World News Trust World News Trust
World News Trust World News Trust
  • News Portal
  • All Content
    • Edited
      • News
      • Commentary
      • Analysis
      • Advisories
      • Source
    • Flatwire
  • Topics
    • Agriculture
    • Culture
      • Arts
      • Children
      • Education
      • Entertainment
      • Food and Hunger
      • Sports
    • Disasters
    • Economy
    • Energy
    • Environment
    • Government
    • Health
    • Media
    • Science
    • Spiritual
    • Technology
    • Transportation
    • War
  • Regions
    • Africa
    • Americas
      • North America
      • South America
    • Antarctica
    • Arctic
    • Asia
    • Australia/Oceania
    • Europe
    • Middle East
    • Oceans
      • Arctic Ocean
      • Atlantic Ocean
      • Indian Ocean
      • Pacific Ocean
      • Southern Ocean
    • Space
  • World Desk
    • Submit Content
  • About Us
  • Sign In/Out
  • Register
  • Site Map
  • Contact Us
  • How Palestinians Defeated Netanyahu and Redefined ‘Unity’ | Ramzy Baroud
  • Transphobia | Wikipedia
  • Did Entheogens Cause Human Intelligence? | Bard
  • How To Deinstitutionalize The Practice Of Human Warfare | Bard
  • How Khader Adnan Unified Palestinians from His Prison Cell | Ramzy Baroud
  • European Cities Boycott Apartheid Israel | Ramzy Baroud
  • No Respite from the Slow-Motion US-China Collision | Nouriel Roubini

Secret Banking Cabal Emerges From AIG Shadows (David Reilly)

More items by author
Categories
Edited | All Content | Commentary | Commentary -- WNT Selected | WNT Selected
Tool Bar
View Comments

cabal_chessJan. 29 (Bloomberg) -- The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.

Wednesday’s hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials.

We’re talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system -- apart from the matter of AIG’s bailout -- deserves further congressional scrutiny.

The New York Fed is in the hot seat for its decision in November 2008 to buy out, for about $30 billion, insurance contracts AIG sold on toxic debt securities to banks, including Goldman Sachs Group Inc., Merrill Lynch & Co., Societe Generale and Deutsche Bank AG, among others. That decision, critics say, amounted to 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 allowed to fail.

That move came a few weeks after the Federal Reserve and Treasury Department propped up AIG in the wake of Lehman Brothers Holdings Inc.’s own mid-September bankruptcy filing.

READ MORE: Bloomberg

back to top
  • Created
    Friday, January 29 2010
  • Last modified
    Wednesday, November 06 2013
  1. You are here:  
  2. Home
  3. All Content
  4. Edited
  5. Secret Banking Cabal Emerges From AIG Shadows (David Reilly)
Copyright © 2023 World News Trust. All Rights Reserved.
Joomla! is Free Software released under the GNU General Public License.