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    Economic stimulus for everyone else: Washington considers $84 billion plan

    By Peter Cohan Filed Under:

    If you're one of the 0.057 percent of Americans -- roughly 175,000 out of 305 million -- who are in line for $140 billion in Wall Street bonuses this year, you may be wondering why the government is spending $787 billion of your hard-earned tax dollars for "economic stimulus." After all, your employers got their $23.7 trillion bailout for causing the financial crisis and everything is hunky-dory now. Your bosses spent $5 billion for lobbying in Washington over the last decade and got an ample return on that investment, so why not just pull up the stairs and take off?

    But if you're among the 15.1 million unemployed or part of the other 99.943 percent of America who are not doing so well these days, you might feel that the government is not doing enough for you. While the administration claims that its stimulus plan has saved or created a million jobs so far, that is nowhere near enough. But more help from Washington is coming: Fortune reports that another $84 billion in government spending and tax breaks is headed your way.

    Galleon shutters $3.7 billion hedge fund -- no government bailout required!

    By Peter Cohan Filed Under: , ,

    galleon-shutters-3-7-billion-hedge-fund-no-government-bailoutGalleon Holdings, the $3.7 billion hedge fund run by accused insider-trader Raj Rajaratnam (pictured), who is now free on $100 million bail, is shutting down. The big reason is that many of its investors -- college endowments such as Colgate University and state pension funds including the Virginia Retirement System, according to Reuters -- are not comfortable keeping their money with a firm whose CEO has been indicted.

    Don't you just love it when the free market works? I realize that Wall Street does not have an entirely free market, because when it gets in trouble, the U.S. steps in with $23.7 trillion -- a nice return on Wall Street's $5 billion investment in Washington over the last decade. But in this case, the free market looks to be rapidly hoovering up the little mess left in Galleon's wake.

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