nO Corruption Here, Move Along Now...

clipped from ace.mu.nu How about 100 cents on the dollar? That seems fair, eh? It's just taxpayer money. Taxpayers are just lousy with taxpayer money. Geithner’s team circulated a draft term sheet outlining how the New York Fed wanted to deal with the swaps -- insurance-like contracts that backed soured collateralized-debt obligations. CDOs are bundles of debt including subprime mortgages and corporate loans sold to investors by banks. Part of a sentence in the document was crossed out. It contained a blank space that was intended to show the amount of the haircut the banks would take, according to people who saw the term sheet. After less than a week of private negotiations with the banks, the New York Fed instructed AIG to pay them par, or 100 cents on the dollar. The content of its deliberations has never been made public. No wonder Wall Street had such a schoolgirl crush on him. If he gave you $13 billion, you'd be pretty sweet on him too.