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Greenspan Changes His Mind

October 15, 2009
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Alan Greenspan has changed his mind, proving finally that he has one. As Bloomberg reports, Greenspan told the influential crowd at the Council on Foreign Relations yesterday that the too-big-to-fail doctrine must end: “If they’re too big to fail, they’re too big,” Greenspan said today. “In 1911 we broke up Standard Oil—so what happened?...
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Inspector General Audits AIG Payments to Goldman, Others

April 7, 2009
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Bloomberg is reporting that Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP), has opened an investigation into AIG’s payments to its counterparties: “To what extent did AIG pay counterparty claims at 100 percent of face value and was any attempt made to renegotiate and close out these claims with...
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Hank Greenberg: “Don’t Blame Me for AIG”

April 2, 2009
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From the Wall Street Journal (pay site): “I think they got greedy. I think they wrote considerably more business than they should have,” Maurice “Hank” Greenberg told the House Oversight and Government Reform Committee Thursday. They got greedy? Them? Rep. Elijah Cummings (D., Md.) was more direct, asking Mr. Greenberg during a heated exchange,...
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Who Got The Haircut?

March 27, 2009
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Who Got The Haircut?

Congressman Elijah Cummings (D-Baltimore) sent a letter yesterday to the inspector general for the TARP program, asking what could be a relevant question about the bailout of AIG: Who is watching out for the taxpayers? The letter, signed by 26 other representatives, received coverage in the New York Times this morning along with a...
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AIG Update

March 17, 2009
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AIG, the giant insurance firm we taxpayers have given $173 billion to keep from collapsing, has lately got itself in the news for paying out a “contractually obligated” $165 million to the key employees of its “Financial Products Division.” Financial Products are the derivatives guys. They’re the geniuses who sank the company. President Obama...
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Fork Over The Information

November 10, 2008
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Bloomberg, the financial news wire, has sued the Federal Reserve under the Freedom of Information Act to find out just what the taxpayers are getting for our $1.5 trillion (so far) bailout of the U.S. financial services industry. We explained this in general a couple months ago. Now it’s time for specifics. As the...
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