Just over two months into her tenure as GM Chief Executive, Mary Barra is faced with perhaps the biggest crisis the automaker has faced since its bailout. GM had recalled 3.15 million cars for various safety failures and said it would take a $300 million charge this quarter. Further, the company had been criticized for its tightly-controlled press management of the crisis.
In a statement to BuzzFeed, AIG Chief Executive Robert Benmosche apologized for his comments comparing outrage over executive bonuses to “what we did in the Deep South” and saying that it was “just as bad and just as wrong.” Benmosche said he “never meant to offend anyone” and his comments were a “poor choice of words.”
Robert Benmosche, the CEO of bailed-out insurance giant AIG, told The Wall Street Journal that outrage over employee bonuses was “just as bad and just as wrong” as lynchings. Benmosche’s comments echo similar ones he made in 2009. (h/t: Ryan Chittum)
The motor city has long been a hotbed for car commercials. But recently advertisers have been jumping at the chance to document Detroit’s cultural transformation.
Anglo Irish Bank execs joked over phone on how to secure a bailout, lie about their losses, and not pay taxpayers back.
The Treasury Department has been trying to tell the public for years that its bank bailout program has been more financially successful than you think. Here are some charts showing they might be right.
The president presses attack on misleading Romney spot. UPDATE: Romney camp responds.
Credits Bush, not Obama for saving the country from a Great Depression. A big policy statement on a tough day.
On 10-year anniversary of the Salt Lake City games, Democrats call federal funding “Olympic Bailout.” Trying to upend the Romney narrative, the Democratic National Committee calls the American taxpayer “the real savior of the Salt Lake City Olympics.”
Athens is still reeling from the riots which burned 45 buildings and triggered a forceful crackdown by police. Protesters were furious with the severe austerity cuts passed by Parliament in order to accept an EU bailout package. Demonstrations continued today, but nowhere near the ferocity of what was seen over the weekend.
Despite massive and often violent protests against them, severe austerity measures have been passed by the Greek parliament. This paves the way for emergency bailout loans from the European Union and the International Monetary Fund that are intended to prevent a total collapse of Greece’s economy and stabilize global markets. Here are some more photos from the ongoing riots that have erupted in the streets of Athens as a response to the painful budget cuts.
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Wanna really piss your friends off? Send them a fake bailout check! Kidding — it’s all in harmless fun. Everyone deserves a bailout of some sort, even if it’s a “Get Out Of Uncomfortable Situation Free” sort of deal. I wrote myself one for one million dollars, because boats are super expensive!
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Didn’t agree with the bailout? Thought you could’ve done a better job? We’ll see about that. Hit up this amazingly well-designed (and entertaining) game, which is inspired by Monopoly, but you get to choose who gets bailed out and who gets the ax. Watch out for the recession (ie angry mob in red pickup truck!)
The financial rescue term is the Word of the Year, probably because the bailouts will never end. Somewhere, Dick Fuld is screaming. Or being punched.
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It’s not just AIG who’s getting in on the lavish, taxpayer-funded corporate retreats. Ok, it’s mostly AIG. I am with Seth and Amy on this one.
Before Neel Kashkari was given $700 billion to save the world, he was a high school senior who loved AC/DC. Here’s his 1991 yearbook page. He’s also a fan of Shakespeare, football, and war in Iraq.
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A map of the no votes from the House on the failed bailout bill. Click through to see more data: Who voted no, where the no votes came form and where they fall on the political spectrum.
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The $700 billion bailout plan that the world has been awaiting was just rejected by the House of Representatives sending the Dow plunging over 700 points. Voting 228-205 the bill was rejected today despite the desperate need for it. Officials say there will be another attempt to run it through a vote again, though it’s uncertain how soon that will be which just leaves everyone to wonder “What now?”
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