Wednesday, September 17, 2008
The AIG solution: nationalizationUS Socialist Party leader Eugene Debs (1855-1926): he wanted to nationalize stuff, too
That's what the Cheney-Bush administration agreed upon, nationalizing the failed insurance giant to taking an 80% equity stake in it, as reported in US to take control of AIG by Francesco Guerrera, Aline van Duyn and Krishna Guha Financial Times 09/16-17/08:
The US Federal Reserve announced that it will lend AIG up to $85bn in emergency funds in return for a government stake of 79.9 per cent and effective control of the company - an extraordinary step meant to stave off a collapse of the giant insurer that plays a crucial role in the global financial system.Another scandal to watch for: Bush family cronies using the financial crisis and the nationalization of AIG, Freddie Mac and Fannie Mae to make a bundle, by means fair and/or foul.
Tags: predator state, us economy
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No subject for immortal verse
That we who lived by honest dreams
Defend the bad against the worse."
-- Cecil Day-Lewis from Where Are The War Poets?
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