financial news: The Bank of the People!
- 09/19/08 03:02 PM
I would like to introduce you to the REAL BANK OF THE PEOPLE: The United States of America. Let's take a look. Through our tax dollars we now owns most of Fannie Mae and Freddie Mac and their $5.2 trillion in guarantees/portfolios. WE owns 80% of American International Group's $70 billion or so in "credit default swap" contracts on subprime bonds. (This is not a good thing to own.) WE also own 80% of AIG outright (a $1 trillion company) including a once-top-ranked mortgage insurer, United Guaranty. WE own AIG's two mortgage banking subs, which were shrinking anyway, (not a big deal in the scheme … (1 comments)
I would like to introduce you to the REAL BANK OF THE PEOPLE: The United States of America. Let's take a look. Through our tax dollars we now owns most of Fannie Mae and Freddie Mac and their $5.2 trillion in guarantees/portfolios. WE owns 80% of American International Group's $70 billion or so in "credit default swap" contracts on subprime bonds. (This is not a good thing to own.) WE also own 80% of AIG outright (a $1 trillion company) including a once-top-ranked mortgage insurer, United Guaranty. WE own AIG's two mortgage banking subs, which were shrinking anyway, (not a big deal in the scheme … (1 comments)
;)
;)
