It's apparent to me more everyday that the reason the government doesn't do anything to these criminals in the banking/finance/insurance industry is because they are inherently part of it. Prosecuting anyone would be prosecuting themselves. They are as much of the problem as AIG are. Holy mackinolee, the more I read about this the more astounded I get.
Feck off, AIG, you're nothing but a fecking fecker.
The Market Ticker Unbelieveable. QUOTE "AIG will also give the U.S. Federal Reserve a preferred interest in its American Life Insurance Co (Alico), which generates more than half of its revenue from Japan, and Hong Kong-based life insurance group American International Assurance Co (AIA) in return for reducing its debt, they said."
The Federal Reserve does not have the legal authority to take ownership stakes in anything.
This is what we get for not raising unholy hell when Bear Stearns' "Maiden Lane" was put in place, or when AIG's CDOs and CDS were taken by The Fed.
Now we're rising to open and flagrant flouting of the law.
The Fed, for those who are uninformed, is empowered to loan (under unusual and exigent circumstances) anyone money against collateral.
However, they are not empowered to own anything except debt instruments backed by the full faith and credit of the United States Federal Government.
That they would take an equity stake in a firm based in Hong Kong is beyond outrageous. UNQUOTE
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Listen lots, speak little except to ask questions, work hard, slow your clock down, see every day as a meditation. Remember how little you know. Be humble, not just in the eyes of your mentors, but before the land.--The Black Hunter, on LATOC, February 9, 2009
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