Economic crisis update

According to the Wall Street Journal, the major US banks and financial firms are on track to hand out a record $140 billion in compensation this year: here.

Goldman Sachs posts $3bn profits, lays aside $5bn for bonuses: here.

Citigroup Reports Third Quarter Net Income of $101 Million: here.

USA: A section of business has turned the growth of poverty into a gold mine. Standing behind the big banks are several layers of an increasingly complex and parasitic finance industry. At the bottom are the collection agencies, the scavengers who relentlessly pursue individual workers: here.

More than 1 billion people will go hungry in 2009, two UN agencies reported on Wednesday, an increase of over 100 million people in one year: here.

Diarrhoea kills an estimated 1.5 million children in the developing world every year even though inexpensive treatments exist to alleviate the condition, UN children’s fund UNICEF revealed on Wednesday: here.

Earning praise from Mexico’s financial sector and Wall Street, President Felipe Calderón ordered the sudden liquidation of Mexico’s Luz y Fuerza del Centro public electrical utility, wiping out the jobs of 44,000 workers: here.

Volkswagen is rescuing the oligarch clan Piëch/Porsche from its failed speculation and giving it more than €4.5 billion: here.

1 thought on “Economic crisis update

  1. Pingback: Economic recession news | Dear Kitty. Some blog

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