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View Diary: Frank Rich: Pivot Or Spin? (22 comments)

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  •  Eliot Spitzer et al in HuffPo calling for (4+ / 0-)
    Recommended by:
    emal, bronte17, DorothyT, Badabing

    Eliot Spitzer and William K. Black Posted: March 16, 2010 11:46 AM BIO Become a Fan Get Email Alerts Bloggers' Index "Time for the Truth"

    We believe that the Valukas report cries out for an immediate Congressional investigation. As we did with A.I.G., we demand the release of the e-mails and internal documents from the New York Fed and Lehman executives that pertain to analyses of Lehman's financial soundness. What downside can there possibly be in making these records available for public analysis and scrutiny?

    Three years since the collapse of the secondary market in toxic mortgage product, we have yet to see significant prosecutions of the kind of fraud exposed in the Valukas report. The SDIs, with Bernanke's open support, exorted the accounting standards board (FASB) to change the rules so that banks no longer need to recognize their losses. This has made the SDIs appear profitable and allows them to pay their executives massive, unearned bonuses based on fictional profits.

    Prosecute! Now!

    by divineorder on Sun Mar 21, 2010 at 07:15:41 AM PDT

    [ Parent ]

    •  Robert Rubin at AIG in 1991! (2+ / 0-)
      Recommended by:
      emal, divineorder

      Can't give you a link because I found this on Lexis, a subscription service. This is an article going back nearly 20 years tracking where Milken's Drexel guys went after Drexel's bankruptcy and Milken's incarceration. Remember that it was a Drexelite who conceived credit default swaps at the financial services London office of AIG.

      Robert Rubin, the center of it all for many years. He captured Clinton and Obama too, it would seem.

      February 11, 1991
      Investment Dealers’ Digest
      HEADLINE: Drexel Diaspora;
      The People Who Drove the Juggernaut, One Year Later
      BYLINE: By Anne Schwimmer
      In addition, the Drexel Burnham Lambert Trading Corp. subsidiary which specialized in commodities landed at AIG Group in New Jersey.  Officials at the firm would not return phone calls and the exact size of the group could not be obtained by presstime.  The Drexel group was headed by Robert Rubin. snip

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