Is this simply outrageous in a company where the government, you and me, has an ownership stake of 80%, having already received some $180 billion dollars from taxpayers? Among those who could collect these big fees (people, in banking, in case you didn't know, it's all about the fees)...
"Morgan Stanley could collect as much as $250 million, the newspaper said, citing banking experts and documents released by the New York Fed. Bank of America Corp, private equity firm Blackstone Group LP, law firm Davis Polk & Wardwell LLP, accounting firm Ernst & Young, Goldman Sachs Group Inc and JPMorgan Chase & Co are among others that have or could get big paydays for helping dismantle AIG."Call me a conspiracy theorist if you want, but once you have been head of the New York Fed as, Timothy Geithner has, developing close relationships with these bankers and allowing poor oversight of the same, I wonder if there is a conflict of interest as the chief spokesperson on behalf of the People as the Treasury Secretary.
Not only did Timothy Geithner allow these banks to fly below the radar while engaging in activities that by any standard outside of Wall Street would be bogus as the head of the New York Fed, but with the breakup up AIG the fees that will be given are doubled than any other breakup in our history--this at a time where the country has been at the brink of financial collapse and in serious debt.
AIG seems to have been the distribution center for Goldman Sachs, J.P. Morgan Chase, Citibank, and Banks of America. All have gotten assignment to assist in the dismantling of AIG, not to mention that many of these have already gotten bailout money having been insured by AIG. The Wall Street journal reports that the AIG breakup will be four times the fees paid to break up AT&T Corp. in 1996, and nearly double those paid for Visa USA's 2008 initial public offering, the largest U.S. IPO ever. Is this not outrageous?