Cambodian Workers for U.S. Brands Stage Strike
Workers at a Cambodian garment factory that produces clothing for major U.S. retailers have gone on strike over the suspension of their union representatives. The Workers Friendship Union Federation says the strike will continue until the three union representatives are re-instated. The factory produces garments for U.S. brands Gap, JC Penny and Old Navy.
Federal Reserve Secretly Committed $7 Trillion to Save Nation’s Largest Banks
The Bloomberg news agency has revealed new details about how the Federal Reserve secretly committed more than $7 trillion to save the nation’s largest banks in 2008 and 2009. According to a new report, the banks made an estimated $13 billion in income because the government was loaning money at below-market rates. Recipients of the secret loans included Goldman Sachs, JPMorgan, Bank of America, Citigroup and Morgan Stanley.
Japan to Give Nuclear Plant Operator TEPCO $11.5 Billion
The Japanese government has announced it will give $11.5 billion of public money to the nuclear power facility operator TEPCO to help the company deal with the fallout from the meltdown at the Fukushima Daiichi nuclear plant. Along with the huge costs of reconstruction, closing the plant and decontamination, TEPCO faces billions of dollars in compensation claims from people and businesses affected by the nuclear crisis.
[What an advantage. Privatise profit, socialize loss]