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Credit Default Swaps

Suspicious Timing Surrounding The "De-risking" of AIG's Toxic Obligations

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

There is no way that Congress can understand the AIG bailout without carefully scrutinizing the decision making process behind these specific ratings and subsequent downgrades.

The Times Story On Goldman's Role in AIG's Downfall Is More Damning When Placed In Context

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

Placed in a broader context, the front page story The New York Times is even more damning of Goldman Sachs than readers might realize. Goldman played...

The Question Unasked Again and Again of Goldman Sachs, Lloyd Blankfein and Hank Paulson

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

What was the nature of the exchange of information between Paulson and Blankfein and/or their staffs, and what impact might it have had on Goldman's intransigence vis a vis A.I.G.? We should all be told.

Congress Exposes Potential Profiteering in AIG's Deals: Delay Enabled Further Cover-Up

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

Goldman is not solely responsible, but it has a large role in AIG's crisis and a unique position of conflicted interest and influence over the terms of the bailout. Now that the crisis is over, this issue should be reopened.

Weekly Audit: Don't Let Citizens United Wreck Our Economy

The Media Consortium | Posted 05.25.2011 | Home
The Media Consortium

By Zach Carter, Media Consortium Blogger In a landmark decision last week, the Supreme Court ruled that corporations could spend unlimited funds to in...

AIG Insurance Unit Credit-Default Swaps | MARY WILLIAMS WALSH | Posted 05.25.2011 | Business

Ever since the American International Group nearly collapsed, the conventional wisdom has been that the exotic derivatives that drove it to the brink ...

Sham Transactions That Led to AIG's Downfall: The Ugly Truth Was Hiding In Plain Sight

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

If you want to understand the deals that wiped out AIG, the best place to start is the website of the New York Fed.

One Year Before Crisis, I Told Jamie Dimon and Warren Buffett AIG Had Serious Trouble (and Goldman Sachs Knew Too)

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

The mark-to-market losses were just one part of the problem. AIG had a grave problem just from this position alone, and AIG had other serious problems.

Shahien Nasiripour

Goldman Sachs Approached AIG To Scrap Contracts Months Before Being Paid In Full By NY Fed | Shahien Nasiripour | Posted 05.25.2011 | Business

This post has been updated with a quote from a senior Obama administration official. Goldman Sachs approached AIG and expressed its willingness to ca...

It's Not About the Kids at Denver Public Schools -- It's About Saving Your Own Skin

Christopher Scott | Posted 05.25.2011 | Denver
Christopher Scott

When Michael Bennet was hired as DPS superintendent, everyone said it was because we needed his business experience. Then the CEO played poker with the public's money against the likes of JPMorgan.

Fed Returns $46 Billion To Taxpayers, Gets Subpoena From Congress Over AIG

McClatchy | Kevin G. Hall | McClatchy Newspapers | Posted 05.25.2011 | Politics

In dual developments that underscored the complex reality of stressful financial times, the Federal Reserve said Tuesday that it returned to taxpayers...

Banking Regulation Needs to Confront Real Risks Presented by Financial Derivatives

David Paul | Posted 05.25.2011 | Politics
David Paul

Our banking system is structurally flawed, and the changes instigated by the passage of the Financial Services Modernization Act of 1999 should be fundamentally reconsidered.

Goldman Sachs Would Have Been Damaged By AIG Failure: SIGTARP Report

Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

Last April, Goldman Sachs CFO David Viniar said he was "mystified" by concerns that the government bailout of AIG may have disproportionately favored ...

Shahien Nasiripour

RT @huffbusiness New "Too Big To Fail" Bill Gives Feds Power To Undo Dangerous Derivatives Contracts | Shahien Nasiripour | Posted 05.25.2011 | Business

The "Too Big To Fail" legislation currently being debated by a House committee has been widely criticized as toothless. But one provision gives the fe...

AIG Bailout Emails: SEC Ordered Records Sealed Until 2018

Reuters | Matthew Goldstein | Posted 05.25.2011 | Business

NEW YORK, Jan 11 (Reuters) - It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International...

Some Jobs Taxpayers Don't Need to Buy

Leo W. Gerard | Posted 05.25.2011 | Business
Leo W. Gerard

A second stimulus is completely reasonable at a time when there are six unemployed Americans for every job opening and when it takes six months on average for an unemployed worker to find a job.

WSJ: AIG CEO Ready To Quit Over Pay Constraints

Huffington Post/AP | Posted 05.25.2011 | Business

NEW YORK — After just three months as head of battered insurer American International Group, Robert Benmosche has threatened to leave his post as he...

Claims of Financial Reform Victory? You Can't Reform Vampires and Zombies

Marshall Auerback | Posted 05.25.2011 | Business
Marshall Auerback

Obama clearly seems to have imbibed some of the Chicago School's free market ideology, and the unspoken assumption that free, unfettered markets are the optimal state.

The Geithner Deception

Lawrence G. McDonald | Posted 05.25.2011 | Business
Lawrence G. McDonald

The public deserves to know about Tim Geithner's three years of total incompetence at the New York Fed, and they need to hear about the billowing risk in the credit derivatives markets, and how he failed to protect us.

Goldman Sachs Driving YRC Trucking Into Bankruptcy, Hoffa Says | Pierre Paulden and Shannon D. Harrington | Posted 05.25.2011 | Business

Dec. 17 (Bloomberg) -- International Brotherhood of Teamsters President James Hoffa said Goldman Sachs Group Inc. is creating derivatives trades that ...

Goldman Sachs Nearly Bankrupted AIG

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

Goldman Sachs wasn't the only contributor to the systemic risk that nearly toppled the global financial markets, but it was the key contributor to the systemic risk posed by AIG.

AIG Swaps: New York Fed's Secret Choice To Pay For AIG Swaps Cost Taxpayers $13 Billion | Richard Teitelbaum and Hugh Son | Posted 05.25.2011 | Business

Oct. 27 (Bloomberg) -- In the months leading up to the September 2008 collapse of giant insurer American International Group Inc., Elias Habayeb and h...

Anti-Regulators: The Federal Reserve's War Against Effective Regulation

William K. Black | Posted 05.25.2011 | Business
William K. Black

As Dr. Bernanke's appointment of Dr. Parkinson as the Fed's top supervisor demonstrates, the Fed's senior leadership has failed, despite the Great Recession, to learn from the crisis.

Geithner: $700B Bailout Program Will End Soon, Derivatives Allowed Banks To 'Write Their Own Rules' (VIDEO)

Posted 05.25.2011 | Business

WASHINGTON (MARCY GORDON - AP) -- Treasury Secretary Timothy Geithner is affirming the administration's intent to soon end the $700 billion financial ...

Goldman Sachs CEO Lloyd Blankfein: "I'm Doing God's Work."

Times Online | John Arlidge | Posted 05.25.2011 | Business

Goldman's reputation is suddenly as toxic as the credit default swaps and other inexplicably exotic financial instruments it used to buy with glee. Th...