Tuesday, November 30, 2010

The AIG bailout - good for the banks, bad for the Commonwealth of Virginia

Flashback to THIS excellent article / graphic revealing how incestuous the shadow banking system was/is.  At the bottom, the following shocking tidbits are revealed:

1) AIG was bailed out with $182 billion of taxpayer money (and counting)

2) In exchange for the bailout, AIG had to agree to WAIVE THE RIGHT TO SUE the banks for the fraud committed

3) The Federal Reserve told AIG not to disclose all the details, meanwhile California and Virginia pension plans were given a huge haircut while the bankers received 100 cents on the dollar from AIG.

How does this happen? 

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