Financial Crisis and working families: The time has come

30 September 2008 -- admin

The political wrangling in the US Congress over a $700 billion bail-out plan may well reflect the disgust and anger of working people everywhere at their taxes being used to bail out those whose greed, irresponsibility and abuses have brought the world’s financial markets to the brink of collapse and raised the spectre of global recession.

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Citigroup takes over Wachovia in another wave of bailouts

30 September 2008 -- admin

US giant Citigroup rescued Wachovia, the country's sixth-largest lender, in a government-sponsored bailout. Other financial institutions were taken over by their government this week in Germany, Iceland, the United Kingdom and Belgium. UNI Finance warns that the financial crisis is leading to a merger rush that creates more financial giants that will be too big to fail in the next crisis.

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