Not a single comment? If this is true, which the zerohedge link provides conclusive details suggesting it is...
Rome is burning, but the good citizens don’t even smell smoke?
Of course it was. Obama’s jedi mind tricks will only work for so long.
We need to BOYCOTT ALL COMPANIES that have received bail-out monies. The quicker they fail the better for all the non-socialists in this country.
Ya think, Karl? The socialization of risks socialists and the financial oligarchs/socialists have quite a con-game going...don’t they?
Yes.
They undercut and too premiums at below costs because they never figured they would have to be paid out. They invented, participated in insuring products that had no history of costs. How could you price that? Well, who cares if you are not covering.
Like our government pensions. Or social security.
This is how you make money in financial enterprise. Take in, and don’t pay out. What is government but taking real taxes from real productive work and workers in exchange for promises like, you dolt kid will be edjamaked, or eight time caught felon at 19 won’t rape your wife, or 30 billion plus a year CIA will keep mud head koran babblers from crashing into buildings.
Bla, bla, bla.
Always the same. Pay me now, and I’ll pay you back.
Religion? Pay the priest so that after you are dead, you will live, forever, with out rent in a really nice place.
Why do you think government buildings are built like temples?
Duh.
ML/NJ
I don’t think it was a scam in the way that Madoff was a scam. It was a merger of people who thought never saw a down market and used 10 years of an up market to justify idiotic formulas to calculate risk. Older managers who should have known better, but ignored any qualms because of the huge bonuses they were receiving based on their junior traders flawed reasoning, and senior management also using poor judgement because they liked the Hamptons mansions and yachts that were the perks of sticking their heads in the sand.
I don’t know what an unwind is and I don’t imagine that very many of the general public understands the term, either, let alone all the other details of AIG.
What the public will understand is that Geithner was asked about his proposal for AIG, and the fact that Geithner refused to clarify his position on paying only a portion of claims from AIG policy holders. The congressman from Illinois asked Geithner what percentage of the claim he would pay out, whether he would pay 90%, 80%, 50%, or what amount did he propose the policy holder receive? Geithner would only say, that would depend on the policy.
So, if any of those flood victims in N. Dakota have their insurance with AIG, they could be a heap of trouble.