Intimidated By Wall Street
Posted in Main Blog (All Posts) on November 24th, 2009 5:31 am by HL
Intimidated By Wall Street
Paul Krugman, New York Times
A funny thing happened on the way to a new New Deal. A year ago, the only thing we had to fear was fear itself; today, the reigning doctrine in Washington appears to be “Be afraid. Be very afraid.” Paul Krugman What happened? To be sure, “centrists” in the Senate have hobbled efforts to rescue the economy. But the evidence suggests that in addition to facing political opposition, President Obama and his inner circle have been intimidated by scare stories from Wall Street.Consider the contrast between what Mr. Obama’s advisers were saying on…
Inside AIG’s Showdown Over Pay
Gabriel Sherman, New York Magazine
Shortly after 11:00 on the morning of November 4, Robert Benmosche, the 65-year-old Brooklyn-born CEO of the American International Group, sat across an oval conference table from Kenneth R. Feinberg, the special master for TARP executive compensation of the U.S. Treasury. Benmosche was flanked by AIG’s board of directors, which had requested that Feinberg come to the mahogany-paneled boardroom on the eighteenth floor of AIG’s Pine Street headquarters to explain himself. Light sandwiches and soda were served from a buffet in the hallway. .module-package .head…