U.S. Taxpayers Forced to Fork Over Another $30 Billion to Major 9/11 Conspirator
What a country! I heard on the radio today that Israel’s personal [Jesus Christ,Laz, blatantly racist imagery much? Slur deleted -- c455] U.S. puppet-president, Barky Obamanation, is giving another $30 billion (on top of the already doled out $150 billion) in taxpayer money to Maurice Greenberg’s AIG. Maurice Greenberg, as you will remember, is also a majority owner, along with Julius Kroll, of the world’s largest private security and intelligence agency, Kroll Inc. This same company happened to have handled all property security for the World Trade Center complex and assisted the Israeli demolition experts working for Dominick Suter’s Urban Moving Systems in the wiring of WTC 1, WTC 2, and WTC 7 for the big event on 9/11/01. But instead of Greenberg and his associates being hung for mass murder and high treason against the American Republic, the U.S. taxpayer has to actually hand over to this [Another slur that you KNOW is loaded with judaeophobic connotations. Are you trying to make us look like a bunch of racist pigs? -- c455] $180 BILLION DOLLARS of their hard-earned money, acquired through honest work and gainful employment.
You have to hand it to these folks like Greenberg, Silverstein, Madoff, et al., they are the greatest liars and con-artists in the entire history of human civilization, of which there aren’t too many years left. First they viciously attack your country and then they want you to give them, not only all of your money, but your great grandkids’ future earnings as well. Such a fkn deal...
When Americans finally do wake up and realize what has happened, boy are they gonna be super pissed off.
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How AIG lost billions thru Greenberg's creation
This is the public version of what happened. I wonder what details are left out in this account.
http://uk.reuters.com/article/businessNews/idUKTRE5220F820090303?pageNum...
...the former chieftain (Greenberg) was sole architect of AIG Financial Products -- the business that poured itself into the CDS market, and ultimately cost AIG so much...
Greenberg, a World War II veteran who helped to liberate the Dachau concentration camp, set up the financial products unit in 1987 as he was seeking new business avenues to diversify his growing empire against the highs and lows that are a trademark of global insurance markets.
He hired a group of traders that had worked together at Drexel Burnham. He would later promote Joseph Cassano to lead the unit, which became a sought-after employer since it offered to share a third of all its profits with staff. Cassano is now at the centre of U.S. and UK probes into what happened at AIG Financial Products.
A PLAN THAT BACKFIRED
Greenberg's diversification plan paid off handsomely at first. AIG Financial Products contributed $5 billion to the insurer's profits from the time it was formed in 1987 through 2004, Greenberg's last full year as CEO.
But the risks also grew exponentially as the unit, driven by a thirst for greater profits, racked up guarantees on CDS worth a total of about $450 billion. Cassano boasted in 2007 that the company did not expect to realise even $1 in losses on the portfolio.
"AIG jumped into the high-beta world of credit default swaps when there was a low default environment," said Whalen. "But when the market goes bad it all goes bad, and with the kind of exposure that AIG wrote, it is just rancid."
Greenberg, in written testimony to a U.S. congressional hearing last October, argued that risk controls were not maintained at AIG Financial Products after he left, and that he would have done more to hedge the risks and head off losses.
Gerry Pasciucco, a former Morgan Stanley executive who is now winding down the unit, told Reuters last month that everyone with the benefit of "20/20 hindsight" would have reacted differently. The reality is no one did, under Greenberg, or later, he said.
"The overwhelming majority of AIG FP's books were hedged, but some remote risks were not," said Pasciucco.
AIG withdrew from guaranteeing multi-sector asset-backed securities -- the area that has triggered AIG's worst losses -- about 8 months after Greenberg's departure.
To be sure, some experts say neither Greenberg nor AIG could have predicted the extent of the U.S. housing market bust, or the prolonged recession.
"The business of insuring credit is good, and there is a valid market, but it was left unregulated and unsupervised. Credit insurance was the blind area," said David Kotok, chief investment officer at Cumberland Advisors. "We are now paying the price."
(Reporting by Lilla Zuill; Editing by Gary Hill)
Suprise,suprise
I came across this tidbit but didnt expect to read it so openly on a financial web site.
...The quiet climaxes of fraud are seen with the Madoff Ponzi Scheme and other minor cases. If you think that authorities are still looking for where Madoff hid the stolen money, then you must believe that the Wall Street mission is to assist in the capitalization process for US industry. The majority of the Madoff funds are safely placed in the same location as much of the Wall Street ill-gotten gains. My sources report that location to be banks within the tiny ally coastal nation north of Egypt and south of Syria, which with the urging of the last Administration, removed all extradition laws in recent years. Trace back to find the original sin of the ethics violations, and you should find your feet squarely at the abrogation of the Bretton Woods Accord that cut the linkage between the US Dollar and gold. This is an ethics violation climax of historical proportions.
http://www.marketoracle.co.uk/Article9259.html