Citigroup plans to announce a writedown of as much as $24 billion and layoffs that could total as much as 24,000 due to subprime and credit-related losses
CNBC has a video segment on it. This is in addition to the billions Citigroup has already written off.
The below video exposes the University of Michigan recruiting and educating foreign nations in fields where companies are now laying off Americans. The video points out this is paid for by the US taxpayer, which begs the question, why is the US taxpayer subsidizing it's own economic destruction and why are our Universities, that we pay for, promoting this?
Why would Bank of America buy out irresponsible Countrywide?
Well, to avoid paying any taxes by writing off the massive bad loans, that's why.
And the Countrywide CEO? He gets $88M for running a major company into the ground, requiring a buyout, causing millions to lose their homes, setting up greedy, predatory mortgages where no one could pay them off.
"We plan to build a grass-roots business organization so strong that when it bites you in the butt, you bleed," chamber President Tom Donohue said.
Presidential candidates in particular have responded to the public concern. Former Sen. John Edwards of North Carolina has been the bluntest populist voice, but other front-running Democrats, including Sen. Hillary Rodham Clinton of New York and Sen. Barack Obama of Illinois, have also called for change on behalf of middle-class voters.
The Economic Populist is a News Source and Community on all things $$$. Leave your partisanship at the door, bring your shrinking middle class paycheck and let's discuss real trade, economic, budget, fiscal, tax, labor and immigration policy that is in our interests and the United States National Interest.
Into the Eye of the Storm: Assessing the Evidence on Science and Engineering Education, Quality, and Workforce Demand(Research Report)Author(s): B. Lindsay Lowell, Harold Salzman
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