Trust: Laundry Edition

clipped from www.securefreedomradio.org YERUSHALMI: Well that’s exactly right.  You would think that if they couldn’t own it maybe they could’ve got the Treasury Department.  But the Treasury Department had no legislative authority to take equity from AIG either.  So what did they do?  They came and opened up a discount window but created a so-called “independent trust” and they hired three trustees, and they insisted that these people were independent non-governmental actors, no conflicts of interests.  But in crafting the trust agreement they slipped in a barely noticed provision of the trust agreement which said “Oh by the way, the Fed controls the trust completely, its terms and effectively the trustees.”  Under anybody’s rendition of trust law this is not a valid trust, this is simply a ruse or an artifice for the Federal Reserve Bank.  The second– GAFFNEY: Which makes the proposition- David we’re just about out of time.  Which makes what they did as I understand it from a technical, legal sense, money laundering.