Feeling the need for a “clean-sheet,” the Obama administration gave GM’s CEO the pink slip today. [WP]
bailouts
AIG Big Bonus Getters Will Return Their Cash
By 3.23.09
You can put down your pitchforks, NY AG Cuomo told reporters this afternoon that most of the AIG big bonus receivers had agreed to return their bonuses. 9 of the top 10 bonus recipients, and 10 of the 15 bonus recipients in the infamous financial products services division, will return their monies. The holdouts were mainly overseas workers and those outside NY jurisdiction. The total remittance comes to about $30 million. Great, can we get back to fixing the economy now? Thanks.
Markets Leap On Treasury's Troubled Asset Purchase Details
By 3.23.09
Markets jumped after the Treasury presented the fleshed-out details of its plan to buy troubled bank assets. The need for getting toxic assets off bank books has been around for quite some time, but has stalled because banks and investors couldn’t compromise on the price. Banks didn’t want to sell for less than 60 cents on the dollar, investors didn’t want to pay more than 30. The Treasury plan makes the two ends meet by providing $75-$100 billion in financing for buyers. For it to work, private investors will have to step up, but with the S&P leaping up 7.1% the street is betting they will and it will unclog the credit markets.
Surviving A Lynch Mob – AIG Internal Staff Memo
By 3.20.09
Via Gawker: Considering the profound social unrest surrounding just about every aspect of their entire existence, AIG disseminated the following memo to their staffers to help them avoid getting hoisted by their necktie the nearest lamppost.
Obama, Congress, Knew About AIG Bonuses For Months
By 3.19.09
The AIG furor continues as it turns out Obama and Congress knew about the AIG bonuses for months but previously, on the advice of lawyers, felt powerless to stop them. Question for the audience: is figuring out what happened with the AIG bonuses fundamentally important to get the economy back on track, or is it just another media circus sideshow?
10 Tax Incentives For You From Bush's Bailout Bill
By 2.16.09
Remember that guy Bush? Well back in October he signed one of those fancy bailout bills and it had a bunch of tax incentives for you. Here are the highlights of The Emergency Economic Stabilization Act of 2008 relevant to your tax return:
Gee, How Much Does A Bailed Out Executive Make, Anyway?
By 2.4.09
The New York Times is reporting that the Obama administration announced a $500,000 pay cap that prohibits bonuses for any companies that take additional taxpayer assistance.
9 In 10 Executives At Bailed-Out Banks Kept Their Jobs
By 1.27.09
Over 100,000 people have been laid off by banks, but 9 in 10 executives at banks that accepted bailout money are still working says the Associated Press.
Graphic: Why GM Will Still Fail
By 1.8.09
Not that you necessarily need convincing that GM is doomed no matter how much cash is thrown at it, but here’s a cool graphic that shows all of the auto company’s problems as piles of shipping containers. The designer points out that “many aspects of this graphic can apply to the rest of the Big Three but I focused on GM since they are in the most dire position.”
The Economist's Credit Crunch Game Makes Subprime Loans Fun Again!
By 12.29.08
We think the idea of “Credit Crunch,” a print-it-yourself board game in this week’s issue of The Economist, is great. We’re not convinced it’s exactly cost-effective to print the board, cards, and money with your own equipment, though—as someone suggests in their comments section, maybe a web-savvy reader should create an online version.
Retailers Beg Government To Create Tax-Free Shopping Holidays To Save Them
By 12.24.08
The National Retail Federation has asked President-elect Obama to declare three tax-free shopping holidays next year.
Credit Suisse Top Execs Get Toxic Debt As Christmas Bonus
By 12.18.08
Instead of canceling bonuses for top execs this year, Credit Suisse instead will pay them with the very toxic debt that’s thrown the world into an economic crisis. Yes, Virginia, there is a Revenge Claus.
The 25 Failed Banks Of 2008
By 12.16.08
You can click through CNBC’s stupid click-inflating slideshow of the 25 failed banks of 2008, or just skim the handy rundown inside. It was a bad year for banks you’ve never heard of.
AIG To Give Executives "Retention Payments" Instead Of "Bonuses"
By 12.11.08
CBSNews says that AIG will be suspending “bonuses” for executives and will instead replace them with “retention payments.” We’re not entire sure what the difference is and the government doesn’t know either.
Illinois Stops Doing Business With BoA Until It Restores Window And Door Company's Credit
By 12.8.08
The state of Illinois has suspended doing all business with Bank of America until they restore the line of credit to Chicago-based Republic Windows & Doors necessary for paying their workers.
2008 Bailout Costs As Much As Several Large And Famous Government Projects Combined
By 12.3.08
This graphic demonstrates how the 2008 bailout, so far, costs as much as several large and famous government projects added up together. Yes, these numbers are inflation adjusted.
