Are any of us surprised about this, the organizations involved, or that it is our money that is being used?
AIG breakup nets Wall Street $1 billion bonanza: report
NEW YORK (Reuters) – Wall Street banks and lawyers could collect nearly $1 billion in fees from the Federal Reserve Bank of New York and American International Group Inc to help manage and break apart the insurer, The Wall Street Journal said on Wednesday, citing its own analysis.
Morgan Stanley could collect as much as $250 million, the newspaper said, citing banking experts and documents released by the New York Fed.
Bank of America Corp, private equity firm Blackstone Group LP, law firm Davis Polk & Wardwell LLP, accounting firm Ernst & Young, Goldman Sachs Group Inc and JPMorgan Chase & Co are among others that have or could get big paydays for helping dismantle AIG, the newspaper said.
To calculate dollar amounts, the newspaper said it tallied estimated fees for transactions already announced and those AIG is considering, planning or may be forced to pursue. It said it obtained assistance from Freeman & Co, Thomson Reuters and documents provided by the New York Fed.
According to the newspaper, the situation creates potential conflicts of interest in oversight by causing the government to employ many companies it regulates. (emphasis mine)
Imagine that? I am pretty sure, (I would have to go back and look at screenshots), but every single one of the emphasised names has been on this little tiny blog out in left field when I wrote about The Fed and the Pilgrims.
First they used our money to save these guys and now they are using the money to pay fines and reward each other.
I hate capitalism on steriods…
They are such pigs. How can they be so greedy. It takes some really corrupt and immoral people to just take the money of struggling Americns for their own gain. Thank you, DT, for making us aware of this.
They can do it because they are psychopaths, i.e. no conscience. The world is full of them these days. Just like obama, they do as they please to please themselves.
Diamond, they are indeed part of the Pilgrim establishment. The same names and blood lines from days of yore and on down the line regardless of whether there is a democrat or republican in the WH. It isn’t party affiliation, it’s blood line and associations.
AIG posts record profits for last quarter:
Gotta be some payoff for helping Goldman Sachs drain the federal cofers.