Reply #58: "seek concessions from derivatives counterparties" What?

[Robbien]

The website Seeking Alpha published an account Monday of a maneuver by American International Group (AIG) to: a) fraudulently capsize its balance sheet, in order to; b) force the government to pour more capital into the capsizing insurance giant, by; c) unwinding billions of dollars of credit transactions with banks that took the other side of those trades, in a way that; d) swelled those banks’ balance sheets with what was effectively a one-time gift, and; e) the Treasury knew about the scheme, and by; f) pumping the capital that AIG clamored for, gave its tacit approval.

Keep in mind, according to the Seeking Alpha account, this wasn’t a plan by AIG. This was an act: covert, at least from taxpayers - who, let’s be honest, aren’t going to understand the intricacies of sales of credit-linked notes - but overt, with the complicity of AIG executives, especially at its AIG-Financial Products unit, along with banks and Administration officials.

http://blogs.barrons.com/stockstowatchtoday/2009/03/31/web-site-details-aigs-gift-to-banks-backhand-to-taxpayers/


The govt, AIG and the banksters all agreed to the money laundering scheme and now the GAO is saying, "hey wait".

Concessions on what? The deals have already been consummated.