Zohran Mamdani’s Bold Program for an Affordable New York City
In a shocking upset, socialist Zohran Mamdani bested former governor Andrew Cuomo in the June 24 New York City mayoral
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GM Bankruptcy Clock Ticking Fast
GM appears likely to follow fellow carmaker Chrysler into bankruptcy court. The company lost $6 billion in the first quarter
Banks Won Concessions on Stress Tests (WSJ)
Fed Cut Billions Off Some Initial Capital-Shortfall Estimates; Tempers Flare at Wells By DAVID ENRICH, DAN FITZPATRICK and MARSHALL ECKBLAD
1 in 5 Homeowners Under Water and Sinking Fast
Over 20% of homeowners (more than 1 in 5) owe more than their homes are worth, according to a new
Real Unemployment at Record High
The Bureau of Labor Statistics announced that the "official" unemployment rate for April is 8.9%, a stunning
Black Male Unemployment Jumps to 17.2%
Black Male Worker Jobless Rate Jumps To 17.2% in April The official "seasonally adjusted" unemployment rate for
Biggest Banks Need $75 Billion More
The results of the "stress tests" are in. According to the results, the biggest banks need $75 billion
AIG Bonuses Were $454 Million
Turns out the total bonuses paid to AIG were $454 million last year, or 4 times higher than previously reported.
25 Lenders Made $1 Trillion In Subprime Loans
From the Center for Public Integrity via HuffPo. Read the full report here.
Don't Believe the Hype About Union Intimidation
Via Politicalaffairs.net: In the battle over the passage of the Employee Free Choice Act, right-wing opposition to the bill
UAW/Chrysler: How 55% = 0% (D. Henwood)
From Doug Henwood's blog, on the whole Chrysler/UAW/VEBA thing: here * Chrysler stock hasn’t traded publicly
Stress Test Haiku
Hat-tip to Kiaran H. for passing this along: The stress tests are done Surprise—many banks are fine Now, go
Private Equity Aims to Snatch Up Banks
Very interesting piece from yesterday's New York Times. Private equity manager J. Christopher Flowers buys a tiny bank