New York’s Attorney General Cuomo Widens His A.I.G. Investigation

March 31, 2009 by · Leave a Comment
Filed under: Legal News 

Hopefully we will see our justice system starting working soon and many of this actors in this huge fraud put on the the American (and others) people.  I am really surprised we have not seen the proverbial “witch-hunt” happened, its pretty obvious that crimes were committed and many people were complacent.  

Instead we are worried about millions in bonuses (what about the trillions in secret loans from the Fed?) or booting GM’s CEO when we have not removed one bank or insurance CEO when they have losses that amount to ten times what these automakers have.  In defence of the Big 3, at least they are providing jobs and we are making something compared to the shenanigans these banks are pulling.  Please Mr. Cuomo, set the precedent we need so these does not happen again, soon. 

News (NY Times):

Attorney General Andrew M. Cuomo of New York said Thursday afternoon that he was widening his investigation of the American International Group to examine whether its trading counterparties improperly received billions of dollars in government money from the troubled insurer.

Those counterparties include Goldman Sachs, which received $12.9 billion, as well as Société Générale of France and Deutsche Bank of Germany, which each received nearly $12 billion.

“Our investigation into corporate bonuses has led us to an investigation of the credit default swap contracts at A.I.G.,” Mr. Cuomo said in a statement. “CDS contracts were at the heart of A.I.G.’s meltdown. The question is whether the contracts are being wound down properly and efficiently or whether they have become a vehicle for funneling billions in taxpayers dollars to capitalize banks all over the world.”

 

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