[Marxism] Key Obama backer worth $50 billion profitsfromtaxpayer bailout of Wall Street

S. Artesian sartesian at earthlink.net
Wed Apr 8 23:10:36 MDT 2009


> Berkshire-Hathaway's yearly after-tax returns over 40 plus years have
> averaged more than 21%, and for the last 10 years included in the most
> recent annual report, 12.6%.
____________

The last investment vehicle to claim returns like that belonged to Bernie 
Madoff.  Buffett is up to his elbows in bailing out AIG and making money on 
both ends of the deal.  Nice work if you can get it, and you can get it if 
you... well you know how it goes.

Spitzer, who took his pants off but kept his socks on, broke the cover on 
the General Re, AIG scam in 2005 when Greenberg, having funded the Andy 
Fastow chair in creative accounting at the Wharton School created 3 "private 
entities"-- essentially corporate fronts for channeling money into certain 
select pants pockets.

General Re, about a month ago, also settled claims against it for its part 
in this earlier AIG fiasco to the tune of $72 million.  That wasn't a bad 
deal either, as total costs of the scam were estimated at $1.3 billion.  So 
at 6 cents on the dollar-- cheap.

Berkshire Hathaway has significant holdings in US Bancorp, Moody's, Wells 
Fargo, Goldman Sachs, American Express and thus gains from the capital 
injections of TARP, the credit guarantee program of the FDIC,  AND from the 
counterparty side of the AIG  CDS which has got to be the biggest scam 
going.

The end of the world so frighteningly envisioned by... well, the whole world 
after Lehman went bust  with 630 billion debt outstanding, and with 
estimates of the CDS exposure on its paper estimated at anywhere between 100 
billion and 400 billion dollar, didn't come, and certainly didn't provide 
much bang for the buck as the positions were settled for a grand sum of 5.2 
billion-- which is a result of everybody hedging everything and operating on 
thin margins made palatable, or actually operable, by constant turnover, 
constant recollateralization.

So far, esimates are that over $53 billion has been paid out to 
counterparties on AIG related credit default swap.  Your tax dollars at 
work.   Why the fuck the govt. is using taxpayer dollars to pay off CDS at 
100% of face value is not anybody's guess, when actual exposures are 
probably 5-10 percent of that.... .  You KNOW WHY they're using your tax 
dollars to do that-- because it's your tax dollars, and not the financial 
club's dollars.

General Re didn't confine its scam phony reinsurance dealings  to the US. 
The Finanical Services Authority in the UK has banned for life former chief 
exec of Gen Re UK's  Alternative Solutions which wrote reinsurance contracts 
hiding other insurance companies' losses in the UK and Australia.

Maybe, just maybe, we'll have the great pleasure of seeing this good old all 
American midwestern neighborly  value-investing con artist frog marched out 
of Omaha, with the marshals wearing big T shirts with the words "Do Not 
Resuscitate"  above arrows pointing at good old folksy friendly Warren.


----- Original Message ----- 
From: "Joaquin Bustelo" <jbustelo at gmail.com>
To: <sartesian at earthlink.net>
Sent: Wednesday, April 08, 2009 10:57 PM
Subject: Re: [Marxism] Key Obama backer worth $50 billion 
profitsfromtaxpayer bailout of Wall Street






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