| 00:00:06 |
Unidentified Speaker, -
TIME FOR SPOTLIGHT ON MAGAZINES. A STORY BY ROBEN FARZAD THAT AIG MAY
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| 00:00:14 |
Echevarria, Pedro - Host
NOT BE AS HEALTHY AS IT LOOKS. CAN YOU DESCRIBE WHAT AIG IS? GUEST: IN THEORY, AIG IS AN INSURANCE CONGLOMERATE THAT HAS BEEN AROUND FOR 100 YEARS. THEY
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| 00:00:36 |
Farzad, Roben - Senior Writer
SELL INSURANCE WILLING TO AVIATION. ALL THE BREAD AND BUTTER THINGS YOU EXPECT AN INSURER TO DO. THERE WERE SELLING INSURANCE ON MORTGAGE-RELATED SECURITIES....
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| 00:01:27 |
Farzad, Roben - Senior Writer
AIG WOULD BE DOING WITHOUT THE TREASURY AND THE FEDERAL RESERVE. TENS OF BILLIONS OF DOLLARS IN TAX SHIELDS. THE BUSINESS LOOKS A BIT LACKLUSTER. THE...
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| 00:02:23 |
Echevarria, Pedro - Host
GUEST: THE TWO ARE LINKED. THE TREASURY AND FEDERAL RESERVE COMBINED IN THE
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| 00:02:33 |
Farzad, Roben - Senior Writer
THROES OF THE FINANCIAL CRISIS PUT UP ABOUT $180 BILLION TO BACKSTOP AIG. WHEN A BANKRUPT COMPANY CHANGES CONTROL, YOU'RE NOT ALLOWED TO MOVE OVER THE...
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| 00:04:31 |
Echevarria, Pedro - Host
202-737-0001 IS THE NUMBER FOR DEMOCRATS. 202-737-0002 FOR REPUBLICANS. 202-628-0205 FOR INDEPENDENTS. TWITTER -- TWITTER.COM/CSPANWJ. HERE IS THE HEADLINE...
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| 00:05:16 |
Farzad, Roben - Senior Writer
WITH AIG. THE COUNTRY IS MUCH BETTER OFF BECAUSE WE DID HAVE THE COURAGE TO BACK UP THE COMPANY. THAT IS A HUGE SELLING POINT IN AN ELECTION. WE TOOK...
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| 00:07:39 |
Farzad, Roben - Senior Writer
UP PRICES-- YOU HAVE PRUDENTIAL, TRAVELERS, VARIOUS DIFFERENT INTERNATIONAL UNITS THAT ARE COMPETING FOR THE SAME BUCKS IN A WEAK ECONOMY. AIG WAS...
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| 00:08:57 |
Farzad, Roben - Senior Writer
MORTGAGE MARKET. THEY ARE A BIT MORE AGGRESSIVE IN TERMS OF THEIR PERSONAL INVESTMENT AND AIG HS IN JUNK- RATED SECURITIES OR NON-RATED SECURITIES. THEY...
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| 00:10:08 |
CALLER, -
FORWARD AND IT WAS ILLEGAL FOR AGRICULTURE AND BUSINESSES FOR A LONG TIME NOW. GUEST: THE TREASURY SAYS IT IS IN THE BENEFIT OF THE TAXPAYER. THE TREASURY...
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| 00:10:26 |
Farzad, Roben - Senior Writer
GAME THIS THING. IF ALLOWING THEM TO CARRY OVER LOSSES WHICH THEY ACCUMULATED OVER YEARS, WE WILL LET THEM DO THAT. THAT WILL BE AT CROSS PURPOSES WITH...
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| 00:11:52 |
Echevarria, Pedro - Host
THIS IS IT HIGH
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| 00:11:57 |
Farzad, Roben - Senior Writer
DESK-RISK/HIGH- REWARD PLAY. OTHER BANKS ARE BIDDING ON THEM AGAIN THREE YEARS INTO A BULL MARKET. THAT'S GREAT. TREASURY IS SELLING BILLIONS OF DOLLARS...
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| 00:13:14 |
Echevarria, Pedro - Host
CALLER: EXCELLENT GUEST AN EXCELLENT MODERATOR THIS MORNING. THE GOVERNMENT DEPENDS UPON REPORTS OF CREDIT
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| 00:13:24 |
CALLER, -
REPORTERS. UP TO THREE DAYS BEFORE THE COLLAPSE OF AIG, IT RECEIVES A- PLUS CREDIT RATINGS AND REPORTS AND THAT IS WHAT THE PUBLIC WAS DEPENDING ON....
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| 00:13:58 |
Farzad, Roben - Senior Writer
THREW THEIR ARMS UP. "WHENEVERE DIDN'T KNOW." LOOKING AT E-MAILS THAT INVESTIGATORS HAVE UNCOVERED POINTED TO AN ENVIRONMENT OF WILLFUL IGNORANCE. PEOPLE...
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| 00:15:22 |
CALLER, -
RECESSION. MY PHILOSOPHY IS NEVER AGAIN. WHAT HAS TO BE DONE TO PREVENT THIS FROM HAPPENING AGAIN? IT DOESN'T MEAN THAT 3 CEO'S WO'TN'T TRY THIS AGAIN....
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| 00:15:53 |
Farzad, Roben - Senior Writer
REAL ESTATE WAS GETTING ITS OWN GROUP TOGETHER. -- GETTING ITS GROOVE TOGETHER. WE CAN EXTEND THE AMERICAN DREAM TO MILLIONS OF PEOPLE THAT WOULD OTHERWISE...
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| 00:17:52 |
Farzad, Roben - Senior Writer
DOING THIS. MAYBE THEY KNEW THAT THE GOVERNMENT WOULD NOT LET IT FAIL. PRIVATE PROFITS AND SOCIALIZED RISKED -- THAT IS WHAT HAS BEEN SO UNSAVORY ABOUT...
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| 00:19:17 |
Echevarria, Pedro - Host
REALIZING THAT THE MARKET IS STEPPING BACK. -- SNAPPING BACK.
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| 00:19:25 |
Farzad, Roben - Senior Writer
WITH OTHER BANKS BIDDING FOR THOSE ASSETS, AIG WANTS TO BE BACK IN THE GAME. YOU CANNOT MAKE MONEY TAKING EXCESS RESERVES AFTER PAYING OUT CLAIMS AND...
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| 00:19:58 |
Echevarria, Pedro - Host
INFORMATION -- IT WAS MY
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| 00:20:03 |
CALLER, -
UNDERSTANDING THAT THE COMPANY WAS PARKED UNDER THE AIG UMBRELLA AND AT COUNTRYWIDE WAS SUCH A BAD ACTOR. I WONDER IF YOUR INVESTIGATION TURNED ANYTHING...
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| 00:20:31 |
Farzad, Roben - Senior Writer
BOWLEENABLER. THIS IS AFTER THE CEO MADE HUGE PROFITS. THE COMPANY WAS BOUGHT BY BANK OF AMERICA. BANK OF AMERICA TOOK MONEY FROM TAXPAYERS. THIS IS ALL...
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| 00:21:36 |
CALLER, -
TAX BREAKS TO CORPORATIONS WHO ARE NOT WILLING TO LIVE UP TO THE RISKS THAT THEY TAKE. THERE IS NO WIN-WIN-WIN SITUATION IN MY AREA AND THE JOKE IS ON...
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| 00:22:13 |
CALLER, -
CORRUPTION. BLIND TRUSTS, BILLIONS OF DOLLARS WHILE THE AMERICAN PEOPLE SUFFER. WHY DID NOT GO AFTER INDIVIDUAL PEOPLE? SOME KIND OF PUNISHMENT IN JAIL....
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| 00:22:49 |
Farzad, Roben - Senior Writer
A DISPERSED GAME, AN ELABORATE SYSTEM OF FUNDING AND FICTION AND SELF-DELUSION. BLAME IS SO METED OUT. YOU HAVE TO DISABUSE YOURSELF OF THE NOTION THAT...
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| 00:24:32 |
CALLER, -
PERVASIVE MINDSET THAT PERSONS WILL FILE CLAIMS AGAINST THEM ARE BACTERIA THAT NEED TO BE ELIMINATED. I'M A FORMER GOVERNMENT EMPLOYEE THAT BLEW THE WHISTLE...
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| 00:26:02 |
Farzad, Roben - Senior Writer
THEY CAN TAKE IT TO THE PRESS OR TO PROSECUTORS OR ATTORNEYS GENERAL. SO MUCH ANCHGER TO WALL STREET. WATER TO TWEATHER AND IT IS THE BLOGOSPHERE --...
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| 00:27:06 |
Echevarria, Pedro - Host
COULD YOU EXPAND ON THAT? GUEST: HIS CLAIM THAT IT IS AROUND $43, $44, AND NOT THE $29 THAT THEY CALCULATED.
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| 00:27:21 |
Farzad, Roben - Senior Writer
TREASURY WANTS TO LOOK AT THIS THAT THE TAXPAYER WILL BREAK EVEN OR MAKE A PROFIT. HE SAID THERE WILL BE A LOSS, $10 BILLION TO $16 BILLION. THIS IS...
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| 00:28:46 |
Echevarria, Pedro - Host
GRAHAM AND THE REPUBLICAN CONGRESS DOING AWAY WITH GLASS-STEAGALL
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| 00:28:52 |
CALLER, -
AND THE FACT THAT HAD WITH WHAT HAS HAPPENED OVER THE LAST FEW YEARS. THIS THING ABOUT PEOPLE IN THE SUPREME COURT. THEY HAVE DECLARED THEM PEOPLE. HOST:...
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| 00:29:15 |
Echevarria, Pedro - Host
FRONTLINE DOCUMENTARY THAT WERE DONE ON THE ASPECTS OF THE FINANCIAL CRISIS AND BAILOUTS. LOOK
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| 00:29:21 |
Farzad, Roben - Senior Writer
AT THE OSCAR-WINNING MOVIE. THIS IS A BIPARTISAN MOVEMENT TO LIBERALIZE REFORMS ON THE BANKING SYSTEM. YOU'RE THE LEFT AND YOU WANT ACCESS TO HOUSING...
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| 00:30:55 |
Farzad, Roben - Senior Writer
WOULD THEY HAVE LISTENEDED TO YOU ABSENT THE CRISIS? I THINK SO MUCH OF THAT APPLIED TO THE HORRORS OF THE FINANCIAL CRISIS IN 2008 AND 2009. YOU HAVE...
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| 00:31:55 |
Echevarria, Pedro - Host
THE REGULATORS SAID DO NOT
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| 00:32:00 |
CALLER, -
DO IT. THEY DID NOT LISTEN. I REMEMBER SOMEBODY FROM THE HOUSE YELLING OUT. THERE WAS NO MONEY DOWN. NOW WE HAVE TO BAIL THEM OUT. IT IS CONGRESS, BARNEY...
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| 00:32:34 |
Farzad, Roben - Senior Writer
THERE IS QUITE A BIT OF UNIVERSALLY IN TERMS OF LESSONS LEARNED AND NEGLECT FROM CREDITORS, REGULATORS, ALL MANNER OF PEOPLE ACROSS THE FOOD CHAIN....
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| 00:33:52 |
CALLER, -
THE INTEREST RATES ARE SO LOW. THESE INTEREST RATES CANNOT STAY THIS LOW FOREVER. THEY'RE TALKING ABOUT ANOTHER TWO OR THREE YEARS, THE INTEREST RATES....
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| 00:34:24 |
Farzad, Roben - Senior Writer
NEAR THIS LOW UNTIL 2014. THERE ARE HUGE IMPLICATIONS IN THIS. THEY CAN TAKE YOUR SAVINGS AND TAKING YOUR CHECKING ACCOUNT AND PARK THEM INTO TREASURY...
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| 00:35:44 |
Echevarria, Pedro - Host
MEN
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| 00:35:48 |
CALLER, -
ARE NOT IN JAIL. THEY ARE THE KEY TO THIS THING. ONE FIRED JOE GREGORY BECAUSE JOE GREAT WAS GOING TO TURN A MAHIM IN. GUEST: THE REST AND CONSTERNATION...
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| 00:36:13 |
Farzad, Roben - Senior Writer
FRY PLAYERS THAT ONE OUT OF BUSINESS AND THERE'S BEEN EVIDENCE OF FRAUD. THIS WAS A PERFECT GAME OF PLAUSIBLE DENIABILITY, SALUTARY NEGLECT. I DON'T...
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| 00:37:12 |
Echevarria, Pedro - Host
COULD YOU SUMMARIZE WHAT THE REPORT SAID? GUEST: IT'S -- THE TABLES ARE TURNED IN A WAY THAT IT'S STILL
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| 00:37:27 |
Farzad, Roben - Senior Writer
BENEFITS BE TOO BIG TO FAIL FIRMS. THEY ARE MUCH BIGGER AND EVEN TOO BIGGER TO FAIL. SMALLER PLAYERS DID NOT HAVE SUCH SYSTEMIC INVOLVEMENT IN BRINGING...
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| 00:38:44 |
Echevarria, Pedro - Host
GUEST: THIS IS STILL A PROBLEM. IT SPEAKS TO SMALL BANKS.
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| 00:38:53 |
Farzad, Roben - Senior Writer
YOU THINK THE ECONOMY IS GETTING HEALTHIER. THIS SPEAKS TO A DEFICIENCY IN TARP. THERE ARE STILL BANKS THAT ARE NOT IN THE HEADLINES SUCH AS CITIBANK...
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| 00:39:24 |
Echevarria, Pedro - Host
YOU CAN SEE IT ON OUR C-SPAN WEBSITE. NEWT GINGRICH ANNOUNCED THE SUSPENSION OF HIS CAMPAIGN TODAY ON C-SPAN AT 3:00 P.M. THAT IS IT FOR WASH"WASHINGTON...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.