"Among European banks, SocGen was the biggest recipient at $11.9 billion, Deutsche got $11.8 billion and Barclays was paid $8.5 billion."
AIG massive payments to banks stoke bailout rage
REUTERS — 2:03 PM ET 03/16/09 By John O'Callaghan and Lilla Zuill
Translation: US Taxpayers just pushed $30B more into AIG to prop it up and AIG sent all of it to Europe. If that wasn't bad enough, US politicians and the US news media are focusing on the $165million in bonuses paid to AIG employees to distract the US Taxpayer from what is really going on.
"The call for "realistic" expectations is in stark contrast to the hopes of a "new global deal" at the G20 summit espoused by Gordon Brown, the Prime Minister, who will host the meeting on 2 April in London...Doubts surfaced over the likelihood of agreement after France and Germany spoke out against the co-ordinated fiscal stimulus that Mr Brown and the US President see as vital."
Darling plays down hope of G20 plan to save world economy
Published Date: 14 March 2009 By Gerri Peev
Translation: As long as the US government is willing to pull the train; the EU is willing to ride. And why not? Why should the EU risk inflation and currency devaluation when the US is so willing to print money and take on debt.
And at the same time EU countries keep feeding into US compaanies, the media reports are quite different from this side of the pond. Billions go into for example automotive industry, especially GM and Ford, as well as into Leman group and the banking industry, which goes to prove that this is not black and white but a greyscale. I'll see if I can dig out some links later but it is quite interesting to see especially how media chose to report about it. I see differences just comparing media coverage inside EU (especially Germany, Sweden and UK)
ReplyDelete/Ann-Katrin, Germany