Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (Full Version)

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Brain -> Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/17/2009 11:30:08 PM)

Now that the foxes ate all the chickens all the dirt comes out! So it appears a lot of the economic pain could have been avoided?
That's fine, elect real progressives to get real change and throw all the crooks in jail. Nader said both parties are corrupt and he was right. The Democratic Party has to do better, unfortunately, it has too many DINOS, Democrats in name only.

I don't think you can fix the economy without getting rid of all the corruption because this financial mess will happen again.

Audit Faults New York Fed in A.I.G. Bailout

UBS, of Switzerland, alone offered to give a break to the New York Fed in the negotiations last November over how to keep A.I.G. from toppling and taking other banks down with it. It would have accepted 98 cents on the dollar.

But UBS’s good-faith gesture was quickly drowned out by Goldman Sachs and the top French bank regulator. They argued, with others, that it would be improper and perhaps even criminal to force A.I.G.’s trading partners to bear losses outside of bankruptcy court.

http://www.nytimes.com/2009/11/17/business/17aig.html?_r=5

I just saw this, I hope those on Wall Street with their phoney millions of dollars of bonuses they never deserved get skewered:

Obama creates task force to fight financial crime

Tue Nov 17, 2009 5:04pm EST

WASHINGTON (Reuters) - The Obama administration created a new task force on Tuesday to crack down on financial fraud, an increasingly important political issue after a spike in mortgage scams and big Wall Street trading scandals.

http://www.reuters.com/article/topNews/idUSTRE5AG06B20091117



Kirata -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/17/2009 11:40:05 PM)


quote:

ORIGINAL: Brain

The Democratic Party has to do better...

Yeah really. But I don't know how they're gonna manage it. They can't even get their own freaking website right.

Here's a stimulus success story: In Arizona's 15th congressional district, 30 jobs have been saved or created with just $761,420 in federal stimulus spending. At least that's what the Web site set up by the Obama administration to track the $787 billion stimulus says. There's one problem, though: There is no 15th congressional district in Arizona

K.



rulemylife -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:00:48 AM)

quote:

ORIGINAL: Brain

UBS, of Switzerland, alone offered to give a break to the New York Fed in the negotiations last November over how to keep A.I.G. from toppling and taking other banks down with it. It would have accepted 98 cents on the dollar.

But UBS’s good-faith gesture was quickly drowned out by Goldman Sachs and the top French bank regulator. They argued, with others, that it would be improper and perhaps even criminal to force A.I.G.’s trading partners to bear losses outside of bankruptcy court.



UBS's offer had more to do with this than it did good faith or a charitable spirit:



IRS Sees Success In Anti-Evasion Campaign

GETTING PERSONAL: IRS Details Map To Find UBS Tax Fraud Wall Street Journal

details of UBS tax deal with US revealed Swissinfo

RS: Offshore tax crackdown should produce 'billions' USA Today



UncleNasty -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 9:24:30 AM)

I saw that in yesterday's NYT. Note that our current Sec. of Treasury was neck deep in it at the time.

Uncle Nasty



Musicmystery -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 9:36:18 AM)

And folks, note for the record that this is the supposedly "liberally biased" NY Times reporting.



Fellow -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 11:34:27 AM)

Positive things seem to come with long delay. Is it by design? Positive to whom of course is the question.



willbeurdaddy -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:11:25 PM)


quote:

ORIGINAL: Musicmystery

And folks, note for the record that this is the supposedly "liberally biased" NY Times reporting.


Why would it surpise you that the actually liberally biased NY Times would totally miss the point of the offer when they can bash something done during the GWB admin by ignoring the realities?



Brain -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:14:42 PM)

It makes sense that they want to protect their deposits so they remain in their bank but I'm not quite sure how giving a 2% discount or accepting . 98 cents on the dollar may have prevented the financial crisis although that's what the story implies.

What's scary for me is that I have my degree in economics and I have worked in accounting and credit and taken numerous accounting courses and I still don't understand what happened. I suppose it would help if I worked on Wall Street doing derivatives and credit default swaps. Doing upstream and downstream transactions in consolidations and removing intercompany profits between related companies, that was not an easy course.

It does make sense to me that Goldman Sachs didn't want to take a loss of two cents on the dollar because they just want to maximize their profits, that makes sense to me.

Maybe if I read all this again, when I have time, it will start to make some sense to me although that is a big maybe, and I don't know how anybody without work experience or education in this financial stuff could possibly understand it.




servantforuse -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:27:04 PM)

In the NYT article and corresponding website, 50 non existant congressional districts reported saving jobs.



willbeurdaddy -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:30:44 PM)


quote:

ORIGINAL: Brain

It makes sense that they want to protect their deposits so they remain in their bank but I'm not quite sure how giving a 2% discount or accepting . 98 cents on the dollar may have prevented the financial crisis although that's what the story implies.

What's scary for me is that I have my degree in economics and I have worked in accounting and credit and taken numerous accounting courses and I still don't understand what happened. I suppose it would help if I worked on Wall Street doing derivatives and credit default swaps. Doing upstream and downstream transactions in consolidations and removing intercompany profits between related companies, that was not an easy course.

It does make sense to me that Goldman Sachs didn't want to take a loss of two cents on the dollar because they just want to maximize their profits, that makes sense to me.

Maybe if I read all this again, when I have time, it will start to make some sense to me although that is a big maybe, and I don't know how anybody without work experience or education in this financial stuff could possibly understand it.




It would have done nothing for the financial crisis. They were simply hedging their bets. They couldn't be certain that a 100 cents on the dollar bailout of AIG would actually make it through Congress, and they knew the value was far below 98 cents. They just hoped to get out with minimal losses instead of playing craps.



AnimusRex -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:41:11 PM)

And this development points out the rot that is at the core of the government.

We have one party that postures as the defender of teh common people; when in fact it is mortgaged to the very banks and corporations that it purports to regulate;

We have a second party that postures as the defender of free markets, when in fact it is mortgaged to the very banks and corporations that want to crush the free market.

I don't mean to sound pessimistic- there are solutions, we just need to move off of simplistic slogans about socialism vs capitalism, and be willing to hold our elected representatives accountable for their actions and demand they put the public's interest first.

Breaking up the banks would be a good step, to prevent them from getting too large to fail.



rulemylife -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:45:07 PM)

quote:

ORIGINAL: Brain

Maybe if I read all this again, when I have time, it will start to make some sense to me although that is a big maybe, and I don't know how anybody without work experience or education in this financial stuff could possibly understand it.




If anyone had understood it we wouldn't be in this mess today. 

Even kindly Grandpa Al admitted he didn't understand.

Greenspan Admits Errors to Hostile House Panel - WSJ.com

Returning to Capitol Hill amid a financial crisis rooted in mortgage lending, Mr. Greenspan said he had been wrong to think banks' ability to assess risk and their self-interest would protect them from excesses.









Brain -> RE: Obama creates task force to fight financial crime & Audit Faults New York Fed in A.I.G. Bailout (11/18/2009 12:53:37 PM)

I hope that was a small oversight and they meant some other place.

I was watching the Ed show on MSNBC last night and they had, Sen. Tom Harkin as a guest and he was confident they would get the 60 votes to pass health care and so I am more confident today that this financial mess and healthcare will get straightened out. I still don't trust Timothy Geitner too much and I think there are better people at arms length who are more objective and can do a better job like that lady interviewed by Bill Moyers a couple of weeks ago that I forgot her name now. So I'm keeping my fingers crossed they will do a thorough forensic investigation




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