AIG's former derivative chief said that taxpayers overpaid Wall St

[katty]

(ya think?!)

more: http://www.huffingtonpost.com/2010/06/30/aigs-former-derivatives-c_n_631328.html

AIG's former derivatives chief said Wednesday that taxpayers overpaid Wall Street for their AIG-related holdings, telling a federal investigative panel that he could have gotten "a much better deal" than the Federal Reserve Bank of New York.

Joseph Cassano, the chief executive of AIG Financial Products from 2002 to 2008, told the Financial Crisis Inquiry Commission that the New York Fed's rapid move to settle claims by counterparties to AIG's derivatives deals at 100 cents on the dollar "made me scratch my head."

"We had contractual rights," Cassano said, explaining that the once AAA-rated insurer could have fought Wall Street counterparties like Goldman Sachs, which were using their contracts to exact concessions.

"I don't understand why people didn't look at the contracts," Cassano said. "I don't think taxpayers would have had to accelerate a $40 billion payment" to settle those claims.

[Bluzmann57]

1. That needs to be filed under "No shit?"

An obvious statement. $1.00 is too much to pay to Wall Street when they have already screwed us all.

[katty]

2. precisely

[Prometheus Bound]

3. The New York Fed, then led by current Treasury Secretary Timothy Geithner...

[HCE SuiGeneris]

5. Shhh

The Democrats are in control now.

[thetonka]

4. WELL DUH

In the end the bipartisan legislation that opened the flood gates for the abuses by Wall Street and the financial pirates, and then the decisions to bailout the very companies that risked it all and lost BECAUSE of said legislation was all put in place by people who have very little understanding of finance and economics. I wouldn't be surprised if many of these "representatives" we have can even balance their check books.

Why we trusted these people to protect us, when in reality they all work for those with the biggest slush funds, is beyond me. I just hope that people will start opening their eyes and realize that it is not just one person who has failed us, it's the entire government and the foundation of ignorance, arrogance, and corruption it is built on.

Decisions that effect millions of people should be made by people who understand the options and implications, and they should ALWAYS be peer reviewed and acceptable to the people, not just the corporate puppet masters.

[w4rma]

6. This is what happens when empty suit DLCers get involved in economics. (nt)