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March 31, 2009



Who broke AIG?

Chanelling my children from years ago: I didn't even know AIG existed!!!


I have a splitting headache, don't ask me........

Greg Toombs

Well, with regulation one is assured there is always more to do...


The pension story is working its way through JournoList. Ezra Klein is on the case.


Ha Ha Maybee, Klein proclaims Orzag to be a prophet. I guess he missed Orzag's Social Security prophecies.


I don't think we can expect any answers about why the larger, regulated AIG operations received the majority of the government "investment" until, say, after the elections in 2012.

Tim Geithner’s new nominee for number two at the Treasury Department, Neal Wolin, played a key role in drafting legislation in the late 1990s deregulating the banking system, a former Treasury Department official confirms to us. The law that Wolin helped draft has been blamed by some critics, many of them Democrats, for easing up regulatory pressure on huge financial institutions, tangentially helping create today’s mess — and his role drafting it could come under questioning at his upcoming confirmation hearings.

This dude is controversial!!!


Jack is Back!

Tom, do you really want to know?

Then go out and buy Janet Tavakoli's "Dear Mr. Buffett", turn to page 164 (if you so inclined to miss all the prelims) and read on.

Janet is a Chem. Eng. who turned to structured finance much in the same way an accountant decides to become a faith-healer and pitch his revival tent outside of town - because that is where the money is.


Here is an interesting "take" on AIGFP:

What this all means is that the statements by major banks, i.e. JPM, Citi, and BofA, regarding abnormal profitability in January and February were true, however these profits were a) one-time in nature due to wholesale unwinds of AIG portfolios, b) entirely at the expense of AIG, and thus taxpayers, c) executed with Tim Geithner's (and thus the administration's) full knowledge and intent, d) were basically a transfer of money from taxpayers to banks (in yet another form) using AIG as an intermediary.

AIG was Responsible for The Banks Jan & Feb Profitability


Sebelius owes back taxes. LUN


Tom, great job on the Pension Fund and the Big Liars @ UrinaLList. Your take on current Economics/Policies has been very helpful.

Charlie (Colorado)


"Fast acting prion disease" is pretty durn unlikely though. I think all the prions should be considered toxins anyway.

glasater, that's been around for a couple of days and was discussed quite a bit on the financial nets yesterday. It's been fairly thoroughly debunked; no one else is reporting it (except to say Zero Hedge is reporting it), the numbers don't seem to add up.

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