Tuesday, December 16, 2008

Smoking Gun

NEW YORK, Dec 16 (Reuters) - Maurice "Hank" Greenberg, former American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) boss, has questioned whether the troubled insurance company sold securities to the Federal Reserve Bank of New York fund at a higher price than they were marked on the insurer's books.

See the Reuters article.
The money is gone.


Northern Renter said...

The first thing to do is to find out who "madoff" with the money.


PS Your site no longer crashes my browser.

Lost Cause said...

He steals $10 million while in jail.

Being jailed in Toronto did not curb Mr. Dreier’s interest in moving money, and he feverishly worked the phones, according to court papers.

At this point, the law firm’s comptroller refused his requests to move millions of dollars. He did agree, though, to Mr. Dreier’s request to be connected to the bank that handled the law firm’s accounts, an assistant United States attorney, Jonathan R. Streeter, said in a bail hearing on Thursday. “He successfully got $10 million transferred out of an escrow account into a personal account that he controlled,” Mr. Streeter said.

That money, like all the rest, remains unaccounted for.

Bob said...

Looks like the fair Maidens were deflowered. Pretty amazing for an 83-year old.

Captain Nemo said...

I'm wondering if it time to refi?

Are we just about to see the bottom rates for 30-yr fixed mortgages?


Property Flopper said...

So... when the recession keeps going, what will the Fed do next? Drop it to .01? Start paying people if the borrow money (negative interest?)

Mr. Outspoken said...

I think white collar crime should involve branding, cutting off hands or similar mutilation. These people are high earners, charging them a million dollars isn't going to faze them. Charging them a billion isn't going to matter. You can't seize the assets they have hidden in coffee cans similar to others we know of.

At least if you cut off their right hands, they won't be able to shake on any more shady deals. If you brand foreheads, people will know they're dealing with a fraud. Fines are just numbers. Let's make it REALLY stick. It might even add up to deterrence.

Rob Dawg said...

I think the penalty for both illegal immigration and financial swindles should be the same. A tattoo around the wrist. Anyone caught a second time has the tattoo "removed."

w said...

Swindlers are evil. Illegals are simple.

w said...

I would not bet against negative rates. I expect we will see cash give aways too. Taxes will be cut on the middle class (100k~180k) and raised a lot on the wealthy. The top 2% do not buy enough stuff to spur the consumer economy. The middle class needs to keep buying cars, educations, vacations, etc.