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Keyword: aig

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  • Too Big to Fail is a Failure

    07/24/2015 10:23:44 AM PDT · by Academiadotorg · 5 replies
    Accuracy in Academia ^ | July 24, 2015 | Spencer Irvine
    Five years after President Obama signed it into law to address America’s financial crisis, the Dodd-Frank Act and the federal regulations that followed from it are relatively unknown by at least one-third of normal Americans. At the Heritage Foundation last Wednesday, University of Virginia Law School dean Paul Mahoney pointed out how Dodd-Frank allows a class of creditors to have access to their funds when a bank is going bankrupt. Short-term creditors, who often “run for the exits” when a crisis emerges, can now can “get access to all their funds” under Dodd-Frank. Usually, all creditors would have to wait...
  • In Dramatic Decision Judge Finds Fed Bailout Of AIG Was "Illegal", Government "Violated Federal

    06/15/2015 5:16:28 PM PDT · by Nachum · 24 replies
    Zero Hedge ^ | 6/15/15 | Tyler Durden
    Earlier today, former AIG head Hank Greenberg's long-running legal battle of the US government came to a dramatic end when in a 75-page ruling, U.S. Court of Claims Judge Thomas Wheeler found that Greenberg was indeed correct in claiming the government overstepped its legal boundaries in its "unduly harsh treatment of AIG in comparison to other institutions" which was "misguided and had no legitimate purpose." But because “the question is not whether this treatment was inequitable or unfair, but whether the government’s actions created a legal right of recovery for AIG’s shareholders" Wheeler found that Greenberg was not owed any...
  • Judge: Feds overstepped with AIG bailout

    06/15/2015 11:23:35 AM PDT · by Theoria · 11 replies
    The Hill ^ | 15 June 2015 | Peter Schroeder
    A court ruled Monday that the federal government was “unduly harsh” in its takeover of AIG during the financial crisis, but refused to award the company’s former head any damages. The ruling draws to a close the high-profile lawsuit against the federal government, brought by Maurice "Hank" Greenberg, the former head of the insurance giant, and other AIG shareholders under the umbrella of Starr International. In his ruling, Judge Thomas Wheeler determined the federal government violated the Constitution by stepping in and effectively seizing the insurance company during the crisis, even if the takeover was intended to save the company...
  • Democratic (and Obama) Fund-Raiser Nemazee Indicted In $292 Million Fraud

    09/21/2009 3:33:07 PM PDT · by pissant · 86 replies · 4,048+ views
    NasDaq ^ | 9/21/09 | Chad Bray
    NEW YORK -(Dow Jones)- New York businessman and prominent Democratic fund- raiser Hassan Nemazee was indicted Monday for allegedly defrauding three banks out of $292 million in loans. Nemazee, 59 years old, was charged with aggravated identity theft and three counts of bank fraud in the indictment. Each bank fraud count carries a term of up to 30 years in prison. A lawyer for Nemazee didn't immediately respond to a request for comment. Nemazee, who was involved in various presidential campaigns and once served as finance chairman of the Democratic Senatorial Campaign Committee, was initially charged criminally in August related...
  • Twelve Major Brands That Will Disappear

    A number of well-known brands disappeared in the last year in large part due to economic forces. Many of them were in the retail industry, led by Circuit City. ATA and Aloha airlines are gone. Gateway Computers has effectively disappeared after being bought by Acer. It still has a website, but the brand is no longer marketed. As the recession deepens and stretches out quarter after quarter, more companies will close or will shut divisions. More brands will disappear because their parents firms fold or can no longer afford to support them. Other brands will be obliterated by mergers. 24/7...
  • The Top 12 Brands Likely to Disappear

    04/25/2009 12:53:20 PM PDT · by SeekAndFind · 65 replies · 2,877+ views
    Seeking Alpha ^ | 4/25/2009
    As the recession deepens, economic forces continue to drive consolidation in the retail industry, debt comes due and increasingly discerning consumers buckle down on discretionary spending, an analysis by 24/7 Wall Street predicts that a number of well-known brands are likely to disappear before the end of 2010. To determine which brands are most likely at risk, 24/7 Wall Street examined 100 large brands it believes are in trouble and, for each, looked at public financial records, sales information, analyses from industry experts, the competitive landscape in each’s industry and the likelihood that a brand could be sold off in...
  • Paulson testifies that AIG bailout was designed to be punishment

    10/22/2014 8:48:51 AM PDT · by Lorianne · 5 replies
    GOP USA / AP ^ | 07 October 2014
    The 2008 government bailout of American International Group Inc. was specifically designed to punish the insurance giant, former Treasury Secretary Henry Paulson said in U.S. court Monday. The $85 billion loan package extended to AIG — then reeling from the financial and housing crisis — gave the government control of 80 percent of its stock. Unlike other major financial firms rescued in the middle of the worst economic downturn in roughly 80 years, Paulson said that AIG shareholders should have faced punishment for their troubled balance sheet as part of any rescue.
  • AIG Bailout Trial Bombshell III: Paulson Lied to Congress About TARP

    10/21/2014 7:01:47 PM PDT · by Lorianne · 39 replies
    Naked Capitalism ^ | 17 October 2014 | Yves Smith
    I’ve gone through only the first day of testimony from the AIG bailout trial, and we are already up to our third bombshell. The first witness called by the plaintiff, Starr International (an investment vehicle controlled by Hank Greenberg), was Scott Alvarez, general counsel for the Federal Reserve Board of Governors. Part of the testimony covered a discussion that took place late in the evening of September 15, the day Lehman declared bankruptcy in the wee hours of the morning. The topic was AIG. The participants included Alvarez, Timothy Geithner, Fed governors Don Kohn and Kevin Warsh, Ken Wilson, a...
  • The new AIG lawsuit should enrage every American taxpayer

    10/08/2014 8:42:41 PM PDT · by Lorianne · 12 replies
    Market Watch ^ | 07 October 2014 | David Weidner
    Imagine you have a friend who drinks a lot and often. Until now, they always seem to have a good time. He tells the best stories, gets all the girls. He’s the life of the party. Then, one day, he wrecks his car. And you and some buddies, who happened to be in the neighborhood, see your pal trapped. Of course, you rush to the rescue. You try to break open the door with a tire iron. Ultimately, you smash the window and pull the poor fellow out. And just when you’d think this guy would sober up and see...
  • Geithner grilled in court over AIG bailout

    10/07/2014 10:36:20 PM PDT · by Olog-hai · 10 replies
    Associated Press ^ | Oct 8, 2014 12:25 AM EDT | Marcy Gordon
    Timothy Geithner, a key player in the U.S. government’s 2008 bailout of American International Group Inc., is due back in court Wednesday in a trial of a lawsuit filed by the insurance giant’s former CEO over the handling of the rescue. On Tuesday, Geithner affirmed his belief that the bailout was needed to avert disaster for the financial system. Geithner was president of the New York Federal Reserve at the time of the rescue and later Treasury secretary. …
  • Ken Ham Responds to 'Anti-Creationist' Rachel Maddow 'Rant'

    05/29/2014 7:46:50 AM PDT · by SeekAndFind · 52 replies
    Christian Post ^ | 05/29 | BY STOYAN ZAIMOV
    Creation Museum CEO and President Ken Ham responded to what he called an "anti-creationist rant" by MSNBC host Rachel Maddow, who criticized the $43 million in Kentucky tax incentives being given to his ministry's full-sized Noah's ark attraction. "Rachel Maddow just went on a long anti-creationist rant on MSNBC (for anyone who still happens to watch low-rated MSNBC) as she commented on the Creation Museum's new Allosaurus fossil (she showed photos of our new exhibit)--then she mocked our Ark Encounter project--actually spent quite a lot of time mocking and scoffing, and totally misrepresented how the construction of the Ark is...
  • Why You Should Visit AIG's Creation Museum

    05/26/2014 12:35:39 PM PDT · by SeekAndFind · 15 replies
    The Creation Museum in Kentucky is a treat for the whole family.Answer in Genesis (AIG) built its Creation Museum in 2007 and has now counted its two millionth visitor. Not far from the Cincinnati airport, and within a day’s drive of almost 2/3 the US population, the 70,000 square foot facility is located on spacious grounds that offer enough opportunities to keep children, teens, college students and adults occupied for a good two days. Now, AIG is embarking on an even more ambitious project: Ark Encounter, on a separate property, that will feature a full-size Ark, a Tower of...
  • Ken Ham Explains Why AiG Is Building a Giant Ark Instead of Spending Money to Feed the Hungry

    03/04/2014 6:53:38 PM PST · by SeekAndFind · 74 replies
    Christian Post ^ | 03/04/2014 | Stoyan Zaimov
    Ken Ham of the Creation Museum has taken to Facebook to address criticism over Answers in Genesis' multimillion dollar project to build a life-sized replica of Noah's ark, explaining why the money isn't going to feed hungry people instead. "I haven't yet seen any articles/blogs/posts directed at Paramount about the $300 million dollars (over 4 times more than the Ark project), they spent on a fictional movie only for entertainment – why aren't they being told by the same people they should be spending this money on feeding the hungry," Ham wrote in a post on Monday, referring to the...
  • Washington & Wall Street: Too Big to Fail and the Detroit Bankruptcy

    12/30/2013 2:49:03 PM PST · by george76 · 9 replies
    Breitbart ^ | 27 Dec 2013 | Christopher Whalen
    the bogey man known as “systemic risk” to gain advantage over the other creditors . ... In order for the OTC casino to work, the derivatives contracts had to be given special priority in bankruptcy. Speculative derivative instruments such as credit default swaps (CDS), which caused the failure and government bailout of American International Group, could never exist in significant size were in not for the safe harbor from bankruptcy for derivatives created by Congress in the 1980s and 1990s. Members of Congress from both parties were paid very well for their treachery. ... The intellectual author of the “systemic...
  • The FSOC Expands 'Too Big To Fail'

    07/22/2013 6:54:49 AM PDT · by george76 · 9 replies
    American Enterprise Institute. ^ | July 18, 2013 | Peter J. Wallison
    The FSOC’s decision to expand the too-big-to-fail designation to nonbank firms will be seen as the most damaging action taken under Dodd-Frank. It was no surprise that the Financial Stability Oversight Council (FSOC) decided last week to cite a number of nonbank firms as systemically significant, placing them in line for greater regulatory scrutiny by the Federal Reserve. What was a surprise is that — in the midst of a huge outcry in Congress about banks that are too big to fail (TBTF) — neither Congress nor the administration asked the FSOC to stop the designation process until the too-big-to-fail...
  • Greenberg: Obama Administration Threatened AIG Over Bailout Lawsuit

    03/13/2013 9:03:36 PM PDT · by Nachum · 10 replies
    Breitbart ^ | 3/13/13 | Joel B. Pollak
    Former American International Group (AIG) CEO Hank Greenberg accused the Obama administration Wednesday of threatening the company not to join a class action lawsuit that he has brought against the federal government over the terms of the 2008 AIG bailout. Minutes of an AIG Board of Directors' meeting in January 2013 appear to support Greenberg's claim. Frances Bivens, the lawyer who represents the U.S. Treasury in the case, warned AIG's board that if it joined the lawsuit, the company could face "another wave of congressional investigations" and public embarrassment. Greenberg, who had left AIG by the time of the 2008...
  • U.S Gives Bailed Out Cos Millions in “Shameful” Bonuses

    01/29/2013 10:13:45 AM PST · by jazusamo · 3 replies
    Judicial Watch ^ | January 29, 2013
    While American taxpayers bail out failing companies via the $700 billion Troubled Asset Relief Program (TARP), behind the scenes the Obama Treasury Department is awarding their top executives with millions of dollars in raises even though Congress passed a law forbidding it. It’s an inconceivable scheme that rewards bad behavior with big bucks from taxpayers who have no say in the matter. In fact, the U.S. Treasury was forced by Congress to create rules against it yet a new federal audit reveals the agency repeatedly violates them to enrich the very people responsible for the companies’ failures (and need for...
  • AIG, after thanking America, might sue it

    01/12/2013 7:46:30 AM PST · by Lorianne · 14 replies
    CNN Money ^ | 08 January 2013 | Chris Isidore
    Even as it runs ads thanking America for a $182 billion bailout, insurer AIG might join a lawsuit claiming that shareholders were unfairly hurt by the terms of the federal rescue that kept it out of bankruptcy four years ago.
  • Treasury to sell its remaining stake in AIG

    12/10/2012 9:36:34 PM PST · by Nachum · 10 replies
    L.A. Times ^ | 12/10/12 | Jim Puzzanghera
    <p>WASHINGTON -- The Treasury Department said Monday that it would sell its remaining ownership stake in insurance giant American International Group, effectively ending one of the largest bailouts of the financial crisis and turning a profit for taxpayers.</p> <p>The sale of the Treasury's remaining 234 million shares -- 15.9% of the company -- would add to the $15.1 billion in profit the government already has made on the bailout. The Treasury would still hold warrants in AIG after the stock sale.</p>
  • Soros increases his stake in AIG

    11/18/2012 8:56:04 PM PST · by bronxville · 8 replies
    muckety.com ^ | 11-18-2012 | Laurie Bennett
    Soros increases his stake in AIG By Laurie Bennett November 18, 2012 at 5:56am One of the likely beneficiaries of the government-backed recovery of American International Group: billionaire George Soros. Soros Fund Management has upped its investment in AIG, bringing its holdings to 15.2 million shares, worth $484 million. The fund last week reported AIG as its third largest investment (after Micron and Lucent). Soros is a longtime supporter of liberal causes and Democratic politicians. In the last election, he gave $1 million to the major super PAC supporting President Obama’s re-election, and another $1 million to American Bridge 21st...
  • President Obama's Big Lie... EXPOSED (we got TARP back!)

    10/21/2012 8:25:15 PM PDT · by RoosterRedux · 8 replies
    FoxNews.com ^ | 10/21/2012 | Gerri Willis
    We talk a lot about the lies this Administration tells about the economy, but last week, we got a whopper. Here's the president on the campaign trail talking about TARP. “We got back every dime we used to rescue the financial system, but we also passed a historic law to end taxpayer-funded Wall Street bailouts for good. “ Every dime? I wish it were true, but unfortunately the taxpayer is still out of pocket on the bailout of the financial industry. Naturally, Fannie Mae and Freddie Mac lead the way. Together they owe taxpayers $140 billion, actually more. Remember they...
  • Fed Says Taxpayers Earned $17.7B From AIG Bailout

    08/24/2012 7:29:18 AM PDT · by Jimmy4Toes · 16 replies
    Chicago Tribune / LA Times ^ | August 24, 2012 | Jim Puzzanghera
    The Federal Reserve said taxpayers ended up earning $17.7 billion from the central bank's role in bailing out insurance giant American International Group Inc. On Thursday, the Federal Reserve Bank of New York, the investment management arm of the Fed, sold the last of the asset-backed securities it acquired in the multi-step bailout of AIG, which the central bank engineered in 2008 with the Treasury Department. The government pledged more than $182 billion to AIG in exchange for a 92% ownership stake as it stepped in to keep the company from filing for bankruptcy and possibly causing a global meltdown...
  • QUESTIONS SURROUND PROSECUTOR IN SPITZER-INITIATED AIG-GREENBERG CASE

    06/25/2012 11:02:01 AM PDT · by Jerome Hudson · 1 replies
    Big Government ^ | 06/25/2012 | Wynton Hall
    As the state of New York continues to carry the legal torch lit seven years ago by disgraced former Attorney General Eliot Spitzer against American International Group (AIG) and its former CEO Maurice “Hank” Greenberg, two new and startling revelations have emerged surrounding the man the New York Attorney General’s office has put at the tip of its prosecutorial spear, David Ellenhorn.
  • AIG chief Robert Benmosche sees retirement age at 80 after Euro crisis

    06/04/2012 5:49:05 PM PDT · by Colonel Kangaroo · 14 replies
    Economic Times ^ | June 5, 2012 | Bloomberg
    LJUBLJANA: American International Gro-up Inc ( AIG) Chief Executive Officer Robert Benmosche said Europe's debt crisis shows governments worldwide must accept that people will have to work more years as life expectancies increase. "Retirement ages will have to move to 70, 80 years old," Benmosche, who turned 68 last week, said during a weekend interview at his seaside villa in Dubrovnik, Croatia. "That would make pensions, medical services more affordable. They will keep people working longer and will take that burden off of the youth." The crisis, now in its third year, threatens to destroy Europe's 17-nation currency union as...
  • UBS whistleblower: U.S. prosecutor obstructed probe (DOJ obstruction of justice and intimidation)

    10/29/2010 10:19:04 AM PDT · by Qbert · 2 replies
    Reuters via Guardian UK ^ | 10/29/2010 | Tom Brown
    MIAMI, Oct 29 (Reuters) - The jailed whistleblower in a landmark tax evasion case against UBS AG is accusing a top U.S. Justice Department lawyer of "criminal conduct" for thwarting his efforts to cooperate with investigations of the Swiss bank by federal regulators and the U.S. Senate. Bradley Birkenfeld, who was instrumental in exposing widespread tax evasion by wealthy American clients of UBS, detailed the alleged misconduct involving the Justice Department's Kevin Downing in a telephone interview on Thursday. A Justice Department spokesman declined to comment. The 45-year-old former UBS banker spoke to Reuters from the federal prison in Pennsylvania...
  • AIG's Greenberg Sues U.S. for $25 billion (Should Have Bailed Out AIG Instead of Taking It Over)

    11/21/2011 2:21:58 PM PST · by lbryce · 23 replies
    CNN Money ^ | November 21, 2011 | Aron Smith
    The former head of the American International Group sued the U.S. government for $25 billion on Monday, claiming officials should have bailed out AIG instead of taking it over. Maurice "Hank" Greenberg and his Starr International Company accused officials of discriminating against AIG. "The government is not empowered to trample shareholder and property rights even in the midst of a financial emergency," Starr alleges in the lawsuit, which was filed in the U.S. Court of Federal Claims in Washington, D.C. Starr also sued the Federal Reserve Bank of New York in federal district court in Manhattan. A top Treasury Department...
  • Republican Senator Calls on Obama to Cancel Fannie Mae, Freddie Mac Bonuses

    11/01/2011 6:18:49 PM PDT · by ColdOne · 8 replies
    FoxNews.com ^ | 11/1/11 | Ed Henry/FoxNews
    A Republican senator is calling on President Obama to cancel the $12.8 million in bonuses that were approved for 10 executives at the government-seized mortgage giants Fannie Mae and Freddie Mac that received a $170 billion taxpayer-funded bailout. “I am calling on the president of the United States to cancel those bonuses and explain to the American people, the taxpayers who bailed out Freddie and Fannie, why he continues to reward failure,” Sen. John Barrasso, R-Wyo., said at a news conference Tuesday. The two housing giants have received about $141 billion in taxpayer funds since the government took them over...
  • Fed Halts Sales Of Toxic AIG Sludge Upon Realization Any Balance Sheet Unwind Crashes The Market

    06/30/2011 5:52:10 PM PDT · by The Magical Mischief Tour · 19 replies
    Zero Hedge ^ | 06/30/2011 | Tyler Durden
    Three weeks ago, when discussing the failed (yes, failed) Maiden Lane 2 auction by the New York Fed, we said: 'Something quite disturbing happened during today's latest attempt by the Fed to sell $3.8 billion in face amount of Maiden Lane 2 assets: it had a busted dutch auction. In fact, the auction was so massively busted, the New York Fed managed to sell only half of the bonds for sale, or $1.898 billion in 36 Cusips of the total 73 Cusips offered for sale." Subsequently we noted the sudden radiosilence from the Fed on this issue on Twitter. To...
  • Too Big to Fail Surprises

    05/19/2011 3:26:02 PM PDT · by MrTim29 · 3 replies
    A Hollywood Republican ^ | 05/19/11 | Tim Ross
    I’ve written several articles skewering HBO for producing political projects destined to air immediately prior to the 2012 election, where the vast majority of the cast and crew are passionate Barack Obama supporters, and where the content is aimed at the Democrat’s two favorite Republican villains… Sarah Palin and Dick Cheney. So, when I sat down to watch HBO’s Too Big to Fail, I prepared myself for the worst. What I didn’t expect was the big surprise awaiting me. Too Big to Fail, which premieres on HBO on May 23, 2011, features a star studded cast recounting the events that...
  • A.I.G.’s 1st-Quarter Profit Tumbles 85%

    05/05/2011 9:21:38 PM PDT · by Rabin · 5 replies
    Legal/Regulatory ^ | May 5, 2011, 7:04 pm | MICHAEL J. DE LA MERCED
    A.I.G. reported net income of $269 million for the quarter, compared with $1.78 billion a year earlier… The company noted that its continuing operations lost $1.18 billion, compared with a profit of $2.09 billion, a year earlier. The steep decline in A.I.G.’s finances comes as the insurer prepares for a major offering of the government’s shares in the company later this month… following its $182 billion bailout, which gave the government a 92 percent stake.
  • Issa's First Subpoena: BofA/Countrywide

    02/16/2011 7:55:20 PM PST · by george76 · 17 replies
    FOX Business ^ | February 16, 2011 | Rich Edson
    Countrywide’s VIP program is the first subpoena target for House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.), said a committee aide. The “Friends of Angelo” program, named for former Countrywide CEO Angelo Mozilo, has been under committee investigation since 2008 for allegedly granting generous mortgage deals to influential government officials, lawmakers and employees at Fannie Mae. “Countrywide orchestrated a deliberate and calculated effort to use relationships with people in high places in order to manipulate public policy and further their bottom line to the detriment of the American taxpayers even at the expense of its own lending standards,”...
  • Where Are the AIG Dividends?

    02/14/2011 5:00:02 PM PST · by FromLori · 2 replies
    WSJ ^ | 2/13/2011 | PETER EAVIS
    If there is one bailout where the U.S. Treasury should be uncompromising in protecting taxpayer interests, it is the rescue of American International Group. Yet, nearly two years after its near-collapse, AIG has yet to pay any cash dividends to the Treasury on the $49 billion of public money it still has invested in the company. That fact is a jarring reminder of the big compromises the government made in shoring up AIG—and the potential conflicts the Treasury still has to navigate as it tries to exit the company. AIG is making payments on the government support provided by the...
  • AIG CEO: Liberals are deadbeats (subsidiary is doing better in red states than blue states)

    02/02/2011 4:41:31 PM PST · by Libloather · 12 replies
    Salon ^ | 2/02/11 | Andrew Leonard
    AIG CEO: Liberals are deadbeatsThe head of the government-owned insurance company claims "culture" explains why business is better in red states By Andrew Leonard Wednesday, Feb 2, 2011 15:31 ET Could Treasury Secretary Timothy Geithner please send someone over to AIG to slap some sense into CEO Robert Benmosche? I am aware that the man is undergoing chemotherapy in a fight against cancer, but that's no excuse for the remarks he made at an insurance conference in Washington on Tuesday. According to Benmosche, cultural reasons explain why AIG's mortgage insurance subsidiary is doing better in red states than blue states...
  • Obama's Ongoing War on Inspectors General

    02/01/2011 1:49:30 AM PST · by Rashputin · 6 replies
    American Thinker ^ | February 01, 2011 | Ed Lasky
    Obama's Ongoing War on Inspectors GeneralBy Ed Lasky A cloud of suspicion hangs over the data Barack Obama and his team have been presenting us regarding the purported success of their own programs. The figures presented regarding "jobs created and saved" have been contested. The new metric regarding jobs "saved" has been ridiculed as just a tactic to burnish the numbers. Analysts have looked at various expenditures and have shown in example after example that each job created is often temporary in nature, sometimes occurs overseas, and is often extremely expensive. The figures regarding ObamaCare -- be they the costliness...
  • How Goldman Sachs gained from bailout of AIG

    01/30/2011 4:34:57 PM PST · by opentalk · 2 replies
    the Guardian UK ^ | January 27, 2011 | Dominic Rushe
    Documents given to the Financial Crisis Inquiry Commission show Goldman made $2.9bn on proprietary trades from AIG's bailout cash Goldman Sachs collected nearly $3bn (£1.9bn) from bailed-out US insurer American International Group (AIG) as a payout on bets it placed on its own account – with the bulk coming directly from taxpayers after AIG's rescue. The revelation was made in the Financial Crisis Inquiry Commission (FCIC) report into 2008's financial meltdown. According to the US government-sponsored FCIC, AIG's $182bn bailout was necessary because the insurer's collapse threatened "cascading losses and collapses" throughout the financial system. Goldman received $12.9bn of the...
  • AIG to fully repay U.S. government

    01/23/2011 11:01:54 PM PST · by Rabin · 20 replies
    cnn.com ^ | January 12, 2011 | Charles Riley
    AIG will convert outstanding preferred shares purchased by the US Treasury, into common stock. When the transaction is complete the Treasury will own 0.0 preferred shares and approximately 92% of AIG's common shares. "The company (AIG) said Wednesday that it expects Treasury will sell its shares of common stock over time, repaying the debt.
  • Judge OKs 'flag of Islam on American soil' (Heads Up America)

    01/20/2011 7:04:53 AM PST · by yoe · 38 replies
    WND ^ | January 19, 2011 | Bob Unruh
    Attorneys for a Marine Corps veteran of the Iraq War say they have filed a petition to the 6th U.S. Circuit Court of Appeals after a federal district judge ruled it is OK for the U.S. government to fund commercial enterprises that promote the indoctrination of Islamic law, or Shariah, in the United States. The decision came from Judge Lawrence Zatkoff, who changed his perspective on the issue and said just last week that he would dismiss a constitutional challenge brought by Kevin Murray against the U.S. government's bailout of AIG, the insurance giant. AIG used more than "$100 million...
  • GOP Strategist: Palin Prolonged the Polarization and Prolonged the Country's Misery

    01/14/2011 2:39:11 PM PST · by RobinMasters · 111 replies
    Hot Air Pundit ^ | January 14, 2011 | Hot Air Pundit
    Andrea Michell is discussing Sarah Palin (what a surprise) with Democrat David Bonier and Republican strategist Vin Weber, here's the video of Weber. ------- MITCHELL: "She had the choice of when to speak and the tone. and one has to wonder why doesn't she have a wider circling of advisers. i don't know any political strategist of a national campaign, republican or democrat who thinks that was a smart thing to do. VIN WEBER: "Well, we really don't know who advises her. She's quite isolated from what you might think of as the Republican establishment. No one is quite sure...
  • James Cole Update: Picking Apart the DOJ Statement on his Role at AIG

    12/30/2010 8:47:45 AM PST · by Marty62 · 7 replies · 5+ views
    The Whistleblogger via GAP ^ | June 28, 2010 | Beatrice Edwards
    For the past two months, GAP has criticized the nomination of James Cole to be Deputy Attorney General at the Justice Department (DOJ). We have argued that because Cole, who served as Independent Consultant at AIG during the critical time period from 2005 through 2009, missed clear signals of malfeasance, he is unsuited to serve as the second-in-command at the DOJ. Last week, after four senators requested Cole’s reports to DOJ about AIG, prior to deciding on his nomination, a DOJ spokeswoman defended Cole’s role at AIG, telling Main Justice that Critics who suggest that Mr. Cole was somehow too...
  • Treasury puts AIG TARP loss at $5 billion

    12/14/2010 5:03:30 PM PST · by Toddsterpatriot · 9 replies
    Fortune ^ | October 5, 2010 | Colin Barr
    Treasury said Tuesday in its two-year retrospective on the Troubled Asset Relief Program that the net cost of TARP's AIG (AIG) bailout at current market prices is $5.1 billion. The cost of the AIG bailout has been subject of considerable head scratching in recent days, with TARP winding down and the terms of federal assistance to AIG changing for the umpteenth time....... After the proposed restructuring of AIG, TARP will hold 1.09 billion shares of AIG common stock, plus preferred equity interests in SPVs of approximately $22.3 billion, against a cost basis of $69.8 billion. Valuing the common equity at...
  • Another Holbrooke/Hill Embarassment

    03/23/2009 9:34:51 PM PDT · by Tailgunner Joe · 4 replies · 915+ views
    weeklystandard.com ^ | March 23, 2009
    According to Richard Holbrooke, Richard Holbrooke is essentially this country's top diplomat -- Hillary Clinton is merely his "pupil. This despite the fact that Holbrooke has hit the trifecta of shady business dealings over the last few years: a member of AIG's board with more than $800,000 in compensation, a managing director at Lehman Brothers, and the recipient of a "Friends of Angelo" loan from Countrywide (that alone was enough to get Jim Johnson thrown under the Obama campaign bus). Now comes another revelation from the New York Times. Despite repeated denials, according to three sources, Holbrooke did offer former...
  • Richard Holbrooke has died

    12/13/2010 4:59:54 PM PST · by Ravnagora · 234 replies
    ABC News ^ | December 13, 2010 | Jack Tapper
    ABC News has learned that Richard Holbrooke, the US Special Representative to Afghanistan and Pakistan, has died. On Friday, Holbrooke was rushed to the hospital with a torn aorta. He went through more than 20 hours of surgery. Earlier this evening, speaking at the US State Department, President Obama sang Holbrooke's praises and called him "a tough son of a gun." Holbrooke, 69, was a former ambassador to the United Nations and served as chief negotiator at the Dayton Peace Accords, which ended the war in Bosnia. The New Yorker's George Packer wrote a nice story about Holbrooke last year,...
  • Christians Embarassed of Proposed "Noah's Ark Amusement Park"

    12/07/2010 5:20:13 PM PST · by truthfinder9 · 124 replies
    FactFindingTimes
    In a major recession, some brainiacs decided they want to build a $150 million Noah's Ark Amusement Park in Kentucky. The effort is backed by Answers in Genesis, the group that sunk millions into a "creation" museum that highlights their distorted view of science with such things as men living with dinosaurs. Many Christians are asking, however, aren't there better things to spend this money on? "Hungry people, missionaries, new churches, charities, all should be higher on the list. This is embarassing," said one churchgoer. Another added, "How can we afford to waste this money while the government is busy...
  • First Blatantly Unlawful Fed Act: AIG Foreign Sub Stock

    12/01/2010 11:07:23 AM PST · by FromLori · 12 replies
    The Market Ticker ^ | 12/1/2010 | Karl Denninger
    Now we see why The Fed didn't want to tell the truth - it unearth this (among probably more) Gee, what part of Section 14 of The Federal Reserve Act authorized this? On March 2, 2009, the Federal Reserve and the Treasury announced a restructuring of the government's assistance to AIG. Specifically, the government's restructuring was designed to enhance the company's capital and liquidity in order to facilitate the orderly completion of the company's global divestiture program. As part of this restructuring, on December 1, 2009, the Federal Reserve completed transactions under which the FRBNY received preferred interests in two...
  • Insurance giant AIG posts $2.4B loss for 3Q (AIG still 80% government-owned)

    11/05/2010 8:34:46 AM PDT · by Qbert · 10 replies
    AP via Yahoo Finance ^ | 11/5/2010 | AP
    NEW YORK (AP) -- Insurance giant AIG is reporting a $2.4 billion loss for the third quarter, dragged down by hefty charges tied to selling off some assets. But American International Group Inc., which is 80 percent-owned by the U.S. government, remains confident in its core operations, which include its property and casualty and life and retirement services business. "AIG's continuing insurance operating results remain solid," President and CEO Robert H. Benmosche said in a statement. "Despite soft market conditions in the property casualty market and a low interest rate environment, these businesses have demonstrated their market leadership and are...
  • Q&A with Neil Barofksy

    11/01/2010 7:13:01 AM PDT · by WashingtonSource
    Mortgage Banking Magazine ^ | November 1, 2010 | Robert Stowe England
    The special inspector general for TARP discusses how and why the program has failed to meet some of its stated goals. . . . . Q: There have been statements since your audit report on the decision to pay 100 percent for the toxic assets in Maiden Lane III to AIG’s counterparties that said that the government and Federal Reserve Bank officials did not have the authority to require less than 100 percent payment. Yet, as you point out, the same officials did not have the authority to compel banks to accept the capital injections, yet they pressured them to...
  • AIG: The phony payoff deal (are they really paying back the bailout money?)

    10/04/2010 5:30:21 PM PDT · by SeekAndFind · 2 replies
    Marketwatch ^ | 10/04/2010 | Kurt Brouwer
    laughed when I started seeing stories about AIG paying back the bailout money it has received. I hope I’m wrong, but the math just does not work out. Also, in a fit of hubris, the AIG CEO stated there is no chance of a government loss on this deal. Conversely, I believe there is little or no chance we will get our money back. Let’s dig into the number just a bit courtesy of Barry Ritholtz and you can draw your own conclusion: AIG Repaying Uncle Sam? Not By a Long Shot (The Big Picture, Sept. 30, 2010, Barry Ritholtz)...
  • Blast from recent past: The "TARP Song" with video

    09/30/2010 8:08:57 PM PDT · by taxcutisapayraise · 1 replies
    You Tube ^ | Jan. 16, 2009 | Bill Zucker
    I was "fiddlin" with my computer files and came across the "TARP Song" video. I played it again and got a big belly laugh. What was interesting was remembering what the H-E-Double-L was happening and going on in January 2009. Now we are chanting "We will Remember in November!" Well, I remember the "TARP Song." Link: http://www.youtube.com/watch?v=yGfQk9XXm24
  • Ken Ham at it Again: Assembly of God Church has Joined Compromisers

    09/12/2010 4:43:31 PM PDT · by truthfinder9 · 65 replies
    Ken Ham and his "Answers in Genesis" have been long criticized for their attacks on Christians who don't agree with his Genesis interpretation, his misrepresentation of what those people believe and Ham/AiG's complete lack of anything resembling biblical scholarship. So now they attack the Assemblies of God churches (http://blogs.answersingenesis.org/blogs/ken-ham/2010/09/08/a-sad-day-for-the-assemblies-of-god-denomination/) for not latching on to the uncritical AiG beliefs. Hopefully, the AoG are simply trying to work through the issues at a scholarly level (something AiG cannot seem to do) and won't follow the current trend of some Christians in accepting theistic evolution. It is the fault of people like Ken...
  • Introduction: Shariah Investments

    08/29/2010 10:02:44 PM PDT · by bronxville · 16 replies
    Stop Sharia Now ^ | 2008 | Staff
    Introduction: Shariah Investments Shariah Banking also known as Islamic banking or Shariah Compliant finance is a powerful economic tool of Political Islam, disguised as a harmless religious method of investing for Muslims. Western investment firms like Citigroup, HSBC, Dow Jones, UBS, and AIG have created Islamic banks within their corporate structures, hiring Shariah Authorities or Imams to manage this new entity with full discretion. Their ultimate goal is to create a global Islamic nation (umma) wherein both Muslims and non-Muslims are under Islamic sovereignty. These Shariah “scholars” use all forms of Jihad (aggressive and stealth) to further their goal. Shariah...