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This Is Why the Fed does not Want to Be Audited

Submitted by Gus G on Fri, 07/17/2009 - 09:59
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Thanks to The Market Ticker for this article. http://market-ticker.denninger.net/archives/1230-AIG-The-Loo...

European banks including Societe Generale SA and BNP Paribas SA hold almost $200 billion in guarantees sold by New York-based AIG allowing the lenders to reduce the capital required for loss reserves. The firms may keep the contracts to hedge against declining assets rather than canceling them as AIG said it expects the banks to do, according to David Havens, managing director at investment bank Hexagon Securities LLC.

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Partial audit of the FED shows this

Submitted by MEGAMERICAN on Fri, 07/17/2009 - 10:29.

http://cafr1.com/STATES/FEDERAL-RESERVE/FR2008AR.pdf

You can see the 2007 and 2006 audits by changing the number. On page 420 you can see Loans and Other Credit Extensions, by type.

At the end of 2008 AIG had $38.9 billion and "Other LLC's" have $73.9 billion. The other LLC's are the three Maiden Lane LLC's.

Maiden Lane II and III were there to pay off people dealing with AIG. Here is a good rundown of that:

http://www.campaignforliberty.com/blog.php?view=12674

More info...

Submitted by MEGAMERICAN on Fri, 07/17/2009 - 10:32.

http://en.wikipedia.org/wiki/Maiden_Lane_II_LLC

A news story dated March 16, 2009[1], stated Maiden Lane II used billions in bailout money to purchase toxic assets, and that AIG used billions to pay other banks, including foreign banks- France's Societe Generale at $11.9 billion, Germany's Deutsche Bank at $11.8 billion, and Britain's Barclays PLC at $8.5 billion.

bump

Submitted by quiltingsando on Fri, 07/17/2009 - 10:01.

for discussion.

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