Posted on 01/26/2010 6:42:27 AM PST by mgist
UPDATE: Special Inspector Gen For TARP To Open 2 AIG Investigations
WASHINGTON -(Dow Jones)- The special inspector general for the government's $ 700 billion Wall Street rescue plan is opening a pair of probes into the government's rescue of American International Group Inc. (AIG), including efforts to slow public disclosure of all of the terms of the deal.
Special Inspector General Neil Barofsky disclosed the existence of the investigations in testimony prepared for a Wednesday hearing before the House Committee on Oversight and Government Reform.
Barofsky is reviewing the cooperation of the Federal Reserve with his staff's attempt to conduct an audit of the AIG transactions.
Barofsky's intention to investigate the public disclosures surrounding Maiden Lane III, the structure formed to facilitate federal assistance to AIG, is likely to ratchet up the political stakes for Wednesday's hearing before the Oversight panel.
New documents reviewed by the Wall Street Journal highlight the New York Fed's reticence to disclose in writing that AIG's counterparties would be made whole as part of the reworked government aid.
In November 2008, a Fed official urged the deletion of a reference to the 100% payouts from a request for proposals that was being sent to service providers.
The sentence was subsequently deleted from the draft RFP, according to documents.
A Fed spokeswoman pointed to an earlier comment in which the Fed said that the 100% payouts to AIG's counterparties were "widely understood at the time." The Fed also has denied that it encouraged AIG to withhold the fact of the full payouts.
(Excerpt) Read more at money.cnn.com ...
Obama and his Fat Cats
Article fails to mention the Geithner scandal, who Obama made Head of the US Treasury, despite 5 years of not paying taxes.
UBS (The Bank in Switzerland that guided clients on evading taxes) run by Obama/Soros buddy Robert Wolf was a beneficiary of the AIG pass-through scam:
http://online.wsj.com/article/SB10001424052748703822404575019413702273210.html?mod=WSJ-hpp-LEFTWhatsNewsCollection
Sounds like this Garofsky guy is now going to be a short-timer.
Saturday Night Massacre coming up.
IG’S have a short career when questioning our communist govt.
This will be a Chief Wiggam moment: “nothing to see here folks”, with bullet riddled bodies lying everywhere. These guys are charlatans of the first degree and nothing they do is intended for the truth or the good of America. It is all posing and lies. Distractions to the people.
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