The dollar dropped the most against the currencies of six major U.S. trading partners since the Plaza Accord almost a quarter-century ago as the Federal Reserve’s plan to purchase Treasuries spurred speculation that it’s debasing the greenback.
“What it introduces is the problem of the currency to the extent that the Fed is buying what isn’t desired by foreign holders,” said Bill Gross
Foreigners hold about half of the marketable Treasury debts that are outstanding. China, the biggest foreign holder, with $740 billion, is “worried” about its holdings of Treasuries and wants assurances that the investment is safe, Premier Wen Jiabao said at a press briefing in Beijing two weeks ago. Read More
Democratic political consultant Hank Morris and a top lieutenant to disgraced former New York Comptroller Alan Hevesi were indicted Thursday in a scheme to trade lucrative investments in the state pension fund for more than $30 million in kickbacks, gifts and campaign contributions, the New York Post reported.
The 123-count indictment against Morris and former state pension-fund manager David Loglisci stems from a two-year pay-to-play probe by state Attorney General Andrew Cuomo. Read More
How many more democrats will be caught in the Pay to play Schemes. Talking about corrupt republicans the democrats seem to have then beat in this contest of which party is corrupt the most! Congratulations democrats!
Documents turned over late Friday show AIG paid $218 million in bonuses last weekend, higher than the $165 million that was previously disclosed, said the office of Attorney General Richard Blumenthal, who had issued a subpoena.
Bonuses were “showered like confetti” on AIG employees, Blumenthal said.
AIG had previously disclosed that the company was contractually obligated to pay a total of about $165 million of previously awarded “retention pay” to employees in the financial products unit, based in Connecticut, by March 15. It said another $55 million in retention pay had already been distributed to about 400 AIG Financial Products employees.
That total of $220 million is about $2 million more than the figure disclosed Friday, and Blumenthal said he was seeking clarification from the company on whether the new papers differ from what was previously reported. Read More
AIG Sues Taxpayers for $306 Million
A.I.G. sued the government last month in a bid to force it to return $306 million in tax payments, which stemmed in large part from its use of aggressive tax deals, some involving entities controlled by the company’s financial products unit in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens. Read More
Why isn’t The White House and the Congress being investigated? The protestors need to be going after Obama and Chris Dodd along with others in Congress instead of AIG, it was them that OK the money to be given in the first place!
Federal regulators on Friday seized control of two large institutions that provide wholesale financing for U.S. credit unions, a move they say was needed to stabilize the credit union system.
The National Credit Union Administration said it has taken over and put into conservatorship the two corporate credit unions, U.S. Central Federal Credit Union, based in Lenexa, Kan., and Western Corporate Federal Credit Union, in San Dimas, Calif. U.S. Central has about $34 billion in assets while Western Corporate, known as WesCorp, has an estimated $23 billion in assets.
It said retail credit unions, which are cooperatives owned by their members, remain financially strong — with net worth exceeding 10 percent of assets, and sustained growth in assets and membership despite the deep recession.Read More
Where will it end? Sounds like we have a government ran by a dictator and his men in black! This country is in deep trouble. These credit unions are owned by the people and Obama takes them over!
The protesters in Orlando is going after the right ones, its not AIG its Obama and the democrat control congress!
“This is maybe the greatest single gathering of God-fearing patriots in the history of Orlando, Florida,” local conservative radio host Bud Hedinger, who emceed the event, told the crowd. Keep reading….
The U. S. House of Representatives has passed and sent to the Senate a bill to levy a 90% tax on the bonuses the executives at AIG recently received.
The U.S. Constitution provides, in Article I, Section 10, that “no State shall enter into… any law impairing the obligation of contracts.” The Impairment of Contracts clause of the Constitution applies directly only to the states, not the Federal government, but there is a huge body of case law that has applied the concept to various Federal actions. Moreover the action also collides with federal statutory law, which protects all persons’ rights to make contracts and to sue in U.S. courts, at 42 U.S. C. §1981. Read More
