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September 28, 2008

Tales of Corporate Greed

Gretchen Morgenson in the NY Times explains the details of how the world's largest insurance company was brought down by rampant greed in its London derivatives office.

Politicians love to talk about how inter-connected Wall Street is with Main Street, how the taxpayer bailout of A.I.G. was as unavoidable as the pending bailout of many other greedy billionaires.

They talk about this being the worst economic crisis since the Great Depression. But none of them mention that the way out of that stock market crash was a massive injection of capital directly into Main Street. The government created jobs across all industries, fed the hungry, and expanded the nation's infrastructure. Apparently, mere humans are no longer important to the economy. Only corporations matter.

The WILPF US Section issued a statement yesterday responding to the collapse of the financial system.

Posted by cj at September 28, 2008 1:05 PM


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