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Had Enough FRAUD America?
The Market Ticker —
... The Federal Reserve be told that either IT cooperates in this matter and both disgorges its garbage on the balance sheet back to its originators, ceases all non-lending actions and opens its kimono here and forward or its charter will be revoked by Congress and The Fed's function will be subsumed by Treasury.
What I laid forth as my postulate has now been proved correct in the fullness of time.
Gee, Eliot Spitzer is back and says the same thing:
The appearance ...
The Real AIG Scandal
IEHI Feed: The Hedge Fund Implode-o-Meter —
The Real AIG Scandal (slate.com) Search Enter your search terms Web HF Submit search form 2009-03-17 Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars? Our thoughts exactly. Please Spitzer, don't hurt 'em! ...
Spitzer Takes Aim at 'Real Disgrace' at A.I.G.
DealBook —
... that “failure to answer these questions will feed the populist rage.” Of course, Mr. Spitzer knows a bit about rage and how it can come back to bite. When he was governor of New York, Mr. Spitzer enraged so many lawmakers in Albany with his fierce tone and aggressive actions that he had no support last March when he ran into his own legal problem: consorting with a prostitute. State lawmakers cheered when he was forced to resign as governor. Wall Street cheered as well . Go to Article from Slate »
Further reading
FT Alphaville —
Elsewhere on Wednesday, - Spitzer on the ‘Real AIG Scandal’ . - More grist for the AIG mill . - Duh, hedge funds bought AIG credit default swaps too. - Goldman risks ‘TARP rage’ . - Meredith Whitney’s Citi call sent to the dustbin. - The betting line on Geithner . - Fear and loathing in Tokyo’s Roppongi . - Who’s to blame for the economic mess? - The quiet but not-so-little investment banking fee bonanza . - B-school retraining - Gorden Geckos need not apply. - A quick look at some other (nice) ...
Timothy Geithner's Time of Troubles
The Belgravia Dispatch —
... , and this too is worth a read .We'll doubtless be getting a better sense of the fingerprints surrounding that fiasco in due course given all the 'pitch-fork and torches' like rage increasingly stirring in the land (look at the Fed and Treasury, in the main, I suspect). ...
Incestuous Wall Street
Angry Bear —
... Say what you will about the messenger, but Eliot Spitzer raises some interesting points about the AIG scandal: To wit, that the counterparties to AIG are those firms who have already been beneficiaries of the public's largess, i.e., Merril, Bank of America, Morgan Stanley--you know the list. ...
Bonus Bonanza Bingo, a Blessing In Disguise
Mish's Global Economic Trend Analysis —
... according to a description released yesterday by the Senate Finance Committee. The bonus decision “may jeopardize our ability to get the majority of this Congress to support further largess, to provide funds, to prevent a recession, depression or meltdown,” Representative Paul Kanjorski, a Pennsylvania Democrat who heads the capital markets subcommittee, told Liddy today. The Real AIG Scandal Eliot Spitzer is writing about The Real AIG Scandal. Everybody is rushing to condemn AIG's bonuses, but this simple ...
Thursday morning links
The Mess That Greenspan Made —
... Treasuries to Combat Crisis - Bloomberg • Treasury officials explicitly allowed AIG bonuses - LA Times • Madoff accountant hit with criminal charges - MarketWatch • iShares Silver Trust’s golden run - Commodity Online • Naked Short Sales Hint Fraud in Bringing Down Lehman - Bloomberg • Shell dumps wind, solar and hydro power in favour of biofuels - Guardian • Obama Needs AIG’s Liddy, Not Other Way Around - Bloomberg • The Real AIG Scandal - Slate MARKETS/INVESTING • Special: The unholy ...
Lunchtime Links 3-20
Rolfe Winkler —
... The Real AIG Scandal (Slate) Former NY Governor Eliot Spitzer pens this column: “Why are AIG’s counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars?” ...
Spitzer Weighs in on AIG
InvivoAnalytics.com —
Look who’s back. Eliot Spitzer talked to Fareed Zakaria this weekend to discuss AIG and more. MORE: Bonuses Attacked, But What About Bailout? MORE: The Real AIG Scandal Questions and Comments Please log in to join the discussion if you do not see the text box below. Dear Reader [image] These days, it's pretty easy to get free market opinion and stock tips on the Internet. I'm sure a search for "stock market" will turn up thousands and thousands of blogs and news articles. But, as with so much on the web, you should tread lightly if you don't know the ...
Financial Terrorism: What The Bank Bailout Really Is
Daily Markets —
... ) are all recipients of AIG’s payments to its former trading partners. Former New York Attorney General Elliot Spitzer - who knows a thing about financial shenanigans - recently wrote: The appearance that this was all an inside job is overwhelming. AIG was nothing more than a conduit for huge capital flows to the same old suspects, with no reason or explanation. You can read Spitzer’s two articles on the AIG fiasco HERE and ...
Is It Spitzer's Fault AIG Nearly Destroyed the World?
Yahoo! Finance: Tech Ticker —
... Spitzer agree? Please. Spitzer says AIG was a disaster waiting to happen long before he chased Greenberg out the door. And what about Greenberg's assertions that he didn't deserve to be targeted because he never did anything wrong? Also a predictable response. Meanwhile, Eliot Spitzer says, one of the biggest offenses to the taxpayer to date has been the transfer of $13 billion directly from an imploding AIG into the coffers of the once-again-triumphantly successful Goldman Sachs. The taxpayer is STILL subsidizing and protecting Goldman , Spitzer says. This is an outrage!
Tim Geithner Is A Disgrace (By Eliot Spitzer)
The Daily Bail —
... The issue has been festering for months: Why were AIG's counterparties—including Goldman Sachs, JPMorgan Chase, and UBS—paid 100 cents on the dollar when the feds rescued the insurance giant, helping raise the cost of the bailout to nearly $200 billion? A new report issued by ...
