- js reader version
- view hidden posts
- tags and related articles
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.
Report this post as:
GUIDE TO REBEL CITY LOS ANGELES AVAILABLE
lausd whistle blower
Help KCET and UCLA identify 60s-70s Chicano images
UCLA Luskin: Casting Youth Justice in a Different Light
Change Links April 2018
Nuclear Shutdown News March 2018
Join The Protest Rally in Glendale on April 10, 2018!
Join The Protest Rally in Glendale on April 10, 2018!
Spring 2018 National Immigrant Solidarity Network News Alert!
Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A.
Steve Mnuchin video at UCLA released
Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups
After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video
Resolution of the Rent Strike in Boyle Heights
What Big Brother Knows About You and What You Can Do About It
Step Up As LAPD Chief Charlie Beck Steps Down
Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29
Don’t let this LA County Probation Department overhaul proposal sit on the shelf
Echo Park Residents Sue LA Over Controversial Development
Former Signal Hill police officer pleads guilty in road-rage incident in Irvine
Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents
Center for the Study of Political Graphics exhibit on Police Abuse posters
City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre
Professor's Study Highlights Health Risks of Urban Oil Drilling
Claims paid involving Pasadena Police Department 2014 to present
Pasadenans - get your license plate reader records from police
LA Times Homicide Report
More Local News...
Doxa du lobby
Tech workers organize
Architect Stephen Francis Jones
UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for
Shadowgun Legends Hack and Cheats
What does the Quran Say About Islamic Dress??
Biodiversité ou la nature privatisée
The Market is a Universal Totalitarian Religion
Book Available about Hispanics and US Civil War by National Park Service
The Shortwave Report 04/20/18 Listen Globally!
The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder
Paraphysique de la dictature étatique
Book Review: "The New Bonapartists"
The West Must Take the First Steps to Russia
Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine
The Shortwave Report 04/13/18 Listen Globally!
“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize!
The World Dependent on Central Banks
Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine
March 2018 Honduras Coup Again Update
Apologie du zadisme insurrectionnel
ICE contract with license plate reader company
Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes
Prohibiting Micro-Second Betting on the Exchanges
Prosecutors treat Muslims harsher than non-Muslims for the same crimes
More Breaking News...