Grand Theft Auto: The Bankruptcy of General Motors

They may be crying about General Motors’ bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won’t spoil Jamie Dimon’s day.

Obama’s leap to socialism

President Obama showed his hand this week when The New York Times wrote that he is considering converting the stock the government owns in our country’s banks from preferred stock, which it now holds, to common stock.

Hang The Bastards – Or At Least Bring Fraud Charges

The American nation, from the President down, is outraged over the continuing multi-million dollar bonuses to AIG executives and traders after $180 billion in public funds have gone to shore up this massive insurance firm. At AIG, especially in its London operation, massive numbers and amounts of insurance policies were written to ensure risky trades by customers. Policies that largely did not have any reserve set aside to cover payouts.

The Recovery Plan From Hell – What Wall Street Wants

February 11, 2009 “Counterpunch” — – Tuesday’s announcement of the Obama-Geithner recovery plan is basically an extension of the Bush-Paulson plan – yet more giveaways to financial insiders, with a view to concentrating the U.S. banking system into a cartel of just a few large banks. This is not altogether bad news for the still relatively healthy part of the banking system (healthy in the sense of still avoiding negative equity). Smaller, less troubled banks will be bought out by the large “troubled” ones, to the personal financial benefit of their stockholders. This cannot solve today’s financial problem: the fact that the debt overhead far exceeds the economy’s ability to pay. In fact, it will spread the distortions that the large banks have introduced, until the entire system presumably looks like Citibank, Bank of America, JP Morgan Chase and Wells Fargo.

Video: Dan Rather – The Rath on corporate media ownership

Former CBS Anchorman, Dan Rather, speaks to an audience about how corporate broadcasters have compromised journalistic integrity by satisfying stockholders, instead of public interests.