Remember when the big bank CEO's came out and said the first few quarters were very good? Then, despite interest rates continuing to fall and refinances continuing to rise, they alluded that March wasn't as profitable. Why? AIG. The government has been playing games behind our backs. AIG is dead, it is a shell company. The government has given them over 170 billion dollars thus far. During January and February AIG unloaded a bunch of toxic debt at next to nothing prices to companies like Bank of America, Citi Group, JP Morgan, Goldman Sachs and the like. These companies turned around and sold those same assets at the market for billions in profits. How is that disparity legal? A trading policy was changed one month before to allow them to do so. Guess what, the tax payers took the loss on the difference between the rock bottom prices AIG sold at and the market prices the other institutions sold at.
Oh wait, there's more! Wonder why banks are buying more toxic assets now after we had to bail them out for having too much toxic crap on their balance sheet in the first place? Geither's 2 trillion dollar "asset relief" plan is going to bid market prices up on the toxic stuff. These institutions and the feds are going to make a lot of money on our tax dollars. Now we see that Obama's meeting with all the bank CEO's last week wasn't just political, it was collusion.
As a side note, this type of market manipulation is illegal.
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