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From The Rumor Bag
Is AIG's office about to get raided? Anyone with a camera phone at or about Pine Street please be on your guard for a slew of trenchcoated gentlemen carrying boxes full of toxic CDOs.
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What do you mean by that?
LOL..its Goldman removing paper trail...
EXACTLY my thought.
That was my thought as well. Nobody more jealously guards National Security than GS.
I have a friend that runs a wealth division at a bank and his brother in law works for AIG. A month ago, his BIL told him that the most effective thing at AIG right now was a shredder..........
We all know that hank Greenberg was the arch criminal at AIG. He stolen 10-20 billion dollars. Fine. But no repercussions, no charges, no prison time. Yet he conveyed many of his billions to his sons who are the front men for his new "insurance" companies!!! America is the most corrupt nation on the planet. Why hasnt Cass Summstein, lawrence summers, Holder, Geitner, Orszag, Bair pursued him? hahahahahah
Spitzer failed to realize that Hank was an untouchable. Or, if he knew it, he underestimated the force behind. This isn't about a corrupt 'nation.'
Spitzer clearly underestimated Big Money's ability to respond when threatened. Not that a good PI in a garden variety divorce case wouldn't have pulled the same stunt, of course.
Perhaps we should commission an international poll on that corruption question, however . . . perhaps others have a less biased position from which to judge American Exceptionalism.
Big money has started wars and revolutions. Assasinated presidents and other "leaders".
Why would this little fix suprise anyone?
Geithner, Bernanke, Summers all got immunity from Bam's Financial Czar GS..lol
i work in the tower shared with AIG (west cost.) They use the space in that building as a back office. Well, they shredded all they could last November and I am talking about several tracks worth of paper. It was funny because you could see the shredded paper trail from parking lot to their floor. :) (that's how chaotic and hectic the whole process was.)
Did you take pics?
unfortunately no, market kept me preoccupied ...
lol all hail the fail whale
Would love to see a raid on AIG, that carries over to Maiden Lane and then on then to government headquarters of Goldman Sachs
Would love to see a raid on AIG, that carries over to Maiden Lane and then on then to government headquarters of Goldman Sachs
Sorry, keep forgetting to sign on Mondays.
Those aren't law enforcement agents, they're the new government employees of The Department of AIG and Free Health Care Ministry.
Revisiting the SLM post (accurate as it was), the market seems to be working it.
SLM -4% as the SPX clears 1000. OOM puts trading nicely too.
Bailouts do not work. They only extend the inevitable downfall.
Looks like the FEDS just RAIDED the Colonial Bank Building downtown Orlando FL....
related??
#22980, Denninger posted something that might be related yesterday.
http://market-ticker.denninger.net/archives/1283-Is-The-FDIC-Broke-And-C...
And his most recent post:
"FDIC fund down to 800bn? [not exact quote]"
"And oh, by the way, Colonial (which closed at 60 cents Friday) is trading premarket at 48 cents, and reported a stunning loss of $3.02 a share after the market closed Friday - or some five times its per-share price. They also announced that a rescue financing pact they were working on has collapsed, making a FDIC take-over almost certain (if the FDIC ever does its job!)"
That should be "FDIC fund down to 800 million" (which wouldn't even cover Colonial). Which would then require them to go for emergency funding at which point the market might, just maybe, be forced back to reality.
Naaaaah...
oops. 800bn is AFTER the next round of fund-raising.
Looks like the FEDS have backed a Rydertruck up to the loading dock to start hauling away documents @ Colonial Bank Building, ORLANDO FL.
Nice, this was the fist spot I saw this, thanks mate!
Side letters?
What side letters?
AIG is the conduit through which all the stolen taxpayer money is fed and dispensed to the bankers. It's quite effective. It functions much like a modern-day BCCI, the old CIA bank used for Iran-Contra dealings.
wrong Pine Street ?
ORANGE COUNTY, Fla. (WOFL FOX 35) - - FBI agents from the Washington, D.C. field office have raided a building in downtown Orlando.
The building raided is the Colonial Bank building on Pine Street. The FBI is working with the Office of the Special Inspector General for the Troubled Asset Relief Program which was established by the Emergency Economic Stabilization Act of 2008.
from
http://market-ticker.denninger.net/archives/1286-FLASH-FBI-RAID!-Colonial-Bank-Building,-Orlando.html
zh never said specifically which pine street :D
good rumor, bad content
I hope they don't raid AIG, we need more speculation and gambling to heal the economy. bwahahaha
buy puts, heavy
I skeptical of the motives of this raid.
Not directly related but pam martens has a must read article out
Janet Reno Moves From Justice to McJustice
Millions of Americans Pushed Into No-Law System by Colluding Banks
By PAM MARTENS
As the newly appointed Financial Crisis Inquiry Commission prioritizes its agenda to investigate how a 200-year old system conceived to establish fair pricing and trading of stocks and bonds morphed into a rigged backroom casino of craps tables piled high with triple-A rated junk that crippled the world’s largest economy, they must place Wall Street’s private justice system at the top of their list for subpoenas.
The rationale is as simple as this:
(a) there is only one industry in America bringing the country to its knees;
(b) there is only one industry in America which requires its workers to contractually relinquish their access to the courts as a condition of employment;
(c) look under that rock first for the thousands of industry whistleblowers who walked out of these kangaroo courts with gag orders, leaving behind their documents, placed under seal by colluding lawyers.
http://www.counterpunch.org/martens08032009.html
Would love to have a video of GS moving from 85 Broad to 200 West which will occur in a month or two. But maybe they'll just start over with new machines and trash the old ones.
It was probably the Treasury delivering more bonus money.