Government

UNCLE SAM IS STILL COOKIN’ THE BOOKS

Treasury’s TARP “Two Year Retrospective” (“Retrospective” ) published earlier in 2010 describes an agreement with American Insurance Group (AIG) as leaving “taxpayers in a considerably stronger position to recoup their investment in the company.” The plan calls for providing AIG up [...]

UNDER THE TARP

When Congress authorized the Bailout Bill, it created the Office of the Special Inspectors General for the Troubled Asset Relief Program (or SIGTARP in the ubiquitous Washington acronym). SIGTARP was instructed to “keep an eye” on the program and keep the Congress and the people informed. We [...]

Who’s Minding The Store? – 3rd Quarter 2009

The Obama Administration has proposed regulatory changes to the domestic financial system. Last year’s events have revealed serious deficiencies in our financial system, not the least of which is the utter lack of oversight. With this lack of supervision comes significant risk, moral risk or [...]

An Independent Press

    Many folks have commented on the nature of the independent press. Articles that appear here and in other cutting edge publications have been met with the refrain:. Why have I not read this in the New York Times, or the Daily News? John Swinton was the former Chief of Staff for the New [...]

THE PENSION DILEMMA

Is another S&L crisis headed our way? Will we be faced with another $490 billion bailout, or something in the neighborhood of a $1 trillion bailout? This time, it is not exactly about savings and loans, but the plight of the airline industry, other corporations and their pension plans. [...]

FANNIE, GINNIE & FRIENDS

Fannie Mae (FNMA) and Ginnie Mae (GNMA) are private corporations with a unique advantage. The largest, FNMA has become a $4.5 trillion company that pumps cheap money to primary market lenders by paying cash for the mortgages which these companies originate. Once a large quantity has been [...]

Uncle Sam Cooks The Books

I have been a very active and vocal critic of the Government's handling of the Trust Funds earmarked for special purposes, such as Social Security, the Highway Trust Fund, the Airport Trust Fund, and 168 others. In my 1996 book, The Secret World of Money, I opined that the Trust funds were [...]

THE CHARLESTON SLAVE BADGES

In the days leading up to the War between the States (and the Federal Government), a unique system of slavery existed in the otherwise bucolic coastal City of Charleston, South Carolina. For those not privileged to have visited the area, vast agricultural plantations surround the center of [...]

Creepy Things Hide In Dark Places

While puttering in my garden, I discovered a long forgotten empty terracotta pot that I had overturned and used as a base for a planter. As it was tidy up time, I decided to dismantle the planter and I turned the pot over. Swarming the inside of this pretty flower pot was the creepiest menagerie of [...]

The Iraqi Oil Trust

In previous issues of The World of Money, we have explored the trust fund mentality that permeates Washington. The concept is simple. Divert the funds from any type of enterprise, into a trust fund, and then "invest" the proceeds of that trust fund in Treasury bonds or similar [...]
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