Enough has been written about last year’s collapse of insurance giant AIG after it had to make good all the insurance it sold against corporate bond defaults and the fact that the US government bailout happened to help Goldman Sachs, the firm that US... Full Article at Business Standard

Greek Finance Minister George Papaconstantinou has the European Commission over a barrel and doesn't even know it. Instead of dragging the EC over the coals--like he should --he's carrying on like a blubbering crybaby. "Steady on there, Georgie". Full Article at The Market Oracle

Yesterday, the Washington Post treated us to an in-depth look at that $700 billion in rescue money being a number pulled out of Hank Paulson’s ass, and Neel Kashkari’s attempts to lose the weight he gained in DC while he lives in the woods and builds a... Full Article at DealBreaker

Remember too what was at Treasury, before Hank Paulson came out with the Plan B of simply buying equity stakes in the banks: he was meant to be putting in place a mechanism to value precisely the kind of complex debt instruments that Pimco... Full Article at American Spectator

The architect of America's banking bailout has revealed for the first time the chaos behind the scenes at the US Treasury during the creation of the controversial $700 billion (£425 billion) Troubled Asset Relief Program (Tarp). Full Article at Times Online

On the day after the Budget this year Alistair Darling’s daughter Anna texted him from South Africa, where she was travelling during a gap year. “Hey dad, is it true you’ve wrecked the economy?” she asked. “No,” the Chancellor drily replied. Full Article at Times Online