Bear, AIG Dumped $74 Billion in Subprime, CDOs on Fed (Update1)

Hedge Fund Implode-O-Meter ^ | 4-24-09 | Mark Pittman

[pieceofthepuzzle]

I'm sure you're right, but those loans probably wouldn't have been made in the first place if they weren't being supported and pushed by leftist politicians with influence over Fannie Mae, Freddy Mac, and other lenders. The thing is, these type of loans aren't going to stop. The democrats will still push for them. The problem is government with too much influence overstepping it's constitutional authority, and a complicit populace who want something for nothing. I just spoke with a hard working woman yesterday who said that the direction that policy makers are pushing the country right now is taking away her incentive. That's the legacy of leftists. Leftist governments exist primary for the policy makers. They want to ‘change’ the world because it makes them seem important. The irony is that the thing in life that makes you the smallest person you can be is the inability to grow beyond personal ego. Hillary and Obama have not. It's very evident. So, no matter what the MSM says, they are small people.

[FreeReign]

People wonder why I personally hate the jerks who ran these companies and hope that only the worst befalls them. They are complicit in stealing my child's future away. If they were real men, they would have taken the hit and let their companies fail the way they should have instead of insisting the taxpayer cover the cost of their poor business decisions.

Next time the taxpayers need to not vote for the politicians who started this mess.

[FromLori]

Why is it that I have been told over and over again I can not post anything Bloomberg even inside a link are you not worried about this?

http://www.freerepublic.com/focus/f-news/2237526/posts

[Munz]

thanks for telling me ...
I must have missed that somewhere among all the reality of doom and gloom /s

[L,TOWM]

No argument here. We need to toss the current incarnaion of the CRA and make it a jail felony to offer a loan to anyone that is not a bona fide US citizen.

We have plenty of anti-money laundering rules and laws on the books; applying the same standard to getting a home loan or other credit to the hoops needed to open a brokerage account would be easy. Just not politically expediant or popular with advocates for those with names ending in ‘z’.

[April Lexington]

Speaking of Swine Flu...

[April Lexington]

Next time the taxpayers need to not vote for the politicians who started this mess.

In a logical, rational world, NO incumbent would be reelected in 2010 and 2012. Unfortunately... we don't live in a rational world.

[ovrtaxt]

Did you get an answer? I’d like to know too.

[FromLori]

No and I would like to know too because they moderate me if an article inside an article goes back to it they told me I would be creating a lawsuit or something for copyright infringement so?

[ovrtaxt]

Speaking of copyright law, have you seen Max Keiser’s new entity “Pirate My Movie”? Cool idea.

maxkeiser.com

[ovrtaxt]

Exactly. Is the Fed a private entity? A government agency? A regulatory body? If this plays out the way the article suggests, all sorts of ‘confusion’ arises, and the lie that’s been sold to America will become more and more transparent.

[FromLori]

No cool site thanks

[ovrtaxt]

You’re welcome. Max is an interesting guy. He’s very liberal and very libertarian at the same time. I agree with him maybe 75%, but he’s extremely intelligent, and he knows about the dirty crap that goes on in Wall Street brokerages from first hand experience.

[ex-Texan]

This is total Bovine Squat. The Fed took on more than $ 74 Billion. Much more. They admit only to that amount. The true amount is closer to one Trillion. Bernanke is a liar just like Greenspan. Federal Reserve basically means 'All Lies, All the Time.'

There is no transparency at the corrupt Fed. None. Nada. Zero.

In the meantime, CEOs need to make more money . . .

Black is Back: Don't Trust New Accounting Rules !

Hint: The 'Accounting' Rules are now Totally Bogus !

[M. Espinola]

To the CEOs of IAG & the rest of Big Banking it’s all money to play with, billions or trillions they could care less since they knew they would make more $$$ through banking cohorts, as in Paulson & Geithner stuffing their offshore accounts with tax payer $$$$$$$.

[Melas]

Since when do you need to be a citizen to buy property? More importantly, why should it be a requirement? We’re fairly good friends with a Swiss couple who own homes in Switzerland, France and yes, Texas. Who cares? Who are they hurting? I bicycle regularly with a fellow who owns a small Italian villa. This is the 21st century. People don’t live and die within 50 miles of their place of birth anymore.

[L,TOWM]

WTH are you talking about? Your response makes no sense at all when I reread the post you are responding to.

[L,TOWM]

My apologies — I did’nt realize that somebody could be stupid enough to not recognize some fundamental differences:

#1 - Like the loan documentation your Swiss pals and pedal pusher buddy could produce compared to the loan documentation that the typical “undocumented worker” from “our friendly neighbor to the south” can produce.

#2 - Like what money laundering rules actually require, compared to your own observer bias. I did’nt mention citizenship in the post I made. The AML and income standards are really simple — be able to show you have a pot to whiz in and that it comes from legal, verifiable sources. Your bigotry (or ignorance or both) was the only thing that flipped that into some form of phantom citizenship requirement.

#3. Like the difference between people that have enough money to waste in buying more homes than they can live in at any given time compared to other people that had to lie to get their non-conforming jumbo mortgage. Particularly when they can just go back to the other side of a line in the dirt when they can’t afford the mortgage.

Bonus topic: Since you brought up the subject, go try to buy a beachfront casa in Mazatlan, with that real estate actually being deeded to you in your name as a US citizen. Lemme know how that works out for you, pal... The mexican government made foreigners buying mexican real estate illegal around 1840, right after losing a huge chunk of land west of the Sabine and north of the Rio Grande; a lot of said land was purchased by “foreigners” from Tennessee, Alabama, etc.

[Melas]

#1 - Like the loan documentation your Swiss pals and pedal pusher buddy could produce compared to the loan documentation that the typical “undocumented worker” from “our friendly neighbor to the south” can produce.

If the issue is loan qualifications, then no problem. No one wants banks making financial decisions that are unsafe for its investors. However, that was not the original thrust of the conversation.

2 - Like what money laundering rules actually require, compared to your own observer bias. I did’nt mention citizenship in the post I made.

Oh no? Hmmm, so when you said, We need to toss the current incarnaion of the CRA and make it a jail felony to offer a loan to anyone that is not a bona fide US citizen. you weren't mentioning citizenship? It sure reads to me as though you suggested making it felony to loan to anyone other than a citizen.

Since you brought up the subject, go try to buy a beachfront casa in Mazatlan, with that real estate actually being deeded to you in your name as a US citizen. Lemme know how that works out for you, pal... The mexican government made foreigners buying mexican real estate illegal around 1840, right after losing a huge chunk of land west of the Sabine and north of the Rio Grande; a lot of said land was purchased by “foreigners” from Tennessee, Alabama, etc.

Well, you're half right. You can't have the deed in your name for that beachfront casa in your name, it would have to be set up in trust, with a Mexican bank maintaining the deed. So, in that you are at least correct. However, that is not to say that it is illegal for foreigners to own property in Mexico. Foreigners can't own property within 50 miles of the coast, or in Baja, but you can have a deed in your very own name in all of the interior.