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by Lloyd Hart
Wednesday, Mar. 18, 2009 at 3:52 PM
The Obama Administraition and Congress must Outlaw the Credit Default Swaps
Fuck The Millions, Claw Back the A.I.G. Billions and Arrest Everyone Involved!
By Lloyd Hart
The Obama Administraition and Congress must Outlaw the Credit Default Swaps the financial industry criminally and incestuously used as an insurance policy on mortgage-backed securities they knew were going to lose at least 40 percent of their value when the housing bubble finally burst and demand all of the institutions that A.I.G. paid tax payer funds to on those Credit Default Swap contracts that they must pay the money back.
The Obama Administraition and Congress must Outlaw the Credit Default Swaps retroactively as an illegal insurance policy that was never cleared by regulators to be sold. If financial industry is going to use the credit defaults swaps as an insurance policy against a downturn in the economy then it should be sold not in AIG's Financial Services division where they hid the fact that Credit Default Swaps were actually insurance policies that should have been collateralized like a regular insurance policy and sold in the clear light of day as an insurance policy on A.I.G.'s web site.
What A.I.G.'s Financial Services was doing was selling an insurance policy as if it were some mystical financial product that only Wall Street geniuses could understand and that somehow didn't need to be financially securitized like all other insurance policies A.I.G. sold. This is where A.I.G. violated the law because AIG was not selling some mystical financial product called a derivative or credit default swap but was selling an insurance policy against a downturn in the stock market. Under U.S. law A.I.G. is required to set aside funds to ensure in case of catastrophe they can cover the insurance policies they have outstanding on their books. The executives at A.I.G. at the time of the adoption of Credit Default Swaps as an uncollateralized insurance policy but that they hid in the financial services division and sold as a mystical financial product that only Wall Street geniuses could understand are guilty of conspiracy to commit fraud against their stockholders and policyholders and have violated a series of securities laws that deal with a publicly traded company.
So, what happened was, when the housing bubble burst as the housing market ran out of customers and the mortgage-backed securities began to lose their value as the unsold real estate inventories began to pile up, A.I.G. was suddenly on the hook to pay out losses to institutions like Goldman Sacks, Bank of America, Merrill Lynch, UBS, J.P. Morgan Chase, Morgan Stanley, Deutsche Bank, Barclays that bought A.I.G.'s Financial Services division's insurance policy called a derivative or credit default swap criminally dressed up to look like an exotic financial product.
A.I.G. Lists Banks It Paid With U.S. Bailout Funds
The Real AIG Scandal
It's not the bonuses. It's that AIG's counterparties are getting paid back in full.
The old saying "They get you comin and they get you goin!" oh so applies to this criminal class called financial industry executives, bankers and the politicians providing cover for them. While Obama gets completely pissed off on national television over 165 million dollars in taxpayer funded bonuses A.I.G. has just paid out to the very executives in AIG's Financial Services division that they sold to their pals across at the financial industry the insurance policy or derivative or credit default swap against a downturn in the housing market, the real scandal story is the billions of taxpayer dollars dollars that were quietly and secretly paid out to Goldman Sacks, Bank of America, Merrill Lynch, UBS, JPMorgan Chase, Morgan Stanley, Deutsche Bank, Barclays etc. etc..
Well, I say Fuckem. These institutions are not too big to fail. All the executives and politicians that are still attempting to cover up the Derivative or Credit Default Swap or Really an Insurance Policy Scandal that has put untold millions of depositors funds, mutual-funds, 401ks, businesses and jobs down a shit hole must be exposed as the criminals there really are.
Yeah, Bernie Madoff was big but what A.I.G. and the financial industry was running was the biggest Ponzi Scam in history.
There will be no escaping the public's ire on this one. You fuckers out there that did this are going answer for it and if the government doesn't do something about it then I guess an angry mob will. What's it going to be Mr. President, Congress? Will you "Do the Right Thing"? Or will you leave it to street justice.
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