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Strategies & Market Trends : Value Investing
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To: Madharry who wrote (33803)3/15/2009 1:43:19 AM
From: Spekulatius  Read Replies (1) of 78748
 
re AIG - yes the losses are probably bigger than Madoff but keep in mind that AIG was also a huge operation with an almost trillion $ balance sheet. Most of their losses were created in an obsure and entirely unregulated part that was writing credit insurance on mortgage bonds. That is what did them in. The rest of the operation may well have been fairly healthy (they were in many regulated business where I assume that blatant fraud within those operation would not be easy).

I also think it is correct that Greenberg started the whole thing, at least I am hearing that they started to write credit insurance under his watch. He was lucky to get ousted as the chairman a few years back. I think he started the Doomsday machine.Sullivan never had a clue what morass he was in, until very late. The complete saga will be very interesting.

I also lost some $ with AIG but sold when they had a disagreement with their auditor. I think that was early Y2008. I decided then to keep out of all insurers.
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