• Dalmasian
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Wednesday , April 1 , 2009
Big Banks Recent Profitability Due to AIG Scam?
Posted by Dalmasian , Reader : 561 , 14:58:54  
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Big Banks' Recent Profitability Due to AIG Scam?

Seeking Alpha contributor Tyler Durden was kind enough to provide this story from an AIG insider that might help explain why Citibank, Bank of America, J P Morgan Chase and other big US banks were able to report unexpected profits recently, sparking a bear-market bull run in the US and other major stock markets.

Read the full story here:

http://seekingalpha.com/article/128390-exclusive-big-banks-recent-profitability-due-to-aig-scam

Based on the information provided, it would appear that these shenanigans related to the unnatural and less-than-transparent-and-fair unwinding of "trades" by AIG that effectively translated into billions of dollars in profits for AIG counter-parties (e.g. the big banks) occured with the full knowledge and apparent blessings of US Administration officials such as Ben Bernanke, Tim Geithner, etc.

Since I am not an American it is really not my business to complain so I shall keep my mouth shut.  But if I were one, I will not behave like a sheep that is being led to slaughter day after day without putting up a fight. US Senators and Congessmen, where are you?

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comment 2
Alien date : 02/04/2009 time : 09.03
http://blog.nationmultimedia.com/alien

Yes, the banks ended up with "risk-free" investments. The U. S. Government let AIG (which in my mind stands for American Institute of Greed) pay off the insurance instruments in full. The U> S. taxpayer is the one to take the bath. They should have, at the very least, instructed AIG to only pay off a percentage of the financial instruments. Maybe 75%. You do hear some grumbling about it on conservative talk radio, but the rest of the citizenry remains enthralled by the Obamas' and apears to be more interested, if you can go by what the press reports, in what Michelle Obama is wearing and the fact she is planting an "organic garden on the White House grounds. Wasn't it W. C. Fields who said something like, "you'll never lose money underestimating the intelligence of the American public"?
comment 1
iceberg date : 01/04/2009 time : 22.12
http://blog.nationmultimedia.com/ranchhand

Sorry to tell you that I invested a few bucks in Citi and BofA when the prices per share were $1 and $3.50 respectively, now they are $2.50 & $7.00 per share.

Reading your friend's messages, may be it is the time for me to say Sayonara to Citi and BofA.
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