If you have "no place to go," come here!

About the sanctity of those AIG bonus contracts...

commenter TExas Aggie writes at Washington Monthly:

[T]here was no problem breaking the contracts that the autoworkers had in order for the auto industry to get a loan, so why is there a problem breaking these contracts?

Like everything else Versailles is saying on the bailouts, the talking points really seem to make sense, unless (a) you haven't been paying attention or (b) you're dumb as a box of rocks. Read below the fold...

BDBlue's picture

Doesn't Treasury Know that Paying Bubble Prices for Bad Assets Is, Like, So 2008?

You know, I'm beginning to lose track of how many different ways Versailles is screwing us. The latest is another round of the government conspiring with Wall Street to try to hide the size of the big shitpile by paying more for assets than they are worth.

Via Yves Smith:

From Andy Lees at UBS (hat tip reader Scott, boldface his):

Read below the fold...

The Size of Derivatives Bubble = $190K Per Person on Planet

Via the SiliconValleyWatcher and yes I used their article title.
(by way of BoingBoing and The Consumerist)

The article is from October 16th 2008, so the numbers now may actually be worse than back then.

It gives a break down of the various types of derivatives and their USD value and comes up with a total USD value of outstanding derivatives ...

...the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion.

or to put it another way Read below the fold...

Caro's picture

Politics and Media Headlines 3/16/09

In unity there is fatuity (by Mike Flugennock at Stop Me Before I Vote Again)
Where is the American left while all this hell is breaking loose? Why, they're helping lay astroturf for Barack Obama! Read on to find out more about the massive Kool-Aid party being organized to boost the Obama Agenda -- and presumably, the Obama approval rating, which has apparently sunk to something more appropriate to normal objective reality.
See the story below.—Caro

Unity '09: Dem groups quietly align (Politico) Read below the fold...

Andrew Cuomo is pissed and doing what Congress should have done

Andrew Cuomo, NY Attorney General, has written to AIG and given them till 4pm TODAY to turn over names of people getting the money (i.e.receiving bonuses) in the Financial Products subdivision. If they don't, well their offices can expect a visit from his people with the legal authority to make them talk.

Copy of the letter Here Read below the fold...

geneo's picture

Alabamians Offer PACT Solutions

countrycat has posted more video from that public hearing in Montgomery last Thursday. She had one over the weekend of a man suggesting that the PACT board be mindful of the wrath of god.

In the one below, we see some citizens proposing specific solutions to the problem, and being very clear that they don't want their money back -- what they want is for their children to have an education.

Read below the fold...

Look, I don't want to be overly negative...

But Leno and not Letterman? Read below the fold...

Reich: The real scandal is that AIG is accountable to nobody

Robert Reich:

But if our very own Secretary of the Treasury doesn't even learn of the bonuses until months after AIG has decided to pay them, and cannot make stick his decision that they should not be paid, AIG is not even accountable to the government. That means AIG's executives -- using $170 billion of our money, so far -- are accountable to no one.

Read below the fold...

Bankster of the day

vastleft's picture

Simple solutions to simple problems

geneo's picture

Alabama Treasurer Selling PACT as Late as January

Alabama blogger havealittletalk has uncovered a news story from January 14 of this year that reports State Treasurer Kay Ivey encouraging people to invest in the Alabama college saving program. Stupid or evil? I am not qualified to say.

Havealittletalk has also noticed the program's investments in the Cayman Islands increased by more than $9 million between 2006 and 2007. I am not sure what that means, but I think these are the sorts of details worth noticing. Read below the fold...

Aux telephones, New Englanders!

You're up next, New Englanders!

Tuesday is your shot at the Obama Health Care Deform Forums, and there will be a demonstration in favor of single payer outside of the meeting place.

VERMONT - Tuesday, March 17th, 2009

Please join a peaceful demonstration at 12 noon at:
University of Vermont Davis Center
Burlington, VT

Read below the fold...

If there's one thing Versailles just hates, it's anger

It's late, so I don't have time to analyze the latest piece of stenography from Nags, but this paragraph caught my eye: Read below the fold...

AIG reveals counterparties

Yves; WaPo. As predicted,the usual suspects.

So, now can we find out where all the bailout money went? There's two trillion of it, so far. Read below the fold...

Show us the contracts!


Comedy gold from Larry the Bailout Guy:

Lawrence Summers, director of the White House's National Economic Council, said Treasury Secretary Timothy Geithner had "scaled back" the bonuses but that the administration could only go so far.

[SUMMERS] "The whole situation at AIG is outrageous. What taxpayers are being forced to do [nice avoidance of agency. Who's doing the forcing? The Bailout Fairy?] is outrageous," he told CBS program "Face the Nation."

Read below the fold...


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