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Fannie Mae

Now We Know What AIG says, We Still Need To Know The Answer "What The Hell Is the Real Story?"

Mon, 03/16/2009 - 15:33 |  Chris White
Chris White's picture

So, now we know, two thirds of the bail out money which went to AIG between October and the end of December wasn’t intended for AIG at all, but was passed through to others. The list includes Goldman Sachs, Morgan Stanley, Deutsche Bank, Societé Generale, and many others. And, if that wasn’t enough to make you choke on your coffee this morning, there’s the additional fuel of the AIG bonus story. OMG, this is just like totally over the top.

 
There’s a lot of outrage about this which is kind of being stoked by the media, and there’s some useful commentaries which are dealing with parts of the story. These three from Robert Kuttner Robert Reich and the America’s Future blog are ones to take cognizance of, I think. In Kuttner's view Obama's financial team is leading him to destruction. Reich raises his voice against the corruption, and so do the folks over at Progressive Breakfast in their morning release.
 
The outrage is directed at the upfront particulars, the bonuses and the pass-through laundering of bail-out funds. I think though there is a picture beginning to emerge of the structure of the Paulson-Bernanke bailout which raises a whole range of other issues. The banks continue to insist that their assets will come good with a rebound in the economy, and therefore their current pricing structure should be preserved.Yves Smith provided a major service this morning over at Naked Capitalism when she made available Bruce Krasting's discussion of the AIG bonusses and Tyler Durden's guest post on bailout spotting.
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Chris White's blog |  7 comments |  Tags: AIG, bail out, bank senior secured debt, bonusses, derivatives, Fannie Mae, FDIC, insurance companies, Kuttner, mortgage securities, pension funds, PMI, Progressive breakfast, Reich, TPLG

Any oversight by Office of Federal Housing Enterprise Oversight - www.ofheo.gov?

Sun, 09/07/2008 - 19:03 |  luaptifer

Bumped. -- GH Originally posted 2008-09-07 13:11:07 -0500.

Now that taxpayers are about to pick up the tab on another megabillion dollar problem of the Bush Administration, I have some questions. Note: this commentary began its life just moments ago as a comment on Taxpayers picking up the tab again

--- Ever since I've known of this office, I've wondered if they have actually done any oversight of Fannie Mae and Freddie Mac.

What do they do? And how'd Mike Connell get the job of running their website back in 1999? Does George W. Bush get some sort of inside information from this arrangement?

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luaptifer's blog |  4 comments |  Tags: Fannie Mae, Freddie Mac, GovTech Solutions, Mike Connell, NewMedia, Office of Federal Housing Enterprise Oversight, OFHEO

Bush Press Conference to address Concerns about the Economy - Updated

Tue, 07/15/2008 - 09:50 |  cho

Actually, from the quick little blurb from the WSJ this morning, it sounds more like President Bush will use the opportunity of terrified markets to push for ...

more oil drilling.

The press conference will start at 10:20 a.m. Mr. Bush is expected to press Democrats in Congress hard on the need for more oil exploration, particularly in the Outer Continental Shelf. He's also likely to criticize Congress for failing to move on most annual spending bills.

Stay tuned. (and more updates below the fold)

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cho's blog |  8 comments |  Tags: Bernanke, Fannie Mae, Federal Reserve, Freddie Mac, Indy Mac, oil
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