Tuesday, March 22, 2011

"Sleaze Watch: NY Fed Official Responsible for AIG Loans Joins AIG As AIG Pushes Sweetheart Repurchase to NY Fed"

The Fed has received multiple bids for the assets so AIG may not get them on the cheat cheap:
AIG May Face Rivals in $15.7 Billion Bid for Assets Held by Fed.

From naked capitaism:
The corruption in high places is getting more and more brazen with every passing day. The only thing that separates the US from conventional banana republic status is that no one leaves keys to new luxury cars on the desks of officials to secure their cooperation. It’s just not enough of an inducement to get anyone to take action.

Masaccio at FireDogLake was suitably outraged at this spectacle of a regulator getting a job with the biggest lobbying group in the industry he regulates…..and staying in his current oversight role:
The Washington Post reports that David H. Stevens will be taking over as head of the Mortgage Bankers Association. Stevens currently serves as Assistant Secretary for Housing in the Department of Housing and Urban Development, and as the Commissioner of the Federal Housing Administration. He has a conflict of interest so deep that he should be fired at once…MORE
Back in March 2008 I decided the rondo from Mozart's Horn Concerto No. 2 was lovely "Music to Hunt Bankers By":

Pinstripes are not protective coloration, even in the City.