Economic Glance
Eighty-three of the nation's 100 largest corporations, including Citigroup, Bank of America and News Corp., had subsidiaries in offshore tax havens in 2007, and some of the companies received federal bailout funding, a government watchdog said Friday.
The Government Accountability Office released a report that said Bank of America Inc., Citigroup Inc. and Morgan Stanley all had more than 100 units in countries that maintain low or no taxes. The three financial institutions were included in the $700 billion financial bailout approved by Congress.
Bailed-Out Firms Use Offshore Tax Havens
The party's over as US government seizes control of Citigroup expenses
The US government has seized control of Citigroup's staff Christmas party budget and set tight restrictions on the use of its corporate jet in exchange for its $45bn (£28bn) bail-out.
The measures are among a raft of restrictions on expenses detailed in the small print of filing made by Citi on New Year's Eve with the US financial regulator, the Securities and Exchange Commission.
In a memo to staff, Pandit said he and the chairman, Sir Win Bischoff, would forgo year-end bonuses for 2008 after the huge banking group lost three-quarters of its market value and was forced to go cap in hand to the treasury.
Was 2008 the beginning of another Great Depression?
It wasn't 1929, but like that infamous year, 2008 is sure to be remembered by economic historians as one unlike any other.
"We had a much simpler financial system back then. The number of wild and crazy things that happened this year is completely without precedent in world history,"
Blindsided by crisis, economists rethink profession along with theories
But academic economists are. And with very few exceptions, they did not predict the crisis, either. Some warned of a housing bubble, but almost none foresaw the resulting cataclysm. An entire field of experts dedicated to studying the behavior of markets failed to anticipate what may prove to be the biggest economic collapse of our lifetime. And now that we are in the middle of it, many frankly admit that they are not sure how to prevent things from getting worse.
The Federal Reserve Bank is the Reason for America's Downfall
The American Dream, An Obituary - The American Revolution was an extraordinary event. The idea that freedom was an inherent right, that tyranny could be successfully opposed, that government could serve the people, not the few, was truly revolutionary in 1776—as it is today.
The American Revolution, however, has run its course; and unless resuscitated and given new life, the American dream and the dreams of America 's founding fathers will soon be only a memory. Dreams rarely come to pass and those that do rarely last. The American dream is no exception.
What happened in 1776 has been subverted by the passage of time and the inconstancy of later generations. Those who rule America today have subverted the principles enumerated in the US Constitution; principles the Founding Father hoped would guide those who followed them through the crises yet to come.
Where'd the bailout money go? Shhhh, it's a secret
Think you could borrow money from a bank without saying what you were going to do with it? Well, apparently when banks borrow from you they don't feel the same need to say how the money is spent.After receiving billions in aid from U.S. taxpayers, the nation's largest banks say they can't track exactly how they're spending it. Some won't even talk about it.
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AP study finds $1.6B went to bailed-out bank execs
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.
Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
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