naked capitalism Fri 2010-01-08 19:33 EST

Geithner's dubious AIG cover up

Edward Harrison

...This was looting and a cover-up plain and simple...Damaging e-mails have revealed that Treasury Secretary Timothy Geithner urged AIG to withhold crucial information about the deterioration of its financial condition in the lead up to its demise...He was on the job when these firms levered up and took reckless risks that endangered our financial system. For him to absolve himself of responsibility is a disgrace. And to add insult to injury, we now learn that he urged a systemically important company to withhold evidence of his looting of taxpayers. Tim Geithner must go.

Geithner's dubious AIG cover; naked capitalism.

Jesse's Café Américain Tue 2009-12-01 22:16 EST

Draining the Swamp: The Fed's Tri Party Repo Machine

Jesse

A triparty repo transaction is a transaction among three parties: a cash lender acting on behalf of all holders of dollars (the Fed), a borrower that will provide collateral (dodgy debt holder in shaky financial condition), and a clearing bank, most likely a primary dealer like J.P. Morgan, which is only too happy to collect its fees as an agent of the Fed... This is the method of obtaining toxic assets from the books of non-primary dealers, and providing stability and liquidity from the aggregate value of all dollar holders to cover the misdeeds of diverse financial institutions and other favored parties. In other words, the Fed is draining the financial debt swamp and toxic waste dumps into your basement, if you hold Federal Reserve Notes.

drain; Fed's Tri Party Repo Machine; Jesse's Café Américain; swamping.

Calculated Risk Tue 2009-09-22 09:28 EDT

GAO Report: AIG Stabilized, Repayment "Unclear"

CalculatedRisk

A report on AIG from the General Accounting Office (GAO): While federal assistance has helped stabilize AIG's financial condition, GAO-developed indicators suggest that AIG's ability to restructure its business and repay the government is unclear at this time.

AIG Stabilized; Calculated Risk; GAO report; repayments; unclear.

Credit Writedowns Wed 2009-08-26 16:38 EDT

The FDIC and the socialization of banking losses

With the Federal Deposit Insurance Corporation (FDIC) about to release its latest figures for banks it regulates and its own financial condition, now is a good time to review its role in this crisis. This post is about the FDIC's role in the credit crisis, how it seizes banks and why I believe this matters. [...] ``the way assets are seized and sold represents a redistribution of income from taxpayers to the acquiring entities''

banks losses; credit writedowns; FDIC; social.

Sat 2008-04-19 00:00 EDT

Mish's Global Economic Trend Analysis: Digging Into Citigroup's Numbers

Citigroup's financial condition continues to deteriorate; Citigroup using accounting tricks to hide deteriorating financial condition

Citigroup's Numbers; digging; Mish's Global Economic Trend Analysis.

Sat 2008-04-12 00:00 EDT

Bear Stearns Details Financial Condition

(AP)

Bear Stearns Details Financial Condition.