Sunday, December 28, 2008
Highlights of 2008, Federal Bailouts Benefit the Rich while Millions of Americans are in danger of losing their homes
News highlights from 2008. Here's Latte Republic's top pick of the year.
"GEORGE TOWN, CAYMAN ISLANDS—Amid the bleak backdrop of imminent economic collapse, worried observers got some good news last October when executives from the nation's top 10 failing companies celebrated the historic $700 billion government bailout with an ultra- extravagant $800 billion party aimed at restoring confidence and bolstering their resolve.
"It's never ideal for private corporations to rely on public funding, but we would not have been able to survive another week without letting loose and throwing this massive bash," Merrill Lynch CEO John Thain said aboard his newly purchased $22 million yacht, the Excelsior. "We can only hope it's not a case of too little too late."
Three thousand guests were reportedly flown on 750 separate private jets to the Caribbean, where they commemorated the last-minute financial aid package — which saved their companies from the subprime mortgage crisis that has left thousands of Americans without homes — with 4-tons of Beluga caviar, $250,000 bottles of vintage Dom Pérignon served over precious gems, a 36-hour fireworks display, an additional loan of $200 billion to cover the costs of the gala, and a private concert for each attendee with rock legend Rod Stewart."
Excerpt from theonion.com: http://www.theonion.com/content/news/700_billion_bailout_celebrated