Ok, I know I’m missing something in the translation, and at the risk of starting another AIG firestorm with this post, I just have to say something.
AIG was loaned about $150 Billion. They are now selling nearly worthless securities to the FRB to the tune of $39 Billion, even though the initial purchase price was $19 Billion …and, they are using that money to pay a portion of their loan?
Is that right? What a deal. I wish I could have that kind of garage sale and pay off my home loan. Wouldn’t you?
Ok, just to dive in a bit further, the FRB set up a Delaware LLC called Maiden Lane II LLC in order to facilitate this type of deal.
Hmmm…
See what happens when you Google that name. Duped? Only if the government rep is truly ignorant of the financial calamity. Is that possible? As for me, the word co-conspirator comes to my mind. Was the lobbyist money running out of the first Maiden Lane? Party nearly over? Time for a re-load?
I wonder why the New York FRB set up a Delaware corporation instead of a New York company. If I recall correctly, the reason so many credit card issuers chose Delaware to domicile is because of their very lax laws on interest rates they can charge. They’re allowed to rape and pillage average Joe’s.
I wonder who benefits from that snazzy set up?
Or, does the location give them the ability to hide more transactions? I dunno.
The only thing I do know is this whole bailout/loan culture that’s suddenly infested our government smells from git to go. At the end of this rainbow, there are going to be a small group of extremely rich and powerful people, and lots of unpaid bills laid upon the average taxpayer – thank you very much.
I’m going to sell my car to my mortgage company. It should be an even swap to pay off my mortgage. It’s a 2000 Honda Civic. I figure in about 100 years, if they keep it in good shape, it will be worth at least as much as my mortgage. It’s a win win situation. I wonder how the mortgage company will take it?
Bunch of BS just like this deal. Why can’t I get rid of my car for 100 times what it is worth? That’s what AIG and other companies are doing by having the government buying these soon to be forclosed upon loans. Nice one Paulson!!
Ok, I know I’m missing something in the translation, and at the risk of starting another AIG firestorm with this post, I just have to say something.
AIG was loaned about $150 Billion. They are now selling nearly worthless securities to the FRB to the tune of $39 Billion, even though the initial purchase price was $19 Billion …and, they are using that money to pay a portion of their loan?
Is that right? What a deal. I wish I could have that kind of garage sale and pay off my home loan. Wouldn’t you?
Ok, just to dive in a bit further, the FRB set up a Delaware LLC called Maiden Lane II LLC in order to facilitate this type of deal.
Hmmm…
See what happens when you Google that name. Duped? Only if the government rep is truly ignorant of the financial calamity. Is that possible? As for me, the word co-conspirator comes to my mind. Was the lobbyist money running out of the first Maiden Lane? Party nearly over? Time for a re-load?
I wonder why the New York FRB set up a Delaware corporation instead of a New York company. If I recall correctly, the reason so many credit card issuers chose Delaware to domicile is because of their very lax laws on interest rates they can charge. They’re allowed to rape and pillage average Joe’s.
I wonder who benefits from that snazzy set up?
Or, does the location give them the ability to hide more transactions? I dunno.
The only thing I do know is this whole bailout/loan culture that’s suddenly infested our government smells from git to go. At the end of this rainbow, there are going to be a small group of extremely rich and powerful people, and lots of unpaid bills laid upon the average taxpayer – thank you very much.
I’m going to sell my car to my mortgage company. It should be an even swap to pay off my mortgage. It’s a 2000 Honda Civic. I figure in about 100 years, if they keep it in good shape, it will be worth at least as much as my mortgage. It’s a win win situation. I wonder how the mortgage company will take it?
Bunch of BS just like this deal. Why can’t I get rid of my car for 100 times what it is worth? That’s what AIG and other companies are doing by having the government buying these soon to be forclosed upon loans. Nice one Paulson!!