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Why are Taxpayers Paying Paulson’s Goldman Sachs Cronies Secret Billions?

November 4, 2008
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The Columbia Journalism Review’s Dean Starkman posted an analysis today on why we should be outraged. He points out that the AIG bailout money ($123 billion, give or take) is going straight to counterparties -including Goldman Sachs-and not even stopping at AIG long enough for a cup of coffee. But who are all these...
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The Giant Financial Shitpile: Three Views

September 24, 2008
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Joke: Buy MY ShitpileIf Washington can by Their shitpile of over-valued crap (and we know who They are) then why shouldn’t Washington also buy Our shitpile too? Wonk:Prof. Andrew Lo of MITFor an insider’s view of the risk posed by hedge funds and other heavily-leveraged financial players, download this 2001 paper, “Risk Management for...
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All the Money in the World-and Then Some

September 18, 2008
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All the Money in the World-and Then Some

NPR’s Morning Edition this morning reported on the causes of insurance giant A.I.G.’s downfall, letting us know that credit default swaps were “a $70 trillion business.” Reporter Adam Davidson says the credit-default swaps business soured and forced A.I.G. into an effective U.S. government receivership, which was announced late Tuesday night. But consider: Does $70...
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