Baseball91's Weblog

January 13, 2010


The Financial Crisis Inquiry Commission is underway.

According to a Bloomberg piece by Hugh Son, the Federal Reserve of New York, under the leadership of Timothy Geithner, told AIG to withhold documents and delay disclosures of details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails over a five month span starting in November 2008 between the company and its regulator show. The New York Fed took over negotiations between AIG and the banks in November 2008 as losses on contracts tied to subprime home loans threatened to swamp AIGr weeks after its taxpayer-funded rescue. The New York Fed ordered the crippled AIG not to negotiate for discounts in settling the credit derivative swaps, crossing out the reference to discussion of a discount of up to $13 billion that tax payers funded, according to the e-mails. AIG excluded the language when an SEC filing was made public on December 24, 2008. This was a backdoor bailout of Goldman Sachs and more than a dozen banks which were owed $62.1 billion of the credit derivatives. The regulator decided that Goldman Sachs and more than a dozen banks would be fully repaid. At the time, Geithner “was recused from working on issues involving specific companies, including AIG.” In a separate statement, a spokesperson said that Geithner, after his nomination for Treasury secretary on Nov. 24, 2008, “began to insulate himself weeks earlier in anticipation of his nomination.”

It is hoped that Financial Crisis Inquiry Commission is as affective as congressional oversight after the Mitchell Report was released for Major League Baseball. This bipartisan commission has been given a critical non-partisan mission. In the cultural atmosphere of Washington, with its campus as a political utopia. With a week or two of producing in video and interactive content creation for C-Span, the media division for both Democrats and Republicans, funded by your cable television payments.

Because what is said to the new media does have a huge impact on reputations and on careers. Or to Congress. In the new cultural atmosphere where everyone has an agent. Even Bob Costas is represented by IMG, when television journalist used the same system as your professional athlete. IMG also represents Tiger Woods through Mark Steinberg, Senior Vice President and Global Managing Director of Golf. IMG which owns half of Ari Fleischer’s company. Fleischer, the former White House press secretary who operates Ari Fleischer Sports Communications.

In the cultural atmosphere, IMG is the global leader in event management and talent representation. “Our media division is one of the world’s top independent producers of sports and entertainment television across multiple genres and is an emerging leader in video and interactive content creation for broadband and mobile platforms.”

In the cultural span of c-span, of sports, of television, of entertainment. With all of its sponsors.

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