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UPDATE
"A Gigantic Ponzi Scheme, Lies and Fraud": Howard Davidowitz on Wall Street
This link compliments of one of our readers. Thank you.
As I said in Larry's Corner earlier, Wall Street participated in a giant Ponzi scheme and engaged in fraud. Now comes Howard Davidowitz and says the exact same thing on a more public forum and with much more credibility.
Is anyone listening? I certainly hope so. The FCIC needs to listen, Congress needs to listen and most of all the Attorney General of the United States needs to listen and take action.
Take the time to read and view the video within this link. It is well worth it Click here
5 COMMENTS:
How does a story like this just get read without major discussion?hint at bottom..
The NY Time’s Gretchen Morgenson and Louise Story: Unknown outside of a few Wall Street legal departments, the A.I.G. waiver was released last month by the House Committee on Oversight and Government Reform amid 250,000 pages of largely undisclosed documents…
The documents also indicate that regulators ignored recommendations from their own advisers to force the banks to accept losses on their A.I.G. deals and instead paid the banks in full for the contracts…
On Nov. 6, 2008…after a New York Fed official spoke with Lloyd C. Blankfein, Goldman’s chiefexecutive, about the Fed’s A.I.G. plans, the official noted in an e-mail message to Mr. Blankfein that heappreciated the Wall Street titan’s patience. "Thanks for understanding," the regulator said…
For its part, the Treasury appeared to be opposed to any options that did not involve making the
banks whole on their A.I.G. contracts. At Treasury, a former Goldman executive, Dan H. Jester, wasthe agency’s point man on the A.I.G. bailout. Mr. Jester had worked at Goldman with Henry M.Paulson Jr., the Treasury secretary during the A.I.G. bailout…
Mr. Jester, according to several people with knowledge of his financial holdings, still ownedm Goldman stock while overseeing Treasury’s response to the A.I.G. crisis. According to the documents, Mr. Jester opposed bailout structures that required the banks to return cash to A.I.G …
In the end, the Fed successfully kept most of the details about its negotiations with banks confidentialfor more than a year, despite opposition from the media and Congress…
But two people with direct knowledge of the negotiations between A.I.G. and the banks, who requestedanonymity because the talks were confidential, said the legal waiver was not a routine matter — and thatfederal regulators forced the insurer to accept it…
Unless A.I.G. can prove it signed the legal waiver under duress, it cannot sue to recover claims it paid on $62 billion of about $76 billion of mortgage securities that it insured... It was not until a Congressional committee issued a subpoena in January that the New York Fed finally turned over more comprehensive records. The bulk remained private until May, when some committee staff members put them online, saying they lacked the resources to review them all.
http://www.nytimes.com/2010/06/30/business/30aig.html?th&emc=th
If you own the government, you can be smug, arrogant and feel bullet-proof.
Remember god's work...when will the masses wake up?
"So long as the people do not care to exercise their freedom, those who wish to tyrannize will do so; for tyrants are active and ardent, and will devote themselves in the name of any number of gods, religious and otherwise, to put shackles upon sleeping men."
-Voltaire
http://www.independent.co.uk/opinion/commentators/johann-hari/johann-hari-how-goldman-gambled-on-starvation-2016088.html
Speculators set up a casino where the chips were the stomachs of millions.
FCIC's Angelides Says Goldman Sachs "Aggressive" on AIG: Video
http://www.youtube.com/watch?v=oRlZNvEEzcA&feature=youtube_gdata
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