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Treasury Responds To AIG FOIA, Releases 145 Pages Of Information
The Treasury has provided a substantial FOIA disclosure packet to the good folks over at Judicial Watch. At this point we are awaiting a similar FOIA response from the Fed, which was requested by Zero Hedge previously and we expect to have it within 1 month.
And while the Treasury was obviously not too crazy about what the final recovery would be for the hundreds of billions of taxpayer dollars invested (see below, the highlighted text was subsequently redacted in the final draft - aside from the truth, what else did the Treasury have to hide?), no cost was too little to make sure that "systematically important" organizations survived and prospered, regardless of cost.
From Juducial Watch:
"Clearly Treasury Department officials felt strongly that the $152
billion 'investment' in AIG would not be recovered by the taxpayers.
And it appears someone at Treasury did not want the risky nature of the
deal to be relayed to the American people," said Judicial Watch
President Tom Fitton. "These documents show that some government
officials recognize their responsibility to measure the effectiveness
of their TARP investments. Yet the American people are misinformed and
remain in the dark about how their money is being spent."
We are currently combing through this filing.
hat tip Lizzie
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has anyone posted the Tyler Durden interview ?
what interview
http://www.youtube.com/watch?v=jdChvPlmGDo
Nice weekend reading
What is clear is that about half of the document/records are actually being disclosed....
So much for the FOIA....
Too bad for all the blacked out portions. Maybe that's where the keywords "Goldman" or "Blankfein" are to be found.
interestingBernanke is the umpire behind the plate.
His message was being spread and gaining even more support...therefore he needed
to be censored. Until we have guys like Black back as regulators nothing will
change. We just
good articles;
target="_blank">good articles 4 slow news day ..http://www..
hat tip:
href="http://www.iamned.com" target="_blank">finance news & finance opinions
Uh I am signed in so why the math?
The redactions make me sick
I remember the early days of the Obama administration where he had numerous press events talking about openness and transparency and that government staff should now operate on a presumption to release when it came to information.
The thing that I wonder is whether he changed into a Wall Street, Homeland Security, military/financial/industrial complex supporting Bush clone after he gained office due to certain realities he didn't know about before he occupied the office, or whether it was all a sham from the start and he was always a tool of the existing powers
...If you have to ask...
Exactly :)
If you have to ask, let's just tell you what you want to hear and then suggest that baby go take a nice nap.
I mean, if you believe that Bush was some sort of specially bad guy, or if you ever believed that Obama was a specially good guy, it only means that your news sources are questionable, and that you are way too easily led. Sorry.
TurboTax cheat Timmy Lied
http://www.businessinsider.com/did-treasury-lie-about-its-aig-investment...
Didn't have the nerves to go through all of it, but p.61 was interesting - did Morgan Stanley underwrite the preferred AIG shares heading for the US Treas?!? I wish I could see Morgan's trades about that time... ;-)
Yea, imagine if you could get the details on all of Morgan and Goldman's prop trades, and all of their affiliates' trades on Lehman prior to sweet lil ole hank &ben's decision that they forgot to consider the request from Lehman to give them bank holding status, and it was just too much moral hazard to let them borrow 6 billion...?
He knew enough to know that winning the bet on Lehman's death, would tide all of his buddies would tide everyone over to the step two bankheist(TARP)--step one let Lehman go down, pay all CDS's with freshly printed money from big brother, then convince the country that we couldn't possibly "socialize" the banks, we just have to save them, and make the bigger.
Meanwhile, no mention of anyone going to jail....
When i listened to WIlliam K. Black's interview the other day, and he explained how all the A list FBI agents were off the beat working on the Enron case right as the subprime crimes exploded, i realized, our whole country has become Gotham City and the "Banksters" are taking over, and Tyler and Max Keiser are the Batman and Batman...I just hope they can get what they need to get the "Banksters" in jail.
The longer it takes to stop the heist, the more danger for all of us.
Great! And just as I ran out of Toilet Paper.
"The prospects of a return on capital and a recovery of equity investment to the taxpayer are highly speculative".
Dear Members of the American Press -- why the f*ck are you not running this as the HEADLINE in Monday morning papers across the USA? This is one hell of a smoking gun, and should mandate an IMMEDIATE cease and desist for all treasury purchases of troubled assets.
The game is now officially up. It's one thing when Goldman calls this stuff 'toxic waste' and sells it to their idiot clients. But here we have the Treasury calling it 'toxic waste' and shoveling it directly into the mouths of American taxpayers against their will.
This is the stuff that revolutions are made of.
well said
If they ran the story, would anyone other than ZH watchers read it?
Probably not.
Think about the consequences of running the story for the media outlet. Their access to information would probably be hampered for not talking about the V-shaped recovery.
You are one of a minority of people who decided not to pretend. You sir/madam are one of those unpatriotic rabble-rousers at those town-hall meetings. Probably unemployed too. And we all know that's your fault.
The rest may be unhappy, but busy trying to keep everything going while unemployed or fearing for their job.
It's much easier if you just pretend like everyone else. Take everything MSM publishes as simple fact and live a much happier life.
Senior people in the MSM have had some little chats with the powers in Washington and Wall Street:
"For the good of the country we have to fake it till we make it guys - do your patriotic duty and play the game"
"If you don't play along, well advertising revenue may drift elsewhere in a hurry"
thought you'd understand chaps
Half of it is redacted. The idea that the American people "own" their government is the biggest pile of bullsh*t in the world.
The last year has given me serious doubts about my country. My pride is replaced with shame and a fair amount of fear. And I was even an Obama supporter....
Is this what we've been building for the past 200 years? The founding fathers would weep. The masses have ended up being the interest in least control over our "democracy".
Check out David. J. Monroe's (of US Treasury) signature:
"42% of all statistics are made up on the spot"
Ugh.
TD, when zero intelligence gets its own FOIA requests back from them, I promise you, the paperwork will have so many redactions on them, it will look like somebody spilled a black ink well on them...:)
just for you sir,
because you jacked with beaker and his gay friends at the FED are pissed.
"Honest services fraud" all around for everyone.
All I see is articles from Fortune/WSJ etc, some itineraries, term sheets (already public), analysis from rating agencies (rubbish) and a bunch of useless chatter.
The blackened-out portion is the good stuff but that has been removed. Some "freedom" of information this is!
I love how the email that says "here are the facts" is entirely redacted after that point.
Guess we don't get "the facts"...
Its at only one for the day. Thats like tellin a californian "whoa, did you feel that 4.5 earthquate?"Bernanke is the umpire behind the plate.
His message was being spread and gaining even more support...therefore he needed
to be censored. Until we have guys like Black back as regulators nothing will
change. We just
good articles;
target="_blank">good articles 4 slow news day ..http://www..
hat tip:
href="http://www.iamned.com" target="_blank">finance news & finance opinions
Like anyone read the legislation passing the TARP. Our government doesn't read any legislation anymore (as long as it sounds good they sign it)
Reminds me of another group who got in trouble for signing things they didn't read/understand...sub-prime borrowers.
Like our government could give a shit about the general wealthfare of the United Stated Taxpayer.
Help me out here: What are the grounds for redacting information from a FOIA request? Does the FOIA allow for redaction in certain circumstances? Anyone know what they are?
TIA
Popo
Well we got some emails to spam the hell out of anyway!!
And maybe some fax numbers, so we can send pictures of Guillotines to get these crooks to sweat.
Who is "HMP"....he/she is a big deal, but not named?
As far as the Max Keiser show....got to think fast with Max around-- and get those sound bites out there!! We're counting on you! BTW.....
Did you have a voice modulating machine going?
I would suspect Henry M. Paulson.
I would love to see this guy invited to speak on CNBC on Kudlow...
http://www.youtube.com/watch?v=jdQa5uKG3VM&feature=channel
I believe they wrote their communications with the clear knowledge that it would be read by those requesting via FOIA. Much tighter and cleaner than Rattner/Auto Company communications and BAC related communications... those were a mess and I have no idea why there was no forethought as to the content they were putting in writing.
During 2007, i became terribly sad that i wasn't a lawyer. I'm not a CPA, but i know enough to know that the special purpose vehicles that made Enron, also made the banks. And in 2007, i felt so inadequate to give any good solutions to a way out of what was happening. By the fall of 2008, my longing changed direction and i wished i was a lawyer so i could find a way to stop the government from what it was doing when the AIG free money bonanza hit--and then the list of heists that have taken place, just increase exponentially.
I was so glad to find a kindred spirit in Tyler's articles, but what i don't understand, is why isn't there a lawyer out there, with the same passion and sense of justice who is willing to find a way to sue our government for the money that was taken for the TARP and all the backstops and so forth...i know, a law was passed, but if the law was based on some kind of fraudulent conveyance, isn't that a way to get it turned around?
Robert Reich is calling the bluff of the whole bank heist, and saying that if these banks indeed are toobigtofail, then they are regulated utilities, and need to stop allowing all independent operations--if they dont' like it, then, they need to give the money back NOW.
Is there anyone out there who has any idea of a way to make a class action suit against our government?..sorry if that is completely ignorant, but i am in terrible grief over what our country lost when we were told that the world would come to an end if we didn't accept the idea that these banks are sacrosanct, "systemically sacrosanct" and "toosacrosancttofail".
Is page 118 showing $15B in debt forgiven to AIG from the Fed?
page 51 shows the US only getting $500,000 in stock (100,000 shares @ $5) for the $40B investment in AIG
and the FDIC is broke....
"As late as in the end of April just before the release of the bank stress tests, Ms. Bair Chairman of the FDIC said they would not need any additional bailouts from the U.S Treasury within the immediate future according to The Bulletin. After three new bank failures last Friday, the FDIC’s Deposit Insurance Fund (DIF) diminished by another $185 million for a total remaining balance of $648.1 million.
Below is a graph showing the DIF capital as a percentage of total bank deposits insured by the FDIC. Note that this graph is based on the old insurance limit with a maximum coverage of $100.000/account. This limit has been changed to cover up to $250.000/account until January 1st 2014. Estimates say that the change increases the deposits covered under FDIC insurance to approximately $6 trillion in total."
read full article
http://globaleconomicanalysis.blogspot.com/2009/08/as-of-friday-august-1...