Revealed: See Who Was Paid Off In The AIG Bailout

[Me.]

“A key question at the heart of the controversial bailout of AIG is just how much money the government lost. The Federal Reserve and Treasury Department have worked to keep that number secret and to conceal who was on the winning end.

An unredacted document obtained by the Huffington Post shows the damage in detail.

The list was produced as part of a congressional investigation led by the House Oversight and Government Reform Committee into the federal bailout of AIG.

The Federal Reserve Bank of New York, then led by now-Treasury Secretary Tim Geithner, purchased a slew of souring assets from the world's biggest banks for 100 cents on the dollar in November 2008. A scathing report by a government watchdog held Geithner responsible for the overpayments.” Cont…

"The way the AIG bailout was engineered was to specifically benefit Goldman Sachs and its trading partners," said Janet Tavakoli, a Chicago-based derivatives expert and founder of Tavakoli Structured Finance. "Goldman's past and present officers used crony capitalism to put their own interests ahead of the public.” Cont…

http://www.huffingtonpost.com/2010/01/27/revealed-see-who-was-paid_n_438933.html

[defendandprotect]

1. Game playing by those in the inner circle to enrich themselves . . .

[Me.]

2. Bet They Thought They Could Keep The Info Hidden Forever

Geithner needs to go

[metapunditedgy]

5. Nah, just hidden until about now, when nobody will do anything about it. n/t

[defendandprotect]

7. Right . . . any crime that takes place in the past . . . is now to be ignored!!!

:evilgrin:

[Me.]

8. Isn't That The Established Precedent?

[Foo Fighter]

17. Disagree.

Well, kind of. He needs to go, all right. Directly to jail. Do not pass Go. Do not collect hundreds of billions of dollars for your crony friends. Who, incidentally, will be joining you shortly.

Well, at least that's what would happen in a just world. Unfortunately, we don't live in one. The worst that would ever happen to Geithner if he were to be "replaced" would be he would get a cush job with GS for mega-bucks.

Some things never change.

[Hell Hath No Fury]

3. Until O fires this fucker --

he has ZERO credibility with me and no hope of ever gaining any.

[KansDem]

4. Someone want to explain the 5-page "List of Derivative Transactions" to me?

I don't quite understand what I'm looking at, but something tells me we got ripped off...

[closeupready]

6. I think that's the different tranches

In other words, in these types of arrangements, those who buy the highest class derivative get paid first.

[Octafish]

9. Crony Capitalism is Right

Guess where they got the idea? Derivatives and all the fancy schmancy stuff Wall Street's masters of the universe dreamed up with were just another fancy shell game designed to separate the marks from their money. As in the Savings and Loan crisis of the late 1980s and early '90s, the mope picking up the tab for the crime spree is the U.S. taxpayer.

Know your BFEE: Goldmine Sacked or The Best Way to Rob a Bank Is to Own One

[Me.]

10. Boy Have You Had Your Eye On This For A Long Time

Your link is to a great thread, wish I could R it.

[taught_me_patience]

11. but but but... the banks only got TARP money

and they paid it back... no other "assistance" from the treasury! (according to some duers)

:sarcasm:

[unkachuck]

12. K&R....n/t

[autorank]

13. That's so shocking and I'm a centrist

Damn fine post -k*r-

They crooks are getting exposed.
Their defenders in the capitol are running out of steam.
It's a short time until the people demand justice.

[Prometheus Bound]

14. I would like to thank the US taxpayer for paying full price for this worthless shit.

...on behalf of the rest of the world. I admire your generosity, your understanding, and your forbearance.

It didn't help you much, but it did some good for the rest of us.

[WillyT]

15. Big K & R !!!

:kick:

[Romulox]

16. Timmy's doing a heck of a job! nt

[Kalun D]

18. Goldman Sachs

guess who the 2nd largest campaign contributor to the ObamaRahma "We Are Change" fictional TV show was?

you guessed it, Goldman Sachs, $994,795, bet they got their money back in the $BILLIONS, heck of an investment