 |
         
|
Committees of both the House and Senate held hearings into the health of financial capitalism. CBS' Sharyl Attkisson chose the Senate side, where executives from four of the big banks that received partial federal buyouts faced questions. "All that money was supposed to jumpstart consumer loans but there has been no measurable impact so far," she commented. "Nobody anticipated that banks might hold on to the bailout money rather than lend it. It underscores the reality that the attempted remedies are all in the realm of the experimental." The House panel involved five hedge fund managers, each with 2007 annual personal income in excess of $1bn. "When things go well it is new Ferrari time," mused ABC's Bill Weir (no link). "When the bets go bad it makes an horrific economy even worse." In 2008, the funds have not only lost fortunes for their rich clients "but also the endowments of universities, charities and pension funds."
You must be logged in to this website to leave a comment. Please click here to log in so you can participate in the discussion.
