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Originally posted by mybigunit
Hmm is it? The fact is the government owns 80% equity in AIG. So yes they DO own AIG as of now. You can slice it any way you want but as Obama says you can put lipstick on a pig but it is still a pig and guy ... this is an 85 billion dollar pig.
The U.S. negotiators drove a hard bargain. Under terms hammered out Tuesday night, the Fed will lend up to $85 billion to AIG, and the U.S. government will effectively get a 79.9% equity stake in the insurer in the form of warrants called equity participation notes. The two-year loan will carry an interest rate of Libor plus 8.5 percentage points. (Libor, the London interbank offered rate, is a common short-term lending benchmark.)
Originally posted by spookjr
I have a few questions for members that are probably more knowledgeable than I.
1. Who decides who and when and how much to bail out a company?
2. How is it that such a huge monetary movement,paid for with taxpayer dollars, is not put to a vote by the American people? I for one dont give a rats butt about AIG, and I certainly would not choose to pay for its mistakes.
3. If this country is already operating at a huge deficit, where is the money going to come from?
4.What would be the ultimate result of not bailing them out?
5. Why would our government give 85 billion to a private company?
6. Is that a loan?, And if so what are the terms?
7. Does this mean that the Federal Government owns AIG,Fanny Mae, and Freddy Mack now?
Seems completely unfair and unethical to help out the super-rich,while the rest of the country wallows in poverty.
Originally posted by Anonymous ATS
We all know now that that the federal reserve is a farce. Now that the reserve controls 80% of AIG, they now will have a controlling interest in that particular market. Just another step in the eventual control of the money systems worldwide.
Originally posted by mybigunit
Im not making it out like they will have full control. Im making it out like they are bailing out a company that shouldnt be bailed out.
Once again a bailout is a bailout where is all the small businesses here in the nation and their bailouts? They dont get one.
Question if the government makes money on these deals are they going to send the taxpayer a check for putting their money up to bailout AIG or any of these other conglomerates?
The idea of the government assuming more liabilities from mismanaged financial outfits, whether secured or not, is not a comforting thought and yes it does put the FED in control of a private company.
September 18, 2008 -- AIG is "special case"
The U.S. government's bail out of insurance giant American International Group (AIG) comes as no surprise to intelligence community insiders. In fact, AIG has been at the center of a number of CIA operations for decades. The federal government's $85 billion "bridge" loan to AIG essentially makes the United States government an 80 percent stakeholder in AIG, a move that will prevent external players from peering into AIG's myriad intelligence operations on behalf of the CIA, according to an insider who has followed AIG's overseas operations for a number of years.
As Attorney General of New York state and as Governor, Eliot Spitzer made AIG a prime target for his investigations. That ended when Spitzer was brought down in a sex scandal involving a prostitution ring.
AIG's chairman, before he was forced to resign amid scandal, was Maurice "Hank" Greenberg. In 1962, Greenberg was hired by AIG's founder, Cornelius Vander Starr, the uncle of President Bill Clinton prosecutor Kenneth Starr, as the chief of AIG's North American operations. Greenberg eventually took over as AIG's chairman, as well as assuming the Chairmanship and CEO position of Starr's other firm, C. V. Starr and Company. Greenberg retained control of C. V. Starr and Company after having stepped down as AIG's chairman in 2005.
Greenberg, a close friend of Henry Kissinger, was considered a potential CIA director in 1995 after James Woolsey resigned. Perhaps it was Greenberg's past connections to Whitewater Independent Counsel Starr's uncle Cornelius that dissuaded Clinton from giving Greenberg the keys to Langley's top executive washroom.
However, Greenberg and AIG had a long association with the CIA, according to WMR's sources. AIG's intelligence operations in Asia even pre-date the CIA and its predecessor, the wartime Office of Strategic Services (OSS).i Greenberg has served as a member of the National Intelligence Council.
Cornelius V. Starr started AIG as "American Asiatic Underwriters" in 1919 in Shanghai. Starr moved AIG from Shanghai to New York after the Communists came to power in 1949. Ironically, AIG is back in China through its ownership of People's Insurance Company of China. AIG also owns AIG Korea Insurance.
Ever since the days of Ken Starr's uncle Cornelius, AIG has, on behalf of U.S. intelligence, kept tabs on rising players on the Asia political scene, particularly in China, Japan, Korea, Singapore, Hong Kong, Taiwan, and other countries. The quid pro quo for AIG is that it has weathered the storms generated by Spitzer and the global financial melt down from the strong support from the U.S. government in return for permitting the mining of data from AIG's insurance files by the CIA.
Greenberg has maintained close relations with the Beijing leadership over the years. However, his dealings with the CIA are also well known to the Chinese intelligence services. In fact, Chinese intelligence is aware that Greenberg has allowed AIG to be used as a major "placement" operation for a number of the CIA's Asia-based non-official cover (NOC) officers.
The CIA's analysts who concentrate on Asia have also enjoyed routine access to a huge AIG database maintained in San Francisco. AIG's new building in Hong Kong was intended to be a major outpost for CIA agents assigned the China "beat." However, Chinese intelligence succeeded in thoroughly wiring the building with surveillance systems and AIG's China operations were blown. Chinese intelligence could not believe how sloppy Greenberg and the CIA were in handling the Hong Kong operation.
With the U.S. government now in control of AIG, the Bush family will breathe particularly easier.
On June 20, 2005, WMR reported the following concerning the connection between Greenberg and the Bushes:
"The investigations of the secret Bush money tranches are coming to the fore as New York Attorney General Eliot Spitzer focuses in on the scandal involving Maurice "Hank" Greenberg and the inflation of the worth of American International Group (AIG) through shady affiliates, including AIG reinsurer Coral Re of Barbados. Greenberg was the CEO of AIG but was forced to step down amid the Spitzer probe. AIG was founded from Asia Life/CV Starr, a Shanghai-based international import/export and insurance firm founded in 1919 by Cornelius V. Starr, an Office of Strategic Services (OSS) operative in Southeast Asia during World War II. AIG's largest shareholder is Starr International Company (SICO), an off-shore corporation incorporated in Panama with headquarters in Bermuda. Kenneth Starr, the independent counsel who prosecuted President Clinton, is the nephew of Cornelius Starr. Greenberg inherited the CEO job and Chairmanship from Starr as well as the $3.5 billion Starr Foundation."
Originally posted by mybigunit
Ok so the small businesses cannot bring this country to its knees. I mean really? Have you seen your signature? I gave you credit for understanding business now Im starting to wonder and that is not an insult. The fact is small businesses employ most of the employees in this country. That is a fact. People start losing jobs in mass because of the collapse of the small businesses trust me the world WILL feel it because the world relies on our consumption. Sigh and you can reiterate all you want on the bailout. Its a bailout get over it.
Originally posted by dbates
American International Group (AIG) rescued by the Fed
They weren’t just secret agents. They were secret insurance agents. These undercover underwriters gave their World War II spymasters access to a global industry that both bankrolled and, ultimately, helped bring down Adolf Hitler’s Third Reich. The men behind the insurance unit were OSS head William “Wild Bill” Donovan and California-born insurance magnate Cornelius V. Starr.
President Roosevelt sent Joint Chiefs of Staff top secret copies of Donovan’s intelligence agency creation proposal, & a draft of an executive order to implement it. Jan. 1, 1945, Joint Chiefs of Staff said plan to exclude military intelligence from intelligence agency was not acceptable. The plan leaked to four newspapers, attacking it …newspaper headlines accused Roosevelt & Wild Bill of trying to create a super Gestapo in United States. Donovan put plan … to implement civilian intelligence agency made up of Wall Street Fed majority stockholder, ruling family representatives, like in OSS … on hold. Apr. 12, 1945 Roosevelt died ...and, w/it ...that version of plan for a super intelligence agency run by Wall Street.
When people think of England such terms as 'Great Britain,' 'Queen,' 'Crown,' 'Crown Colonies,' 'London,' 'City of London,' & 'British Empire' come to mind & blend together into an indistinguishable blur. They generally looked upon as synonymous, as being representative of same basic system.
When we speak of 'City' we in fact referring to privately owned Corporation - or Sovereign State - occupying an irregular rectangle of 677 acres & located right in heart of 610 square mile 'Greater London' area. population of 'City' listed at just over four thous& whereas population of 'Greater London' (32 boroughs) approximately seven & half million.
On 6 April 2006, chief executive David Gill announced AIG as the new shirt sponsors of Manchester United in a British record shirt sponsorship deal of £56.5 million to be paid over four years (£14.1 million a year). Manchester United now has the most valuable sponsorship deal in the world [source]
Off the pitch, the main story was the possibility of the club being taken over and on 12 May 2005, American businessman Malcolm Glazer acquired a controlling interest in the club through his investment vehicle Red Football Ltd. in a takeover valuing the club at approximately £800 million (then approx. $1.5 billion). On 16 May, he increased his share to the 75% necessary to de-list the club from the Stock Exchange, making it private again, and announced his intention to do so within 20 days. On 8 June he appointed his sons to the Manchester United board as non-executive directors. [source]
Malcolm Irving Glazer (born 1928 in Rochester, New York) is a Jewish American billionaire businessman and sports-team owner. He is president and chief executive officer of First Allied Corporation, a holding company for his varied business interests.
He holds controlling stakes in the Tampa Bay Buccaneers, a National Football League (NFL) team located in Florida, United States, and Manchester United, the biggest sporting franchise in the world.[...]
One of the companies that Glazer did purchase successfully was the nearly bankrupt Zapata, an oil and gas company founded by George H. W. Bush. Glazer successfully diversified it into fish protein and Caribbean supermarkets. [source]
Zapata Corporation (NYSE: ZAP) is a holding company based in Rochester, New York and originating from an oil company started by a group including the former United States president George H. W. Bush. Various writers have found links between the company and the United States Central Intelligence Agency.[...]
Two Federal Bureau of Investigation (FBI) memoranda have been offered to show connections between the CIA and George H. W. Bush during his time at Zapata. The first memo names Zapata Off-Shore and was written by FBI Special Agent Graham Kitchel on 22 November 1963, regarding the John F. Kennedy assassination at 12:30 p.m. CST that day. It begins: "At 1:45 p.m. Mr. GEORGE H. W. BUSH, President of the Zapata Off-Shore Drilling Company, Houston, Texas, residence 5525 Briar, Houston, telephonically furnished the following information to writer. .. BUSH stated that he wanted to be kept confidential. .. was proceeding to Dallas, Texas, would remain in the Sheraton-Dallas Hotel."
A second FBI memorandum, written by J. Edgar Hoover, identifies "George Bush" with the CIA. It is dated 29 November 1963 and refers to a briefing given Bush on 23 November. The FBI Director describes a briefing about JFK's murder "orally furnished to Mr. George Bush of the Central Intelligence Agency. .. [by] this Bureau" on "November 23, 1963.[...]
Michael Maholy alleges that Zapata Off-Shore was used as part of a CIA drug-smuggling ring to pay for arming Nicaraguan Contras in 1986-1988, including Rodriguez, Eugene Hasenfus and others. Mahony claims Zapata's oil rigs were used as staging bases for drug shipments, allegedly named "Operation Whale Watch." Mahony allegedly worked for Naval Intelligence, US State Department and CIA for two decades.