Friday, March 13, 2009

Scams and jams

Yesterday Bernie Madoff pleaded guilty to the largest investor fraud by a single person.

Last week Elizabeth Warren explained how Henry Paulson (Time's Person of the Year for 2008) misrepresented a no-strings, no oversight $250bn 'subsidy' to the best and brightest in U.S. banking.

John Cassidy asks whether Obama is bold enough to nationalise the banks.

Paul Kennedy wonders about the wisdom of "allocating more money to buying bad debts and rescuing bad banks than investing in job creation", and contemplates a United States plunging into "levels of indebtedness that could make Philip II of Spain’s record seem austere by comparison"

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