11/100ths of 1 pct., we care about, but 41% we don't?

http://www.iht.com/articles/reuters/2009/03/16/business/OUKBS-UK-FINANCIAL-AIG-COUNTERPARTIES-sb.php

Goldman received an aggregate $12.9 billion. Among European banks, SocGen was the biggest recipient at $11.9 billion, Deutsche got $11.8 billion and Barclays was paid $8.5 billion.


Why should one read sources beyond the normal media? This morning is a prime example. The furor over 165 million in bonuses to the London branch of AIG, (an "outrage" the president says), is interesting compared to the relative silence over the more than 60 Billion given mostly to European Banks.

European banks received this money because they were the secret "counter parties" to AIG which the federal reserve learned about (and refused to reveal during congressional testimony) before the bailout. No wonder Bernanke first asked for complete carte blanche and immunity from prosecution when he made his first request (just 3 pages) to congress.

These banks were owed the money because they had bought "credit default swaps" - which is the equivalent to being able to take out insurance on your trip to the lottery or casino. These are completely unregulated, by request of the industry, because they were to be used only by the best and the brightest and would need no govt. regulatory protection.

Must be nice to have friends in high places... maybe you could meet them if you went to England with the G20 central bankers, Davos to attend the World Economic Forum, or to any of the other regular meetings of the world's central bankers.

But if you even want to find out about this, you need to think for yourself, and read The Economist, or the International Herald Tribune.