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| User Info | More Fed Lawlessness: AIG in forum [Ticker] | |||
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Genesis Posts: 66462 Incept: 2007-06-26 
Royal Flush! 
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http://market-ticker.org/archives/1166-M....
---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2009-06-26 11:00:46
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Iliketrends Posts: 1759 Incept: 2007-11-26 
Tejas
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Thank you for your tireless work for this and the rest of your "where are the cops?" Tickers. ---------- **** CNBS, CONgress, Obama, the Democrats, the Republicans, the ratings agencies, the Banksters, the Fed, the FASB, all the government regulatory agencies, the Trilateral Commission, the Council of Foreign Relations, the G whatever, the UN, and any other bastard or big corporate interest that has a fingerprint on this 2009-06-26 11:07:02
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Centurion Posts: 76 Incept: 2009-05-14 DFW
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From articleQuote:This is blatantly in violation of The Federal Reserve Act but nobody in Congress seems to care. KD: Have you posted black-letter chapter and verse from the Federal Reserve Act legal text where this is the case? Just an thought, but I think that would probably make a very compelling argument in one of your ticker posts. ---------- - If you're not being shot at, it's not a high stress job. - The right to self-defence is THE basic human right. - No, I don't know everything .... I'm just REALLY good with Google. - Trying not to be a tinfoil guy. But can you really blame me after the actions of Fed & Treas? 2009-06-26 11:15:09
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Genesis Posts: 66462 Incept: 2007-06-26
Royal Flush!
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Yes, several times. Read Section 14. Section 13 only deals with LOANS. In "unusual and exigent circumstances" The Fed can LOAN anyone money. There is no exception allowing PURCHASES. ---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2009-06-26 11:16:44
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Johnking Posts: 16 Incept: 2009-03-18
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Marcy Kaptur, congresswoman from Ohio was mentioning FBI yesterday during Bernanke testimony, maybe forward your findings to her? I don't know anyone who isn't crooked in this mess but maybe we should try to compile a list and work it. 2009-06-26 11:19:47
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Centurion Posts: 76 Incept: 2009-05-14 DFW
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KD: Thank you for the information.
---------- - If you're not being shot at, it's not a high stress job. - The right to self-defence is THE basic human right. - No, I don't know everything .... I'm just REALLY good with Google. - Trying not to be a tinfoil guy. But can you really blame me after the actions of Fed & Treas? 2009-06-26 11:22:05
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Kab Posts: 538 Incept: 2009-04-02 Colorado
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He's posted the law and how it applies numerous times. You know it's sad when a a ticker titled "More Fed Lawlessness" had me checking the date to make sure it wasn't old. 2009-06-26 11:23:02
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Language_games Posts: 860 Incept: 2008-02-09 
St. Louis
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emailed local Senator. thx ---------- "It's not faith, it's work" Sister Helen Prejean - Dead Man Walking 2009-06-26 11:23:34
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Centurion Posts: 76 Incept: 2009-05-14 DFW
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For anyone else : Here's a link to section 14. http://www.federalreserve.gov/aboutthefe.... ---------- - If you're not being shot at, it's not a high stress job. - The right to self-defence is THE basic human right. - No, I don't know everything .... I'm just REALLY good with Google. - Trying not to be a tinfoil guy. But can you really blame me after the actions of Fed & Treas? 2009-06-26 11:26:06
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Jata1 Posts: 2021 Incept: 2009-03-08
asia
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forwarded to my congressman with my usual request to represent the people.
---------- 2009-06-26 11:27:59
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Gmak Posts: 10176 Incept: 2007-07-27
Re-inventing the future at the speed of time.
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deleted. bad timing on my part.
Last modified:
2009-06-26 11:41:04 by gmak
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Jubber Posts: 3999 Incept: 2007-07-05
UK Online
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Sorry but I don't understand, if it's against the law then it can't happen, or is this a US thing?
---------- "War is God's way of teaching Americans geography." Ambrose Bierce "The Emperor realized that the people were right but could not admit to that. He though it better to continue the procession under the illusion that anyone who couldn't see his clothes was either stupid or incompetent." Hans Christia 2009-06-26 11:30:48
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Jubber Posts: 3999 Incept: 2007-07-05
UK Online
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If it is against the Law why are thousands of Lawyers not filing suits?
---------- "War is God's way of teaching Americans geography." Ambrose Bierce "The Emperor realized that the people were right but could not admit to that. He though it better to continue the procession under the illusion that anyone who couldn't see his clothes was either stupid or incompetent." Hans Christia 2009-06-26 11:31:59
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Micronin127 Posts: 493 Incept: 2008-01-21
Swampscott, MA
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I agree that the Fed shouldn't own the stock. These companies should be IPO'd and the proceeds should repay the Treasury. If there is no interest in the IPO shares, then I question the valuation that places their combined value at $25 billion. Just another ficticious mark buried off the balance sheet I suppose. 2009-06-26 11:34:06
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Jubber Posts: 3999 Incept: 2007-07-05
UK Online
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So why hasn't the Supreme Court come out and said this is unlawful. or the earlier stuff? because it must be legal
---------- "War is God's way of teaching Americans geography." Ambrose Bierce "The Emperor realized that the people were right but could not admit to that. He though it better to continue the procession under the illusion that anyone who couldn't see his clothes was either stupid or incompetent." Hans Christia Last modified:
2009-06-26 11:40:20 by jubber
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Stoverny Posts: 197 Incept: 2009-02-25
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Fed reminds me of the villain in that old Lethal Weapon movie who just laughed and said "Diplomatic Immunity!" whenever they tried to arrest him for a crime. Only this time the Fed is laughing and saying, "Systemic Risk!" 2009-06-26 11:44:24
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Genesis Posts: 66462 Incept: 2007-06-26
Royal Flush!
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Jub, three posts in a row pounding the same issue is spam. You're done with this thread; I'm tired of that sort of tactic and won't allow it. The answer lies in a thing called "standing"; go pay a lawyer to explain it to you as you've managed to reduce my willingness to do that for you with your tactic to zero. ---------- I used to play flute; I wonder if I can play a fife? I incite prosecutors to create "Bubba Sausage Parking Lot" projects Darrell Issa has a middle finger and knows how to use it - Me 2009-06-26 11:53:14
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Kab Posts: 538 Incept: 2009-04-02 Colorado
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Quote:So why hasn't the Supreme Court come out and said this is unlawful. or the earlier stuff? because it must be legal This is sarcasm right? Edit: It appears you won't be able to respond. http://en.wikipedia.org/wiki/Standing_(l.... Being a taxpayer whose dollars are being shoveled into companies through illegal appropriations doesn't count. Last modified:
2009-06-26 11:56:41 by kab
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Flyingcow Posts: 7 Incept: 2009-06-07 My back porch, watching the decline & fall of the empire....
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Been lurking and reading for a while--thanks, KD, for all of your work--VERY helpful in sorting through the lies and thievery. The Fed, Treasury, Congress, the banksters, and BO all seem intent on creating Zimbabwe on the Potomac. +++++++++++++++++++++++++++++++++ Long, beans and bullets 2009-06-26 11:53:43
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Kuhio Posts: 203 Incept: 2008-12-31
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Denninger, you magnificent bastard, I've read your posts! Karl, really, you're an analyst's analyst. I've got a (small) reputation as being somewhat analytical (published books, speaking engagements, professional education, etc), but sh!t, you keep coming up with new and unique ways in which to cut & analyze data. As you know, I'm firmly in the camp that believes nothing is going to be done as long as the existing order continues to function. You're a computer guy - you know that if a system is horribly corrupted, sometimes you just have to do a complete clean swipe & re-install. Rest assured that none of these criminals are going to get away with any of this stuff. The very same TLA people monitoring your site/comments will be plenty steamed when their jobs/bennies/pensions go up in smoke along with the rest of the country's. For now, GS, et al can hire all the ex-spooks they want for protection - they won't protect them any longer, and will switch sides to be back with their former colleagues, in order to collect the huge rewards offered by the People's tribunals. 2009-06-26 12:22:55
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Widgeon Posts: 5671 Incept: 2007-08-30
OK
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Seems like this is, essentially, another bailout for AIG; No? More good money after bad, isn't it? 2009-06-26 12:50:22
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Phif Posts: 158 Incept: 2008-08-06 Atlanta. Ga
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Looks like the NY Fed (a private bank and the only Fed bank that matters) is stripping the good stuff out of AIG and at the end they'll dump the most toxic leftovers on the taxpayer.
2009-06-26 14:02:07
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Loves2learn Posts: 240 Incept: 2009-01-28
Heart of America
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I must be a masochist. I keep reading tickers, keep getting more and more angry but it's like watching a train wreck, I can't stop looking.
2009-06-26 15:24:09
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Wcf Posts: 19 Incept: 2008-12-09 Los Angeles
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So let me see if I got this straight as a more layman person (in finance). We loaned AIG money, which they were supposed to repay, instead now they gave us ,generously no doubt, part of their company (which incidentally becomes a "nationalization", well that one certainly flew under the radar). So now if it has trouble, we the people as shareholders have some responsibility, at least to try to sustain it through trouble (with more money of course), and we will never see our money back unless we sell our equity in it (to whomever may want to buy). If nobody wants to buy, then it was just a bad purchase and we're screwed. Incidentally since these companies are private (the one AIG gave us ownership in) so it provides us with no liquidity (we cannot sell on the market, we can only sell in a private transaction). It used to be a debt that had to be repaid regardless of AIG status, and if AIG was going bad we could have forced it to go bankrupt, recuperating part of our loan. It is further cunning that they make it sound like a great headline and super positive event: Quote:American International Group announced yesterday that it has reached a deal to reduce its debt to the Federal Reserve Bank of New York by $25 billion. Now if I go further it really seems like pure genius (for AIG): - AIG exchanged debt of the HOLDING company into ownership of PRIVATE wholly owned SUBSIDIARIES at a price (for shares) that they decided the value of. What is the likeliness or argument that what we just got is worth $25B other than AIG's word? - It makes them look better as a whole, yet it also creates entities that can easily be severed in case of trouble, which WE own. So if these pieces get into trouble, we, the people, either keep maintaining them to the benefit of the whole AIG and at our expense, or they can choose to dump them. Instantly they would become stronger and we inherit all the bad stuff. Quote:The exchange of senior secured debt for preferred equity interests reduces AIG's financial leverage and facilitates the independence of these two key subsidiaries." - If on the other hand these entities happen to do great, AIG can come back in and buy them back for pretty much whatever price (they would make sure they are just doing OK but have potential, then offer the price ($25B) which they would argue is plainly fair, and then acquire something back that is in reality worth a lot more.) I.e. they take little risk yet all potential benefits whether it goes well or bad is theirs. Genius I tell you. - Furthermore, if us as a taxpayer in the future become so proud of how AIG is now doing well, we DON'T have control nor ownership of it, just some side entities that we can do nothing with without AIG consent and decision. So in essence we didn't nationalize the good, just the bad. Anything I missed or is incorrect? This stuff is absolutely unbelievable. 2009-06-26 18:11:41
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Jstanley01 Posts: 2332 Incept: 2008-07-30
San Antonio, Texas
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Think about it. If you're "too big to fail," then that makes you one of "the chosen," "the elect," "the redeemed." But what if you're the one who DECIDES who is "too big to fail"? Well then, no doubt about it, that would make you *GOD*. So Gen, what you're doing is insisting that *GOD* follow some silly little law, passed by mere mortals. The sheer blasphemy of it! *BELCH* 'Xcuse me... ---------- Come on. It's just a ****ing casino. The markets have nothing to do with reality most of the times.. until they suddenly do... -- Peezdets Last modified:
2009-06-26 18:50:37 by jstanley01
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