NYT has a long, detailed timeline of what happened and when. Required reading.
Clusterstock is even blunter. Goldman Sachs Killed AIG, but then bizarrely says it was all AIG’s fault.
So it was just a coincidence those at the NY Fed and in the US government who gave Goldman such a sweetheart deal just happened to be [...]
Posts Tagged ‘AIG’
NYT. Goldman pushed AIG to edge, profited mightily from it
How the AIG bailout worked
Chart from the fine folks at Clusterstock, who also brings us news that just-released AIG documents show Goldman was deeply involved in the collapse of AIG. These are the very same documents that the SEC ordered sealed on the utterly bogus grounds of “national security” but which got released because on the ongoing Congressional investigation. [...]
How Paulson’s people colluded with Goldman to destroy AIG and get a backdoor bailout
David Fiderer at HuffPo connects the dots for us.
It’s time to put an end to the plunder of the country by thugs in expensive suits. They need to go to prison. (Yes, I assume many of them are guilty of multiple crimes.)
AIG timeline
Bloomberg provides a detailed time-line of events at AIG that can be used as a handy reference during tomorrow’s Congressional hearings about them. This includes a demand that the NY Fed turn over phone logs and emails from Timmy “The Weasel” Geithner. Watching him testify should be fun.
Federal Reserve moral hazard smoking gun
(While I prefer to post about cleantech at night, about something optimistic and positive rather than just more on the slime oozing out of Wall Street. However this story looks to be huge. Mark my words, the AIG scandals will metastasize into a cancer that will make Enron look small.)
In August 2008 Goldman was [...]
Corporatists, greedheads, and the coming populist revolt
The AIG saga is now unfolding in ways that “professionals” would not even dream of and is snaring past and present Treasury Secretaries who rushed to bail out the failed insurer’s counterparties at 100 cents on the dollar, to the tune of $62 billion.
I must admit I made a big mistake three years ago: I [...]
Rep. Towns subpoenas NY Fed for AIG counterparty documents
Chairman Edolphus “Ed” Towns (D-NY) today released the following statement ahead of issuing a subpoena to the Federal Reserve Bank of New York (FRBNY) for documents related to AIG counterparty payments (counterparties).
“To help the Committee’s investigation of payments made by AIG to its counterparties, I am issuing a subpoena today to the Federal Reserve Bank [...]
The vampire squid makes another enemy
WSJ
Let me get this straight. Is [Ex-CEO of AIG Hank] Greenberg saying the machinations of Goldman Sachs were responsible for the disastrous failure of AIG amid the recent financial crisis? “Well, it certainly wouldn’t be difficult to come to that conclusion.”
The response from the White House on all of this has either been stonewalling or [...]
Time to indict Geithner for securities fraud
The web of known parties guilty of fraud, coercion, or securities manipulation keeps getting bigger
…
I am 100% in favor of allowing Geithner to defend himself … In a court of law, for securities fraud.
And as I have stated before Paulson, Bernanke, and Bank of America ex-CEO Lewis as well.
So says Mish, and I agree completely. [...]
Argentina president fires central bank head, order criminal charges filed
Ah, to see the day when various other Central Bankers see criminal charges filed against them for insubordination.
Bernanke, Geithner, and Paulson being frog-marched in manacles? Could happen.
Especially after today’s revelations about Geithner ordering AIG to ignore SEC regulations and keep secret that investment banks were repaid by the bankrupt AIG at 100% rather than the [...]
NY Fed and Geithner ordered AIG to hide details of payouts and violate SEC regulations
This is all over financial blogs this morning. The chief beneficiary here was Goldman and the other investment banks.
This latest revelation confirms the Fed’s commitment to secrecy and, although troubling, at this point should come at no surprise. The most important element is that AIG itself determined it should provide information about its swaps transactions [...]
Hank Paulson doing the perp walk? Be still my heart
As always, AIG and Goldman appear to be leading players. In this case, multiple federal investigations centering on just what happened with AIG.
Does the Obama Administration ever stand up to Wall Street? Apparently not.
The federal pay czar recently said he would cut AIG execs salaries. The execs whined, saying they would quit. You guessed it. The pay czar then showed the spine of a jellyfish, meekly backed down, and exempted them from pay cuts.
U.S. government’s wimpiness with Wall Street hits a new high
It’s worse than wimpiness. It’s craven [...]
TARP Watchdog: AIG bailout transferred billions from government to counterparties
In a report (pdf) titled “Factors Affecting Efforts to Limit Payments to AIG Counterparties”, Neil Barofsky, special inspector for TARP, wrote that the “negotiating strategy to pursue concessions from [AIG] counterparties offered little opportunity for success, even in the light of the willingness of one of the counterparty to agree to concessions”.
He also concluded that [...]
NY Fed forced AIG to pay banks $13 billion extra of taxpayer money
During the collapse of AIG, their credit default swap unit was negotiating with banks who had bought $62 billion in CDS and CDOs from them. AIG wanted the banks to accept discounts of up to 40%. Instead, the New York Fed, then headed by Geithner, intervened and forced AIG to pay full price.
The New York [...]
