Tuesday, March 17, 2009

Is AIG an International Criminal Conspiracy?

Evidence in support of this hypothesis.
  1. AIGFP has a rap sheet. In 2004, AIG paid over $240 million in restitution, disgorgement, and penalties for the fraudulant actions of AIGFP-PAGIC.
  2. AIG has an extensive rap sheet including convictions for criminal fraud.
  3. AIG's criminal fraud activities extends beyond the United States.
  4. The AIG-Goldman Sachs connection implies a deep-seated conspiracy. Goldman Sachs got the lions share of the AIG bailout ($12.9 billion). See also Scott Reaves. John Carney of Business Insider wonders about the Goldman-AIG dance.
  5. Goldman Sachs employees form a powerful cadre. Bush's Treasury Secretary Henry Paulson was the former CEO of Goldman Sachs; World Bank president Robert Zoellick was a managing director; TARP head Neel Kashkari was a Goldman vice-president; George Herbert Walker IV is a current Goldman managing director. Current Treasury Secretary Timothy Geithner has a cozy relationship with Goldman. And I almost missed one - Edward Liddy, the CEO of AIG, came to the company from the Board of Directors of Goldman Sachs.
  6. The White Paper (pdf) AIG issued over the issue of bonuses to AIGFP crooks, when you strip out the lawyerese, is good old-fashioned extortion. AIG threatens that if the bonuses are withheld then $1.2 tillion will disappear in a wiff of smoke. It seems that only the AIGFP 400 know where and how the money is buried and those crooks have to be kept happy or they won't be able to find it.

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