The bank bail-out: Crisis mismanagement

Posted: October 26, 2012 in economy
Tags: , ,

UK Only Article: 
standard article

Issue: 

The man who must change China

Fly Title: 

The bank bail-out

Rubric: 

How America bailed out the banks rather than its citizens

Main image: 

A full-time occupation

A full-time occupation

Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street. By Neil Barofsky. Simon and Schuster; 271 pages; $26. Free Press; £18.99. Buy from Amazon.com, Amazon.co.uk
Bull by the Horns: Fighting to Save Main Street From Wall Street and Wall Street from Itself. By Sheila Bair. Simon and Schuster; 415 pages; $26.99. Buy from Amazon.com
IN JULY 2008 the Federal Deposit Insurance Corporation (FDIC) closed IndyMac, a Californian lender. Anyone who had more than $100,000 in savings suffered heavy losses, including a woman who had just deposited her son’s life- insurance benefits after he was killed in Afghanistan. Later that year the government insisted that derivatives contracts sold by AIG, the failed insurer, would be honoured …

via Economic Crisis http://www.economist.com/news/books-and-arts/21565142-how-america-bailed-out-banks-rather-its-citizens-crisis-mismanagement?fsrc=rss

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