A Tax Cheating Hobbits' excellent "advice" to AIG


Bloomberg: "Geithner's Fed told AIG to limit Swaps disclosure"


"AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed our the reference, according to the emails, and AIG excluded the language when the filing was made public on Dec 24, 2008."

"The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid for $62.1 billion of the swaps, prompting lawmakers to call the AIG rescue a "backdoor bailout" of financial firms."

Note that the CDSs' were virtually worthless when AIG, under pressure from Bilbo, paid those banks 100 cents on the dollar for them. Another example of Big Brothers pure awesomeness regarding all things of a financial nature.

Read the article for more juicy details.


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