With the government suggesting that it will turn its debt stakes in the banks into equity (thereby stretching TARP money ... by turning an obligation into an asset?), the future of finance is a moving target. But I've written a piece about it here, for the new Lombard Street journal, which is focused on that sort of thing.
If we're taking stakes, we'll probably need overseers, which makes this warning shot from the Times urging the AIG trustees to disclose more particularly interesting.
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1. Posted by lawonthestreet on April 20, 2009 @ 12:27 | Permalink
There was an interesting special on 20/20 the other night (I think it was 20/20, could be wrong) that spread some more light on AIG. On top of all of the money wasted in exec bonuses, they seem to give many people on their health plans extreme difficulty in paying out claims. People were very frustrated, especially in the cases where VIDEO evidence was provided to support their claims. It's crazy.
2. Posted by fedgovernor on April 20, 2009 @ 18:52 | Permalink
When was the law authorizing the Treasury to confiscate private property by fiat voted on by my representative in Congress?
Isn't it just about time for the management or the boards of these banks to sue the Treasury Department to protect their shareholders' ownership rights?
Doesn't management have a legally enforceable fiduciary duty to these shareholders?
The government is STEALING these banks from their rightful owners by claiming - absent any Congressional authority whatsoever - the right to confiscate private property without due process.
It's unconstitutional, and somebody needs to grow a nut and get the third branch of government involved to stop this illegal thievery before it starts Civil War II.
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