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"AIG: The Looting Continues

Published:

Post quoted directly from Market-Ticker.org, along with video giving background as to WHY the Fed is balking, back pedalling about being audited.

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"AIG: The Looting Continues

Posted by Karl Denninger  July 17, 2009

Source Market-ticker.org

"No wonder The Fed was threatening Congress when asked about audits - it might expose the underlying realities of something like this:

European banks including Societe Generale SA and BNP Paribas SA hold almost $200 billion in guarantees sold by New York-based AIG allowing the lenders to reduce the capital required for loss reserves. The firms may keep the contracts to hedge against declining assets rather than canceling them as AIG said it expects the banks to do, according to David Havens, managing director at investment bank Hexagon Securities LLC.

$200 billion dollars for foreign banks that we, the taxpayer, have now backstopped through The Fed with zero oversight or approval by Congress?

These aren't even American businesses!

The average weighted length of the European swaps protecting residential loans is more than 25 years, while the span tied to corporate loans is about 6 years, AIG said in a regulatory filing. Contracts covering corporate loans in the Netherlands extend almost 45 years, and the swaps on mortgages in Denmark, France and Germany mature in more than 30 years.

So now we, the American Taxpayer, are backstopping mortgages in Netherlands, Denmark, France and Germany?

Remember this?

 

Now you know why, and what The Fed and Treasury have done - in black and white.

You have been robbed America, and now they intend to steal $200 billion more - to bail out not Americans but foreigners.

Tell me again why we're doing this, and why people aren't in prison?"

http://market-ticker.org/archives/1230-AIG-The-Looting-Continues.html

Entry #1,251

Comments

1.
emilygComment by emilyg - July 18, 2009, 1:18 pm
Meanwhile unemployment is skyrocketting.
2.
konaneComment by konane - July 18, 2009, 1:50 pm
Thanks Em!! Think they live in a world where good is bad, bad is good. Head explodes when trying to figure it out!
3.
TigerAngelComment by TigerAngel - July 18, 2009, 8:06 pm
And to think years ago I use to go "uptown" to pay my auto insurance at the swanky office of AIG!!!!
4.
konaneComment by konane - July 18, 2009, 9:01 pm
Thanks TigerAngel. No company is too big to fail and be sold piecemeal provided they have any residual value. That's what should have happened to them and many more we're paying to bail.

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