Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

AIG's former derivative chief said that taxpayers overpaid Wall St

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Editorials & Other Articles Donate to DU
 
katty Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 06:04 PM
Original message
AIG's former derivative chief said that taxpayers overpaid Wall St
(ya think?!)

more: http://www.huffingtonpost.com/2010/06/30/aigs-former-de...

AIG's former derivatives chief said Wednesday that taxpayers overpaid Wall Street for their AIG-related holdings, telling a federal investigative panel that he could have gotten "a much better deal" than the Federal Reserve Bank of New York.

Joseph Cassano, the chief executive of AIG Financial Products from 2002 to 2008, told the Financial Crisis Inquiry Commission that the New York Fed's rapid move to settle claims by counterparties to AIG's derivatives deals at 100 cents on the dollar "made me scratch my head."

"We had contractual rights," Cassano said, explaining that the once AAA-rated insurer could have fought Wall Street counterparties like Goldman Sachs, which were using their contracts to exact concessions.

"I don't understand why people didn't look at the contracts," Cassano said. "I don't think taxpayers would have had to accelerate a $40 billion payment" to settle those claims.
Printer Friendly | Permalink |  | Top
Bluzmann57 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 06:25 PM
Response to Original message
1. That needs to be filed under "No shit?"
An obvious statement. $1.00 is too much to pay to Wall Street when they have already screwed us all.
Printer Friendly | Permalink |  | Top
 
katty Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 06:39 PM
Response to Reply #1
2. precisely
Printer Friendly | Permalink |  | Top
 
Prometheus Bound Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 06:41 PM
Response to Original message
3. The New York Fed, then led by current Treasury Secretary Timothy Geithner...
Printer Friendly | Permalink |  | Top
 
HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-01-10 12:11 AM
Response to Reply #3
5. Shhh
The Democrats are in control now.
Printer Friendly | Permalink |  | Top
 
thetonka Donating Member (192 posts) Send PM | Profile | Ignore Wed Jun-30-10 07:01 PM
Response to Original message
4. WELL DUH
In the end the bipartisan legislation that opened the flood gates for the abuses by Wall Street and the financial pirates, and then the decisions to bailout the very companies that risked it all and lost BECAUSE of said legislation was all put in place by people who have very little understanding of finance and economics. I wouldn't be surprised if many of these "representatives" we have can even balance their check books.

Why we trusted these people to protect us, when in reality they all work for those with the biggest slush funds, is beyond me. I just hope that people will start opening their eyes and realize that it is not just one person who has failed us, it's the entire government and the foundation of ignorance, arrogance, and corruption it is built on.

Decisions that effect millions of people should be made by people who understand the options and implications, and they should ALWAYS be peer reviewed and acceptable to the people, not just the corporate puppet masters.
Printer Friendly | Permalink |  | Top
 
w4rma Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-01-10 06:46 AM
Response to Original message
6. This is what happens when empty suit DLCers get involved in economics. (nt)
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat Sep 20th 2014, 03:21 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Editorials & Other Articles Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC