The Great Crash posed one question for this country: who would bear the losses? Would it be the banks that caused the problems? The officers, directors and shareholders of those banks? Their careless counterparties? The investors who bought the fraudulent real estate mortgage-backed securities and the complex spin-offs? The owners of capital who threw money into hedge funds and other exotic investments expecting a geyser of money in return?
There were two huge British banking casualties of the great crash of 2008: Royal Bank of Scotland, rescued by taxpayers, and HBOS, rescued by Lloyds' shareholders and taxpayers. The destruction of wealth - that of investors, includi... Read Post
The shareholders have finally spoken. In a move that rebuked Citigroup management and the board of directors, the bank's shareholders rejected the proposed $15 million pay package for CEO Vikram Pandit, as well as pay for three othe... Read Post