Must protect the innocent:
In a FT article Blarney Frank startes:
"But Mr Frank said wiping out the bondholders, including owners of riskier subordinated debt, risked damaging investors such as university and hospital endowments and driving them away from the banking sector for good: “These are not all bad people . . . a lot of good entities, a lot of public purpose charitable entities..."
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I just can't help but thinking what about the good people that pay taxes Mr. Frank???
Why do you sacrifice my money...I am a good person...I work hard...Friday you threw taxpayers under the bus for your view of "good people"...
From a Bloomy article entitled:
Citigroup’s Third U.S. Rescue May Not Be Its Last, Analysts Say
"One immediate change from yesterday’s announcement was that the value of the government’s investment fell by more than half. The government said it would convert as much as $25 billion of its preferred stock to common shares for a 36 percent stake in the bank. At yesterday’s closing price of $1.50, that investment is worth about $11.5 billion. Citigroup has a stock market value of $8.2 billion today.
‘Ripped Off’
“Taxpayers are being ripped off,” Congressman Brad Sherman, a Democrat from California who sits on the House Financial Services Committee, said in a statement. “The only thing worse than nationalizing a bank is to pay for the entire bank and only get one-third of it.”"
----------------------Yes Mr. Frank I appreciate your ability to judge people and motives and chose who should win...freaking crook...
And why stop at the Fleecing here...I am sure many of Blarney Frank's friends er er charities and good people also are invested with AIG...perhaps they are counterparty to come CDS or AIG insures their pension fund etc because just look at us bendover to AIG...remember originally these guys were gonna sell assets and pay back the money quick...remember it is not a quesiton of sovency but liquidity right blarney frank...GEEEEEEEEEEESH
AIG Nears Pact With the US On Revised Bailout Package
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American International Group is close to a deal with the U.S. government that would ease the terms of its bailout, give a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday.
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The board of the troubled insurer is due to meet on Sunday to vote on the deal, which could be announced when AIG [AIG 0.42 
-0.10 (-19.23%) 
] reports its quarterly results on Monday.
The revised agreement is expected to include an additional $30 billion equity commitment from the government, more lenient terms on an existing preferred investment, and a lower interest rate on an existing $60 billion government credit line, the source said.
AIG will also give the Federal Reserve ownership interests in its Asia-based American Life Insurance (Alico) and American International Assurance Co (AIA) units, the source said.
--------------------------LMFAO...I dont quite think it is legal for FED to own equity...I am going to try to find more but this is certainly fishy...
But alas it is more of the same...those that helped create the problem (turbo tax, paulson, congress crooks, bankster pigs etc...) are all still in power and they believe they know the answer...its disgusting...I really was hoping that obama would make some serious changes and not be a bitch to the banksters...As much as I hated paulson that stuttering clown ripped us off less than we are getting it now
Here is a good read from CitiFX technicals in which they discuss a little of everything...
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