Fed To Lend $85 billion Of Our Money To AIG

The U.S. Federal Reserve Board on Tuesday said the Federal Reserve Bank of New York will lend up to $85 billion to the American International Group in a plan aimed at saving the insurer from a "disorderly failure" that could wreak economic havoc.

The Fed said under the two-year facility the U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto payment of dividends to common preferred shareholders in the deal, which has the full support of the Treasury Department.

"The Board determined that, in current circumstances, a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance," the Fed said in a statement.

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This is what you get when the government deregulates per republican economic doctrine.

That doctrine being when you deregulate those with the most money from making more money it will enable those "big wheels" to drive the economy through further investment.

Unfortunately what the republican doctrine does NOT take into effect is that same volatility that enables massive profits also enables massive loss.

This is further outlined in the book "Angler: The Cheney Vice Presidency," by The Post's Barton Gellman.

I recommend it.

So where do we stand today?

$100 billion for Fannie Mae and Freddie Mac
$25-50 billion for the auto industry
$85 billion to AIG
$467 billion for military contracts since 2006

I don't have enough toes to count that high, but what I do know is I still can't find a job in this market.

What the government does in situations like this and has for the last 60 years is print more money.

This results in devaluing your wage and mine providing we have jobs and amounts to an unauthorized taxation.

On the plus side it was sunny and nice outside in Detroit.


Welcome To Detroit

Christine Beatty's Lawyer Is Delusional

No deal: Beatty heading to trial

Prosecutor toughened offer; legal experts say mayor's ex-aide waited too long to avoid harsh punishment.

Mayor Kwame Kilpatrick's former top aide, Christine Beatty, will take her chances in court after rejecting a plea deal Monday in her criminal case stemming from the text message scandal.

"What's next? Acquittal, and don't be surprised when that happens," Beatty's lawyer, Mayer Morganroth, said after three hours of closed-door plea-bargaining Monday in the chambers of Wayne Circuit Judge David Groner.

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Aquittal? ..HA HA HA HA HA HA .....sigh...thats funny.

Mayer Morganroth must be so used to feeding Beatty such a line of crap he has decided it looks delicious and must be eating some of it himself.

Further voices of reason continue...

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It isn't unusual for a prosecutor's plea deal to include harsher terms after being rejected, said Larry Dubin, professor at the University of Detroit Mercy Law School. But the three-month increase in jail time seemed steep, he said, and may be an indication of Worthy's confidence in convicting Beatty at trial.

"More typically, when you make a last-ditch effort to resolve a matter, you do not increase the demands, but rather attempt to resolve the differences. So I can only assume the prosecution, as of this point, is willing to go to trial," Dubin said. "It may seem to (Beatty) and her lawyers that her only opportunity to do better than the prosecutor's offers is to go to trial."

The perjury case against Beatty also may be stronger than the case against Kilpatrick because questions put to Beatty during her testimony at a police whistle-blower lawsuit trial last year had been more direct, Dubin said.

Beatty's lawyers are likely to play for sympathy before a jury by portraying her as a victim of the mayor's ambition or his affections, he said.

"She certainly appears vulnerable," Dubin said. "All of the women involved with the mayor could be perceived as victims."

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Christine Beatty was no victim, far from it.

Aside from servicing him sexually, she was the mayor's right hand tool, the hammer for nails he pointed out needing hammering.

The circus continues and the cost grows...

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Morganroth added that he is unconcerned about the possibility of Kilpatrick testifying at that trial.

"I don't think we'd be hurt by the mayor," Morganroth said.

Beatty made no comments Monday as she pushed her way through a crowd of reporters leaving the courtroom. Her pastor, the Rev. Ronald Griffin followed, waving his hand to move the crowd. "Please. Respect! Please," Griffin said.

Morganroth declined to say what the sticking point in negotiations might be, except that the offers were "unreasonable." Although he said he had no quarrel with the four assistant prosecutors with whom he negotiated Monday, he made a reference to Worthy's personal impact on the process by adding he was frustrated "with what one person is doing."

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Christine having her reverend follow her around like a lap dog cracks me up, she should have had him with her in the hotel rooms as she was servicing the mayor...he probably could have down some good then....she is wearing him like a rag of humility now and he is going along with it for whatever reason...probably is filling his congregations seats about now and his face is in the paper and on the news...certainly a man of God.

Here is some of Christine and Kwami really thought of monogamy, victimization and justice...

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9/12/02, 10:38 p.m., during trip to Washington, D.C.

Christine Beatty: Can I just come and lay down in your room until you get back?

Kwame Kilpatrick: Yes.

9/13/02, 9:02 a.m. (the next morning)

KK: They were right outside the door. They [the mayor's bodyguards] had to have heard everything…

CB: So we are officially busted! LOL

KK: LOL LOL! Damn that. Never busted. Busted is what you see! LOL. …

CB: LOL, LOL. Damn, so they have to walk in before you conceed busted! LOL.

KK: Hell yeah. Walk in.

10/8/2002, 10:18 a.m.

KK: I’m fine. Need a break. I want to get out of town w/you. Check on resorts outside of Houston.

10/16/02, 11:48 p.m.

KK: I’ve been dreaming all day about having you all to myself for 3 days…relaxing, laughing, talking, sleeping and making love.

10/31/2002, 5:28 p.m.

KK: I’ll feel better once I’m holding you.

CB: You didn’t say whether or not we are trying for some time tonight.

KK: Definitely. I’m getting a room. Damn that!

CB: LOL. Okie dokie.

(Kilpatrick later tells her to pick up room key at Marriott)

11/1/2002, 12:28 a.m.

KK: 6301 or 6302?

CB: Definitely 6302! 6301 has two double beds.

4/8/2003, 8:55 p.m.

KK: I’m at Laker game. The security doesn’t believe I’m mayor. Mike is pulling out all kind of shirt to prove it.

CB: And, did you miss me, sexually?

KK: Hell yeah! You couldn’t tell. I want some more. Don’t sleep!

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Christine Beatty sure doesn't appear like a victim to me..let's ask fired Detroit Policeman Gary Brown.

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BEATTY TESTIMONY, Aug. 28, 2007, at police whistle-blower trial:

Beatty: Again, Mr. Brown was not fired.

WHAT SHE SAID IN TEXT MESSAGES

• May 11, 2003

Jamaine Dickens, Kilpatrick press secretary: Freep called. Says they hear that mayor fired Gary Brown from DPD. Want to confirm. I know the chief hires and fires, but is he gone?

Beatty: Yes he is gone. You don't need to say that the mayor fired him. He was simply let go. Let me know before you make a comment.

• May 15, 2003, 11:02 a.m.

Beatty: I'm sorry that we are going through this mess because of a decision that we made to fire Gary Brown. I will make sure that the next decision is much more thought out. Not regretting what was done at all, but thinking about how we can do things smarter.

TESTIMONY

Police attorney Mike Stefani: During the time period 2001 to 2003, were you and Mayor Kilpatrick either romantically or intimately involved with each other?

Beatty: No.

Stefani: Did you ever send the mayor, or receive from the mayor, a text message which was of an intimate or sexual nature?

Beatty: No.

TEXT MESSAGES

• 9/24/2002

CB: Last night when I was laying on your shoulder in the car and you held my face and sang whatever song it was, that felt so good. It was just one of those little moments when you just made me fall some more.

• 9/28/2002

KK: Where are you?

CB: At the residence inn in Madison hgts.

KK: What rm?

CB: ...I'm in room 311 in bldg 3 in the back.

• 10/7/2002

CB: OK, I'm feeling like I want another night like the most recent Saturday at the Residence Inn! You made me feel so damn good that night. As you can see I can't let it go! ...

• 4/8/2003

CB: And, did you miss me, sexually?

KK: Hell yeah! You couldn't tell. I want some more. Don't sleep!

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Well Thanks for portraying yourself as the victim Christine, I am sure the authentic victimized women of America appreciate the ruse you are using now in court.

You see as a woman of color whom was a role model, you had and have an obligation to all the other women of color who struggle daily against real injustice, real hardship, real prejudice...your continuing example of riding this dog and pony show out to it's just conclusion just shows how far from a role model you actually were.

It's been a fun ride but just in time for the holidays it looks like your goose is cooked.

Welcome To Detroit

Palin 'Unlikely' To Observe The Law Like The Little People

Palin 'Unlikely' to Meet With Prosecutor

Alaska Gov. Sarah Palin is unlikely to meet with a special prosecutor looking into whether she or other state officials improperly pushed to punish a trooper, a spokesman for John McCain's presidential campaign announced Monday.

Since Palin was named as McCain's running mate Aug. 29, the campaign has dismissed the state legislature's investigation into her dismissal of the state's director of public safety, saying that Democrats are exploiting the probe for political gain.

McCain campaign spokesman Ed O'Callaghan said that Palin is "unlikely to cooperate" with the investigation, which he called "tainted."

Palin's husband, Todd, was subpoenaed in the probe last week. O'Callaghan said he did not know whether Todd Palin would challenge the subpoena.

Sarah Palin has said she fired Walter Monegan over disagreements about budget priorities. Monegan says he received repeated e-mails and phone calls from both Palins and her staff expressing dismay over the continued employment of state trooper Mike Wooten, whose divorce from Sarah Palin's sister was ugly.

Todd Palin and 12 other people were subpoenaed Friday by a joint committee, made up of three Republicans and two Democrats, after prosecutor Stephen Branchflower said that someone may have attempted to deny worker's compensation benefits to Wooten.

No subpoena was sought or issued for the governor. When the investigation was announced less than two months ago, Palin said she welcomed it and promised her full cooperation.

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Nice, so this is how you lead by example?

Use your office to inflict revenge and then avoid the law when Lady Justice attempts to make her due diligence?

Is this what Sarah would bring to the office of vice-president or worse yet the presidency?

Sarah you just made Detroit Daily Dirt's Tool of the Month for September 2008.

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