Category Archives: banking
DSK OUT IMF
Bon vivant eurocrat, Dominique Strauss-Kahn (DSK), has stepped down from his post as managing director at the IMF. Abusing the economies of troubled countries from his current post at Rikers Island, where he stands accused of raping a hotel maid, must have proved too difficult.
DSK’s fall brings to mind the ousting of Paul Wolfowitz from leadership of the World Bank for his unprovoked attempt to bring accountability to that institution. Christopher Hitchens rehashes that one here in Slate.
S&P
S&P downgraded the U.S. today. Kind of. It’s not that they don’t think we’re exceptional. They’re just starting to wonder if we can pay our bills.
President’s Council on Crony Capitalism
Chinese President Hu arrived in the U.S. shortly after the unveiling of a Chinese Stealth Aircraft suspiciously like our own. He left with a joint venture agreement with GE for hi tech jet engines.
Yesterday, President Obama announced the appointment of G.E. CEO Jeff Immelt (who axed 18,000 jobs) to chair the President’s Council on Jobs and Competitiveness. According to IBD, “GE has received $60 million in federal funds to build a technology center and $55 million to build a hybrid locomotive battery plant.” This is in addition to “a $139 billion bailout in the form of FDIC backing of GE Capital debt”.
Emptywheel at Firedog Lake says, Immelt’s “actions make him the poster child for everything wrong with the U.S. economy right now”.
Here’s a link to Immelt’s op-ed in yesterday’s Washington Post.
Shelter Skelter
Barney Frank, once said he wanted Fannie Mae and Freddie Mac to roll the dice for affordable housing. Now, after dusting off billions of dollars of rubble from the collapsed housing market, he wants Fannie and Freddie abolished.
