First up, everyone's favorite insurance company that Washington forced them to own—American International Group (AIG) From the Associated Press this morning: American International Group Inc is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday AIG agreed to cut the retention bonuses by $20 million but will still hand out $100 million Wednesday, The New York Times reported, citing people with knowledge of the negotiations 
Share:  <span class="sent">First up, everyone's favorite insurance company that Washington forced them to own—American International Group (<span class="company">AIG</span>) From the Associated Press this morning: American International Group Inc is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday</span> <span class="company">AIG</span> agreed to cut the retention bonuses by $20 million but will still hand out $100 million Wednesday, The New York Times reported, citing people with knowledge of the negotiations Tweet this 

PriceWaterhouseCoopers (PWC) also said in its report that by 2030 the top 10 world economies could be China, followed by the United States, India, Japan, Brazil, Russia, Germany, Mexico, France and Britain The current 10 largest economies, according to 2008 data from the International Monetary Fund, are the United States, Japan, China, Germany, France, Britain, Italy, Russia, Spain and Brazil "These projects suggest that China could be the largest economy in the world as early as 2020 and is likely to be some way ahead of the US by 2030," John Hawksworth, head of macroeconomics at PWC, said in the report 
Share:  <span class="sent"><span class="company">PriceWaterhouseCoopers</span> (PWC) also said in its report that by 2030 the top 10 world economies could be China, followed by the United States, India, Japan, Brazil, Russia, Germany, Mexico, France and Britain</span> The current 10 largest economies, according to 2008 data from the International Monetary Fund, are the United States, Japan, China, Germany, France, Britain, Italy, Russia, Spain and Brazil "These projects suggest that China could be the largest economy in the world as early as 2020 and is likely to be some way ahead of the US by 2030," John Hawksworth, head of macroeconomics at PWC, said in the report Tweet this 

From Reuters' Matthew Goldstein: It could take until to get the full story behind the US bailout of insurance giant American International Group because of an action taken last year by the Securities and Exchange Commission In May, the SEC approved a request by AIG to keep secret an exhibit to a year old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs , Deutsche Bank and Merrill Lynch The SEC's Division of Corporation Finance, in granting AIG's request for confidential treatment, said the "excluded information" will not be made public until Nov 25, 2018, according to a copy of the agency's order 
Share:  <span class="sent">From Reuters' Matthew Goldstein: It could take until to get the full story behind the US bailout of insurance giant <span class="company">American International Group</span> because of an action taken last year by the Securities and Exchange Commission</span> In May, the SEC approved a request by AIG to keep secret an exhibit to a year old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs , Deutsche Bank and Merrill Lynch The SEC's Division of Corporation Finance, in granting AIG's request for confidential treatment, said the "excluded information" will not be made public until Nov 25, 2018, according to a copy of the agency's order Tweet this 

From Darryl R Isherwood on the FOX Business website Wednesday night: The Treasury Department announced late Wednesday it plans a $38 billion capital infusion into GMAC, the troubled lender that already has bailout funds The additional funds, as well as the restructuring of the government's commitment to GMAC, will be used to "protect taxpayers and put GMAC and pay back taxpayers as soon as practicable," a release from the agency said The money is actually $18 billion less than previously anticipated, according to Treasury 
Share:  <span class="sent">From Darryl R Isherwood on the FOX Business website Wednesday night: The Treasury Department announced late Wednesday it plans a $38 billion capital infusion into <span class="company">GMAC</span>, the troubled lender that already has bailout funds</span> The additional funds, as well as the restructuring of the government's commitment to <span class="company">GMAC</span>, will be used to "protect taxpayers and put <span class="company">GMAC</span> and pay back taxpayers as soon as practicable," a release from the agency said The money is actually $18 billion less than previously anticipated, according to Treasury Tweet this 

Company officials expect more employees to follow suit… In addition, AIG issued a news release that said, ‘We are deeply gratified that a vast majority of FP's senior leadership have expressed a willingness to forsake their recent retention payments'" Washington Post, , 2009 From Jason Leopold of the independent news e zine Truthoutorg yesterday: Despite previous promises, beleaguered insurance giant American International Group (AIG) has failed to return tens of millions of dollars in bonus payments the firm doled out to executives following the company's spectacular unraveling and subsequent multibillion government bailout, according to a recent report by the special inspector general for the government's Troubled Asset Relief Program (TARP) 
Share:  <span class="sent">Company officials expect more employees to follow suit… In addition, <span class="company">AIG</span> issued a news release that said, ‘We are deeply gratified that a vast majority of FP's senior leadership have expressed a willingness to forsake their recent retention payments'"</span> Washington Post, , 2009 From Jason Leopold of the independent news e zine Truthoutorg yesterday: Despite previous promises, beleaguered insurance giant American International Group (<span class="company">AIG</span>) has failed to return tens of millions of dollars in bonus payments the firm doled out to executives following the company's spectacular unraveling and subsequent multibillion government bailout, according to a recent report by the special inspector general for the government's Troubled Asset Relief Program (TARP) Tweet this 

Earlier today I came across an interesting piece on the Indian news site Rediff.com. Apparently, an American university study suggests that rural areas are generally more "prosperous" than the "big city." From Rediff.com today: For many people ‘rural' is synonymous with low incomes and limited economic opportunity, but a recent study has found that most of American villages are actually prosperous and do better than urban areas. 
Share:  <span class="sent">Earlier today I came across an interesting piece on the Indian news site <span class="company">Rediff</span>.com. Apparently, an American university study suggests that rural areas are generally more "prosperous" than the "big city." </span> From <span class="company">Rediff</span>.com today: For many people ‘rural' is synonymous with low incomes and limited economic opportunity, but a recent study has found that most of American villages are actually prosperous and do better than urban areas. Tweet this 

On Monday, I blogged about a Bloomberg piece in which Alice Schroeder, a former managing director at Morgan Stanley turned Warren Buffett biographer and Bloomberg News columnist, wrote how senior personnel at Goldman Sachs have been buying firearms to "defend themselves if there is a populist uprising against the bank." . Well, this morning I happened to read a CBS News piece from yesterday that also talked about Goldman execs arming themselves. Solid writing, nothing too spectacular content wise. 
Share:  <span class="sent">On Monday, I blogged about a Bloomberg piece in which Alice Schroeder, a former managing director at Morgan Stanley turned Warren Buffett biographer and Bloomberg News columnist, wrote how senior personnel at <span class="company">Goldman Sachs</span> have been buying firearms to "defend themselves if there is a populist uprising against the bank." . </span> Well, this morning I happened to read a CBS News piece from yesterday that also talked about Goldman execs arming themselves. Solid writing, nothing too spectacular content wise. Tweet this 

From Alice Schroeder, a former managing director at Morgan Stanley turned author and Bloomberg News columnist, on the Bloomberg website today: "I just wrote my first reference for a gun permit," said a friend, who told me of swearing to the good character of a Goldman Sachs Group Inc banker who applied to the local police for a permit to buy a pistol. The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank. I called Goldman Sachs spokesman Lucas van Praag to ask whether it's true that Goldman partners feel they need handguns to protect themselves from the angry proletariat. 
Share:  <span class="sent">From Alice Schroeder, a former managing director at Morgan Stanley turned author and Bloomberg News columnist, on the Bloomberg website today: "I just wrote my first reference for a gun permit," said a friend, who told me of swearing to the good character of a <span class="company">Goldman Sachs</span> Group Inc banker who applied to the local police for a permit to buy a pistol. </span> The banker had told this friend of mine that senior Goldman people have loaded up on firearms and are now equipped to defend themselves if there is a populist uprising against the bank. I called <span class="company">Goldman Sachs</span> spokesman Lucas van Praag to ask whether it's true that Goldman partners feel they need handguns to protect themselves from the angry proletariat. Tweet this 

From the Associated Press' Daniel Wagner today: A group of House Democrats are stepping up demands for greater transparency from the Federal Reserve after reports that the Fed mishandled the bailout of insurance giant American International Group Inc. The group, led by Rep. Elijah Cummings, D Md., wants a congressional review of the Federal Reserve system. They want to allow congressional audits of the Fed as part of financial rules being debated by the House Financial Services and Senate Banking committees, according to a letter Wednesday to the committees' chairmen. 
Share:  <span class="sent">From the Associated Press' Daniel Wagner today: A group of House Democrats are stepping up demands for greater transparency from the Federal Reserve after reports that the Fed mishandled the bailout of insurance giant <span class="company">American International</span> Group Inc. </span> The group, led by Rep. Elijah Cummings, D Md., wants a congressional review of the Federal Reserve system. They want to allow congressional audits of the Fed as part of financial rules being debated by the House Financial Services and Senate Banking committees, according to a letter Wednesday to the committees' chairmen. Tweet this 

The Associated Press' J.W. Elphinstone reported today: A real estate group says home prices fell in eight out of every 10 U.S cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals. But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year's figures, the National Association of Realtors said Tuesday. See "heavily discounted distressed sales made up 30 percent of all deals." 
Share:  <span class="sent">The Associated Press' J.W. <span class="company">Elphinstone</span> reported today: A real estate group says home prices fell in eight out of every 10 U.S cities in the third quarter of this year as heavily discounted distressed sales made up 30 percent of all deals. </span> But home sales continued their climb, with quarterly sales outpacing the second quarter and the previous year's figures, the National Association of Realtors said Tuesday. See "heavily discounted distressed sales made up 30 percent of all deals." Tweet this