A report in Sunday’s New York Times, detailing the sharp rise in food stamp use, gives a much different picture of America at the end of 2009 than the complacent assurances of economic “recovery” voiced by Wall Street and the Obama administration: here.
USA: The Housing Crisis and Wall Street Shame: here.
Bank of England governor Mervyn King has revealed for the first time that in October 2008 the Bank had lent Halifax Bank of Scotland (HBOS) and the Royal Bank of Scotland (RBS) £62 billion: here.
Left-wing economists have welcomed a government decision to take control of Royal Bank of Scotland’s bonus pot but stressed that only nationalisation of the entire banking system will guarantee taxpayers’ money: here.
The European Commission has rubber-stamped the government’s restructuring plans for the Royal Bank of Scotland (RBS) under a taxpayer bailout worth up to £100 billion - the biggest state aid package in European history: here.
Fred the Shred has come under fire from politicians after it emerged the former Royal Bank of Scotland boss has started a new job at an architectural firm: here.
Singer Billy Bragg has said that he is refusing to pay his taxes unless the government curbs the excessive bonuses at the Royal Bank of Scotland: here.
Part-nationalised Royal Bank of Scotland is preparing to hand out huge bonuses to investment bankers, despite expected annual losses of £7 billion, it has been reported: here.
Asia’s asset bubbles fuel global financial instability: here.
Dubai’s main stock exchange dropped more than 7 per cent and Abu Dhabi markets slid more than 8 per cent on Monday, the first day of trading in the United Arab Emirates (UAE) since officials revealed that conglomerate Dubai World was struggling with its £36.4 billion debts: here.
British banks hit by Dubai collapse: here.
The world of international finance has been shaken by the default in Dubai. Shares have taken a tumble all over the world. Commentators have suggested that this could be the cause of the recession moving into a double dip, of a further downturn in the world economy: here.
