"Todays agreement settles the indisputable
fact that Mr. Greenberg has denied for 12 years: that Mr. Greenberg
orchestrated two transactions that fundamentally misrepresented AIGs
finances." - New York state Attorney General Eric Schneiderman, February 12,
"Under the Paulson Plan,
the government would buy mortgages and
mortgage-backed securities for more than they are worth.
companies that most vigorously pushed the idea were the American International
Group and Freddie Mac.
The Federal Reserve and the Treasury think that the prices have fallen
The goal is to recapitalize the banking system by placing a
floor under the prices of securities that never should have been issued." -
September 16, 2008
"Between July and September of
2008, AIG spent more than $2 million to lobby Congress, the
the Federal Reserve and the White House." - Ben
American International Group, an insurance corporation, receives
an $85 billion infusion from the Federal Reserve for an 80% non-voting equity
AIG, the 18th-largest publically traded corporation on Earth, is
delisted from the Dow Jones
Industrial Average on September 22, 2008.
The AIG family of
corporations, the largest underwriter of commercial and industrial insurance,
held at this time a $447 billion portfolio of credit-default swap
"Now AIG's solvency and
liquidity is in our
It operates in 130 countries.
entity like it in the world.
It serves many, many purposes for the US.
So to have AIG go down would be very negative to the US' interest, and
business in those countries.
They won't understand our government let
this happen to it.
I think it would undermine the credibility of our
When you're starting to unwind counterparty transactions
worldwide in a incorporation the size of AIG, it will take about ten years to
What was happening was
short sellers would short
AIG stock, so that would make the stock go down.
And because of the stock going
down they would have to put up more collateral on their credit default swap
The governor of New York has worked with the insurance
department to modify the regulations permitting AIG subsidiaries to move up
about $20 billion of excess assets as a means of helping.
regulatory front, other than a bridge loan, that's all they need." - Maurice R.
Greenberg, September 17, 2008, Council of
Maurice Raymond "Hank" Greenberg,
previous chairman and controlling owner of AIG insurance, manager of the third
largest capital investment pool in the world, was floated as a possible CIA
Director in 1995.
Former A.I.G. Executives Reach Settlement in Accounting Fraud
January 2009 Three trustees, Jill
Considine (NY Fed, Depository Trust & Clearing Corp., Ambac Financial Group
Inc.), Chester Feldberg (NY Fed, Barclays Americas) and Douglas Foshee (NY Fed,
Halliburton & El Paso Corp.), are appointed to control AIG by the New York
Federal Reserve Bank to oversee the federal government's 77.9% equity stake.
The New York Fed retains the right to remove the trustee.
York Fed President William Dudley worked until 2007 as the chief economist for
Friedman, who resigned as New York Fed chairman May 7, was once CEO of Goldman
JP Morgan Chase CEO
Jamie Dimon and Richard
Carrion, chairman and CEO of Banco Popular de Puerto Rico, are also on the New
York Fed board, along with
General Electric CEO
2009 The US Treasury loans $182.5 billion to American International
Group to pay off credit
default swap contracts.
The following banks received bailout funds
through AIG on defaulting securties:
Deutsche Bank AG ($5.4
billion), Société Générale ( $11 billion),
($8.1 billion), Citadel Investment Group, Calyon, Barclays,
Bank of America,
Merril Lynch, Union Bank of
Switzerland, DZ Bank, Bank of Montreal, Rabobank, Royal Bank of Scotland,
"Few observers outside Wall Street understand that the hundreds
of billions of dollars pumped into by the Federal Reserve of New York and
Treasury, funds used to keep the creditors from a default, has been used to
fund the payout at face value of credit default swap contracts or
"CDS," insurance written by AIG
against senior traunches of
The Paulson/Geithner model
for dealing with troubled financial
institutions such as AIG with net
unfunded obligations to pay
CDS contracts seems to be to
simply provide the needed
liquidity and hope for the best.
Until we rid the markets of
CDS, there will be no restoring
in financial institutions." -
American International Group had four public relations
firms on its payroll - Kekst & Company, Sard Verbinnen,
Hill & Knowlton and
Burson-Marsteller - in
addition to its own PR staff.
On a conference call, AIG chief
restructuring officer Paula Reynolds quipped that it might be 'better to go to
jail' than have to deal with the intricacies of securities laws.
Michael Weisskopf reports that Sard Verbinnen & Co. "helps to
structure statements on the bailout, Kekst & Co.
focuses on sales of assets to pay back
federal loans, Burson-Marsteller handles controversial issues and
Hill & Knowlton fields
inquiries from Capitol Hill and prepares congressional testimony for
AIG pays $218 million in bonuses.
employees are paid over $1 million each.
Defense contractors in
Iraq were required to buy
life and casualty coverage for their workers.
AIG estimated the cost of
insurance would be $73.1 million from 2003 to 2006 but charged
Kellogg, Brown & Root
nearly four times that amount $284.3 million.
Reserve is buying an insurance
Where exactly is that covered in the Federal Reserve
The banking industry just bought the world's largest insurance
incorporation, and they used taxpayer money to do it.
Reserve is a private corporation owned by member banks.
Reserve returns the interest on the bonds it "monetizes" to the government
after deducting operating costs and a 6% guaranteed return for bank
The upshot is
people will be paying
interest to the banks to bailout the banks from their own follies!" - Ellen
"We are mortgaging the future of
our children and grandchildren at record rates, and that is not only an issue
of fiscal irresponsibility, it's an issue of
immorality." - David Walker,
former Comptroller General of the US
"Recovery will fail unless we break
the financial oligarchy that is blocking essential reform." - Simon Johnson,
former chief economist at the International Monetary Fund
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This website defines a new
philosophical ideology to which its author adheres. The author feels that the
falsification of reality outside personal experience has forged a populace
unable to discern propaganda from reality and that this has been done
purposefully by an international corporate cartel through their agents who wish
to foist a corrupt version of reality on the human race. Religious intolerance
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the human race. The international corporate cartel already controls the world
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entertainment complex of America and is responsible for the collapse of morals,
the elevation of self-centered behavior and the destruction of global
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American social mores and values have
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buttons which have been preprogrammed into the population through prior
corporate media psychological operations. The results have been the destruction
of the family and the destruction of social structures that do not adhere to
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directed toward solutions proposed by the corrupt international elite that
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