United States AIG scandal

This video from the USA is called NY Fed told AIG to Withhold Swap Info from Public.

USA: A financial scandal has erupted that implicates Treasury Secretary Timothy Geithner in efforts to conceal the funneling of $62 billion in taxpayer funds to 16 large banks as part of the government bailout of the insurance giant AIG: here.

The failure of the insurance giant American International Group (AIG) at the height of the financial crisis in September 2008 “would have been catastrophic for the broader economy” and led to “mass panic on a global scale,” according to recent court testimony by Timothy Geithner, President Obama’s first-term Treasury Secretary and former President of the New York Federal Reserve Bank: here.

Six million in the US with no income but food stamps: here.

From Marx’s Capital to Capitalism in the 21st Century: here.

Economic crisis and inequality

This video from the USA is about AIG bonuses.

USA: American International Group (AIG), the credit insurer that received a $40 billion government bailout, last week requested government approval for paying out $235 million in bonuses to its top employees: here.

Unemployment among blacks in New York City has increased much faster than for whites, and the gap appears to be widening at an accelerating pace, new studies of jobless data have found: here.

USA: Wealth inequality by race and ethnicity has grown since 2007: here

The New York state government is using its budget shortfall as a pretense for slashing social spending and laying off thousands of workers: here.

Britain: Factory and other blue-collar workers have been hit harder than white-collar staff by rising levels of unemployment: here.

Canada: David Miller, Toronto’s purported “pro-labor” mayor, released to the media Friday details of the city’s latest concessionary contract offers to 24,000 striking municipal workers: here.

Economic crisis again

The recent scandal about AIG bonuses in the USA is not the first one since that insurance corporation was bailed out with billions of taxpayers’ money.

This video from last year in the USA is called 10/7 AIG Executives Scandal $500K Spa Resort Vacation Party.

The economic crisis continues.

USA: Obama is attempting to navigate between placating public anger over AIG and similar outrages by Wall Street firms that have received hundreds of billions of dollars in taxpayer funds and satisfying the demands of the financial elite, which will brook no government interference in its drive for self-enrichment: here.

On Friday, a number of columns appeared in the US media defending the bonuses paid out to AIG executives: here.

Wall Street hysterics over the AIG bonus bill: here.

From the Working Families Party in the USA:

We’re all mad at AIG. Their executives bear a large share of the responsibility for bringing the economy to it’s knees, and now the same folks are getting hundreds of millions of dollars in bonuses — at our expense. Join us for a field trip to bring them the message.


10AM: Pick up in Hartford
(Working Families Headquarters – 30 Arbor St.)

11AM: Pick up in Bridgeport
(ACORN Offices 2320 Main St.)

Tour and Protest
AIG Financial Products headquarters, executives’ houses.

2:30: Return to Bridgeport
3:30: Return to Hartford

US: Working families struggle to make ends meet: here.

Unemployment in the United Kingdom has recorded the largest monthly increase since records began in 1971: here.

Britain: The fraud of Brown’s “crusade” for social mobility: here.

The World Socialist Web Site spoke to workers and youth participating in demonstrations in France on March 19: here.

While speculators and criminal banking agencies go unpunished, a Berlin shop worker is sacked on suspicion of pocketing €1.30: here.