Author’s Update: I originally posted the following item on 12/22/08 and what followed was The Fed series which you can find at the top of this blog; it has it’s own page. The reason for bumping up this post is that this particular article has now gotten more hits than any other including the “Socialism” series; which I find rather odd and incredibly interesting. Also of note are two blogs that are hitting this post; Let’s Take The High Road and djd58. These two blogs are protected and all the hits come from the same 4 IP addresses. I have been watching both and the hits number in the 1000s. Also, I have stated that I will let you know when interesting visitors show up. BEHOLD, my most interesting visitor today, Davis, Polk & Wardell, probably one of the most influential law firms in the world. Two days ago the U.S. Treasury was on. Are we full of it kids, or are they getting nervous? The Republicans better find their cajones and stop that $900 Billion (really 1.2 Trillion) Stimulus Bill.
From Davis, Polk & Wardell’s site:
Lead counsel to the Federal Reserve Bank of New York and the U.S. Department of the Treasury on a series of unprecedented financing transactions for AIG, including (i) the Fed’s $85 billion credit facility and related equity ownership rights; (ii) the Fed’s subsequent participation in up to $37.8 billion of securities lending transactions; (iii) the issuance of $40 billion of newly issued perpetual preferred shares to Treasury; (iv) the creation of two entities capitalized with up to $52.5 billion in senior financing from the Fed to address issues arising out of AIG’s U.S. securities lending program and credit default swaps obligations.
Lead counsel to Citi on its realignment into two businesses, Citicorp and Citi Holdings.
Lead counsel to Citi on its proposed joint venture with Morgan Stanley that will combine Morgan Stanley’s Global Wealth Management Group and Citi’s Smith Barney retail brokerage units in the U.S., U.K. and Australia into a new entity, Morgan Stanley Smith Barney.
Lead counsel to Citi on its agreement with agencies of the U.S. government pursuant to which the U.S. government has provided a package of guarantees on $306 billion of assets, liquidity access and capital, including a $20 billion investment in Citi’s preferred stock under TARP and a $7 billion investment in preferred stock in connection with the above guarantees.
Lead counsel to Citi on its proposed $56 billion rescue of Wachovia, which was the first FDIC-assisted “open bank” transaction to invoke the “systemic risk” exception to the “least cost resolution” principle.
Counsel to the Federal Reserve Bank of New York on the U.S. Treasury’s $250 billion bank capital purchase program.
Counsel to the Federal Reserve Bank of New York on the creation of the Term Asset-Backed Securities Loan Facility (TALF), through which the New York Fed will extend up to $200 billion in non-recourse loans to certain holders of newly issued AAA-rated asset-backed securities collateralized by student loans, consumer loans and small-business loans.
Lead counsel to the Federal Home Loan Mortgage Corporation (Freddie Mac) on a proposed increase in its equity capital, the U.S. government’s conservatorship and financial assistance package, as well as the Department of Justice and SEC investigations.
Counsel to Her Majesty’s Government (HMG) on U.S. bank regulatory and other issues relating to HMG’s plan to provide financial support to the U.K. banking system.
Lead counsel to Citi as the organizer of a multi-bank financing on a potential pre-bankruptcy acquisition of Lehman by Barclays. The firm is also advising several major financial institutions on credit exposure issues relating to Lehman.
I guess a warm welcome is in order for such a prestigious and connected New York law firm, yes?
If you want to get into what they think about the Emergency Economic Stabilization Act, go here, and if you want to learn about how this law firm is tied into everything, check out their Wiki; make sure to take the time to scroll down and look at their alumni, for example, Kirsten Gillibrand – U.S. Senator (D-NY).
Would anyone like to hazard a guess as to why they are visiting on The Monster? I’m open….
Good Evening All,
I wanted to leave a note for y’all to let you know that I had an email sent to me a day ago and what started out as simple research for one article has overturned a can of worms, or snakes as the case may be, and I will not be posting anything for a few days as I research and sift through all the material and connections that are rising to the surface. I would like to let it be known though, that if half of what I have found is true, Obama is the least of our worries, and if you are a person of prayer, now might be a good time to start again or continue, and that comment coming from a recovering Catholic says quite a bit.
Also, I left a note in my sidebar about converting your currency to silver or gold bullion. I put that note up before I really started the research and that note holds more true now than ever. Might be a good idea to do it before The One Ascends.
I am foreseeing another series of articles like the “Socialism” series and will let you know when the first is close to being posted.
Thank you for your patience and please take some time to wander around the site and read some articles that you may have missed.
Many Mahalos and Safe Journeys,
(Shtuey – better make that a case of beer and some whiskey….)