When the federal government decided to siphon taxpayer money into banks across the country, it hoped that banks would pass the money along in the form of loans, thus alleviating the problem of tightfisted banks. However, the inspector in charge of overseeing the bailout money, Neil Barofsky, has revealed that many of the banks that received bailout money are using it for a variety of unrelated purposes.
According to a report that has yet to be published, 110 of the 360 banks that received bailout money used at least some of the funds for investments.
Among other misuses of the funds, 52 …read more

American International Group Inc., commonly known as AIG, is getting assisted from the United States federal government for the fourth time. This rescue calls for the government to hand over as much as $30 billion.
Once one of the largest and most powerful companies in the world, AIG has been tortured by the recent economic troubles in the United States. Not long ago, AIG was the largest insurance provider on the planet. Now, the company would cease to exist if it weren’t for the multiple federal bailouts.
On Monday, AIG is expected to announce to shareholders that the company lost more than …read more