ActionLA Action for World Liberation Everyday! Tel: (213)403-0131 URL: _http://www.ActionLA.org_ (http://www.actionla.org/) e-mail: [EMAIL PROTECTED] (mailto:[EMAIL PROTECTED])
To join the list, send e-mail to: [EMAIL PROTECTED] (mailto:[EMAIL PROTECTED]) or visit: _http://lists.riseup.net/www/info/actionla_ (http://lists.riseup.net/www/info/actionla) 10/9: The Latest News on Corporate Bail Out Crimes From: Citizens For Legitimate Government 08 Oct 2008 _http://www.legitgov.org/_ (http://www.legitgov.org/) _AIG Gets More Government Bailout Cash_ (http://voices.washingtonpost.com/livecoverage/2008/10/government_to_give_aig_more.html) 08 Oct 2008 Only one day after it was revealed that AIG had sprung for a $440,000 spa vacation shortly after getting an $84 billion government-loan bailout comes this report: The government is loaning AIG another $38 billion. AIG, the world's largest insurer, said it has already drawn down $61 billion on its $84 billion line of credit from the government. _AIG executives cancel planned California spa retreat_ (http://www.nydailynews.com/money/2008/10/09/2008-10-09_aig_executives_cancel_planned_california.html ) 09 Oct 2008 Still smarting from their spanking for blowing $500,000 at a swanky resort after getting an $85 billion taxpayer bailout, AIG execs have cancelled a planned spa weekend at a posh California hotel. The conference for AIG agents at the Ritz-Carlton in Half Moon Bay next week was scrapped, AIG spokesman Joe Norton said Thursday. AIG pulled the plug on plans for a weekend of pampering for a privileged few after the feds agreed to lend AIG another $37.8 billion to stay afloat - on top of the $85 billion the troubled insurer received just last month. _AIG under fire for $370,000 resort trip_ (http://www.ft.com/cms/s/0/fbdf91de-94d1-11dd-953e-000077b07658.html) 08 Oct 2008 As Martin Sullivan, the former chief executive of AIG, testified before Congress that a single accounting rule had caused his firm's near collapse, Henry Waxman, the Democratic chairman of the House of Representatives' chief investigative committee, flashed images of a luxury hotel on to television screens. In a moment of drama usually reserved for US court rooms, Mr Waxman showed off pictures of the grand staircase, sparkling fountain and white columns at the St Regis Resort in Monarch Beach, California. AIG executives had - according to the congressmen - convened there for a week-long retreat just one week after the US Treasury saved it from certain failure with an $85bn (€62bn, £48bn) bail-out. Bills showed the fallen insurer - and, some argued, US taxpayers - had paid nearly $200,000 for rooms, $150,000 for meals, and $23,000 in spa charges. _AIG Spa Trip Fuels Fury on Hill_ (http://www.washingtonpost.com/wp-dyn/content/article/2008/10/07/AR2008100702604.html) --Lawmakers Blast Them About Bonuses 08 Oct 2008 For some people at AIG, the insurance giant rescued last month with an $85 billion federal bailout, the good times keep rolling. Joseph Cassano, the financial products manager whose complex investments led to American International Group's near collapse, is receiving $1 million a month in consulting fees. Former chief executive Martin J. Sullivan, whose three-year tenure coincided with much of the company's ill-fated risk-taking, is receiving a $5 million performance bonus. Last week, about 70 of the company's top performers were rewarded with a week-long stay at the luxury St. Regis Resort in Monarch Beach, Calif., where they ran up a tab of $440,000. _U.S. May Take Ownership Stake in Banks_ (http://www.nytimes.com/2008/10/09/business/economy/09econ.html) 09 Oct 2008 Having tried without success to unlock frozen credit markets, the Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system, according to government officials. Treasury officials say the just-passed $700 billion bailout bill gives them the authority to inject cash directly into banks that request it. _Eliot's Mess_ (http://www.gregpalast.com/elliot-spitzer-gets-nailed/) --The $200 billion bail-out for predator banks and Spitzer charges are intimately linked By Greg Palast 14 Mar 2008 While New York Governor Eliot Spitzer was paying an ‘escort’ $4,300 in a hotel room in Washington, just down the road, George Bush’s new Federal Reserve Board Chairman, Ben Bernanke, was secretly handing over $200 billion in a tryst with mortgage bank industry speculators. Both acts were wanton, wicked and lewd. But there’s a BIG difference. The Governor was using his own checkbook. Bush’s man Bernanke was using ours. This week, Bernanke’s Fed, for the first time in its history, loaned a selected coterie of banks one-fifth of a trillion dollars to guarantee these banks’ mortgage-backed junk bonds. The deluge of public loot was an eye-popping windfall to the very banking predators who have brought two million families to the brink of foreclosure. _Predatory Lenders' Partner in Crime_ (http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html) --How the Bush Administration Stopped the States From Stepping In to Help Consumers By Eliot Spitzer 14 Feb 2008 Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders... Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers. Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. _Dow plunges 678 points_ (http://www.guardian.co.uk/business/2008/oct/09/creditcrunch-shortselling) --Wall Street shares plunged to their lowest level for five years --US in line for a deep recession --Banks take hammering after ban on short selling was lifted 09 Oct 2008 A collapse in the value of the US stockmarket dramatically accelerated Thursday as Wall Street shares plunged to their lowest level for five years driven by urgent, relentless selling on trading floors. Hit by mounting alarm over the stability of the global financial system, the Dow Jones Industrial Average dived by 678 points to 8,579 in the blue-chip index's third worst points fall of all time. In percentage terms, the Dow fell by 7%, exceeding the damage caused by last week's record one-day slump of 777 points. ============================================================== ActionLA Action for World Liberation Everyday! Tel: (213)403-0131 URL: _http://www.ActionLA.org_ (http://www.actionla.org/) e-mail: [EMAIL PROTECTED] (mailto:[EMAIL PROTECTED]) To join the list, send e-mail to: [EMAIL PROTECTED] (mailto:[EMAIL PROTECTED]) or visit: _http://lists.riseup.net/www/info/actionla_ (http://lists.riseup.net/www/info/actionla) *Please post your protest, community event and news at ActionLA!* To add your event, please go:_ http://actionla.org/user/addevents.php_ (http://actionla.org/user/addevents.php) To publish your announcement and community news, please visit:_ http://actionla.org/user/publish.php_ (http://actionla.org/user/publish.php) **WE NEED YOUR SUPPORT! Please support our important works of ActionLA! 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