Stacy Summary: Are you surprised? Negotiating privately with the banks?
Beginning late in the week of Nov. 3, the New York Fed, led by President Timothy Geithner, took over negotiations with the banks from AIG, together with the Treasury Department and Chairman Ben S. Bernanke’s Federal Reserve. Geithner’s team circulated a draft term sheet outlining how the New York Fed wanted to deal with the swaps — insurance-like contracts that backed soured collateralized-debt obligations….
Part of a sentence in the document was crossed out. It contained a blank space that was intended to show the amount of the haircut the banks would take, according to people who saw the term sheet. After less than a week of private negotiations with the banks, the New York Fed instructed AIG to pay them par, or 100 cents on the dollar. The content of its deliberations has never been made public.
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@Bill
There are very few if almost no 2nd Citizenship persons in government in the US at any level
ummm…
David Axelrod Senior Advisor to the President
Jared Bernstein Chief Economist and Economic Policy Advisor to the Vice President
Rahm Emanuel Chief of Staff
Lee Feinstein Foreign Policy Advisor
Gary Gensler Chair of the Commodity Futures Trading Commission
Elena Kagan Solicitor General of the United States
Ronald Klain Chief of Staff to the Vice President
Jack Lew Deputy Secretary of State
Eric Lynn Middle East Policy Advisor
Peter Orszag Director of the Office of Management and Budget
Dennis Ross Special Advisor for the Gulf and Southwest Asia to the Secretary of State
Mara Rudman Foreign Policy Advisor
Mary Schapiro Chair of the Securities and Exchange Commission
Dan Shapiro Head of Middle East desk at the National Security Council
James B. Steinberg Deputy Secretary of State
Lawrence Summers Director National Economic Council
Mona Sutphen Deputy White House Chief of Staff
Not to mention Geithner, Bernanke, Paulson, etc, I could go on and on and on if you really want me to…. All of these people have Israeli passports. Considering there far more Muslims in the US, and far more Eastern Orthodox, where are their names in the Hopey McChange administration?
Sorry, I’m not “anti” anyone, but there is a clear and indisputable trend here.
Karzai’s brother said to be on CIA payroll: report
http://www.reuters.com/article/topNews/idUSTRE59R07T20091028
No surprises here !
Foreign speculation on our currency is a bubble set to burst
http://www.smh.com.au/opinion/foreign-speculation-on-our-currency-is-a-bubble-set-to-burst-20091025-heo5.html
This article basically highlights the same dynamics you guys pointed out in the film “Money Geysers” way back when!
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Quote
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I’ll go you one better: all the Dual-Citizens in the US government should be “retired”.
===========
Not the solution, as most of the problem comes from the 4th and 5th generation nepots in government at he Federal, State and Local level.
Most of these people are US passport holding people, and beyond totally corrupt.
There are very few if almost no 2nd Citizenship persons in government in the US at any level — that is one of the reasons why the US has become a totally and completely failed nation state.
The USSR was partly consigned to oblivion by Stalin’s purges of anyone that could work or think coupled with a similarly bad set of arrangements in the way the government is run to the US of the present day.
The US is as much a non-state as the USSR, but may remain together politically — as there is nowhere to go as most of the population cannot even find their own state on a map.
Gold.
C’mon China.
Fight Back!
Is the U.S. dollar carry trade replacing the one in Japanese yen?
http://www.creditwritedowns.com/2009/10/is-the-u-s-dollar-carry-trade-replacing-the-one-in-japanese-yen.html
The new businessman
’50c’ on Business practices.
Tip: Take a gun to meetings.
http://news.bbc.co.uk/today/hi/today/newsid_8327000/8327575.stm
I think he’s been mentored by Hank Paulson.
PS@Houston
http://science.nasa.gov/headlines/y2009/27oct_eve.htm
Calling Houston !
http://science.nasa.gov/headlines/y2009/images/deepsolarminimum/irradiance.jpg
Fun fact I discovered..
In the middle of St. Peters square stands a 3800 year old oblisk in honour of the sun god Ra. In all likelyhood sun worship is the oldest religion..
@ Emiliyan – Great cartoon!
Paul Craig Roberts on the next crisis:
http://www.vdare.com/roberts/091025_next_crisis.htm
Seems like we will see another big bonuses in banking industry
paid with the taxpayer’s money.
It’s the perfect way to allow banks clean their balances. They get the money for stupid investments without any LIABILITY to buy it back.
But, who will bailout the AIG and the FED?
http://davegranlund.com/cartoons/wp-content/uploads/color-taxpayer-sap-web.jpg
It’s perfect illustration
@ Mini – Right. I don’t doubt that the story is true, but I’m skeptical on why it was published now. (How much do you wanna bet that Faux News covers this by saying the liberal media is out to get the CIA?)
@Mep
Agreed. Thats not the sort of info you give to the press without a reason. And, lets face it, this info wouldn’t have been ‘investigated’ it was given freely, probably sent through as a news release
Peter Who?
Go for thr FED !
@ Mini – I’m wondering if the NYT piece is a propaganda piece. What better way to turn the Afghans against Karzai and toward the next stooge we want to put in place but to publish that his brother is on the take from the CIA?
Peter Schiff on CNBC.
Say Bernie Madoff should have his picture on USD, not Washington, to show the true value of the stuff.
Plus CIT blah blah from the CNBC Crew.
http://www.youtube.com/user/PeterSchiffChannel#p/u
Previous post was paraphrased by . . . ?
I was a pawn, but I made it to the eighth rank. Little does my king know that I will exercise free will. My next move may be his undoing . . .
“AHMED Wali Karzai, the brother of the embattled Afghan president and a suspected drug trafficker, has been on the CIA payroll for most of the past eight years.”
http://www.theaustralian.news.com.au/story/0,25197,26271989-601,00.html
Sorry to bore you with Aussie News, But here is another article on Rate Rise next week by RBA.
http://au.biz.yahoo.com/091028/31/29fdk.html
Same news, Different Headlines….
Inflation rose in Australia but Bloomberg says one thing and ‘The Age’ Australian Newspaper says another.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aVB6NpWN3fNA
http://www.theage.com.au/business/green-light-for-rate-hike-20091028-hjwl.html
Gratuitous Tito pic #649
I’ll go you one better: all the Dual-Citizens in the US government should be “retired”.
http://www.youtube.com/watch?v=JYLceKOaw_Y
Are you SURE Marijuana should be LEGAL?
BTW shes hot
The question is not deflation/ inflation
The question is not dollar,euro.yen or carry trade related
The question is not the price of gold,silver,oil,property
Because the game is played.
No bets while the wheel is turning
The question is Why Derivates? 500,0 tr and counting.
They make and brake everthing. NO Bets!
The question is who is the winner in this casino game.
Keynes will not give you the answer (sorry bernanke), my guess WB will.It is all about Salomon and LTCM back in the good old years.
On his stone,
Far the well,and if for ever,
Still for ever, fare the well
(Byron)
@WL
Its funny cause Schiff is buying a house now cause he was renting before and has to get a Morgage and a friend of mine has to renew the morgage cause it was for 10 years. So what to do? Or get the variable short term morgage or the long one but than the banksters ask 5.8 % (It was 4.8%). It is a repayment mortgage.
@frances snoot: OH!!!!!!!!!!!!!!!!!
Here I am! Stunning and offering a choice of an extra scoop of mash or a cookie. Can’t have both.
http://www.lunchlady.us/Mom-Lunch_Lady.jpg
Richard! It’s my avantar. sorry!!!
You know: my favorite Lunch Lady pose…voila! Here’s your grease-laden tray coy look.
@frances snoot: sorry gal..I missed the photo..please repost…have looked up and down and can’t find it
However, he said, the government has not smoothly distributed funds from the Troubled Asset Relief Program and he is not sure the newly announced plans will do any better.
“There’s no incentive for me to take TARP money,” he said. “Unless these initiatives really accomplish what they’re designed to do, we may lose a lot of small businesses.”
Hmmm. This doesn’t sound good.
Cynthia Mckinney is beyond reproach!
Here’s how the small banks trust Obama:
http://www.reuters.com/article/smallBusinessNews/idUSTRE59Q4JO20091027
Celente on AJ 4 dys ago. Always good for a laugh
1 of 7 parts
http://www.youtube.com/watch?v=co-G7KQRaes
@frances snoot
Is she holding spongebob?
@frances snoot
Yep, I am a great fan of the Porgy & Bess Opera, probably the only opera I like. Even saw Porgy & Bess live in Amsterdam….great show with a live orchestra without any sound equipment…pure stuff.
Cynthia McKinney comes to my mind after watching that vid/link!
http://www.911truth.org/osamas/mckinney.html
@Youri:
From Porgy:
“Friends with you, low-life, I fearz I must de-cline.”
Served that asshole right to get a face-full of that knife.
Monetary statistics Eurozone: M3 Growth rates declined. M1 went up but is going down steadily now. http://sdw.ecb.europa.eu/reports.do?node=100000141
greetings young one
@Sakes Richard!
GEEGums…don’t I take par-ti-coo-lur nice in my photo? Yes’an I look like a spring chicken set ready to sprout me my first tail feather and fly the coop! Sure as!
@Richard:
Mother Earth explained it on the other side of this thread! But I still don’t know what laid down all the plankton….
@Youri:
Yes! This is the companion to the cotton picking reach-down-pick-a-bail. I especially like the family scene. Good Lordy! What a stack of offspring!
Peter Schiff vid today
On Real Estate
http://www.youtube.com/watch?v=GCiFjkgZM3k
@Fibon11235
Depends on what you buy for food and what the ECB have put in their inflation basket have to find out about it more myself. Think it’s mainly oil reflected in the graph.
But yourright, I know some products are at an all-time high: tea for instance, coffee is on an 11, sugar on a 29 year and cacao on a 30 year all-time high. Orange Juice also got more expensive and is on a 15 month all-time high.
But maybe the only drink Champagne at the Euro top with kaviar and we had some good summers and the roebel went down…..
Joe Lieberman is a Douchebag. He should retire before the vote.
YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
LOL
torturing your loan modification agent..
http://www.reuters.com/article/newsOne/idUSTRE59Q03Q20091027
It seems more and more comments on blogs become like statements of dictators, so here goes..
Joe Lieberman is a Douchebag. He should retire before the vote.
Algae grow around the US because there is so much fertilizer being dumped because that stuff sells so well to the dumb farmers. There is at the same time very little life because the algae take the oxygen. The seas around the US are practially dead. The solution is to pump up deep seawater to provide the algae with the nutrients they lack so the whole ocean trives and can feed on the algae instead of choking from them.
Those global warming slides are conjecture and the guy should be shot for taking that position. There is no need to slam on the brakes with respect to climate action, because nothing is being done.
-Plankton becomes oil,
-Peet becomes coal
-Methane developes in anairobic circumstances mostly swamps.
Good night to y’all (who are not there really so who cares but anyway)..
@WL .. Quite entertaining. No work in the UK though
http://www.youtube.com/watch?v=xz1TM9y8vN8&feature=player_embedded
If at first you don’t succeed try, try, again!
In a stark reminder of how some battered financial firms remain dependent on government lifelines, GMAC Financial Services Inc. and the Treasury Department are in advanced talks to prop up the lender with its third helping of taxpayer money, people familiar with the matter said.
The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008, these people said. The latest infusion would come in the form of preferred stock. The government’s 35.4% stake in the company could increase if existing shares eventually are converted into common equity.
GMAC Asks for Fresh Lifeline
Lender in Advanced Talks for Third Slug of Taxpayer Cash — at Least $2.8 Billion More
The willingness by Treasury officials to deepen taxpayer exposure to GMAC reflects the troubled company’s importance to the revival of the auto industry. Founded in 1919, GMAC has $181 billion in assets and is a major financier for 15 million borrowers and thousands of General Motors and Chrysler car dealerships.
The Fed awarded GMAC status as a bank-holding company and Treasury injected $5 billion in December 2008. It came back with an additional $7.5 billion on May 21. The Fed also waived rules to allow the bank to pass assets down into its bank division, and the FDIC reluctantly agreed to issue “up to” $7.4 billion in government-backed debt. The FDIC approval issued Tuesday brings GMAC to the full amount authorized in May.
In another defining moment, GMAC entered into an agreement with Chrysler in April 2009 to provide auto financing and services to Chrysler dealers and customers. This allowed GMAC to leverage its core strength of auto financing and become part of a solution with the U.S. government to restructure the auto industry.
In May, GMAC also launched a new brand for its online bank, called Ally Bank. Its pursuit of deposits at high rates became a key leg of its strategy, since deposits provide a cheap form of funding, but the taxpayer-assisted approach rankled competitors and the FDIC.
The dispute nearly cost GMAC its chance at the final $2.9 billion in FDIC debt guarantees. The two sides were able to hammer out an agreement that asks GMAC to keep its rates at certain amounts in exchange for the support.
http://online.wsj.com/article/SB125668489932511683.html?mod=WSJ_hps_LEFTWhatsNews
@frances snoot
I Got Plenty O’ Nothing too http://www.youtube.com/watch?v=BwmyJAEnz4s
@frances snoot: greetings young one….”algae blooms”…you know I think I just read that the demise of the dinosaurs had to do with toxic algae ( now our beloved fossil fuel source)…what if that is well known in certain circles and they have planned to lift off ( a few of them that is ) mother earth, for parts known and unknown; and leave the rest of us to our “untimely” end much like the extinction of the dinosaurs???????????? just thinkin’…..
@ Youri Carma
I see your deflation graph but i dont think things are going down in price in my every day life lol maybe computers etc due to technology … some one is fibbing lol
A wise man once said “Theres hills in them there gold”
Alfred Hitchcock describing Grace Kellys presence in the gold dress during the filming of “To catch a Thief (1955)”
Don’t know the relevance of that, but it always sticks in my mind. Perhaps it is just perspective.
This should be the low week for gold.
“this coming week is the Comex options expiry for gold and silver. These expiries have been plagued by weakness in the past. I expect the metals to come under major pressure right off the bat Monday, but the kicker will be whether the buyers have enough conviction and cash to keep prices stable or even move them higher. This week will without a doubt be the most important week of this century when referring to the precious metals. Don’t blink.”
http://www.kitco.com/ind/Bevan/oct262009.html
Youri:
NICE link for the ECB! Going to peruse it now. Neophytic glancing, you know, won’t pay! Not that I have any money: but one can hope.
They also are now of the opinion that the oil fields were mainly due to massive collections of dead plankton rather than dead tress as first thought !
Wouldn’t this be an indication of flooding and then a drying out quite rapid?
Pole shift?
Deflation (Negative Inflation) Graph Eurozone http://www.ecb.int/mopo/html/index.en.html
@Phil:
Result of carbon? Or no?
New York Fed’s Secret Choice to Pay for Swaps Hits Taxpayers http://tinyurl.com/yhffp3o (Recap from WL)
WE have to see Phil
But as Marc Faber sez…. “He is a money printer”
Mike
@frances … Why the algae blooms?
Basically, when water becomes polluted, the algae life becomes rampant and accelerates the pollution feeding on the bacteria and destroying all other life-forms in it’s space.
That is happening right now ….world wide.
It starts in the coastal regions and expands outwards.
Gulf of Mexico / Mediterranean / Oman / Sea of China and Japan .
Industrial Scientists were even considering harvesting the algae to use as bio-fuel !!
They also are now of the opinion that the oil fields were mainly due to massive collections of dead plankton rather than dead tress as first thought !
“Its every Man, Woman and Snoot for themselves”
LOL! WL! Am I to become a gender specific?! Good God!?
Is this another way of saying, “Run for the hills?”
OK gang
Its every Man, Woman and Snoot for themselves
We have become completely desensitized to the systemic corruption.
Nothing really surprises anymore….it is expected.
@frances .. Germany
LOL …. thanks for the link.
There is an excellent weekly program called “Frontal 21″ on MSM German TV …
Tonight, by chance, they made a mockery of SPVs etc. — off balance sheet vehicles to hide fraud.
The Public Prosecutor is now going to look into the case of a Hamburg bank that had basically used this technique ( via London and Ireland ) to hide bad debts in their balance sheets ).
PS:
Many other prosecutions have been initiated via Frontal 21 .
Great work !
IMO, the increased Algae in the oceans is the key tell-tale factor.
Yes, Phil. Why the algae blooms?
Link concerning this story from the Naked Capitalism comments:
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3118994/Financial-Crisis-So-much-for-tirades-against-American-greed.html
@Adam C … debunked ?
I didn’t even bother reading the article .. it was from MIT !
Also, I am fed up with this debate : warming or cooling … so what !
Both are red-herrings to avoid calling it by it’s real name : Global Destruction and Pollution of the Environment
It’s a bit like Deflation and Inflation…
… the volatility added to the planet’s weather by interference from industry and human life will cause warming and then cooling .
IMO, the increased Algae in the oceans is the key tell-tale factor.
When the oceans no longer have enough oxygen to support the food chain, we’re in very big trouble anyway.
Ironically, all the oil and gas we extract is in fact the dead plankton of Billions of years ago!
Missing link…
Deconstructing Global Warming by Richard S. Lindzen, Massachusetts Institute of Technology (PDF)
http://www.globalwarming.org/wp-content/uploads/2009/10/lindzen-talk-pdf.pdf
Global Warming finally debunked?
Presentation with extracts of forthcoming paper:
Deconstructing Global Warming by Richard S. Lindzen, Massachusetts Institute of Technology
“What we see is that the very foundation of the issue of global warming is wrong.”
Article explaining the significance of the findings:
Climate Sensitivity Estimates: Heading Down, Way Down? (Richard Lindzen’s New Paper)
“Lindzen and Choi findings could fundamentally shift the climate debate.”
http://masterresource.org/?p=4307
@Matt Smyth … Every Breath Bernanke Takes ..Thx
It’s gonna be a BIG HIT !
Again..
http://www.youtube.com/watch?v=ipJTqCbETog&feature=player_embedded
@Jim ODonnell … Nice / Sweet !
The US Dollar Rally of 2008: The Consequence of a Bull Market in Fraud
http://jessescrossroadscafe.blogspot.com/2009/10/us-dollar-rally-of-2008-bull-market-in.html
One of the ‘Big Four’ banks in Australia feeling the heat of bad debts….and things are still good here?!
http://www.smh.com.au/business/bad-debts-hit-nab-hard-20091028-hjgx.html
How To Buy A Bank Owned Home: detailed instructions from ones who understand.
http://www.youtube.com/watch?v=SM7oWKgCVo4&feature=player_embedded
Gold Blast-Off Starts Friday?
By Patrick A. Heller
October 27, 2009
…There are two significant events this week that could exert pressure for higher gold prices. Because of this, I expect to see major behind-the-scenes actions to try to suppress gold (and silver) prices until the middle of Thursday afternoon.
First, the U.S. government’s Treasury debt auctions will sell the greatest amount of debt ever sold in one week. The net debt increase of $153 billion is so high it will exceed the current authorized federal debt limit. Flooding the financial markets with so much debt is a sign of weakness for the U.S. dollar. As the dollars declines in value, the price of gold in U.S. dollars invariably rises.
Second, we will also see the expiration of options contracts in two days. If the spot price at the close of trading on the day that gold (and silver) options contracts expire is higher than the contract price on a call option, the owner will exercise the option to demand immediate delivery of physical gold. The higher the price of gold, the more call options that will be exercised. Conversely, a lower gold spot price will reduce the demand for gold for immediate delivery. There is a major block of call options at $1,050, so expect prices to stay below that level through Wednesday night.
As we have seen previously in 2009 with large Treasury debt auctions and options expirations, the price of gold was clobbered before these events, and not allowed to rise quickly until after the last Treasury auction closed on Thursday afternoon. I see no reason to expect a different pattern this week….
…
…
http://www.numismaster.com/ta/numis/Article.jsp?ad=article&ArticleId=8134
Hope that makes Mike/Liverpool feel better !
Looks like we are going to be running for androids on the next battlefield.. http://www.youtube.com/watch?v=67CUudkjEG4
Just mount a turret.
One part of the polulation will be Virtual reality cattle a la the matrix, with rubber companions living in augmented reality..The other will be poor and forgotten, scrounging by and scavenged for parts as the planet automatically reorganized to feed the beast which is the computer. One day a curious second world addict will wonder whether there are any real people left and find he is the only one. Not free to go because metal prison guards return him to his vrpod each time he gets out..
Something for you all to look forward too or avoid
A government which accepts state-sponsored terror as a legitimate method of enforcing order has already forfeited any claim to being just. Differences between such governments are merely differences of degree; the scale of the abuses does not change the essential nature of those abuses.
Literally overnight, entire cities were emptied. Property was abolished. Money became worthless. Homes and families were destroyed. Every aspect of every life was suddenly dictated by the new government.
There was no transition period; hundreds of thousands of people… store clerks, factory workers, taxi drivers, cooks… suddenly became farmers. Thousands were executed immediately. Overnight, Cambodia became a nation of slaves. For every Cambodian old enough to remember the events of 1975 to 1979, the Khmer Rouge reign would mark a turning point in their lives.
http://www.mekong.net/cambodia/uniq_rev.htm
looks like it was made in 06, I thought it was new, oops. I thought it was good
Too bad that Geithner’s shenanigans won’t get him fired.
Has the new Bernanke song been released here yet ???
Here it is just in case.. http://www.youtube.com/watch?v=ipJTqCbETog&feature=player_embedded
@Dante:
Oh.
Guess I got a little wound up then! Let’s hope people don’t just get frustrated and decide to shoot each other.
Especially older people who are on a fixed income. The state of Florida had a good Enron type pension swipe twice under Jeb Bush. No one cares. The apathy is at the fly-in-the-eye stage here. Why, The Three Men in a Tub (Crist, Sink, McCollum) sat on the empty nest until Bloomberg caused a run on the fund. Now all three are set to be re-elected.
And if you try to point out that Crist is a criminal, everyone wonders why you sat on their Sunday Go To Meeting Hat.
I call criminal behaviour smart: not stupid. And the complicity of the American public let the machinery run with very little lubricant.
Frances…I’m just saying certain people are too busy surviving while the others are fine with status quo thus not motivated to care..but once it hits their pocketbook they’ll wake up.
Jim ..without Milken …Wynn would still be working bingo!
@Dante:
I didn’t mean care about THEMSELVES. I meant care to see that the criminals are tried and convicted. That would include Chris Dodd, wouldn’t it?
I think it is horrid that people are set to suffer.
Viewership down 50% at CNBC….Stevie Wynn says the Maccau operation down 10%; after all the 1.5 Trillion Huy-Soy-La in everyones’ favorite fantasy….moi thinks Slim Pickens on his way riden’ Aunt Edith’s BIG ONE.
Gang-Greenish Shucks….more like it. Children to your room at ONCE.
@Frances…Think anyone will care?
You know I guess that depends on the “who”. See so far the elders and young pensioners think life is all about collecting a pension and then going back into the workforce to “grind” out play money while some have to work two jobs to feed little johnny. That might be close to ending…if the deposit isn’t made at the end of the month, the food & gas bill goes up, and the sweet smell of “success” turns to “depress”…we’ll see who doesn’t care.
Coming to a city near you…just give it a little time.
City of Houston is Bankrupt (So are California, Oregon, and Pension Plans in General)
Pension System Busted Country Wide
It is highly likely that nearly every pension plan in the country is busted. The solution is for every city and municipality in a predicament to “pull a Vallejo” and declare bankruptcy. Please see Judge Rules Vallejo Can Void Union Contracts for details.
Deficiencies cannot be met on the backs of taxpayers. Enough is enough. It’s time to end every massively underfunded public defined benefit plan in the country, by force if necessary (bankruptcy), unless unions agree to major concessions that would make the plans viable without raising taxes once cent.
http://globaleconomicanalysis.blogspot.com/2009/10/city-of-houston-is-bankrupt-so-are.html
$469 bil notional exposure
“Approximately $335 billion of the $469 billion in notional exposure on AIGFP’s super senior credit default swap portfolio as of March 31, 2008 was written to facilitate regulatory capital relief for financial institutions primarily in Europe. AIG expects that the majority of these transactions will be terminated within the next 12 to 24 months by AIGFP’s counterparties as they implement models compliant with the new Basel II Accord”
http://remington-work.blogspot.com/2008/05/aig-01-08-cds-exposure.html
“In light of this experience to date and after other comprehensive analyses, AIG determined that there was no unrealized market valuation adjustment to be recognized for this regulatory capital relief portfolio for the three months ended March 31, 2008. AIG will continue to assess the valuation of this portfolio and monitor developments in the marketplace. Given the significant deterioration in the global credit markets and the risk that AIGFP’s expectations with respect to the termination of these transactions by its counterparties may not materialize, there can be no assurance that AIG will not recognize unrealized market valuation losses from this portfolio in future periods, and recognition of even a small percentage decline in the fair value of this portfolio could be material to an individual reporting period. These transactions contributed approximately $89 million to AIGFP’s revenues in the three-months ended March 31, 2008. If AIGFP is not successful in replacing the revenues generated by these transactions, AIGFP’s operating results could be materially adversely affected.”
http://www.guardian.co.uk/money/2009/feb/12/insurance-regulators
Guess it’s time for the “Serious Fraud Office.” And Dante’s article says the Fed has spent millions avoiding an audit. HOW does Bernanke keep a straight face?
@Dante:
Good Lordy! Your link is quite explicit! Think anyone will care?
@Stacy:
We read about this last fall. That was supposed to be a part of the general outrage, except nobody took offense. AIG offices London were the actually writers of the fraudulent contracts offshore.
DOESN’T ANYBODY WANT ANY SALISBURY STEAK???
Gonna go to waste. Just sayin.
So GS got payed good..that’s a surprise..
Sorry Stacy
I think they just print
Mike
Why am I bidding against Speculators in Detroit auction?
“Why am I competing against a bank?” he said later. “It would be common sense to have a separate process for people who want to move back to the city or it’s going to stay empty.”
http://www.reuters.com/article/newsOne/idUSTRE59O17F20091026?sp=true
As “RobotTrader” over att ZH wrote..
“If some sleazy trick isn’t pulled off soon, then its back to the “Great Deflationary Collapse”, and the poor Federal Reserve will see its toxic assets vaporized into a black hole.”
http://www.zerohedge.com/article/wildebeest-herd-running-back-deflation
He’s only doing his job…plus as frances says who’s going to stop him?
Tim Geithner’s Job Is To Rip-Off The U.S. Taxpayer
http://truthingold.blogspot.com/2009/10/tim-geithners-job-is-to-rip-off-us.html
@Mike/Liverpool – I don’t think so.
You doing a radio show tonight?
Mike
i don’t even want to think what could surprise me by now