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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: TH who wrote (101853)3/3/2009 11:50:17 AM
From: LTK007  Read Replies (1) of 110194
 
BION Bernanke has just actually DENOUNCED AIG, his words can only be seen has calling them criminals, but avoiding the criminal word.
Bernanke made the comments in response to a question from Senator Ron Wyden, an Oregon Democrat, at the Senate Budget Committee hearing today in Washington.

“If there is a single episode in this entire 18 months that has made me more angry, I can’t think of one other than AIG,” Bernanke said. “AIG exploited a huge gap in the regulatory system, there was no oversight of the financial-products division, this was a hedge fund basically that was attached to a large and stable insurance company.”

The insurer will get as much as $30 billion in new government capital and relaxed terms on its bailout after posting the worst loss by any U.S. corporation yesterday. Bernanke’s comments foreshadow more regulation of systemically important financial companies even if they aren’t banks.

AIG “made huge numbers of irresponsible bets, took huge losses, there was no regulatory oversight because there was a gap in the system,” Bernanke said. At the same time, officials “had no choice but to try and stabilize the system” by aiding the firm. (edit: He is admitting they were arm bent by the crooks and forced to bail-out PIGS!!
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Note a couple senators are pounding on the fact The Public is getting ANGRY about these bail-outs.Max)

Hank Greenberg has filed a lawsuit against AIG, charging them with illegal maneuvring to falsely inflate their share price.
Given that grenberg is the founder of AIG, that is something.
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