Econ 101: November 22, 2011

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • President Obama warned Congress yesterday against trying to undo the automatic cuts that are supposed to take effect now that the fiscal supercommittee has failed to craft a deal. [Politico]
  • Bank of America’s board “has been told that the company could face a public enforcement action if regulators aren’t satisfied with recent steps taken to strengthen the bank.” [Wall Street Journal]
  • Congress may attempt to limit the bag fees that airlines can charge. [Washington Post]
  • According to new Commerce Department data, “U.S.-based multinational corporations added 1.5 million workers to their payrolls in Asia and the Pacific region during the 2000s, and 477,500 workers in Latin America, while cutting payrolls at home by 864,000.” [Wall Street Journal]
  • U.S. companies lay off thousands of workers, while spending billions on share buybacks. [New York Times]
  • The amount of customer funds missing at the bankrupt MF Global may total $1.2 billion, nearly twice previous estimates. [CNN Money]
  • China may have a trade deficit for the first time in two decades in 2012. [Reuters]
  • The former head of insurance giant AIG is suing the government for $25 billion, “arguing that the takeover of the insurance company at the height of the financial crisis was unconstitutional” and that it just should have been bailed out instead. [The Hill]