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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (190746)3/15/2009 11:23:41 AM
From: James HuttonRead Replies (1) of 306849
 
"In the letter, Mr. Liddy wrote that "outside counsel" had advised that the previously agreed to payments to employees at the financial products unit are "legal, binding obligations of AIG." He wrote that there are "serious legal, as well as business, consequences for not paying."

"I do not like these arrangements and find it distasteful and difficult to recommend to you that we must proceed with them," Mr. Liddy wrote, but added, "Honoring contractual commitments is at the heart of what we do in the insurance business.""

1. Anyone who has ever tried to process an insurance claim knows this is bullsh*t.

2. It's easy to take the high road when you are "honoring contractual commitments" with someone else's money.
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