Does Nobel Prize Laureate Stiglitz understand the word transparency? - Mercedes-Benz Forum

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post #1 of 22 (permalink) Old 03-08-2009, 04:49 PM Thread Starter
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Does Nobel Prize Laureate Stiglitz understand the word transparency?

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Maloney attached a letter from Joseph Stiglitz, a Nobel-prize winning economist from Columbia University, requesting that information.

In the letter to Maloney, Stiglitz wrote,

"American taxpayers have a right to know there their money is going,
and it is imperative that Congress has this information in order to frame appropriate legislative responses."
US Lawmaker Asks Bernanke For Details Of AIG Bailout
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post #2 of 22 (permalink) Old 03-08-2009, 06:01 PM
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Give the farm away types such as this Nobel Prize laureate carry in their genes a compound solely identified to date as OPM. It is neither by reasoning, nor by training that they become what they are. It is the OPM syndrome that compels them to preach that Other People's Money be redistributed, not so much to help the have nots, but to piss off those who have. It makes great politics in places where demagoguery reigns by the votes of the continuing have nots.
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post #3 of 22 (permalink) Old 03-08-2009, 10:00 PM
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I find it interesting that a Congressperson of the Majority party felt necessary to produce a letter from Stiglitz in an effort to get the information she requests. While interesting, his request has no more merit that yours or mine. Hers on the other hand does.

The issues at hand are not that folks are trying to be secretive and hold back information for nefarious purpose, neither Obama nor Bushie did that. The issue is how you release very sensitive information that has very direct impact on the value of a company without damage to that company. And those companies in question, the counterparties to AIG are many.


As a metaphor earlier today I suggested to the group that I was talking with that if it was announced that the health department had, as preventative measures provided EVERY ONE OF THEM with drugs to combat sexually transmitted diseases, even though only a couple MIGHT have an STD the rest would find their social life drop to ZERO. Nobody would be getting laid.

Banks can't afford that same broad based "transparency", even though it seems good in the short run. In the big picture it has a potential of tainting all of them even though they are not toxic. That is not responsible or ethical.

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post #4 of 22 (permalink) Old 03-08-2009, 10:05 PM
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Give the farm away types such as this Nobel Prize laureate carry in their genes a compound solely identified to date as OPM. It is neither by reasoning, nor by training that they become what they are. It is the OPM syndrome that compels them to preach that Other People's Money be redistributed, not so much to help the have nots, but to piss off those who have. It makes great politics in places where demagoguery reigns by the votes of the continuing have nots.
Isn't ALL conversation about economics, taxation or government spending discussed via the medium of OPM? It is sort of hard for an Economist to discuss economic theory otherwise whether they are Liberal, Libertarian or Conservative.

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post #5 of 22 (permalink) Old 03-08-2009, 10:31 PM Thread Starter
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We will get to the bottom of this.
Once Congress has the information, the public will too in no time.


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March 4, 2009
Hon. Ben Bernanke
Chairman
Board of Governors of the Federal Reserve
Dear Chairman Bernanke:
As you may recall, late last year, when you were testifying before the House Financial Services Committee, you agreed, in response to my request, to provide me and the Committee with information about the counterparty transactions in which the Federal Reserve (or entities set up and funded by the Federal Reserve) purchased from certain counterparties multi-sector collateralized debt obligations (CDOs) on which AIG had written credit default swap (CDS) contracts. In connection with the purchase of these CDOs, counterparties unwound related CDS transactions. Also, the Federal Reserve funded the purchase of residential mortgage backed securities (RMBS) from AIG. I requested information on the identities of the counterparties from whom the CDOs and CDS were purchased, the price paid by the Fed for the CDOs, CDS and RMBS, and a description of how the prices were determined.

However, to date, your office has not provided that information to me nor, as far as I am aware, to the Financial Services Committee. This letter is to reiterate that request and to ask that the information be provided to me at the Joint Economic Committee and to the Financial Services Committee as soon as possible. As the New York Times editorial said on March 3, 2009 about these very transactions: “The AIG bailouts fail the basic test of transparency: Who ends up with the money?” I agree with the Times that “not knowing is not acceptable.”


In further support of my request, I attach a letter from a fellow New Yorker, the noted economist and Nobel laureate Joseph Stiglitz, separately requesting release of this information on his own behalf and explaining how the Fed’s providing this information is essential to informed debate over, and efficient development of solutions to, our current economic crisis, as well as to Congress’ ability to oversee the use of taxpayers’ money with respect to the AIG bailout or similar efforts. This is the letter I put into the record at the Financial Services hearing at which you testified on February 25, 2009.
Thank you very much for your prompt response to this request.


Sincerely,
Carolyn B. Maloney
Chair, Joint Economic Committee
Enclosure
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post #6 of 22 (permalink) Old 03-08-2009, 10:38 PM
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We will get to the bottom of this.
Once Congress has the information, the public will too in no time.
Be careful what you ask for. Much damage can continue to be done to the economy if folks play fast and loose with information.

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post #7 of 22 (permalink) Old 03-08-2009, 10:43 PM
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^ I had a "Washington Insider" work for me for awhile. His motto was "If you're gonna go down, take an asshole with you".

Both sides of the aisle will take a hit as well as the economy. Whatever shred of credibility is left will quickly dissapate.
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post #8 of 22 (permalink) Old 03-08-2009, 10:55 PM
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^ I had a "Washington Insider" work for me for awhile. His motto was "If you're gonna go down, take an asshole with you".

Both sides of the aisle will take a hit as well as the economy. Whatever shred of credibility is left will quickly dissapate.
I don't give a flier about either side of the aisle taking a hit. I do care about the economy taking another hit just because folks want to know more than they need to know. It's like Britney and Paris' panties for Politics.

We just can't afford the extra job losses due to political fumbling.

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post #9 of 22 (permalink) Old 03-08-2009, 11:10 PM Thread Starter
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I don't give a flier about either side of the aisle taking a hit. I do care about the economy taking another hit just because folks want to know more than they need to know. It's like Britney and Paris' panties for Politics.

We just can't afford the extra job losses due to political fumbling.
You believe these financial institutions just need time that they will recover after the umpteenth round of bailouts.

IMO these financial institutions are either DEAD or ALIVE,
the earlier we know the earlier we can start the final bailout.
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post #10 of 22 (permalink) Old 03-08-2009, 11:14 PM
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^ Many businesses will actually survive thanks to the stimulus cash but most will inevitably perish. We are just prolonging the suffering for many.
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