Word: yorke
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...division of bond manager BlackRock in November 2008, AIG would probably have been able to strike settlements that, at least at the time, could have saved the giant troubled insurer, and taxpayers, billions of dollars. Instead, after a few days of harried discussions, the Federal Reserve Bank of New York - which was orchestrating the government's bailout of AIG - instructed the insurer to pay its counterparties, which included Goldman Sachs and a number of European banks, in full. The BlackRock report is one of many documents recently unearthed by a congressional investigation into the controversial bailout of AIG, which could...
...hearing, which was held by the House Committee on Oversight and Government Reform, were the payments that AIG made to banks that bought credit-default-swap (CDS) bond insurance from the firm. Members of the panel grilled Treasury Secretary Timothy Geithner, head of the Federal Reserve Bank of New York in late 2008, as to why he allowed AIG to pay the banks the starting value of the CDS contracts when the bonds had fallen significantly in price. Other mortgage-bond insurers at the time were able to strike deals to tear up similar contracts and pay reduced prices. Some...
...very clear that the New York Fed was preoccupied with looking out for the interests of Wall Street at the expense of Main Street," says California Congressman Darrell Issa, a Republican, who questioned Geithner and others on Wednesday. "Given the circumstances and the fact that they were dealing with taxpayer dollars, the Fed had an obligation to try and secure the best deal possible for the taxpayers and instead brokered a deal that helped the rich get richer and then tried to cover...
...years later, I recall that moment because of the attention that is finally being paid to injuries in pro football - at least head injuries, prompted by the wonderful reporting of Alan Schwarz of the New York Times. But I also think about it because I know the focus will not trickle down to where it is needed most: the high school level. Research has shown that young players are far more susceptible than older ones to serious injuries. (Comment on this story...
...realize that this is a contentious issue and that I will probably lose friends over the course of this little polemic. I am not here to argue that men should wear, as The New York Times’s Guy Trebay recently complained, “mommy jeans or pants reminiscent of Ted Danson in ‘Cheers.’” I am merely attempting to facilitate dialogue on an unaddressed problem...