Enclosed is a copy & paste on AIG and where "OUR" money has gone. I don't know about you, but I sure as hell didn't want a penny of my money to be used for this. Notice the lack of disclosure and this is just one major player that has their hand out for more, more, more. Why did the Feds report a few weeks back that our banks were safe and secure, and then turnaround and decide to "Stress Test," the banks just two days later, if in fact they were stable and safe? This came right after the "so called" stimulus was passed. Now being just one company we are looking at what about Bank of America, CitiGroup, GM, Chrysler, etc, etc...are we paying attention that everyone of these companies after being handed over billions in so called loans reported billions more in losses. Personally, I say its enough with the bailouts for everyone, forget chain reactions, the fact is that even with this new mortgage bailout that only 20% of those introuble will qualify, and yet on the other side of the coin the Whitehouse realeased stats saying that by 2020, 16% of all homes in the United States will be foreclosed on. Lets also not foget that we have yet been given Bernake's plan for the "4th" Financial Institutions Bailout Plan...yes, the FOURTH since Bush and now Obama, and lets keep a very clear persepective on the fact that Obama was pushing this legislation through all along as a US Senator! Also lets for once stop saying the republicans or Bush did this...this all began with Clinton Administration. Count the years people..it takes on average 12 years for a administrations financial plan/policies to take effect. The problems in the mortgage industry were already known in that administration as were the possible downfall of Freddie and Ginnie. The Clinton Adiminstration years allowed mergers, free trade with narrower exports, and whitehouse order to approve mortgage loans destined for failure, and a smoke and mirror economy by never raising interest rates...we were losing jobs and saw companies fail then in record numbers. This Bernake plan was disclosed the Tuesday Morning of which Obama addressed the nation on television. Bernake said that day, "That bailout may well be 2 tillion dollars in itself!"
That Tuesday and the address or shall I say "Song and dance to the nation," was a week earlier in a interview with Bill Clinton precisely scripted by the Obama Administration. Billary Clinton said, "I believe the administration has said enough about the gloom and doom to pass through the legislation (stimulus package), now its time he speaks the good to come of and bring back hope to the people!" So yes folks, its all a staging, a show, a smoke and mirror thing...thats politics, and thats all we end up with people in Capital for any real length of time. Out of touch politicians. I know every Asian country has to be cringing when Hilaary went to Asia to express that all our trade agreements will remain and less than a few days later Obama addresses the nation and says, "Our trade agreements will also need to be changed and balanced!" We are actually lucky to not have another world war happening right now, and theres alot of inexperience showing right now thats cutting this country's throats for generations to come.
As for that Tuesday night address to the people...I sat there praying that someone please throw a damned shoe already. Better still everyone in the house throw both shoes at the podium fast!!!!!!! If not at Obama then please some throw then at Nancy Pelosi. That insane woman stood up applauding every 15 seconds...they should have drug tested that psycho after the first 15 minutes, because she had to smoke $1,000.00 worth of crack for the psychotic behavior and energy she had, when she doesn't even know how many Americans are in the US Population!!!!!!
Go back to a few blogs back and see the count of the money being handed out just a few days prior to the stimulus bill being passed, and lets add these numbers to that now...400 billion Obama is giving to cities for Capital projects (Daley's 50 million for a runway when flights are down 63%, and that project is 120 million in the hole right now, a $800,000 dog park for San Jose, CA that will create 1 job, but lets not forget it added 14 police officers in Ohio...God, I feel so safe now!), God knows how much that "stress testing of the banks will cost us, an undisclosed amount of federal funding now for brain stem research, which reminds me that Obama is overturning the moral and ethics bill that Bush signed into effect prohibiting doctors and nurses that for whatever moral and ethical personal beliefs would not be forced to perform abortions...now they will have to against their own personal moral, ethical, and religious beliefs! National Healthcare ala Socialism, think people?!?!! Hillary also pledged Gaza 4.5 billion to rebuild it...excuse me? Did we bomb or destroy Gaza, do they provide anything we need such as oil...let Isreal pay to rebuild it, they destroyed it AGAIN. I guess we will pay for more terrorists in the long run, AGAIN!
The article from Reuter's News Agency:
NEW YORK (Reuters) – Where, oh where, did AIG's bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published.
The Wall Street Journal reported on Friday that about $50 billion of more than $173 billion that the U.S. government has poured into American International Group Inc since last fall has been paid to at least two dozen U.S. and foreign financial institutions.
The newspaper reported that some of the banks paid by AIG since the insurer started getting taxpayer funds were: Goldman Sachs Group Inc, Deutsche Bank AG, Merrill Lynch, Societe Generale, Calyon, Barclays Plc, Rabobank, Danske, HSBC, Royal Bank of Scotland, Banco Santander, Morgan Stanley, Wachovia, Bank of America, and Lloyds Banking Group.
Morgan Stanley and Goldman Sachs declined to comment when contacted by Reuters. Bank of America, Calyon, and Wells Fargo, which has absorbed Wachovia, could not be reached for comment.
The U.S. Federal Reserve has refused to publicize a list of AIG's derivative counterparties and what they have been paid since the bailout, riling the U.S. Senate Banking Committee.
Federal Reserve Vice Chairman Donald Kohn testified before that committee on Thursday that revealing names risked jeopardizing AIG's continuing business. Kohn said there were millions of counterparties around the globe, including pension funds and U.S. households.
He said the intention was not to protect AIG or its counterparties, but to prevent the spread of AIG's infection.
The Wall Street Journal, citing a confidential document and people familiar with the matter, reported that Goldman Sachs and Deutsche Bank each got about $6 billion in payments between the middle of September and December last year.
Once the world's largest insurer, AIG has been described by the United States as being too extensively intertwined with the global financial system to be allowed to fail.
The Federal Reserve first rode to AIG's rescue in September with an $85 billion credit line after losses from toxic investments, many of which were mortgage related, and collateral demands from banks, left AIG staring down bankruptcy.
Late last year, the rescue packaged was increased to $150 billion. The bailout was overhauled again a week ago to offer the insurer an additional $30 billion in equity.
AIG was first bailed out shortly after investment bank Lehman Brothers was allowed to fail and brokerage Merrill Lynch sold itself to Bank of America Corp.
Bankruptcy for AIG would have led to complications and losses for financial institutions around the world doing business with the company and policy holders that AIG insured against losses.
Representative Paul Kanjorski told Reuters on Thursday that he had been informed that a large number of AIG's counterparties were European.
"That's why we could not allow AIG to fail as we allowed Lehman to fail, because that would have precipitated the failure of the European banking system," said Kanjorski, a Democrat from Pennsylvania who chairs the House Insurance Subcommittee.
TOXIC ASSETS/TOXIC WASTE
As part of its business, AIG insured counterparties on mortgage-backed securities and other assets. The collapse of the U.S. subprime mortgage market, which triggered a global financial crisis, left the insurer and some of its policy holders facing possible ruin as the value of assets declined.
U.S. regulators failed to recognize how much risk AIG was piling on in credit-default swaps, and by the time they understood, they had no choice but to pour in billions of public dollars, Kohn and other officials told the Senate panel.
Senators were outraged by the lack of details about where the bailout money has gone.
"That we find ourselves in this situation at all is ... quite frankly, sickening," said Senator Christopher Dodd, the Democrat who chairs the committee. "The lack of transparency and accountability in this process has been rather stunning."
Eric Dinallo, superintendent of New York State's Insurance Department, railed on Friday against AIG's failed business model, likening its insuring credit-default swaps as gambling with somebody else's money.
"It's like taking insurance on your neighbor's house and even maybe contributing to blowing it up," he said at a panel sponsored by New York University's Stern School of Business.
U.S. lawmakers have said they are running out of patience with regulators' refusal to identify AIG's counterparties.
On Thursday, Richard Shelby, the top Republican on the banking committee, said: "The Fed and Treasury can be secretive for a while but not forever."
(Writing Toni Reinhold; Additional reporting by Juan Lagorio in New York; Editing by Clive McKeef)