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The SEC Should Immediately Declassify Schedule A To The AIG-Fed Shortfall Agreement From March 16, 2009
Matt Goldstein at Reuters is on a roll: after pointing out the SEC's complicit role in the AIG disclosure fiasco, today he highlights the list and details of securities that was purposefully and willfully redacted by the same SEC that today filed a second lawsuit against BofA, after Rakoff yesterday told the queen of corruptis in extremis to shove it. The list of redacted CUSIPs contained in the Schedule A to the AIG Shortfall Agreement with the Fed's Maiden Lane III (aka Taxpayer-to-Goldman Money Transfer Special Purpose Vehicle) indicates all the underlying securities which ended up being repaid to the nationalized insurers' counterparties at 100 cents on a dollar, when in fact their market value was well over 50% lower.
In order to get quantized disclosure on a case by case basis of how horrendous risk management ended up costing taxpayers billions of dollars, we demand that the SEC's redaction of "Schedule A - List of Derivative Transactions" better known as executive order "Operation Goldman Embezzle Greenlight" which as Goldstein pointed out lasts until November 2018, be immediately overruled and if Tim Geithner is expected to fry in hell (aka Congress) for his (lack of) participation in this whole debacle, then not only should Mary Schapiro be joining him on the witless stand, but that all the redaction in Schedule A be immediately lifted. This all should be followed by the banks', primarily Goldman and Primary Dealer wannabe SocGen, payment to the Federal Reserve of the difference between the posted collateral and the par value.
As Janet Tavakoli points out for the reasons for the redaction:
"They didn't want you to know which deals had
soured the fastest. The reason they didn't
want to release these details is because it would have shown that some
securities suffered only moderate discounts while others were worth
much, much less. And that could have prompted an investigation into the
deals that performed the worst.''
And just in case you get any ideas that any of these are FOIAble, in keeping with the administration's policy of openness and transparency, "in January 2009, the SEC rejected a Freedom of
Information Act request seeking access to the entire filing. The SEC
denied access to the filing because AIG's application for confidential
treatment was pending."
Full listing of redacted CUSIP, tanches, notionals, posted collateral and negative marks-to-market.
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The Nigerian bomber's underpants were more transparent than the Obama administration.
And probably cleaner too!
Although I completely agree with the sentiment, I would like to point out that Obama swore in on January 20, 2009. Now, if you ask me who is really in charge... that would be a different question all together. Let's face the truth, it is illusion of a "choice" in our government. Neither Hillary, McCain nor even Bush would have done anything differently. We are simply kidnapped and hijacked by SEC, FED, Banks, GSEs, Over-leveraged Home owners, TV and Media in general.
I wish 1 thing upon all those privy to this scam at Goldman, the SEC, et al.:
May your daughters become pornstars of the anal sex specialty. May they make fetish videos where they inset objects the size of cantaloupes completely up their bum with a smile. And may you and all who know you watch your talented offspring as they make you proud.
Well, looking at what Conan said today, the same thing can be said about Finance/Bankers at these TBTF institutions. (your comments notwithstanding.)
"Leave television altogether, and work in a classier business with better people, like hard-core porn."
191605...
some old adages always hold water and in that spirit, please don't hold children responsible for the sins of their parents.
agree with dh -- cursing future generations is a major part of the problem of why history is continually doomed to repeat itself.
anonymouse might be onto something though. there is a reason why the french philosophers equated money with shit. perhaps public colonics might not only be an appropriate punishment but the only path to true reform.
The process of socializing the losses, no matter the cost in public treasure continues to be the primary aim of government. Too bad none of these people will ever have to answer for the decisions they have made. Personal responsibility is an alien concept when the policy of judicial exclusion is the law of the land.
Oh, I think eventually they will have to answer for this theft and destruction of the country. Many of us have looong memories and aren't going to forget who has done the looting. Unfortunately, Congress can almost assuredly be counted on screwing up good any 'investigation', too, with ultimately nobody being found guilty of anything.
They may think that they are getting away with something; they may think it was "for the good of the country" or however they want to square it with themselves. But they will eventually get caught.
Somewhere, when they least expect it, say, while on a fly fishing trip in the Tetons or a ski vacation in Vail, at some point when they least expect it, someone, who has lost everyhting due to the corruption of these bastards, will identify them and exact some sweet revenge.
The fact that many of these criminals won't be able to go out public without continually looking behind their back for the rest of their lives is a great thought, too.
We Americans are way to civilized today, but I think thats about to end.
Just try going to Vail if you're broke... :)
AIG, which the taxpayers, for all practical purposes, fucking OWNS wants "Confidential Treatment"? Fuck them. We should be playing "pin the tail on the donkey" with the eyeballs of these bastards. Re-enact Glass Steagall and regulate or BAN OTC derivatives. Oh, yeah and indictments, many and varied indictments. Where are the handcuffs? Where are the cops? Shove that 1913 Fed Reserve Act right up Turbo Timmah's ass!
Instead, it will be sealed until 2018!!!????
I guess all the ranches in Paraguay will be completed, stocked up and fortified by then?
YAWN!
Let me know when ZeroHedge actually suggests something of real action like all their readers to do a bank run, labor strikes, etc because it seems to me it is all talk and jabber jawing just like the banjsters and congress.
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The time for talk has ended.
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Well ZeroHedge writers, time for you to in unison write articles on ACTIONS to be taken in hopes of real change.