Merril Lynch

If success breeds success...

What do you think this kind of crappy inbreeding results in?

(Bloomberg) -- American International Group Inc.
named Peter Hancock, described by a former employer as an
“architect” of the derivatives business, to oversee finance
and risk, including the insurer’s money-losing credit-default
swap unit.

Hancock spent 20 years at a predecessor to JPMorgan Chase &
Co., where he established the derivatives group and served as
chief financial officer, New York-based AIG said in a statement
today. Hancock, who most recently was vice chairman at KeyCorp
responsible for national banking, will report to AIG Chief
Executive Officer Robert Benmosche.

Hancock “is one of the people that basically developed the
credit-default swaps market at JPMorgan in the mid-1990s,” said
Ed Grebeck, CEO of Stamford, Connecticut-based debt-consulting
firm Tempus Advisors and an instructor at New York University on
derivatives. “Given that he was one of the pioneers, it’s
probably the first good appointment that any one of these
bailed-out firms has made.”

Those prankster shadow bank CEOs... They sure know where to put the right people to bury their body of crimes. What? You're not laughing??? You little people have no sense of humor. Maybe you'll like this joke a little more?

A karmatastic flushing out of bankster crap?

Bank of america, JPMorgan Chase and co., UBS AG, Merril LynchFrom Bloomberg, Bank of America, JPMorgan Chase and Co. and UBS AG have assets frozen by Italy:

Italy’s financial police are seizing 73.3 million euros ($102
million) of assets from Bank of America Corp. and a unit of Dexia SA as
part of a probe into an alleged derivatives fraud in the region of
Apulia.

Police are investigating losses on derivatives linked to the sale of
870 million euros of bonds sold by the regional government in 2003 and
2004, according to an e-mail from the prosecutor’s office in Bari
today. The banks misled the municipality, located in the heel of Italy,
on the economic advantages of the transaction and concealed their fees,
the prosecutor said.

The region, also known as Puglia, joins more than 519 Italian
municipalities that face 990 million euros in derivatives losses,
according to data compiled by the Bank of Italy. In Milan,
prosecutors seized assets from four banks including JPMorgan Chase
& Co. and UBS AG in April and requested they stand trial for
alleged fraud. Hearings started this month.

And BoA owned Merril Lynch is in deep doodoo too.

If our American politicians have sold their souls to the financial sectors (As has our SCROTUS) it doesn't mean the rest of the world will turn a blind eye to theft on a trillion dollar scale.