Category Archives: business

One-month anniversary of BP disaster

A sad anniversary, and it’s only getting worse. Up to now, only tar balls and a sheen of oil had come ashore. But brown and vivid orange globs and sheets of foul-smelling oil the consistency of latex paint have begun coating the reeds and grasses of Louisiana’s wetlands, home to rare birds, mammals and a [...]

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Shocker: TARP funds went to unworthy companies

Allison Kilkenny 9 Replies

Sit down, reader. A new Congressional panel report questions the need for the Treasury Department’s $17.2 billion bailout of GMAC, a global financial services company (formerly a part of General Motors) in 2008 and 2009. The government “might have been able” to arrange a strategic bankruptcy for GMAC, as it did for General Motors and Chrysler, preserving its automotive lending [...]

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Dumping the poor in the suburbs

Allison Kilkenny 3 Replies

Conor Dougherty reports on an interesting new study by the Brookings Institution, which shows the suburbs are home to America’s largest and fastest growing poor population. (h/t Atrios, The Bellows) The country’s largest metro areas saw their poor population grow by 25% between 2000 and 2008, according to the report, faster than primary cities and [...]

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Yet more bank fraud

Allison Kilkenny 3 Replies

A reader sent me a link to this story with this attached note: “I was in real estate a few years back and attempted to report mortgage fraud to the FBI a couple of times. Seems they were too busy. Guess they still are.” The article is written by CNBC’s Diana Olick and should be [...]

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