday October 31, 2012 1:09 pm

The Economist’s print edition gives one of the unlikelier reviews to Neil Barofsky’s Bailout and Sheila Bair’s Bull by the Horns that I’ve seen (I’ve read the former, and am making my way through the latter). In it, they acknowledge that the US bank bailouts were horribly unfair to the individual Americans who ultimately financed [...]

Romney Profited From Auto Bailout

By: Thursday October 18, 2012 8:30 am

Greg Palast has a new story out about Mitt Romney’s profit from Delphi Automotive, an auto parts subsidiary of GM, during the auto rescue. No bailout of GM—or Chrysler, for that matter—could have been successful without saving Delphi. So, in addition to making massive loans to automakers in 2009, the federal government sent, directly or [...]

Spain Could Agree to a “Credit Line” Rather Than A Bailout

By: Tuesday October 16, 2012 10:45 am

Markets in the US and Europe rose today on this Financial Times story, suggesting that Spain would submit to a bailout request. The stabilization of sovereign debt yields in Spain as well as the anti-austerity forces threatening the political class raised hopes that Spain would not take this step. And it’s still a very dicey [...]

Spain Continues to Resist Pressure for Bailout

By: Friday October 12, 2012 10:45 am

This refusal on the part of Spain to request a bailout, and the nasty conditions that would follow, so the European Central Bank can put its bond-buying program into motion, has really frustrated those trying to stage-manage Europe. The credit rating agency Standard and Poor’s, in league with these forces, downgraded Spanish debt to increase [...]

Spain Doesn’t Need a Bailout, But ECB Wants to Give Them One

By: Friday October 5, 2012 8:55 am

The Spanish economic minister said at the London School of Economics yesterday that his country did not need a bailout, and the conditions attached to it. Given that they have already produced austerity measures for the latest budget, I’m not sure that this totally matters. They are effectively agreeing to the conditions without agreeing to [...]

Spanish Banks Need 60 Billion Euros in Aid

By: Friday September 28, 2012 12:04 pm

Spain announced the results of a stress test of its banks, finding a €60 billion shortfall, in line with estimates. It’s important to understand that there are two bailouts as it pertains to Spain. The bank bailout, meant to cover this €60 billion shortfall, has already been requested and approved. Europe has reserved around €100 [...]

Sheila Bair: HAMP Sucked

By: Tuesday September 25, 2012 12:21 pm

I have not read Sheila Bair’s upcoming book, “Bull by the Horns,” but it’s on a growing list (I hear former Senate staffer Jeff Connaughton’s book is excellent as well). Arthur Delaney notes that she had harsh words for HAMP, the Administration’s failed program to rescue homeowners facing foreclosure. And she didn’t shy away from accurately describing the program as one that fostered predatory lending.

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