World-News

The New York Times, Editorial: "As stocks cratered on Monday and lending and borrowing remained frozen, the Bush administration rushed to implement the $700 billion bailout enacted on Friday. The Treasury Department said that it would soon post help-wanted ads on its Web site for asset managers to run the program and that because of the urgency, the hiring may be 'through other than full and open competition.' Is it any wonder that the markets lack confidence? One business day after the bailout was enacted, and it already had a tilting-at-windmills quality."

https://www.truthout.org/100708J



Congress Grills Lehman Boss Over $500 Million Wages

Agence France-Presse: "US lawmakers Monday grilled the head of Lehman Brothers demanding he justify some 500 million dollars he had earned since 2000, as well as huge bonuses sought for top executives even as the bank failed. Richard Fuld, the chief executive officer of the investment bank which fell prey in September to the credit crunch, was called to account by the House of Representatives oversight committee. The hearings are the start of a series of probes promised by Congress which on Friday passed an unprecedented 700-billion dollar rescue package to shore up Wall Street, amid the country's worst economic crisis since the Great Depression in the 1930s."

https://www.truthout.org/100708K




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