I was watching CSPAN yesterday and at the end of Bernaki’s testimony they touched on identifying the “Counterparties” regarding AIG. AIG was operating as a unregulated gambling house since 2000. It promised to cover downside bets that it did not have the capacity to cover.
When these international gamblers won their bets, AIG could not come close to covering the quadrillions of dollars now owed.
The counterparties, are the people who placed these downside bets and are now demanding to get paid. The US Government has stepped in to help and has found itself caught in such a deep hole it cannot even cover the interest payments on AIG’s debts.
Since they are trying to pass the debt onto your children, wouldn’t it be nice to know who the beneficiaries are?
Please call Representative Graves at (202) 225-7041 and ask him to co-sponsor HR 1207 or if he is uncomfortable cosponsoring it, ask him to please express his concerns with the bill.
1207. H.R.1207 : To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.
Sponsor: Rep Paul, Ron [TX-14] (introduced 2/26/2009) Cosponsors (11)
Committees: House Financial Services
Latest Major Action: 2/26/2009 Referred to House committee. Status: Referred to the House Committee on Financial Services.
“We need AIG to be stable … and I would be very concerned that if we started giving out the names of counterparties, people wouldn’t want to do business with AIG,” Kohn said.