What was that about corporate greed and corruption?

Just in case you missed it at the congressional hearings into the AIG collapse, here is a sweet little tidbit:

House Oversight Committee Chairman Henry Waxman, D-Calif., also said that even as losses were engulfing the company, AIG executives depleted AIG's capital through stock buybacks and higher dividends.

Pretty much sums up a sick and twisted situation for you. Looks like things are going to get ugly, and we have barely scratched the surface.

For more blood-boiling AIG outrages - even post-bailout! - see this stuff over at dailykos.

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No Depression?

Oh joy:

The word “recession” wouldn’t describe the deep structural problems affecting everything from the U.S. housing sector to the Canadian oil industry, said Bank of Nova Scotia chief economist Warren Jestin.

“You have to invent a new word to describe what we’re in now,” he said after the banks presented their perspectives at the Economic Club today.

How about: Global Economic Shitstorm?

But please, no depression. (Apologies to Uncle Tupelo).



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