Posted on 03/31/2009 9:52:15 AM PDT by Jim Robinson
Insider Trading
Just last week, President Obama selected the members of a new task force on tax reform. One of the people he appointed is Martin Feldstein, a man who has been an AIG board member for 21 years! Among other things, the new task force will propose ways to overhaul the tax code and make changes in corporate tax breaks.
Feldstein is also a member of the president's Economic Recovery Advisory Board. Obama received more money from AIG in the 2008 election cycle than any other sitting senator, raking in over $104,000.
It should come as no surprise that when the White House was asked to comment about Mr. Feldstein's AIG connection, a senior administration official declined to comment.
(Excerpt) Read more at foxnews.com ...
I can’t get that commercial that used to run where the man is sitting under a tree, explaining to his sweet little girl that they didn’t have to worry about investing and protecting their money cause “they’re with AIG.” It seems so ironic now, because the child was questioning the family’s financial situation and good old dad is saying ‘don’t worry’, kind of like our current resident of the WH.
obozo is an idiot and shows his incompetence. Like Geithner, obozo appoints a robbers to guard the hen house. Impeach obozo!
Corruption so thick ya can cut it with laser pointer..
Call ‘em doofuses or twofaces but ‘Decline to comment’ ?
Is that a new political party?
Corrup....er, uh...change you can believe in.
The List, ping
You do him a favor by calling him an idiot, I'm afraid, since that implies that he's not responsible. Far from it. It's all by design. Smoke and mirrors.
Thanks. Let me take back that term. Let’s call him a sniveling, cowardly, conniving, corrupt piece of black trash.
From No Quarters...
Let’s start with the numbers. Why is a first term Senator pulling down almost $300,000 a year from Goldman Sachs, Lehman Brothers, Bear Stearns, Fannie Mae, Freddie Mac, AIG, Countrywide Financial, and Washington Mutual? He has not even completed his fourth year in the Senate and received a total of $1,093,329.00 from these eight companies and their employees. (all data from OpenSecrets.org). John McCain’s numbers, according to OpenSecrets.org for the period 1990-2008 (i.e., 18 years worth of data) only collected $549,584.00. In other words, Barack is receiving $273,582.25 (and 2008 is not over) per year while McCain raised a paltry $30,532.44.
Want another shocker? Barack Obama has received more from one source–Goldman Sachs $542,252.00–than McCain has from all of the companies combined. Who the hell is more beholden to lobbyists? And why does a junior Senator from Illinois rate this kind of dough?
http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/
CITI-FRAUD, PURPOSELY or incompetently The Resident cut a real bad deal for US!
While sucking us dry to the tune of $45 Billion!
http://www.reuters.com/article/newsOne/idUSTRE52F3MP20090316
Movin on Up to the Treasury
http://online.wsj.com/article/SB123732747181462245.html
US of Citi-fraud, Coincidence??
http://www.americablog.com/2009/02/united-states-of-citibank.htmlh
Top Donor to the Resident’s Inaugeration.
http://www.newsmax.com/insidecover/citibank_obama_donors/2009/01/15/171703.html
AIG Kickback
http://www.redstate.com/california_yankee/2009/03/17/obama-received-a-101332-bonus-from-aig/
Freddie/Fannie Payoffs
Government Sachs
http://tpmmuckraker.talkingpointsmemo.com/2009/03/government_sachs_tarp_funds_just_the_tip
_of_th_ic.php
From Op Ed
While not on the Center for Responsive Politics list of the top 20 contributors to the Obama presidential campaign, Mayer-Brown’s partners and employees are in rarefied company, giving a total of $92,817 through December 31, 2007, to the Obama campaign. Seven of the Obama campaign’s top 14 donors consist of officers and employees of the same Wall Street firms These seven Wall Street firms are (in order of money given): Goldman Sachs, UBS AG, Lehman Brothers, JP Morgan Chase, Citigroup, Morgan Stanley and Credit Suisse. There is also a large hedge fund, Citadel Investment Group, which is a major source of fee income to Wall Street. There are five large corporate law firms that are also registered lobbyists; and one is a corporate law firm that is no longer a registered lobbyist but does legal work for Wall Street. The cumula tive total of these 14 contributors through February 1, 2008, was $2,872,128
Obama’s Money Cartel
http://www.opednews.com/articles/1/genera_pam_mart_080226
_obama_s_money_cartel.htm
Also see
http://www.opensecrets.org/pres08/contrib.php?id=N00009638&cycle=2008
And how SWEET it is to be on his list of Bribers! Citi-FRAUD who was broke remember?
http://www.reuters.com/article/newsOne/idUSTRE52F3MP20090316
Still broke not long ago and YET!
Now Movin Back On Up!
Citi plans fund to buy undervalued bank debt
So as the Resident in charge met with the Banks today to make sure No Banker Is Left Behind you can figure out for yourself why! But beware if you have any Bonds, Pension Funds, 40k’s, etc. or are even expecting Social Security there will be little if anything left with The Resident’s No Banker Left Behind Policies and his incessant spending!
Bernanke Bombshell: AIG Insurer Exposed to FP
In researching and think about AIG, I have been writing about them as if it were two separate companies: A well regulated Insurer, and a rogue derivatives products firm (FP).
The working assumption has been that the regulated insurer was run fairly conservatively, and the structured financial product side run like a giant hedge fund. The 32% net profit retention on the FP side is actually better than what most hedge funds see.
This dichotomy is mostly true, but with now has an interesting twist to it. In congressional testimony today, Ben Bernanke implied that had the Fed allowed AIG too fall, he detailed what might have happened had AIG been allowed to fail:
The Federal Reserve and the Treasury agreed that AIG’s failure under the conditions then prevailing would have posed unacceptable risks for the global financial system and for our economy. Some of AIG’s insurance subsidiaries, which are among the largest in the United States and the world, would have likely been put into rehabilitation by their regulators, leaving policyholders facing considerable uncertainty about the status of their claims. State and local government entities that had lent more than $10 billion to AIG would have suffered losses. Workers whose 401(k) plans had purchased $40 billion of insurance from AIG against the risk that their stable value funds would decline in value would have seen that insurance disappear. In addition, AIG’s insurance subsidiaries had substantial derivatives exposures to AIG-FP that could have weakened them in the event of the parent company’s failure.
If we are to take Bernanke at face value, he is saying that AIGFP had buried their own firm with junk paper. BB does not define what “substantial derivative exposure” meant — but given the $2.7 trillion dollars in derivatives exposure that FP had, even a tiny percentage might amount to an enormous sum.
That the collapse of AIG Financial Products would have damaged the other Insurance half of the firm is a frightening development.
Most Frightening indeed but what is even more frightening is The Resident continues to give them and his other Contributors so much of your money! When he moved on UP he brought a lot of baggage with him!
Lori
Source:
Chairman Ben S. Bernanke on American International Group
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
March 24, 2009
http://bluelori.blogspot.com/2009/03/no-banker-left-behind.html
Great links! Thanks for those. :)
He’s a corrupt thug from Chigaco, doing what he does best, stealing.
Your welcome you know the rich investors are suing...
http://bluelori.blogspot.com/2009/03/resident-cries-wolf-then-appoints-wolf.html
I dunno. It's always seemed to me that trash is trash, and color is irrelevant. IOW, when something's degraded to the level of trash, do we even care what color it is?
My mama always said there’s trash everywhere, doesn’t matter if it’s white trash or black trash it still exists and needs to be swept away.
I’ll have to view that from home. thanks.
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