– House passes Stimulus without GOP help (San Francisco Chronicle):
President Obama won his first legislative victory as the House passed a $819 billion economic stimulus package Wednesday night, but his bid to woo Republicans failed to convince even a single GOP member to join Democrats to back the bill. Eleven Democrats joined the entire 177-member House GOP caucus in voting “no”…
– UBS Cuts Bonus Pool for 2008 by More Than 80% to SF2 Billion ($1.75 billion)
(After having received $59.2 billion from the government the banksters are still paying themselves bonuses.)
– Men who made £1bn as banks were bailed out (Guardian)
– IMF predicts lowest global growth in 60 years (Financial Times)
– Obama Picks Geithner And Lynn Aren’t ‘Change’ (CBS News):
The Obama administration made an exception to its ban on hiring lobbyists in nominating William Lynn, who lobbied for Raytheon, one of the military’s top contractors.
It seems exceptions are now the rule:
– Geithner’s New Chief of Staff is Former Bank Lobbyist (Wall Street Journal):
WASHINGTON — The new chief of staff to Treasury Secretary Timothy Geithner was a top lobbyist for Goldman Sachs Group Inc. until last year, and will have to recuse himself from some government duties under new White House ethics rules.
– Fed Keeps Rate as Low as Zero, Says Prepared to Buy Treasuries (Bloomberg):
Jan. 28 (Bloomberg) — The Federal Reserve left the benchmark interest rate as low as zero and said it’s prepared to purchase longer-term Treasury securities to resuscitate lending and the economy. (…to create inflation, destroy the dollar and create the greatest depression.)
– Tax Refunds Now on Hold in California (ABC News):
ABC News has learned that tax refunds are now on hold in California for the first time in state history, according to the state controller’s office.
– Bleeding banks prompt talk of new big US bailout (Reuters):
WASHINGTON, Jan 27 (Reuters) – Major U.S. banks are still hemorrhaging red ink, despite massive taxpayer aid, and President Barack Obama is under pressure to take a high-stakes political gamble — asking for another bailout.
– Warning over collapse in capital flows (Telegraph)
– Wells Fargo takes $294m Madoff hit (Financial Times)
– US houses sink at fastest rate on record (Times Online)
– Soros closes sterling shorts (Financial Times)
– Lilly May Spend $2 Billion More on Zyprexa Lawsuits (Bloomberg)
– Santander offers €1.38 bn to compensate clients hit by Madoff (Times Online)
– Pakistan predicts growth of up to 4% (Financial Times)
– Japan joins world bail-out race (Financial Times)
– Car industry to fight Barack Obama’s green proposals (Telegraph):
Car industry groups are gearing up for a long fight and the likelihood of legal action against proposals by President Barack Obama to allow California and other states to set their own regulations on greenhouse gas emission from vehicles.
– Russian stability threatened by anger over economy (Telegraph)
– Russia defence spending soars (Telegraph)
– Ahmadinejad says Obama must apologise to the Iranian people for Bush (Times Online)
– Canada set to unveil stimulus package (Financial Times)
– Israeli warplane bombs Gaza’s smuggling tunnels (Telegraph)
– Israeli strikes leave Blair project with major repairs (Independent)
– Gates: Cash Cows of War Running Dry (Wired News)
– Study Finds High-Fructose Corn Syrup Contains Mercury (Washington Post)