Eliot Spitzer Exposes AIG Ponzi Scheme
Breaking News Wednesday March 18, 2009
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Explosive Back Breaking
News
Eliot
Spitzer is Baaack as He Exposes the AIG-Federal Reserve Ponzi Scheme
by
Tom Heneghan
International Intelligence Expert
Wednesday March 18, 2009
UNITED STATES of America - He is baaack! Eliot Spitzer's blockbuster
piece at Slate.com on the real truth about the AIG 'bail out', which is nothing
more than another Ponzi Scheme, this time engineered by the [privately owned]
U.S. Federal Reserve aka the "creature from Jekyl Island".
Again, stay tuned for our next intelligence briefing, which will also include:
an update on the fire in the London
financial district near AIG headquarters
the TRILLION dollars Federal
Reserve "black op" that occurred today on 3/18/09, which includes
new Federal Reserve derivatives that mark the par value of $1 at $100
the role of Wells Fargo's
Singapore-based hedge fund and the use of the deposits of its own customers in
aiding and abetting the latest Federal Reserve derivative Ponzi Scheme
the need for the Federal Reserve to
keep 9/11 patsy Osama bin Laden aka CIA employee Tim Osman alive, even though
he has been dead for over seven (7) years since December of 2001, which would
allow the Federal Reserve to park toxic derivative assets in "national
security" custodial accounts.
osama_bin_laden_us_cia_asset.
Ted_Gunderson_Selling_Terrorist_Osama_Bin_Laden_Stinger_Missiles.
Finally, folks, remember this. One month before the original BushFRAUD
Administration's "bail out" of AIG, in August of 2008, the FBI and
U.S. Justice Department launched a criminal investigation of AIG and Citibank,
which continues to this day.
The Federal Reserve's
action today is clearly Obstruction of Justice of the highest order.
It is obvious that they want to hide the toxic derivatives from the FBI, the
Justice Department and the Securities and Exchange Commission.
How dare you,
you conspiratorial tyrants
and kings and notable queens!
Finally, rumors are flying around Washington, D.C. that former BushFRAUD U.S.
Treasury Secretary, Henry (Hank) Paulson, has been indicted.
Please enjoy Eliot Spitzer's piece which exposes the entire AIG scandal as a
massive Federal Reserve Ponzi Scheme directed against the American People.
The Real AIG
Scandal
It's
not the bonuses. It's that AIG's counterparties are getting paid back in full.
By Eliot
Spitzer
Posted Tuesday, March 17, 2009,
at 10:41 AM
Everybody is rushing to condemn AIG's bonuses, but this simple scandal is
obscuring the real disgrace at the insurance giant: Why are AIG's counterparties
getting paid back in full, to the tune of tens of billions of taxpayer dollars?
For the answer to this question, we need to go back to the very first decision
to bail out AIG, made, we are told, by then-Treasury Secretary Henry Paulson,
then-New York Fed official Timothy Geithner, Goldman Sachs CEO Lloyd Blankfein,
and Fed Chairman Ben Bernanke last fall. Post-Lehman's collapse, they feared a
systemic failure could be triggered by AIG's inability to pay the counterparties
to all the sophisticated instruments AIG had sold. And who were AIG's trading
partners? No shock here: Goldman, Bank of America, Merrill Lynch, UBS, JPMorgan
Chase, Morgan Stanley, Deutsche Bank, Barclays, and on it goes. So now we know
for sure what we already surmised: The AIG bailout has been a way to hide an
enormous second round of cash to the same group that had received TARP money
already.
It all appears, once again, to be the same insiders protecting themselves
against sharing the pain and risk of their own bad adventure. The payments to
AIG's counterparties are justified with an appeal to the sanctity of contract.
If AIG's contracts turned out to be shaky, the theory goes, then the whole
edifice of the financial system would collapse.
But wait a moment, aren't we in the midst of reopening contracts all over the
place to share the burden of this crisis? From raising taxes—income
taxes to sales taxes—to properly reopening labor contracts, we are all being
asked to pitch in and carry our share of the burden. Workers around the country
are being asked to take pay cuts and accept shorter work weeks so that
colleagues won't be laid off. Why can't Wall Street royalty shoulder some of the
burden? Why did Goldman have to get back 100 cents on the dollar? Didn't we
already give Goldman a $25 billion capital infusion, and aren't they sitting on
more than $100 billion in cash? Haven't we been told recently that they are
beginning to come back to fiscal stability? If that is so, couldn't they have
accepted a discount, and couldn't they have agreed to certain conditions before
the AIG dollars—that is, our dollars—flowed?
The appearance that this was all an inside job is overwhelming. AIG was nothing
more than a conduit for huge capital flows to the same old suspects, with no
reason or explanation.
So here are several questions that should be answered, in public, under oath, to
clear the air:
What was the precise conversation among Bernanke, Geithner,
Paulson, and Blankfein that preceded the initial $80 billion grant?
Was it already known who the counterparties were and what the exposure was for
each of the counterparties?
What did Goldman, and all the other counterparties, know about AIG's financial
condition at the time they executed the swaps or other contracts? Had they
done adequate due diligence to see whether they were buying real protection?
And why shouldn't they bear a percentage of the risk of failure of their own
counterparty?
What is the deeper relationship between Goldman and AIG? Didn't they almost
merge a few years ago but did not because Goldman couldn't get its arms around
the black box that is AIG? If that is true, why should Goldman get bailed out?
After all, they should have known as well as anybody that a big part of AIG's
business model was not to pay on insurance it had issued.
Why weren't the counterparties immediately and fully disclosed
Failure to answer these questions will feed the populist rage
that is metastasizing very quickly. And it will raise basic questions about the
competence of those who are supposedly guiding this economic policy.
Eliot Spitzer is the former governor of the state of New York.
Article URL:
http://www.slate.com/id/2213942/
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HENEGHAN'S EXPLOSIVE INTELLIGENCE BRIEFINGS
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