US Justice Department investigators trace missing $64 billion from Bernard Madoff Ponzi Scheme to naked counterparty derivatives linked to AIG

[jose v]

US Justice Department investigators trace missing $64 billion from Bernard Madoff Ponzi Scheme to naked counterparty derivatives linked to AIG The major counterparties are Citibank, Bank of America and Barclays. These banks purchased alleged derivatives that AIG stock would collapse and would be taken over by the US Treasury and the Federal Reserve. It has emerged that these counterparty derivatives were never actually purchased and that the insurance policies never existed.


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