Taxpayers To Help Pay JPMorgan’s Fine For Causing 2008 Financial Crisis

By: Wednesday October 23, 2013 5:51 am

Feeling generous? You should because you are about to help pay for JPMorgan’s $13 billion fine for causing the 2008 financial crisis. According to tax experts the money JPMorgan will be paying to the government ($9 billion) and to wronged customers ($4 billion) can be written off as a “business expense.” In other words, JPMorgan [...]

JPMorgan To Pay $13 Billion For Causing 2008 Financial Crisis

By: Monday October 21, 2013 8:02 am

The financial meltdown in 2008 was not the result of ethereal and enigmatic forces, it was the result of fraud in the financial markets. That truth was initially hidden by politicians, regulators, banks, and the bought priesthood of mainstream economics. But despite all the lies, the day of reckoning has finally arrived for one of [...]

AIG CEO: Anger Over Bonuses ‘Just As Bad’ As Lynchings In Deep South

By: Wednesday September 25, 2013 6:01 am

In the history of the republic no company has been more reckless nor received more government favor than AIG. The company’s ridiculous investment strategy of selling credit default swaps to everyone – betting that housing prices would never go down, ever – meant that without a bailout not only would the firm go down, they [...]

Geithner Will Work For Wall Street Not On It

By: Friday February 8, 2013 7:40 am

And the circle is complete. Tim Geithner’s first post-Treasury Secretary job will be as a “distinguished fellow” at the Council On Foreign Relations. For the uninitiated, the Council On Foreign Relations is a more or less open conspiracy to use the American government as a vessel for advancing Big Business’ interests abroad. CFR represents America’s [...]

AIG Considers Suing Government For More Bailout Money After “Thank You” Ads

By: Wednesday January 9, 2013 4:14 am

Thanks but no thanks? After AIG’s Ad blitz thanking America for letting them raid the treasury the company made another announcement: AIG is considering Wednesday whether the company should join a lawsuit against the government that spent $182 billion to save it from collapse. American International Group Inc. said its board of directors will weigh [...]

AIG Announces PR Blitz To “Thank” Taxpayers For Bailouts

By: Tuesday January 1, 2013 7:08 am

In what borders on performance art, AIG is launching a public relations campaign to thank American taxpayers for letting them extort bailout money from Congress.

Treasury to Sell Majority Stake in AIG

By: Monday September 10, 2012 8:55 am

Four years after taking over the troubled insurance giant AIG, the US will sell its majority stake in the company in an $18 billion deal that appears to be more symbolic than anything. The sale will mark a step that seemed hard to imagine four years ago, when the New York insurer was effectively nationalized [...]

Investment Office At JPMorgan Chase Allowed to Chase Profits and Downplay Risk

By: Monday May 21, 2012 7:39 am

As more becomes known about JPMorgan Chase’s Fail Whale trade, we learn that the Chief Investment Office, where the trades were placed, was the most dysfunctional trading desk this side of AIG’s Financial Products Unit. Early success turned it from an office that was supposed to be hedging risk into a profit center. And this [...]

Elizabeth Warren Assails Special AIG Tax Deal Allowing Company to Pay No Taxes on Profits

By: Monday March 12, 2012 10:15 am

Elizabeth Warren, running for Senate in Massachusetts, today called attention to a stealth bailout of AIG through special tax breaks created for them and other bailed-out companies. Warren joined a bipartisan group of her former colleagues on the Congressional Oversight Panel, the group that oversaw TARP, to assail the tax preferences for AIG, and demand [...]

Head of Royal Bank of Scotland Forced to Return His Bonus

By: Tuesday February 7, 2012 2:35 pm

Here’s a story that shows the power of pressure on even the loftiest of our financial overlords: Stephen Hester, head of the Royal Bank of Scotland, gave way to heavy political pressure last night to forego his £963,000 bonus. The final straw for the RBS chief executive appears to have been the looming threat of [...]

BofA Knew About Game Changer AIG Lawsuit Seven Months Ago

By: Tuesday August 30, 2011 11:35 am

The AIG-Bank of America lawsuit over mortgage backed securities fills me with the least rooting interest of any possible lawsuit. For me it’s like watching Notre Dame play Ohio State. I don’t really care who wins. But that AIG lawsuit was critical to the larger mortgage mess. For the first time, an investor in mortgage [...]

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