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U.S. Tax Payer Helps Feed the Corporate Greed – Political Opinion
During 2008, “the brokerage units of New York financial companies lost more than $35 billion.” According to a report by the New York state comptroller, these companies simultaneously doled out the equivalent to half that amount, an estimated...Confronting the Rich And Mighty with Chutzpah
New York Attorney General Andrew Cuomo apparently has a knack for attracting early Chutzpah of the Week awards, since he won his first award about half a year ago on a Wednesday. That one was for waging a war against child pornography on the Internet...Bank of America Plans to Cut Work Force By At Least 30,000
Bank of America Corporation is working on a plan to eliminate a significant number of positions over the next three years reflecting the pending merger with Merrill Lynch & Co., Inc. and the weak economic environment, which is affecting the level...Wachovia Posts $24 Billion Losses
The embattled Charlotte, NC based bank posted write downs of nearly $24 billion in the third quarter alone as it continues to struggle in the reeling mortgage and financial crisis, according to The Guardian. This newest deterioration is yet another difficulty...Conservatives Haven’t a Clue About the Real State of the U.S. Economy – Political Opinion
When Bank of America, the largest commercial bank in the United States, agreed on Monday morning to buy the beleaguered brokerage firm Merrill Lynch & Co. for less than a fifth of the price the firm traded for at the beginning of last year, BofA investors...U.S. Government Bailout for Another Failing Company
The U.S. government has announced it will provide the world’s biggest insurer, AIG, with an $85-billion emergency loan, to prevent the company’s collapse. From Washington, VOA’s Sean Maroney reports.Showdown for Reforming Credit Card Terms And Conditions
September is shaping up to be a possible showdown month for reforming credit card terms and conditions. The Credit Cardholders’ Bill of Rights could be voted on by the full House of Representatives.West Virginia Latest State to Sue Countrywide
Add West Virginia to the growing list of states lining up to sue Countrywide Financial Corp. over alleged predatory lending practices. State Attorney General Darrell McGraw filed suit Tuesday against the nation’s largest lender and servicer, it’s...
