Posts Tagged ‘aig’
“The Big Short”- The Most Brilliant Piece of Financial Journalism Written
Author: Matthew D. Weidner, Esq.
Click the link below for a fascinating 60 Minutes interview with the author of a book that details the collapse of the subprime mortgage industry….the effects of which you and I will pay for for decades to come. Plaintiffs continue to be rewarded for improper and counter-intuitive behavior.
60 Minutes Interview With Michael Lewis
A handful of Fat Cats bet big against Americans while the subprime industry created the bad mortgage products that were necessary to fund the bad bets.
THEY KNEW THE SUBPRIME MARKET WOULD COLLAPSE. HOW CAN IT BE RIGHT FOR JUDGES TO REWARD THIS CONDUCT BY GRANTING FORECLOSURES?
Wall Street Journal Reports- USA Scammed by French in The Bailout
Author: Matthew D. Weidner, Esq.
One shocking aspect of the Great Mortgage Meltdown and the Bajillion Dollar Boondoggle Bailout was the fact that many of the parties that were directly responsible for the fraud, meltdown and collapse were paid off IMMEDIATELY 100% of EVERYTHING THEY COULD EVER CLAIM TO BE OWED. No negotiation, no reduction in value, just good ole USA cuts a check to AIG, Goldman, Merrill, et. al. for 100% of their investment, to the tune of $62 Billion Dollars.
Today’s Wall Street Journal reports that the massive payoffs were the result of a ploy by the French where they essentially floated a totally nonsense theory that their creditors had to receive their full investment back…and not one penny less…or risk jail. According to the reports…..
The banks and the regulator, known as the Commission Bancaire, said bank executives could be criminally liable for accepting a discount on their contracts, according to a November report of the inspector general of the Troubled Asset Relief Program.
While true in the abstract, “their argument was very overstated,” said Pierre-Henri Conac, a University of Luxembourg law professor and a director of France’s oldest corporate-law review. “Banks give haircuts every day.”
Just so we’re clear, the French come up with some totally nonsense, the feds and their friends just buy right into it and US taxpayers cut a $62 billion dollar check….that’s nice work…
While Normal Americans Suffer, The Fat Cats Party On!
Author: Matthew D. Weidner, Esq.
Today’s headline from the Wall Street Journal…
Departing AIG Counsel Gets Millions as She Exits
the full text of the article can be found here. What’s great about this story, what’s just so fantastic is the reason she is resigning is a dispute over the huge bonuses AIG wanted to pay to their top execs. To refresh your memory. AIG conned millions of people and investors then lost big. The federal government (heavily lobbied by high paid lobbyists) determined that AIG was “too big to fail” and decided to pump billions of dollars into AIG. After the federal bailout AIG was fat and happy again (despite the fact that their poor business practices caused them to fail) and they demanded their “right” to pay the loser executives the high salaries they demanded.
Wonderful.
