The WilliamBanzai7 Blog: June 2010

Wednesday, June 30, 2010

Former AIG CDJ (Credit Default Jackass) Joey (the Donkey) Cassano appeared before the Financial Crisis Inquiry Until Next Christmas Commission to clarify a number of important points:

1. AIG's CDS portfolio was doing swelly fine until the bailout screwed everything up. Heehaw!!!

2. If you think Barn and Dodd have any idea how to prevent future jackasses like Cassano from recreating a new and improved financial doomsday machine, think again. This financial donkey not only says he did nothing wrong, he further claims he made no mistakes. Heehaw!!!!

3. Crime pays. Heehawwwwwwww!!!!!!!!!!

GOLDMAN'S (The Movie)

McClatchy Newspapers--Reversing its oft-repeated position that it was acting only on behalf of its clients in its exotic dealings with the American International Group, Goldman Sachs now says that it also used its own money to make secret wagers against the U.S. housing market.

A senior Goldman executive disclosed the "bilateral" wagers on subprime mortgages in an interview with McClatchy Newspapers, marking the first time that the Wall Street titan has conceded that its dealings with troubled insurer AIG went far beyond acting as an "intermediary" responding to its clients' demands.

Read More Here

GEITHNER FARCOLOGY: GOLDMAN'S GET OUT OF AIG JAIL CARD

NYT--When the U.S. government began rescuing American International Group from collapse in the fall of 2008 with what has become a $182 billion lifeline, A.I.G. was required to forfeit its right to sue several banks — including Goldman Sachs, Société Générale, Deutsche Bank and Merrill Lynch — over any irregularities with most of the mortgage securities it insured in the precrisis years.

But after the Securities and Exchange Commission’s civil fraud suit filed in April against Goldman for possibly misrepresenting a mortgage deal to investors, A.I.G. executives and shareholders are asking whether A.I.G. may have been misled by Goldman into insuring mortgage deals that the bank and others may have known were flawed.

WB7: Whatever would make them think that? You can be sure that htis goes much deeper than mere stupidity. Paying 100 cents on the dollar and stong arming blanket releases smells more like a public/private conspiracy.

Lets for arguments sake assume that the threat of claims by AIG poses a valid systemic risk. Why is it necessary to sign blanket releases for the benefit of Goldman and the foreign banks when the US government is assuming control of AIG anyway?

You can bet your last enchilada the US government has little or no interest in seeing claims related to the AIG back door bailout and related subprime pump and dump.

THE BIG CHEESE

Monday, June 28, 2010

Friday, June 25, 2010

G8 WRESTLEMANIA

BANZAI7 NEWS--In an event that will challenge World Cup viewership, Timmy (Stimulus) Geithner has challenged the Fabulous Merkel to a no holds barred Texas Death Match at this weekend's G8/G20 summit. Timmy Hopes the outcome will decide whether Europe will follow Germany's lead in choosing between monetary stimulation vs. fiscal austerity.

Wednesday, June 23, 2010

Sunday, June 20, 2010

SPAGHETTI O-RINGS

BANZAI7 NEWS--The Campbell Soup Company has proposed shoving 15 million pounds of Spaghetti O's down the runaway Deepwater Horizon well and has commenced a voluntary recall to expedite the proposed solution.

EBIRAH 2010

THE BLOB 2010

BP chief executive Tony Hayward took a day off Saturday to see his 52-foot yacht "Blob" compete in the JP Morgan Round the Isle of Wight Regatta off England's shore, a leisure trip that infuriated residents of the oil-stained Gulf Coast.

Experimental Tri-sail Blob ready for deployment in Round the Gulf Regatta: