Vi har tidigare haft en diskussion rörande "kommunobligationerna" eller municipal bonds i USA inte minst inslaget i 60 minutes med legendariska analytikern Meredith Whitney. Nu verkar det börja dra ihop sig. Denna gång kanske återigen AIG kommer stå i främsta ledet för en ny omgång finans turbulens. AIG sitter nämligen just nu illa till rörande sin munis portfölj.
The gist of the regulator’s findings: Citigroup’s internal controls were a mess. So were its valuation methods for subprime mortgage bonds, which had spawned record losses at the bank. Among other things, “weaknesses were noted with model documentation, validation and control group oversight,” the letter said. The main valuation model Citigroup was using “is not in a controlled environment.” In other words, the model wasn’t reliable.
Here’s where the timeline gets curious. Eight days later, on Feb. 22, Citigroup filed its annual report to shareholders, in which it said “management believes that, as of Dec. 31, 2007, the company’s internal control over financial reporting is effective.” Pandit certified the report personally, including the part about Citigroup’s internal controls. So did Citigroup’s chief financial officer at the time, Gary Crittenden.
http://www.bloomberg.com/news/2011-02-24/what-vikram-pandit-knew-and-when-he-knew-it-commentary-by-jonathan-weil.html
Så förutom sedvanliga oegenligheter, lögner och bedrägeri så blir nu antagligen resultatet av detta ny finans turbulens och ytterligare en ny omgång QE. Det är berättigat att ställa frågan - är detta nu med ständiga QE omgångar något som finansindistrin nu gör allt för att se till att de blir av? Antagligen så länge ingen kommer att åtalas, tvingas betala skadestånd och sättas i fängelse.
http://www.zerohedge.com/article/will-aig-implosion-20-lead-qe-30-0
En passande reflektion: AIG, a company that died but is kept alive with morally hazardess QE2 cash that is leveraged to 200:1 and higher – to keep a banking cancer alive to destroy society utterly.
The Coming Municipal Chrisis
http://intheendwerealldebt.blogspot.com/2010/12/coming-municipal-crisis.html
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