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07.11 7,000+ Colleges and Universities Declare Climate Emergency and Unveil Three-Point Plan to Combat It [Fox News and Betsy DeVos never talk about this stuff so it must be Bull Shit, right?]

Letters

Ref. : Letters to the editor

Health Care & Environment

07.19 Trump administration won't ban pesticide tied to childhood brain damage [There is no truth to the persistent rumor that chlorpyrifos pesticide was heavily used at Trump's childhood home in Queens]

07.19 'Unprecedented' Decline of Plants and Animals as Global 'Red List' Reveals Nearly One-Third of Assessed Species Under Threat

07.17 ‘Off-the-charts’ heat to affect millions in U.S. in coming decades

07.17 Planned Parenthood president Leana Wen forced out by board [Given that states have lost abortion rights on political grounds recently, Wen's philosophical approach to protect abortion rights based on ‘health care’ was smarter – therefore it was that smarter strategy that was killed at the secret meeting.]

07.17 Billions of air pollution particles found in hearts of city dwellers

07.17 What is happening in America's Cancertown is tragic, immoral and evil [Niggardly white government policies could change to produce better students, better jobs and net revenue instead of costs. But it seems they enjoy more cruelty—like Trump.]

07.16 US aid cuts to UN agency will hurt vulnerable women and children, critics say

07.16 Trump abortion restrictions in effect for taxpayer-funded clinics

07.15 The response to DRC’s Ebola crisis isn’t working. Here’s what we need to do

07.15 Extinction Rebellion protests block traffic in five UK cities [Non-corporate human animals make their annoying bleating sounds...]

07.14 A Glacier the Size of Florida Is Becoming Unstable. It Has Dire Implications for Global Sea Levels [The willfully ignorant needn't read more, Trump]

07.13 'Climate Despair' Is Making People Give Up on Life [Willfully ignorant governments—having fired many of their best scientists—have made themselves too stupid to despair]

07.13 Trump administration to approve pesticide that may harm bees [The worst government money can buy!]

07.12 These solar panels don’t just generate power—they produce drinking water

07.12 David Attenborough: polluting planet may become as reviled as slavery [1:34 video]

07.10 Plastic Has A Big Carbon Footprint — But That Isn't The Whole Story [Fixing our world begins by educating your consciousness with the best truth from trustworthy news sources—so you'll then insist truly bad things will get fixed. But if instead you are educated by untrustworthy news sources—then your consciousness could be warped to where you are hating and fighting with your best friends. Clue: untrustworthy news sources never seriously report news about the world's most critical emergency—Global warming.]

07.10 Molly Scott Cato: ‘It’s the wealthy who are causing climate change’

07.09 Judge reinstates Madrid's low emissions zone [Yeh!]

07.07 How Solar Panels Work (And Why They're Taking Over the World) [Hope they leave space between panels for wild flowers to grow so birds and butterflies can flourish!]

07.05 Tree planting 'has mind-blowing potential' to tackle climate crisis

News Media Matters

07.19 Fox News’s star names excuse the inexcusable after Trump's latest racist attack

07.18 In Sinclair's New 'Must-Run' Segment, Former Trump Adviser Tries to Defend Racist Attacks on 'the Squad'

Daily: FAIR Blog
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US Politics, Policy & 'Culture'

07.19 Are progressives working on a climate plan for 2021? You bet.

07.19 The 51 most outrageous lines from Donald Trump's repugnant North Carolina rally

07.19 The Real Meaning of ‘Send Her Back!’

07.18 Alexandria Ocasio-Cortez on Breaking up Homeland Security

07.18 Deadly Delays in Jail Construction Cost Lives and Dollars Across California

07.18 Inside Trump's DC hotel, where allies and lobbyists flock to peddle their interests [Also, too much ignored by media, the $millions "donated" corrupting moderate Democrats and Republicans every election cycle must stop]

07.18 This Republican's Case for Medicare for All [A well-informed Republican is rare, so let's hold him in the light so others may learn]

07.18 Trump rally crowd chants 'send her back' after president attacks Ilhan Omar [1:03 video shows Trump pandering to his ignorant idolaters, and together they're making America a greater shit-hole country]

07.18 "Can't Change a Corrupt System by Taking Its Money": Sanders Urges All 2020 Democrats to Reject Insurance, Big Pharma Cash [49:02 video w/ lousy sound]

07.17 Why Democrats’ oversight machine is moving so slowly against Trump

07.17 Here's the real reason Trump is attacking 'the squad': he's scared of their politics

07.17 'Good,' Says Elizabeth Warren, After Billionaire Right-Winger Peter Thiel Says She's 2020 Democrat He Is 'Most Scared By'

07.17 The American Right Defines Patriotism As Complacency About Racism

07.17 This is what today's America looks like. The squad is us

Justice Matters

07.19 UN urged to act over 'purge' of Turkey's lawyers by Erdogan

07.19 DOJ Releases Strong Evidence of Trump’s Campaign Finance Violations But No Explanation of No Charges [The statement]

07.16 Contempt [Variations of frequent loss & theft of property title by organized legal efforts against black owners]

07.15 Australia 'deeply concerned' about China's treatment of Uighur people [What are the reasons, exactly, that justify harsh imprisonment of a million people?]

07.15 Zuma tells South Africa corruption inquiry he is victim of foreign plot [Unaccountable corrupt governments are so in fashion these days...]

High Crimes vs. Human Rights

07.19 Conscientious objectors of first world war – their untold tales [The record proves they were morally right by avoiding violent early deaths of their cousins and themselves]

Economics & Corrupt Capitalism

07.18 Corporate tax cuts blocked at least 15,000 affordable homes in California. Here’s how

07.15 China’s Economic Growth Hits 27-Year Low as Trade War Stings

International & Futurism

07.19 U.N.'s Bachelet says Congresswomen opposing Trump are 'fantastic'

07.19 Iran makes 'substantial' nuclear offer in return for US lifting sanctions [Was barbaric Saudi Arabia—whose citizens were more involved in the 9-11 attacks—the wrong ally all along?]

07.19 “The Task Ahead Is Enormous, and There Is Not Much Time” [Read this and learn. Or read Donald J. Trump (@realDonaldTrump) | Twitter and/or President Trump (@POTUS) | Twitter. Are you serious? Or are you in hideously criminal denial?]

07.18 Foreign purchases of American homes plunge 36% as Chinese buyers flee the market

07.18 There are 16 million slaves around the world making our stuff

07.18 ‘No rioters, only a tyrannical regime’: Thousands of Hong Kong seniors march in support of young extradition law protesters [Most people around the world have more in common with these Hong Kong Chinese protestors than with the ignorant people at Trump rallies]

07.18 Dozens Arrested as Over 1,000 Jewish Activists and Allies Shut Down Entrances to ICE Headquarters Demanding Closure of Trump Detention Camps [Obviously these are not the immoral and less educated right-wing jews who support Netanyahu, Trump and ICE, and who slowly exterminate Palestinians when no one is looking]

07.17 Trump Murdered the Iran Deal—And Europe Isn’t Too Happy About It [Only psychopathic Saudi Arabia and Russia are U.S. ’allies’ now...]

07.17 Trump’s Unlawful Asylum Policy Is a Jab at Mexico

07.16 Trump’s race fantasy is clear: the US as home for whites fleeing Europe [1:09 video]

07.15 India’s Terrifying Water Crisis

07.15 Australia now has the highest minimum wage in the world [From 1960 to 2018 – the U.S. has fallen from 1st place to below the tenth place and off the chart]

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  AIG-Gate: The World's Greatest Insurance Heist

ANALYSIS:

AIG-Gate: The World’s Greatest Insurance Heist

by Ellen Hodgson Brown, J.D.
Earlier published on her website on February 5th, 2010

There is no law against gambling, but there is a law against fraud. In Watergate, a special prosecutor was appointed to bring criminal charges; but times seem to have changed.

Rumor has it that Timothy Geithner is on his way out as Treasury Secretary, due to his involvement in the AIG scandal that is now unraveling in hearings before the House Oversight and Reform Committee. Bob Chapman writes in The International Forecaster:

Each day brings more revelations of efforts of the NY Fed and Goldman Sachs to hide the details of the criminal conspiracy of the AIG bailout. . . . This is a real crisis on the scale of Watergate. Corruption at its finest.

But unlike the perpetrators of the Watergate scandal, who wound up looking at jail time, Geithner evidently has a golden parachute waiting at Goldman Sachs, not coincidentally the largest recipient of the AIG bailout. At least that is the rumor sparked by an article by Caroline Baum on Bloomberg News, titled “Goldman Parachute Awaits Geithner to Ease Fall.” Hank Paulson, Geithner’s predecessor, was CEO of Goldman Sachs before coming to the Treasury. Geithner, who has come up through the ranks of government, could be walking through the revolving door in the other direction.  

Geithner has been under the House microscope for the decision of the New York Fed, made while he headed it, to buy out about $30 billion in credit default swaps (over-the-counter derivative insurance contracts) that AIG sold on toxic debt securities. The chief recipients of this payout were Goldman Sachs, Merrill Lynch, Societe Generale and Deutsche Bank. Goldman got $13 billion, roughly equivalent to its bonus pool for the first 9 months of 2009. Critics are calling the New York Fed’s decision a back-door bailout for the banks, which received 100 cents on the dollar for contracts that would have been worth far less had AIG been put through bankruptcy proceedings in the ordinary way. In a Bloomberg article provocatively titled “Secret Banking Cabal Emerges from AIG Shadows,” David Reilly writes:

[T]he New York Fed is a quasi-governmental institution that isn’t subject to citizen intrusions such as freedom of information requests, unlike the Federal Reserve. This impenetrability comes in handy since the bank is the preferred vehicle for many of the Fed’s bailout programs. It’s as though the New York Fed was a black-ops outfit for the nation’s central bank.

The beneficiaries of the New York Fed’s largesse got paid in full although they had agreed to take much less. In a November 2009 article titled “It’s Time to Fire Tim Geithner,” Dylan Ratigan wrote:

[L]ast November . . . New York Federal Reserve Governor Tim Geithner decided to deliver 100 cents on the dollar, in secret no less, to pay off the counter parties to the world's largest (and still un-investigated) insurance fraud -- AIG. This full payoff with taxpayer dollars was carried out by Geithner after AIG's bank customers, such as Goldman Sachs, Deutsche Bank and Societe Generale, had already previously agreed to taking as little as 40 cents on the dollar. Even after the GM autoworkers, bondholders and vendors all received a government-enforced haircut on their contracts, he still had the audacity to claim the “sanctity of contracts” in the dealings with these companies like AIG.

Geithner testified that the Fed’s hands were tied and that the bank could not “selectively default on contractual obligations without courting collapse.” But if it was all on the up and up, why all the secrecy? The contention that the Fed had no choice is also belied by a recent holding in the Lehman Brothers bankruptcy, in which New York Bankruptcy Judge James Peck set aside the same type of investment contracts that Secretaries Paulson and Geithner repeatedly swore under oath had to be paid in full in the case of AIG. The judge declared that clauses in those contracts subordinating other claims to the holders’ claims were null and void in bankruptcy.

“And notice,” comments bank analyst Chris Whalen, “that the world has not ended when the holders of [derivative] contracts are treated like everyone else.” He calls the AIG bailout “a hideous political contrivance that ranks with the great acts of political corruption and thievery in the history of the United States.”

If you tell a lie big enough and keep repeating it, said Joseph Goebbels, people will eventually come to believe it. The bailout of Wall Street initiated in September 2008 was premised on the dire prediction that if major counterparties in the massive edifice of derivative contracts were allowed to fall, the whole interlocking house of cards would collapse and take the economy with it. A hijacked Congress dutifully protected the derivatives game with taxpayer money while the real economy proceeded to collapse, the financial sector choosing to put their money into this protected form of speculative betting rather than into the more mundane and risky business of making loans to struggling businesses and homeowners. In the end, $170 billion of federal funds went to AIG and the banks feeding at its trough. Meanwhile, a survey of state finances by the Center on Budget and Policy Priorities think tank found that state governments face a collective $168 billion budget shortfall for fiscal 2010. If the money used to bail out AIG and the banks had been used to bail out the states instead, the states would not be facing insolvency today.

There is no law against gambling, but there is a law against fraud. In Watergate, a special prosecutor was appointed to bring criminal charges; but times seem to have changed.


Ellen Brown

Ellen Brown developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, her latest book, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her eleven books include Forbidden Medicine, Nature's Pharmacy (co-authored with Dr. Lynne Walker), and The Key to Ultimate Health (co-authored with Dr. Richard Hansen). Her websites are www.webofdebt.com and www.ellenbrown.com, and www.public-banking.com.

Ms. Brown's stories are republished in the Baltimore Chronicle with permission of the author.



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This story was published on February 7, 2010.
 

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