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The AIG scandal and impact on Obama

Obama would not have expected to be hit by popular anger so early, and hence the missteps that was visible in the early reaction by his administration to the scandal. After pumping huge amounts of money into many big banks, financial institutions, and other companies such as auto companies, there is a massive amount of […]

Citibank bailed out by the US Government

This was something that would have been deemed impossible even a few months back. A Government and system that believes in the free market philosophy, bailing out a massive bank with tax-payer money; that too when the President is from the Republican Party ? This just goes to show that ideology and dogma don’t stand […]

Wachovia takes huge losses

When the bank, Wachovia Corp was tossed up in a competing battle between Citicorp and Wells Fargo (where Citicorp won the initial endorsement of the Federal Reserve for control of the troubled Wachovia and then Wells Fargo stepped in with a far better deal, better for Wachovia, better for US taxpayers and for the Federal […]

World markets continue to fall

Things look bleak currently on the world economic scenario. The sudden and heated debated plan of $700 billion, meant to shore up US sentiment through the Government buying up the bad mortgage loans and letting credit again flow into the markets, seems to have not done much to help the US and world markets. The […]