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Troubled government contractor Interserve agrees rescue deal | Business | The Guardian
Company, which has 45,000 employees in UK, hopes to avoid Carillion-style collapse
Shares in Interserve closed down 1.8% at just under 13p. The company was worth as much as £1bn in 2014, but is now worth a little over £20m.
outsourcing  Carillion  Interserve  bailout  Austerity  UK  Council  Privatisation  NHS 
16 days ago by asterisk2a
Gescheitert ǀ Dreißig Jahre Abwegigkeit — der Freitag
Nun stellt eine UN-Studie klar: Die Rentenprivatisierung ist ein weltweites Debakel
pension  deficit  scheme  Privatisation  bailout  Rentnerrepublik 
9 weeks ago by asterisk2a
Interserve: Major government contractor 'seeks second rescue deal' - BBC News
One of the UK's largest providers of public services is seeking a rescue deal as it struggles with £500m of debt, according to the Financial Times.

Interserve, which works in prisons, schools, hospitals and on the roads, said it might look for new investment or sell off part of the business.

Workers at the Foreign Office and the NHS are among Interserve's tens of thousands of UK employees.

The government said it supported the company's long-term recovery plan.
Carillion  outsourcing  Privatisation  Interserve  UK  Austerity  Tories  nasty  party  Conservativ  Council  Bailout 
10 weeks ago by asterisk2a
Tory-run Northamptonshire county council bailed out by government | Society | The Guardian
fire sale of assets
16% of the population is 65+
but eat up half the council budget (elderly care, + adult + child protection)
Council budget from 2010 experienced already 50% cut.
https://www.theguardian.com/society/2018/aug/01/northamptonshire-council-forced-pay-price-reckless-half-decade
UK  Austerity  bailout  Council  Northamptonshire  Tory 
11 weeks ago by asterisk2a
Secrets and Lies of the Bailout – Rolling Stone
So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government. And if any one of those banks fails, it will cause another financial crisis, meaning we’re essentially wedded to that policy for the rest of eternity – or at least until the markets call our bluff, which could happen any minute now.
finance  crash  crisis  bailout  banks  FRB  deception  BernankeBen  PaulsonHank  SummersLarry  reform  regulation  viability  corruption  fraud  secrecy 
september 2018 by petej
Tomorrow is the tenth anniversary of the collapse of 2008 and things are much, much worse / Boing Boing
Nobody covered the Wall Street collapse, bailout, and corrupt resurgence better than Rolling Stone's Matt Taibbi, from giving Goldman Sachs its unforgettable epithet to covering the hearings on the bailouts to documenting the foreclosure mills, to deep dives into the sweetheart deals the banks got; to the revolving door between finance regulators and the finance sector to the rise of Occupy; to the consolidation of financial primacy after the collapse; to the double-standard for criminal justice revealed by the collapse; to the frauds that surfaced after the crash; to the tiny bright spots where bankers were brought to justice; all capped by an incandescent, outstanding book about the crisis and the systematic racial and economic justice it revealed.

Tomorrow is the tenth anniversary of the collapse of 2008, and in the intervening decade, Big Finance has gotten bigger, bankers' bonuses have gotten larger, and we are barreling toward another debt crisis that will make 2008 look like a kid's birthday party.

Writing in Rolling Stone, Taibbi lays out the decade's sordid history: the way that Obama's malpractice gave the banks more power, made the rich much richer, paved the way for a donor class that owns politics so thoroughly that they were able to buy themselves trillions in tax-breaks (with more to come).
Wall_Street  bailout  mortgage 
september 2018 by Quercki
The bank bailout of 2008 was unnecessary. Fed Chairman Ben Bernanke scared Congress into it
The banking system started to freeze up. Banks typically extend short-term credit to one another for a few hundredths of a percentage point more than the cost of borrowing from the federal government. This gap exploded to 4 or 5 percentage points after Lehman collapsed. Federal Reserve Chair Ben Bernanke — along with Treasury Secretary Henry Paulson and Federal Reserve Bank of New York President Timothy Geithner — rushed to Congress to get $700 billion to bail out the banks. “If we don’t do this today we won’t have an economy on Monday,” is the line famously attributed to Bernanke.

The trio argued to lawmakers that without the bailout, the United States faced a catastrophic collapse of the financial system and a second Great Depression.

None of that was true.
dean_baker  credit_crisis  federal_reserve  ben_bernanke  bailout  banking 
september 2018 by perich
The Recovery Threw the Middle-Class Dream Under a Benz - The New York Times
“Ten years after the financial crisis, getting ahead by going to work every day seems quaint…” Isn't late capitalism awesome?
Economy  Wealth  Inequality  Bailout  Taxes 
september 2018 by Membranophonist

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