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Yves Smith and I received a tip at the weekend from a friend who reads the German press regularly about credit default swaps (CDS) on Greek government debt. Read Yves’ piece based on that article here. Below is mine.
Previously, I had mentioned the CDS exposure of the hapless German Landesbanks (banks owned by the individual [...]

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This is a great graphic showing the money and asset flows in the AIG bailout that makes it far easier to understand why people are calling the AIG bailout a backdoor bailout of AIG’s counterparties.  Take a look.

Source
CHART OF THE DAY: How The AIG Bailout REALLY Worked – Clusterstock

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I just received this document from an interested reader. It is a request by Congressman Darrell Issa for a subpoena to be issued in order to facilitate the investigation surrounding the AIG cover-up. Apparently, evidence has now surfaced about Federal Reserve Chairman Bernanke’s role in the AIG saga that is germane to this issue. [...]

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In November 2008, the SEC approved a request by American International Group (AIG) to keep secret until November 2018 documents which reveal securities behind the brewing scandal over its bailout by the Federal Reserve.
A copy of the SEC’s order revealed that the SEC’s Division of Corporation Finance ordered this "excluded information" not to be [...]

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This comes from Ryan Chittum of the Columbia Journalism Review:
Whatever Tim Geithner’s New York Fed was trying to hide in the AIG backdoor bailout was so volatile it was deemed worthy of national-security-like classification, and the Fed reacted to media FOIA requests for information by withholding more information.
Reuters, gets the scoop on emails that detail [...]

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The video is pretty all-encompassing and runs just under 30 minutes. Buffett is down on Kraft-Cadbury, raising rates and the bank tax. He is up on Wells Fargo. That sums it up pretty well.
 

 
Quotes
On Wells:
Well, my guess is that the revenue and all of that is more or less like I expected.  I mean, Wells, [...]

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I had originally looked to add this video to the last post on Black about the federal reserve. But the video here showing Black speaking to Bloomberg News about the recent AIG scandal and financial regulation deserves a post of its own.
The question Black asks is why haven’t we seen a more thorough investigation [...]

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Below is the latest Bloomberg News video on the Geithner-AIG cover-up. Congressman Darrell Issa (R-CA), who learned by investigation that the NY Fed asked AIG to withhold information about payment to its counterparties, is now asking questions. The New York Fed has responded saying that Tim Geithner “played no role in” the deliberations and communication [...]

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This is a post which originally appeared at New Deal 2.0 by Randall Wray on why President Obama needs a new economic team, starting with Tim Geithner.
L. Randall Wray, Ph.D. is Professor of Economics at the University of Missouri-Kansas City, Research Director with the Center for Full Employment and Price Stability and Senior Research [...]

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In handwriting:

Note that there should be no discussion or suggestion that AIG and the NY Fed are asking to structure anything else at this point.

It will be enlightening to hear him explain what this statement means. See also Tim Geithner "Protects America From Itself" By Forcing Elimination Of Material AIG Disclosure at Zero Hedge. There [...]