Posted on 09/16/2008 5:02:11 AM PDT by AmericanMade1776
For George $oreA$$ so loved his Money, that he sent forth Obama ...not to save the world, but that the world might believe the New York Slimes, LA Slimes, Compost, ABCNNBCBS so that his pocketbook would grow and multiply. Don’t laugh it worked with Carter and Clintoon!
Now we know why the mediots love Obama so much. Maybe, $oreA$$ has promised to keep them afloat if his boy toy, Obama becomes our president. The cartoon below sums up the Mediots Obamaisms:
Can anyone tell me if Warren Buffet’s company owns any of AIG???
Don’t know why (snicker) but as the global markets melt down, Mark Rich comes to mind.
Course this “trader”——like Soros-—has thousands of commodities trading entities set up around the globe.
Rich is probably making money on the meltdown, eh?
I don't think there is any direct ownership; mostly they are seen as competitors, I believe. He has been implicated in several schemes with AIG in recent years (e.g. manipulating AIGs reserves) and has joined with them in other projects (e.g. trying to buy up the remnants of Long-Term Capital Management in the 1990s).
Frankly, I'm just looking for evidence that billionaires make stupid mistakes too and are not to be automatically worshipped as the most intelligent because they are the richest, including so-called "oracles!"
Now I gotta go see if the Fed's inaction on interest rates has hit the markets, or not... Will be right back!!!
Hey! You're the insurance guru, not me! LOL.
This might help:
5 Execs Found Guilty of Fraud in Gen Re-AIG TrialFebruary 25, 2008
A federal court jury in Hartford, Connecticut has found four former General Re Corp. executives and one former American International Group executive guilty of corporate fraud and conspiracy charges stemming from allegations that the five helped cook AIG's books in an effort to boost its stock price.
According to the office of the U.S. Attorney for the District of Connecticut, the four Gen Re executives convicted were former CEO Ronald E. Ferguson, former CFO Elizabeth A. Monrad, and former senior vice presidents Christopher P. Garand and Robert D. Graham. Also convicted was former AIG vice president of reinsurance Christian M. Milton.
The verdict comes after seven days of jury deliberation following the five-week trial. The five counts against each defendant include securities fraud, mail fraud and lying to the Securities and Exchange Commission.
The defendants stood accused of taking part in a scheme of using reinsurance deals to inflate AIG's loss reserves by roughly $500 million between 2000 and 2001.
At the heart of the scheme was a complicated and fraudulent transaction in which Gen Re would appear to pay $10 million in premium to transfer $100 million of insurance risk to AIG -- although no real risk had been transferred.
In exchange, as part of an unwritten agreement, AIG padded other transactions to refund the $10 million, as well as pay a $5 million fee to Gen Re for participating in the deal.
At trial, prosecutor Eric Glover compared the arrangement to one in which an insurer pays a driver to insure his car.
By doing so, however, AIG inflated its loss reserves by $500 million, allowing the company to convince stock analysts that loss reserves at AIG were more than adequate.
Back in 2006, AIG paid $1.6 billion as part of a regulatory settlement in which it agreed to restate nearly $4 billion in profits for the period between 2000 and 2004.
That settlement led to the 2005 ouster of long-time AIG CEO Maurice "Hank" Greenberg, who is an alleged, unindicted co-conspirator in the Gen Re fraud trial.
Stamford, Conn.-based Gen Re Corp. is a unit of Warren Buffet's Berkshire Hathaway.
http://www.mcclatchydc.com/100/story/18223.html
July 23, 2007
WASHINGTON — Two years into a fraud investigation, veteran federal prosecutor David Maguire told colleagues he’d uncovered one of the biggest cases of his career.
Maguire described crimes “far worse” than those of Arthur Andersen, the accounting giant that collapsed in the wake of the Enron scandal. Among those in his sights: executives from a subsidiary of Berkshire Hathaway, the investment empire overseen by billionaire Warren Buffett.
In May 2006, he felt strongly enough about his case that he prepared a draft indictment accusing executives from a Virginia insurer, Reciprocal of America, of concocting a series of secret deals to hide its losses from regulators. Although he didn’t name anyone from Berkshire Hathaway’s subsidiary, he described the company as a participant in the scheme.
But Maguire never brought those charges.
Months after preparing the draft, he was removed as the lead prosecutor on the case and reassigned.
His replacement, a prosecutor who hadn’t been involved in the case until then, soon announced that the Berkshire Hathaway subsidiary, General Reinsurance, wouldn’t be indicted. By April of this year, the entire investigation, which the Justice Department once hailed as one of the largest insurance-fraud cases in the history of Virginia, had fizzled.
(snip)
I got a “story not found” on that link, Dave... Was it a list of his major holdings? Boy o boy would I love to have a look at that!!!
Wow! Thank you both!! I smell SMOKE!!!
I got the same error message. Upon further searching, it appears to just be the content in the titles (3 articles)
Buffett & Berkshire Hathaway Holdings A-G (AXP, BUD, BAC, BNI, KMX, KO, CMCSA, CDCO, COST, GCI, GE, GSK)
Buffett & Berkshire Hathaway Holdings H to S (HD, IR, IRM, JNJ, KFT, LOW, MTB, MCO, NKE, NSC, NRG, PG, SNY, STI)
Buffett & Berkshire Hathaway Holdings T to Z (TMK, USB, USG, UNP, UPS, WBC, WMT, WPO, WFC, WLP, WSC)
What’s alla that gobbledeegook mean, anaways???
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership.
Sometimes there really is a silver lining...
Thank you, sir !
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