Wednesday, 26 October 2011

The One Demand

This is from August 10, 2011. (Sorry for shitty quality.)

I had never heard of Dylan Ratigan, but he's got cred.
Ratigan won the Gerald Loeb Award for 2004 coverage of the Enron scandal.

In Ratigan's final CNBC broadcast from the floor of the NYSE he reported on what he called "an important story developing" that Goldman Sachs and "a variety of European banks," in his assessment and that of his guests, essentially "perpetrated securities fraud" and an "insurance fraud scam" against AIG — and, by extension, the government and taxpayers funding that insurance company's "bailout" — by insuring their questionable investment vehicles and, upon their devaluation, making claims on them to be paid by AIG "at 100 cents on the dollar" despite all of the markdowns "being forced upon every other" entity including the government, banks, shareholders, bond holders, taxpayers and homeowners.

"I think that it should be a bigger political issue than whether somebody bought an airplane ... Forget the private jets, forget who got a million dollar bonus. Fifty billion dollars," he said, minimizing what he saw as populist side issues to "the real question" of how "government policy makers" are to deal with the "problems of contract law" inherent in the agreements of businesses receiving government assistance during the financial crisis.

"The banks are being asked to take 'haircuts' on their toxic assets, why are the Goldmans and the Deutsche Banks of the world not being asked to take haircuts on their toxic credit default swaps? It's a real question. I will continue to pursue it for sure, I hope others will as well." Ratigan praised New York Attorney General Andrew Cuomo's subpoena of AIG to determine the bank payouts as "legitimate inquiry" and looked forward to "a body of lawmakers in Washington D.C. who are going to ask, it appears, some of the same questions that I'm asking."

Canada may not be quite as corrupt as the US, but thanks to King Stevie and the Contempt Party of Canada, we're heading that way at a furious pace.

h/t SherryBGood.

ADDED: Once the Contempt Party rams through its regressive new legislation, it will prorogue again until 2012. Then 'just watch them'.

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