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Strategies & Market Trends : Waiting for the big Kahuna
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To: scotty-d who wrote (90374)9/15/2009 2:03:58 PM
From: Paul Kern  Read Replies (1) of 94695
 
i>.I guess they acted as the house and wrote mortgage insurance.

They were the house but they insured CDOs,RMBS, CMBS and didn't have the capital to back up even a fraction of what they guaranteed.

AIG relied on it's AAA rating to guarantee the paper and when that went south, the whole house of cards collapsed.

If they hadn't paid off on the swaps, with our money, the whole financial system would have gone down with them and we'd be living like in the pre-industrial age.
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