AIG...as a long term follower of the price of Silver, I've had a strong dislike of AIG due to their role in the manipulation of silver as discussed be Ted Butler in 2003....
The Weight Of The Evidence - Silver
By: Theodore Butler
-- Posted 9 December, 2003 | Digg This Article
I have long felt that the main ringleader for the Silver Managers is American International Group, Inc. (AIG). AIG is one of the largest insurance and financial services companies in the world. It is truly a gigantic international force, that ranks by market capitalization of around $150 billion, as the 10th largest company in the US. While revenues and profits from its silver market operations represent a very small part of its total revenues and profits, AIG is the largest factor in the silver market. That's how big this company is. (Please see aig.com)
How did the largest insurance company in the US come to be the largest dealer in the world silver market, or even be involved in silver in the first place? Many are surprised, at first, when they learn that such a large, well-established and connected insurance company is even involved in silver trading at all, no less the leader. Let's face it, there seems to be little compatibility with underwriting commercial fire insurance or personal automobile insurance and silver futures trading.
Here's how AIG got to be the biggest trader in the silver market. When Drexel Burnham Lambert went bankrupt in 1989, the DBL Trading Group was purchased by AIG, and became the AIG Trading subsidiary, which currently operates out of offices in Greenwich, Conn. You may recall DBL Trading was the subsidiary involved in the temporary gold loan default with the central bank of Portugal at that time. Before moving over to AIG, the DBL Trading Group worked at Goldman Sachs (J. Aron) in the early 1980's, and before that began at ACLI (A.C. Leon Israel). For the sake of full disclosure, and in an interesting coincidence, I worked at Drexel Burnham Lambert in Miami, for 10 years until 1986, but had no involvement, whatsoever, with DBL Trading.
The reason I've traced the lineage of AIG Trading is because in their earlier forms, they originated metal leasing, which I believe is inherently a fraudulent and manipulative financial device. In addition to being the Godfather of gold and silver leasing, AIG Trading is the dominating force on the COMEX, being the largest clearing (guaranteeing) firm. Even though I have written to top management on a number of occasions, about their subsidiary's involvement in silver, I believe they are still not aware of the extent of AIG Trading's control of the silver price. I had submitted a copy of this article to AIG's chief legal officer prior to publication to avoid unintentional misstatements.
Whenever my family saw an AIG commercial on T.V....we would boo loudly for fun..it was just a silly little thing we did....AIG had alot of commercials on TV for a couple of years.
In 2001, 1 share of AIG would buy 20 ounces of silver. Today, one ounce of silver will cost over 31 shares of AIG.
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