Economic Glance
Some of the world's biggest banks have revealed they are victims of an alleged fraud which has lost $50bn (£33bn).
Bernard Madoff, who was arrested on Thursday, has been charged with fraud in what is being described as one of the biggest-ever such cases.
Among the banks that have been hit are Britain's HSBC and RBS, Spain's Santander and France's BNP Paribas.
Other victims include film director Stephen Spielberg's Wunderkinder Foundation charity.
One of the City's best-known fund managers has criticised US regulators for not detecting the alleged fraud.
Banks hit worldwide by US 'fraud'
Bush Pushed Bailout Loophole On Executive Pay
Congress wanted to guarantee that the $700 billion financial bailout would limit the eye-popping pay of Wall Street executives, so lawmakers included a mechanism for reviewing executive compensation and penalizing firms that break the rules.
But at the last minute, the Bush administration insisted on a one-sentence change to the provision.
Fed regulators shut 2 banks in Georgia, Texas
Regulators on Friday closed Haven Trust Bank in Georgia and Sanderson State Bank in Texas, bringing to 25 the number of U.S. bank failures this year.
The 25 U.S. bank failures so far this year compare with three for all of 2007 and are far more than in the previous five years combined. It's expected that many more banks won't survive the next year of economic turmoil. The pressures of tumbling home prices, rising foreclosures and tighter credit have been battering financial firms nationwide.
TVNL Comment: The privately owned Federal Reserve is taking back all their money. They are going to proceed with their plan of owning everything in this nation.
Fed Refuses to Disclose Recipients of $2 Trillion
The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.
The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. The institution confirmed that a records search found 231 pages of documents pertaining to some of the requests.
TVNL Comment: The Fed answers to nobody. They own this nation. They are a private bank that is independent of any national authority.
Before handouts, big firms bankrolled conventions
Financial giants now being bailed out by the government spent millions underwriting the Democratic and Republican conventions last summer, just weeks before coming to Washington begging for multibillion-dollar handouts.
The big donors included AIG, Ford Motor Co., Citigroup, Goldman Sachs and Freddie Mac.
In all, major corporations, labor unions and individual millionaires dumped $118 million into the nominating conventions for Barack Obama and John McCain, according to reports from the Campaign Finance Institute and the Center for Responsive Politics. The private groups compiled the numbers from filings required under federal law.
The Best and the Brightest Have Led America Off a Cliff
Don't expect the so-called experts to fix it either. They can't. They are loyal to the decaying political and financial systems that empowered them.
The nation’s elite universities disdain honest intellectual inquiry, which is by its nature distrustful of authority, fiercely independent and often subversive. They organize learning around minutely specialized disciplines, narrow answers and rigid structures that are designed to produce certain answers. The established corporate hierarchies these institutions service -- economic, political and social -- come with clear parameters, such as the primacy of an unfettered free market, and with a highly specialized vocabulary.
AIG May Double Some Salaries With Retention Payments
Some executives among 130 recipients will get more than $500,000, about 200 percent of their salaries, to stay through 2009, said the person, who declined to be named because the information hasn’t been publicly disclosed. An undetermined number of lower-paid employees will also get cash awards to dissuade them from quitting, the person said.
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