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 [...]

Dem Senators Raise Issue of Backdoor BofA Bailout

By: Thursday October 27, 2011 10:20 am

Ten Democratic Senators, led by Sherrod Brown (D-OH), have written to financial regulators expressing their opposition to the recent move of Bank of America derivative exposure from Merrill Lynch to their federally insured subsidiary. By putting the derivatives under the FDIC, this puts taxpayers on the hook for potentially massive losses (the notional value of [...]

The Next Bailout: BofA Moves Derivatives Into Insured Institution

By: Tuesday October 18, 2011 1:12 pm

Bank of America announced a way for them to make it look like they made a $6.2 billion profit in the last quarter. The “profit” came mostly from an accounting trick and the sale of their stake in a Chinese bank, part of their downsizing strategy. But they had lower revenue and income in their [...]

Cassano: NY Fed Negotiated Bad Deal with AIG Counter-Parties

By: Thursday July 1, 2010 9:58 am

Nobody knows more about bad deals than Joseph Cassano, the head of the disastrous AIG Financial Products division. I wanted to loop back to his testimony before the Financial Crisis Inquiry Commission, because he made a statement about some other bad deals about which he had some intimate knowledge: AIG’s former derivatives chief said Wednesday [...]

AIG’s Joseph Cassano Testifies Before FCIC Today

By: Wednesday June 30, 2010 6:15 am

If Joseph Cassano, the head of AIG’s disastrous Financial Products unit, has granted an interview since the insurance giant melted down, I certainly don’t remember it. That’s what makes today’s Financial Crisis Inquiry Commission hearing so interesting. The theme is the derivatives market, and there will be a particular emphasis on AIG and Goldman Sachs, [...]

Paulson Grilled In AIG Testimony

By: Wednesday January 27, 2010 10:57 am

Henry Paulson just wrapped up his testimony in the House Oversight Committee on the AIG bailout, and it was a remarkable bob and weave. Time and again, Paulson claimed that he had no involvement in the payment of counter-parties, saying that the Federal Reserve had the authority to administer Maiden Lane III and the technical [...]

Stephen Lynch Destroys Geithner On AIG Counter-Party Payments

By: Wednesday January 27, 2010 8:48 am

Stephen Lynch (D-MA), showing an unusual amount of fire, just lit into Tim Geithner in the House Oversight Committee hearing. He said that Geithner’s conduct was “not on the side of the American taxpayer.” He reminded Geithner that the Treasury Department “scalped the folks at Bear Stearns, 2 cents on the dollar. Goldman (Sachs, a [...]

Geithner Dodges Oversight Committee Questioning

By: Wednesday January 27, 2010 8:05 am

Tim Geithner has yet to be tripped up so far from questioning by the chair and the ranking member of the House Oversight Committee on the AIG bailout. Ed Towns, the chairman, asked him if he was involved in any discussions about disclosure of counter-party information, and Geithner reiterated that he had no role, though [...]

AIG Hearing: Geithner Defends His Actions

By: Wednesday January 27, 2010 7:12 am

The House Oversight Committee hearing on government assistance for AIG is beginning now. Timothy Geithner, the US Trasury Secretary and the chairman of the New York Federal Reserve Board at the time of the AIG bailout, is testifying on the first panel. His opening statement is contained in this document obtained by FDL News. In [...]

Bernanke Looks Safe For Passage

By: Wednesday January 27, 2010 7:00 am

The Wall Street Journal now counts 51 votes in favor of Ben Bernanke’s confirmation for another term as the Chair of the Federal Reserve. If the new regime of just Ben Bernanke requiring 50 votes to pass the Senate holds, then he’s pretty much assured of confirmation. This would explain why a date has been [...]

AIG Hearings – A Preview

By: Wednesday January 27, 2010 4:00 am

This morning at 10am ET, the House Oversight Committee will hold three separate panels on the AIG bailout. The first features Treasury Secretary Timothy Geithner, who chaired the New York Federal Reserve Board at the time, which was instrumental in managing the bailout. The second panel will feature former Treasury Secretary Hank Paulson, who was [...]

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