The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: RockyBalboa who wrote (188113)	3/5/2009 3:05:25 PM
From: RockyBalboa	Read Replies (1) of 306849

AIG outrage.. pfft > finance.yahoo.com Bernanke was particularly peeved that AIG "exploited a huge gap in regulatory oversight" to essentially operate a hedge fund on top of its core insurance business. As a result, he said an AIG failure would be a "disaster," affecting both the insurance industry and Wall Street firms that are counterparties on derivatives trades with AIG. "It's a terrible situation, but we're not doing this to bail out AIG or their shareholders," Bernanke declared. "We're doing this to protect our financial system and to avoid a much more severe crisis in our global economy." That may very well be true but Bernanke could not, or would not, say: * Who, exactly, are AIG's counterparties? * Why AIG debt holders are being treated as if they owned Treasuries, and not the debt of a (once) private firm that has all-but collapsed under the weight of its own greed and incompetence? * How many more times the government will have to bailout AIG, or how much money will ultimately be spent, before this mess is resolved?

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