Common sense discussions of current events and critical world issues, including "the Great Recession", health care, domestic and..
| Home | My Account | Directories |
The Great Recession: Glass-Steagall Revisited
Published on 2009-12-18 02:44:00
Senators John McCain (Republican; AZ) and Maria Cantwell (Democrat; WA) introduced a bipartisan bill on December 16, 2009 that would reinstate some of the banking safeguards that were eroded when the Glass-Steagall Act was repealed in 1999* (more).Provisions of the Glass-Steagall Act that were enacted in 1933 restricted commercial banks (i.e., those that accepted deposits and made loans) from engaging in investment banking activities (i.e., issuing, underwriting, selling or distributing... stock
The Great Recession: Goldman Sachs Backs Down (sort of)
Published on 2009-12-18 01:16:00
Goldman Sachs, one of the two remaining major investment banks in the country and a major architect in causing the recent collapse of the American economy*, was planning on rewarding its top executives and traders with a total of $17 - $20 Billion in year-end bonuses for 2009 (link1; link2).But apparently the public outcry over this conspicuous level of greed, combined with the threat that substantial windfall taxes might be levied against these bonuses, convinced Goldman to award company stock,
The Great Recession: Europe Taxes the Bonus Windfall
Published on 2009-12-18 01:08:00
The British government, which like the United States propped-up failing banks with taxpayer funds, announced on December 9 that it would levy a one-time 50% tax on any banker bonus that exceeded approximately $ 41,000 (article). The move was designed to discourage big Christmas and year-end rewards for the bankers who caused this global economic catastrophe, and to try to recover some of the taxpayer bail-out money that was injected into the financial services industry.The following day, the Pre
