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York University
Political Science
POLS 3560

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, ABS. - ‘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 public. - 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. Bailout - 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
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