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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: bentway who wrote (424634)	10/10/2008 8:57:40 PM
From: tejek	Respond to of 1575354

I just can't see where selling financial instruments as "insurance" you never intend to pay out on isn't illegal. Oh I am sure it is but as the Republican idiot.....I mean as the chief operating office of AIG pointed out.......people in the insurance biz are very entreprenuerial and rather competitive. Besides, they never thought residential loans would go into default. They were new to the business starting in the late 1990s and didn't realize that the default rate for res. loans is much higher than for muni notes or corporate debt. And then, of course, so much of what they insured was subprime and the rest is history.