AIG Credit Default Swap Unit – After Destroying World Economy – Refuses to Participate in Voluntary Derivatives Regulation

AIG’s credit default swaps brought down the company, and has helped bring not only the American – but the world – economy to its knees.

Yet these criminals are now refusing to join a group of 2,000 other companies in voluntarily agreeing to a little bit of self-regulation. As I have previously written, self-regulation does not go nearly far enough.

Indeed, the fact that AIG – which is now owned by the U.S. and foreign governments – is not participating in the psuedo change of self-regulation means that the the governments are telling AIG it doesn’t have to participate. Governments own AIG (and keep throwing money at it), so they have the power to control AIG.

In other words, Bernanke, Geithner, Summers and the gang are telling AIG that its CDS trades won’t be subject to government regulation or self-regulation. In essence, they are telling AIG to keep doing the same thing which brought down the economy.

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  • Bernanke, Geithner, Summers and the others are really a cruel team of businessmen. I don’t understand why they still get a chance to even speak about AIG or anything that has to do with it. They definitely need to face the consequences of their actions and just go to jail, that would be a good idea. Take care, Lorne

  • The following act allowed credit default swaps, and set us on our current course, The bill by-passed the substantive policy committees in both the House and Senate. There were neither hearings nor opportunities for recorded committee votes. The leadership of the Republican-controlled Senate and House incorporated the deregulation of credit default swaps into an omnibus budget bill (without hearings or recorded votes) when the outgoing president (Clinton) was in no position to veto anything. This was Congress’s deal all along under Republican Leadership with Democratic complicity, under pressure from Wallstreet lobbying organizations. “The Commodity Futures Modernization Act of 2000 was introduced in the House on Dec. 14, 2000 by Rep. Thomas W. Ewing (R-IL) and cosponsored by Rep. Thomas J. Bliley, Jr. (R-VA) Rep. Larry Combest (R-TX) Rep. John J. LaFalce (D-NY) Rep. Jim Leach (R-IA) and never debated in the House. The companion bill was introduced in the Senate on Dec. 15th, 2000 (The last day before Christmas holiday) by Sen. Richard Lugar (R-IN) and cosponsored by Sen. Peter Fitzgerald (R-IL) Sen. Phil Gramm (R-TX) Sen. Chuck Hagel (R-NE) Sen. Thomas Harkin (D-IA) Sen. Tim Johnson (D-SD) and never debated in the Senate”.These poloticians are treasonous criminals and have caused more damage to my extended family from coast to coast than any moslem terrorist organization ever did. We are not forgeting this, and shall move tirelessly to bring these politicians to account.