Tag: banksters
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jp bought my bank: wamu sold in biggest US bank failure
wamu becomes biggest bank to fail in US historyfrom ap: As the debate over a $700 billion bank bailout rages on in Washington, one of the nation’s largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. The Federal Deposit Insurance Corp. seized WaMu…
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money$hit: bailouts, banksters, bread & circuses
bush does 9/11 replay in ask for unprecedented powers & budgetfrom the washington note: Just after the September 11th terrorist attacks occurred, George W. Bush went before the nation and made the case that he needed unprecedented authority – budgetary and military – to take on the threats poised at the well-being and safety of…
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bush’s bankster bailout bullshit (& more)
from ap: President Bush on Wednesday warned Americans and lawmakers reluctant to pass a historic financial rescue plan that failing to act fast risks wiping out retirement savings, rising foreclosures, lost jobs, closed business and ‘a long and painful recession.’ He spoke just after inviting Democrat Barack Obama and Republican John McCain, one of whom…
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collateral 60: wall street bailout – was that the rubicon way back there?
from collateral news: Now that their Wall Street scheming has threatened to bankrupt them, the big investment houses have come crying to Congress to bail them out to the tune of untold trillions of dollars of YOUR money (so much for the free market when it’s the rich who get soaked).
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We Must Throw The Moneychangers Out Of The Temple
“And he entered the temple and began to drive out those who were buying and selling in the temple, and overturned the tables of the money changers and the seats of those who were selling doves.” – Mark 11:15 Paulson: Congress has no authority here from big picture: “As with any contract, the parties to…
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economoney meltdown
nobel-winning stiglitz: crisis as bad or worse as great depressionfrom steve watson: Two time Nobel-prize winner and former chief economist of the World Bank, Joseph Stiglitz has warned that the current financial crisis will continue for at least another eighteen months and in many ways represents a worse situation than the one faced by Americans…
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my bank is about to fail. how about yours?
washington mutual tumbles 30%from reuters: Washington Mutual Inc (WM.N) shares sank 30 percent to a 17-year low and the perceived risk of its debt soared on worries the largest U.S. savings and loan will not find a buyer or raise enough capital to combat soaring mortgage losses. The stock closed down 98 cents at $2.32…
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lehman files for bankruptcy & other disasters
from bbc: Wall Street bank Lehman Brothers has filed for chapter 11 bankruptcy protection after emergency talks to find a buyer failed. Confidence in the 150-year-old investment bank – the fourth largest in the US – crumbled last week amid growing concerns that its large portfolio of mortgage-backed assets was worth far less than it…
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mythbusters gagged: credit card companies kill episode exposing rfid security flaws
from consumerist: Credit card companies successfully nixed a Mythbusters segment exposing RFID’s security flaws, according to Arbiter of Truth and Mythbusters co-host, Adam Savage. Texas Instruments comes on along with chief legal counsel for American Express, Visa, Discover, and everybody else… They were way, way outgunned and they absolutely made it really clear to Discovery…
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economoney: integrity 10th bank failure & incomes plunge
integrity bank becomes 10th US failure this yearfrom bloomberg: Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators today, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression. Integrity Bank, with $1.1 billion in assets and $974 million in…
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nyu prof nouriel roubini says hundreds of banks will fail
from reuters: The United States is in the second inning of a recession that will last for at least 18 months and help kill off hundreds of banks, influential economist and New York University Professor Nouriel Roubini told Barron’s in Sunday’s edition. Taxpayers will pay a big price for helping bail out the rest of…
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the real state of the US economy
from william f engdahl: When Henry Paulson agreed to leave his job as chairman of the powerful Wall Street investment bank, Goldman Sachs to go to Washington as Treasury Secretary in 2006 he demanded extraordinary powers as de facto economic czar. He got it. Paulson is also head of the President’s Working Group on Financial…
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gm & ford ‘on the verge of bankruptcy’
from bloomberg: General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University’s Stern School of Business. “Both are in very serious shape and the markets reflect that,” Altman, the creator of…
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Economic Meltdown Just Heating Up
wholesale inflation is worst in 27 years…stocks drop again amid fears about financials…fannie-freddie lifeline puts taxpayers on the hook…analyst warns on wachovia amid more bank worries…bernanke signals growth risks & intensified’ inflation danger…citigroup shares drop to lowest price since 1998… dollar freefall: new record lowfrom bloomberg: The dollar declined to a record low against the…
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banksters team up to buy weather channel
from dealbook: An investor group led by NBC Universal and two private equity firms clinched a deal for the Weather Channel on Sunday, after three weeks of negotiations over the sale of the weather news giant. Though the parties did not disclose the price, the buyers – NBC and the private equity firms Bain Capital…