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Politics : The Obama - Clinton Disaster
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To: Wayners who wrote (28777)4/7/2010 12:08:36 PM
From: DuckTapeSunroof1 Recommendation  Read Replies (1) of 103300
 
Re: "it seems that either the fund couldn't make the massive payout, which I could not find in writing or the Government decided to pass a law increasing the amount covered to a much higher level or 100%. That never should have happened."

Yeah, a classic bad, bad case of offering some huge-ass "guarantee" on something WITHOUT putting but a tiny pittance up in collateral to make good on the promise.

(Like AIG, UBS, MS, ML, LH, BS with their unbacked credit default swaps... like Enron, Worldcom, etc., or like Long Term Credit.)

Selling snake oil to the public (and whatever regulators were supposed to be on watch letting the frauds get away with it....)
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