AIG

Goldman Sachs Paid Out $4.3 Billion of U.S. Taxpayer Money to Foreign Companies

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Senator Chuck Grassley has received documentation from Goldman Sachs showing the top recipients of AIG money. The grand total is $4.3 billion. Below are the recipients and their amounts. As you can see, they are all foreign entities. In other words, U.S. taxpayer money, used to bail out AIG which in turn was used to pay off Goldman Sachs went straight out of the country and into foreign banks.

  1. DZ Bank AG Deutsche Zentrale-Genossenschafts Bank: $1.8 billion
  2. Banco Santander Central Hispano SA: $484 million
  3. Rabobank Nederland-London Branch: $182 million
  4. Zurcher Kantonal bank: $200 million
  5. Dexia Bank S.A: $105 million
  6. Calyon-Cedex Branch: $200 million
  7. The Hongkong & Shanghai Banking Corporation: $173 million
  8. Depfa Bank Plc: $126 million
  9. Sierra finance plc: $223 million
  10. PGGM Pensioenfonds: $47 million
  11. Natixis: $2 million
  12. Zulma finance plc: $416 million
  13. Stoneheath Re CRDV G: $68 million
  14. Hospitals of Ontario Pension Plan: $94 million
  15. Venice finance plc: $216 million
  16. KBC Asset Management NVD Star Finance: $191 million
  17. MNGD Pension Funds LTD: $69 million
  18. Infinity finance plc: $277 million
  19. Barclays Bank PLC: $27 million
  20. GSAM Credit CDO LTD: $13 million
  21. Signum Platinum: $38 million

AIG Gets Away With It

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What a surprise. CBS News is reporting there will be no criminal charges against AIG.

CBS NEWS has learned that former AIG executive Joseph Cassano - the prime focus of the investigation into its collapse - will meet with Department of Justice attorneys next week in what will likely be an end to the two year criminal investigation into the company.

New York Fed releases Bear Stearns, AIG details

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The New York Federal Reserve has released details on toxic asset purchases from Bear Stearns and AIG, now held in Maiden Lane, LLC. The asset lists are at the link on the New York Federal Reserve website.

The release of this information today comes after reaching agreement on issues of confidentiality with JPMorgan Chase with respect to the assets of ML and the American International Group, Inc. (AIG) with respect to ML II and ML III.

Where are the AIG emails? - Rep. Alan Grayson

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Congressional representative Alan Grayson is writing letters asking where are those AIG emails?

I write to request that you turn over to this office, and the public, e-mails backed up on AIG’s servers, including internal accounting documents and financial models developed by the company in the last decade. The public owns AIG. We bought it, for an initial down payment of $182 billion. You are the representatives of the public, through your positions as the three trustees of the AIG Credit Facility Trust.

AIG losses another $8.87 Billion

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All those who thought that AIG was out of the woods following its massive Federal Reserve bailout, may be in for a surprise.

(Bloomberg) -- American International Group Inc. posted a wider-than-expected loss after setting aside more reserves for insurance claims and paying down bailout debts. The shares fell 8.5 percent in New York trading.
The fourth-quarter net loss of $8.87 billion, or $65.51 a share, narrowed from $61.7 billion, or $458.99, a year earlier when AIG recorded the biggest loss in U.S. corporate history, the New York-based firm said today. Results included $6.7 billion in charges fueled by paying down AIG’s Federal Reserve credit line. It cost AIG $1.8 billion to add to property- casualty reserves as sales in the division slipped 2.2 percent.

Possible Bernanke Smoking Gun on AIG Bail out

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The Huffington Post is reporting there is a potential smoking gun on Bernanke.

Bernanke overruled his staff advising him to not bail out AIG.

A Republican senator said Tuesday that documents showing Federal Reserve Board Chairman Ben Bernake covered up the fact that his staff recommended he not bailout AIG are being kept from the public. And a House Republican charged that a whistleblower had alerted Congress to specific documents provide "troubling details" of Bernanke's role in the AIG bailout.

Below is the CNBC interview with Sen. Bunning (R-KY):

AIG Bombshell - Goldman Sachs was willing to take a hair cut on CDS payouts

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Wow. I'm getting more than a little CT (conspiracy theory) on this story it has so many twists and turns. Blackrock supposedly released documents which prove Goldman Sachs was willing to tear up contracts, in other words take a hair cut on the back door bail out.

Bloomberg:

A month before the September 2008 rescue, Goldman Sachs approached AIG about tearing up contracts protecting the bank against losses on collateralized debt obligations, or holdings backed by mortgages, according to a BlackRock Inc. presentation dated Nov. 5, 2008. Goldman Sachs was the only counterparty willing to cancel the credit-default swaps and bear the risk of further CDO losses, provided that AIG make payments based on the bank’s larger-than-average estimate of market declines.

More Damning Evidence on AIG 100% payout - SEC involved

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The New York Times has posted more documentation on then New York Fed Chair, now U.S. Treasury Secretary, Tim Geithner's cover up on the AIG 100% CDS payout, otherwise known as the real screw job.

Documents obtained by The New York Times on Sunday disclose correspondence between the Federal Reserve Bank of New York, A.I.G. and the Securities and Exchange Commission over how to keep elements of the bailout from being publicly disclosed. Among them is a request by the New York Fed to the S.E.C. that essentially would have locked up most of the documents pending a confidentiality review.

More on New York Fed and AIG

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On January 27, Tim Geithner will testify before Congress on the AIG 100% payout scandal. Today the NY Fed was ordered to turn over documents to Congress. (see subpoena).

The New York Fed asked Habayeb to “stand down” from negotiating with counterparties, according to an Oct. 31, 2008, e-mail he wrote to AIG CFO David Herzog. Herzog replied that AIG should “get back with Goldman” about the change in plans.

Before the New York Fed took over the talks, AIG tried to persuade banks to accept so-called haircuts of as much as 40 cents on the dollar, according to people familiar with the matter.

New York Fed Subpoenaed!

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The House Oversight Committee will issue a Subpoena to the New York Federal Reserve due to it's 100% payout of AIG Credit Default Swaps and trying to stop AIG from disclosing this via their 10-k release.

“To help the committee’s investigation of payments made by AIG to its counterparties, I am issuing a subpoena today to the Federal Reserve Bank of New York,” Edolphus Towns, the New York Democrat who runs the Oversight and Government Reform Committee, said in an e-mailed statement. “This subpoena will provide the committee with documents that will shed light on how and why taxpayer dollars were used for a backdoor bailout.”

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