Thursday, October 30, 2008

The Bailout, Day 27

Let's review some landmarks of the bailout to date:
  • A large portion of the money will go to big bank buyouts of smaller institutions (Schwarzman, Blackstone Group)
  • AIG, beneficiary of a separate bailout scheme, is "rapidly running through $123 billion in emergency lending" (New York Times, Oct. 29)
  • Unlike the British, the Treasury has placed few restrictions on how its (meaning our) bailout funds are spent (or not spent).
  • A record $200 billion deficit in U.S. pensions has developed during the current stock turmoil. (Bloomberg, Oct. 29)
  • American Express has announced that 7,000 jobs will be cut. (Bloomberg, Oct. 30) Job cuts so far this year exceed 500,000.


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