Media and Congress are not paying attention as Spitzer pointed out. I have said again and again that all roads lead to Hank Paulson into how he himself positioned himself and his former employee Goldman Sachs to benefit financially from the bailout money. Media and Congress are not focusing on the payouts of the counterparties and bonuses that these counterparties may pay out to the execs in their companies.
Spitzer: Almost all of $80 billion-plus in initial bailout went to AIG's counterparties
Spitzer: Almost all of $80 billion-plus in initial bailout went to AIG's counterparties
In his first television interview since being forced from office in a prostitution scandal, Spitzer told CNN's "Fareed Zakaria GPS" that the insurer was at the "center of the web" of transactions that have forced a massive bailout of the U.S. financial system.
AIG is now being kept afloat by U.S. taxpayers, and Spitzer said its woes stem from financial practices he first investigated as New York's attorney general.
"Back then I said to people, 'AIG is the center of the web.' The financial tentacles of this company stretched to every major investment bank," he said.
AIG's collapse stemmed largely from its array of exotic financial products such as credit-default swaps, which went sour when the U.S. housing market turned south after 2006.
"Bonus is a real issue. It touches us viscerally," Spitzer said. But he added, "The real money and the real structural issue is the dynamic between AIG and the counterparties."
Spitzer looked at AIG's financial practices as attorney general, an inquiry that led to the resignation of the insurance giant's longtime chairman Maurice "Hank" Greenberg in 2005. He became governor in 2006 but was forced from office in March 2008 after federal agents linked him to a high-end prostitution ring. He now writes a column for the online journal Slate.
Read on.
Here is the list of the counterparties that received payments from AIG. Notice some of the banks received bailout money:
Bank of Montreal
Danske
Société Générale
BNP Paribas
Calyon
Deutsche Bank
Dresdner Kleinwort
Deutsche Zentral-Gen
DZ Bank
KFW
Dresdner Bank AG
Landesbank Baden-
ING
Rabobank
Banco Santander
UBS
Credit Suisse
Barclays
HSBC Bank USA
Royal Bank of Scotland
Goldman Sachs
States and Cities
Merrill Lynch
Bank of America
Citigroup
Wachovia
Morgan Stanley
AIG International Inc.
JPMorgan
Citadel
Paloma Securities
Reconstruction Finan
Total: 43.5 billion
Country AIG-related payments
billions of dollars
AIG is now being kept afloat by U.S. taxpayers, and Spitzer said its woes stem from financial practices he first investigated as New York's attorney general.
"Back then I said to people, 'AIG is the center of the web.' The financial tentacles of this company stretched to every major investment bank," he said.
AIG's collapse stemmed largely from its array of exotic financial products such as credit-default swaps, which went sour when the U.S. housing market turned south after 2006.
"Bonus is a real issue. It touches us viscerally," Spitzer said. But he added, "The real money and the real structural issue is the dynamic between AIG and the counterparties."
Spitzer looked at AIG's financial practices as attorney general, an inquiry that led to the resignation of the insurance giant's longtime chairman Maurice "Hank" Greenberg in 2005. He became governor in 2006 but was forced from office in March 2008 after federal agents linked him to a high-end prostitution ring. He now writes a column for the online journal Slate.
Read on.
Here is the list of the counterparties that received payments from AIG. Notice some of the banks received bailout money:
Bank of Montreal
Danske
Société Générale
BNP Paribas
Calyon
Deutsche Bank
Dresdner Kleinwort
Deutsche Zentral-Gen
DZ Bank
KFW
Dresdner Bank AG
Landesbank Baden-
ING
Rabobank
Banco Santander
UBS
Credit Suisse
Barclays
HSBC Bank USA
Royal Bank of Scotland
Goldman Sachs
States and Cities
Merrill Lynch
Bank of America
Citigroup
Wachovia
Morgan Stanley
AIG International Inc.
JPMorgan
Citadel
Paloma Securities
Reconstruction Finan
Total: 43.5 billion
Country AIG-related payments
billions of dollars
US 43.5
France 19.1
Germany 16.7
UK 12.7
Switzerland 5.4
Netherlands 2.3
Canada 1.1
Spain 0.3
Denmark 0.2
Total: 101.3
France 19.1
Germany 16.7
UK 12.7
Switzerland 5.4
Netherlands 2.3
Canada 1.1
Spain 0.3
Denmark 0.2
Total: 101.3
2 comments:
This is going to be the biggest crime not only in the US but the World when the truth comes out. Look for Goldman Sachs to be at the head of the class. This was a plan before the 2000 election but it got out of control and many people did their own thing. In the end Goldman Sachs got Hank Paulson in as Secretary of Treasury to makes sure the largest companies would fall and Goldman Sachs would be the last company standing.
money makes the world go round,the world go round, the world go round. money makes the world go round....so get yours.
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