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The Continuing AIG Hellstorm: Jihad Bailout and Money Laundering
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WhiskeyGirl
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The Continuing AIG Hellstorm: Jihad Bailout and Money Laundering
«
on:
February 23, 2010, 03:49:53 PM »
Quote
Pamela over at Atlas Shrugs has been doing an exceptional job exposing the Jihad bailout of AIG. To go along with being a terrible hedge fund manager in AIGFP, it just so happens that “AIG was (and still is) the world leader in promoting Sharia-compliant insurance products.” The problem? As noted in the press release on attorney David Yerushalmi’s site, “By propping up AIG with tax payer funds, the U.S. government is directly and indirectly promoting Islam and, more troubling, Sharia.“ The crux of the court case is below:
David Yerushalmi, who is co-counsel with Robert Muise, laid out the grounds for the motion:
At the time of the takeover decision, Secretary Geithner was the head of the Federal Reserve Bank of New York and he was the leading advocate of the AIG takeover. Moreover, he designed how the U.S. government would not only bail out AIG with taxpayer dollars, but how the government would illegally take control of 80% of the voting shares through what was patently an illegal and invalid trust arrangement. It is apparent from the discovery we’ve conducted to date that this was done purposefully and with an intent to conceal the illegal takeover with a fraudulent trust.
Attorneys Yerushalmi and Muise want to ask Secretary Geithner:
·
Why he forced AIG to take on so much debt that AIG’s credit rating, already in peril, was sure to collapse without yet additional government funds, essentially guaranteeing AIG would remain a ward of the state?
·
Why he imposed such Draconian terms on AIG that there was no way it could survive without additional billions from U.S. taxpayers?
·
Why he then used AIG to secretly funnel 100% payoffs to AIG’s counterparties, including his colleagues and friends at Goldman Sachs, Merrill Lynch, and the European giant, Société Générale. In other words, why did Geithner decide to destroy AIG’s chances of survival as a private entity while surreptitiously saving and preserving private ownership of other domestic and foreign financial companies?
And,
· Why he took control of 80% of AIG’s voting shares without legal authority to do so and used a fraudulent trust arrangement to conceal the illegal takeover?
I don't know about the Islamic finance products. These are good questions.
more here -
http://www.citizeneconomists.com/blogs/2010/02/04/the-continuing-aig-hellstorm-jihad-bailout-and-money-laundering/
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
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Re: The Continuing AIG Hellstorm: Jihad Bailout and Money Laundering
«
Reply #1 on:
February 23, 2010, 03:52:36 PM »
Quote
AIG did not understand what it was doing; it relied on the rating agencies.
But if Goldman was so smart, how could AIG be so dumb?
There’s a short answer and a long answer. The short answer is three little letters: AAA. The long answer gets to the same result; it just takes a longer while to get there.
According to Michael Lewis’s reporting in Vanity Fair, the guys at AIGFP were clueless:
Toward the end of 2005, Cassano [the head of AIGFP] promoted Al Frost, then went looking for someone to replace him as the ambassador to Wall Street’s subprime-mortgage-bond desks. As a smart quant who understood abstruse securities, Gene Park was a likely candidate. That’s when Park decided to examine more closely the loans that A.I.G. F.P. had insured. He suspected Joe Cassano didn’t understand what he had done, but even so Park was shocked by the magnitude of the misunderstanding: these piles of consumer loans were now 95 percent U.S. subprime mortgages. Park then conducted a little survey, asking the people around A.I.G. F.P. most directly involved in insuring them how much subprime was in them. He asked Gary Gorton, a Yale professor who had helped build the model Cassano used to price the credit-default swaps. Gorton guessed that the piles were no more than 10 percent subprime. He asked a risk analyst in London, who guessed 20 percent. He asked Al Frost, who had no clue, but then, his job was to sell, not to trade. “None of them knew,” says one trader. Which sounds, in retrospect, incredible. But an entire financial system was premised on their not knowing–and paying them for their talent! [Emphasis added.]
It seems less shocking if you understand how these CDOs were put together and sold. Take a few minutes and glance over the prospectus for Davis Square Funding VI, one of the dozens of CDOs structured by Goldman before the risk was laid off on AIG. You could spend all day studying the document, but you will never be able to answer the question, “What am I buying?” The document doesn’t tell you. That’s the point. It’s evident in every aspect of this document and the offering circulars for most of the other CDOs. The business purpose, the essence of the deal, can be summarized in one word: obfuscation.
Goldman argued that these CDOs were put together to meet market demand, but demand for what?
These subprime CDOs were not financing anything (the underlying mortgages and mortgage securities had already been financed), nor were they promoting liquidity in the marketplace (they couldn’t be traded because nobody knew what was in them).
read more here -
http://www.citizeneconomists.com/blogs/2010/01/27/the-impending-aig-hellstorm/
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: The Continuing AIG Hellstorm: Jihad Bailout and Money Laundering
«
Reply #2 on:
February 23, 2010, 03:53:52 PM »
These are good articles and offer some questions and answers.
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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