In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bailout’

Ban bonus payouts to bankers

Posted by seumasach on November 7, 2008

 

Rather a weak demand by the SWP: why don’t they want nationalisation of the banks? Still, it’s a good article and confirms points we made at the time.

by Simon Basketter

Socialist Worker

4th november, 2008

Bailed out banks dish out bonuses, while Gordon Brown hands over control to City sharks

Read the rest of this entry »

Posted in Financial crisis | Tagged: , | Leave a Comment »

Put The System Into Bankruptcy Now: The Bailout Is Killing The Economy

Posted by seumasach on November 7, 2008

 

 

November 6, 2008 (LPAC)–The continuing attempt to impose a monetary solution to the bankruptcy of the financial system is not just corrupt and incompetent, but it is also killing what remains of the global economy. Trillions of dollars have been pumped into the banks in the U.S. and Europe, but these banks are nevertheless restricting the issuance of credit to crucial areas of the economy. Of particular importance is the banks’ shutting off of letters of credit and credit lines to the shippers who move raw materials and more finished goods around the world. The banks are thus shutting down world trade in a foolish–and suicidal–effort to save themselves.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , | Leave a Comment »

Sarkozy Sics the State Administration and Media on the Banks

Posted by seumasach on November 4, 2008

November 4, 2008 (LPAC)–French President Nicolas Sarkozy is raising the pressure against the banks and even sicking the media on those banks which received state money, but who are not, in turn, lending it to companies and individual clients. Credits to consumers and companies increased by EU5 billion last month, but there are many reports that on the least of excuses, banks block making loans.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , | Leave a Comment »

Crise financière -Ajustement, mutation ou effondrement de l’Empire ?

Posted by seumasach on November 3, 2008

Thierry Meyssan

Voltairenet.org

2nd November, 2008

Depuis l’été 2006, Thierry Meyssan pronostique l’effondrement des États-Unis à moyen terme suivi de leur dislocation. Ce point de vue —qui a fait beaucoup sourire— trouve aujourd’hui un début de confirmation : rien ne parvient à stopper la crise financière US qui se transforme en crise économique. Selon cet analyste, qui est politologue et non pas économiste, les sommets internationaux qui se succèdent aujourd’hui n’ont pas pour but de résoudre la crise, mais représentent une révolte des États vassaux pour réorganiser un système qui, bien qu’agonisant, continue à profiter aux États-Unis.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , , | Leave a Comment »

Brown confident of Middle East cash for bail-out fund

Posted by seumasach on November 3, 2008

 

So now we know exactly what Brown has in mind as regards his “new Bretton Woods”: a bailout fund for the IMF so that it can continue its work of destroying the real economy globally. Brown knows the UK and US are going down- the point is to make sure everyone else does too. It’s a kind of scorched earth policy. It’s hardly surprising that China and the Arab countries have reservations about this: let’s hope they all have the sense to block this at the G20 conference on 15th November.

Allegra Stratton

Guardian

3rd November, 2008

Gordon Brown yesterday said he felt confident that he has successfully enlisted the help of Gulf states for international plans for an emergency bail-out fund, with both Qatar and Saudi Arabia indicating they will offer funds when leaders of the 20 most developed countries meet in Washington in a fortnight.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , , | Leave a Comment »

Hope for Lloyd’s investors: don’t despair, Gordon is there

Posted by seumasach on November 3, 2008

 

The really intriguing question here is where will Lloyds get the 4 billion to buy back the government’s preference shares. Could it be, by any chance, from the government?

Lloyds’ preference shares must be paid back before ordinary shareholders may receive dividends again

Lloyds TSB‘s shareholders were today given hope that the dividend drought ordered as part of the taxpayer bail-out would end next year.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , | Leave a Comment »

Wall Street’s Great Heist of 2008

Posted by seumasach on November 1, 2008

 

Barry Grey

WSWS

1st November, 2008

The Wall Street Journal published a front-page article Friday reporting that the nine biggest US banks, which have received a combined $125 billion in taxpayer funds as part of the $700 billion bailout authored by Treasury Secretary Henry Paulson and passed by the Democratic Congress, owed their executives more than $40 billion for recent years’ compensation and pensions as of the end of 2007.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , | Leave a Comment »

German banks don’t want to be bailed out.

Posted by seumasach on November 1, 2008

 

What is wrong with these Germans? Our banks have been accepting handouts for a year now. They understood that government handouts were necessary. not only to bankrupt the state treasury, but for the consolidation of an all- powerful oligarchy. What is it about that the Germans don’t understand? Can’t they see how indispensable Gordon’s plan is?

Merkel Urges German Banks to Tap Government Rescue Fund

Deutsche-Welle

1st November, 2008

German Chancellor Angela Merkel has urged banks to make use of a government bailout fund worth up to 500 billion euros ($637 billion) that few financial institutions have tapped so far.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , , | Leave a Comment »

RBS ‘making monkeys’ out of the government, says Vince Cable

Posted by seumasach on November 1, 2008

 

“Asked about the likely bonus culture after taxpayer-funded bail-out, the source said: “If the government does end up becoming a shareholder, RBS is still a listed entity. It remains the board’s responsibility to ensure it is run commercially.””

So there, Gordon! So much for your “partial nationalsiation”.

Simon Bowers

Guardian

1st November, 2008

Royal Bank of Scotland, which is being bailed out with £20bn of taxpayers’ money, has signalled it is preparing to pay bonuses to thousands of staff despite government pledges to crack down on City pay.

The bank has set aside £1.79bn to cover “staff costs” – includingdiscretionary bonuses – at its investment banking division for the first six months of the year alone. The same division caused a £5.9bn writedown that wiped out the bank’s profits for the same period.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , | Leave a Comment »

The Bush gang’s parting gift: a final, frantic looting of public wealth

Posted by seumasach on October 31, 2008

 

Naomi Klein

Guardian

31st October, 2008

In the final days of the election many Republicans seem to have given up the fight for power. But don’t be fooled: that doesn’t mean they are relaxing. If you want to see real Republican elbow grease, check out the energy going into chucking great chunks of the $700bn bail-out out the door. At a recent Senate banking committee hearing, the Republican Bob Corker was fixated on this task, and with a clear deadline in mind: inauguration. “How much of it do you think may be actually spent by January 20 or so?” Corker asked Neel Kashkari, the 35-year-old former banker in charge of the bail-out.

Read the rest of this entry »

Posted in Financial crisis | Tagged: , | Leave a Comment »

The Bailout Lie Exposed: Financial “Big Boys” Never Intended To Lend Out Their Windfall

Posted by seumasach on October 29, 2008

Alan Nasser

Global Research

28th October, 2008

In a nationally televised speech on September 24, George W. Bush said  in support of the proposed bailout plan that it was meant to “help American consumers and businessmen get credit to meet their daily needs and to create jobs.”

The Bailout Lie Exposed

Bush’s story was subsequently peddled by the Ministry of Information: the more than 700 billion handed over by the Treasury and the Fed to the financial oligarchy will be used to enable banks to resume lending to strapped households and businesses, thereby enabling the economy to regain healthy rates of growth and households and businesses to elude the prospect of extended debt peonage.
Read the rest of this entry »

Posted in Financial crisis | Tagged: | Leave a Comment »

 
Follow

Get every new post delivered to your Inbox.

Join 952 other followers

%d bloggers like this: