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Author Topic: AIG Failure? Federal Reserve Secret Profits?  (Read 1211 times)
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WhiskeyGirl
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« on: December 02, 2009, 08:12:34 AM »

Is this really another taxpayer rip-off?  IIRC, the Federal Reserve IS a private bank, and they are in line ahead of taxpayers to be the best bits of AIG?  The profitable bits?  What's left for taxpayers the debt?

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To reduce its crushing debt, the American International Group said on Tuesday that it had completed its plan to award the Federal Reserve Bank of New York a $25 billion stake in two of its big foreign life insurance subsidiaries.

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It also reduces the New York Fed’s risk of not being repaid for its bailout assistance because of the continuing troubles at A.I.G. by giving it first claim to the proceeds from the sale of two of the company’s profitable and largely independent businesses.

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Months in the making, the transaction does little, however, to reassure American taxpayers that they will be repaid for their full bailout of A.I.G. After the repeated government restructurings, the United States Treasury is the rescuer with the biggest investment in A.I.G. It has extended $70 billion, receiving in exchange preferred stock that does not pay dividends. The Treasury does not have any claims on specific assets and cannot force A.I.G. to repurchase the preferred stock for five years. The company has drawn $44 billion of the $70 billion so far.

This sounds like another ‘Goldman’ type deal.

Why isn’t Washington looking out for Main Street?

http://dealbook.blogs.nytimes.com/2009/12/02/new-york-fed-takes-stakes-in-2-aig-insurance-units/

Why doesn’t the Federal Reserve seem to work for Main Street?

Who profits from all the money the Federal Reserve makes off of taxpayers?

“The very word 'secrecy' is repugnant in a free and open society; and we are as a people inherently and historically opposed to secret societies, to secret oaths, and to secret proceedings.” - John F. Kennedy
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