Word: bailouts
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...number of people; “Consent”—respecting the rights and freedoms of individuals; and “Virtue”—promoting virtue through government and law. Using examples from hotly-debated political issues such as universal healthcare, the Wall Street bailout, and same-sex marriage, Sandel argued that most of society’s debates—though they seem to hinge on questions of maximizing happiness and respecting individual freedoms—are really “debates about what virtues...should government, law, and public policy embody, encourage...
...anecdotes are instructive and appalling; and if they meander off the immediate talking point of the trillions the banks took in bailout money last year and the billions they made in profits this year, they bolster Moore's belief that no one should have been surprised by the collapse of a corrupt system, and the ingenuity with which the big-money boys land on their feet while stepping on ours. He must also have thought that many in his audience would be familiar with the shuttle of heavy hitters between Goldman Sachs and recent Administrations, Republican and Democratic. Moore does...
...However, Jim Rickards, a senior managing partner at Omnis Inc. and a former general counsel for Long Term Capital Management who helped negotiate a federal bailout for the failed hedge fund in 1998, isn't so sure the report's findings will be enough to make the SEC liable...
...Still, some legal eagles believe Congress could set a dangerous precedent if it approved a bailout package for Madoff victims...
...confounding thing, of course, is that after the bailout of AIG, Goldman got $12.9 billion from AIG in the form of collateral that Goldman already had in its possession and a cash settlement of ongoing margin disputes. "The fact of the matter is, we already had the collateral," Blankfein says. "If AIG had defaulted, guess what - we would have kept the collateral from AIG and from the banks we'd bought protection from. The government's decision to bail out AIG was about the risks to the system. It wasn't about Goldman Sachs...