The Global South: Politics, Policy & Development
POLS 3560 – Fall/Winter 2011/2012 – Ananya Mukherjee-Reed
Lecture 17 – Financial Crisis – Feb 28
Gekko in ‘Money Never Sleeps’
- They got all these fancy names for trillions of dollars for credit, CMO, CDO, SIV,
- ‘Hedge fund managers came home with 50 to 100 million bucks a year’.
- Last year, 40% of all corporate profits came from the financial services industry.
Not production, not anything remotely to do with the needs of the American
- The truth is we are all part of it now.
- Banks, consumers they are moving the money around in circles. It is clear as a
bell to those who pay attention. The mother of all evil is speculation. It will not
work. It is septicemic, malignant and it’s global. Like cancer, it is a disease.
- Who exactly is being bailed out and why?
- How much?
- To whom?
- From whom?
- What was it supposed to achieve?
The Bailout Barons
- The Bounty for Bailout Barons – From 2006 through 2008, the top five executives
at the 20 banks that have accepted the most federal bailout dollars since the
meltdown averaged $32 million each in personal compensation. One hundred
average U.S. workers would have to labour over 1,000 years to make as much
as these 100 executives made in three.
- Layoff Leaders – Since January 1, 2008, th