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

To: Road Walker who wrote (464678)	3/18/2009 2:16:36 PM
From: Tenchusatsu	Read Replies (2) \| Respond to of 1573683

RW, I briefly skimmed through the document, but I didn't see anything I didn't know before. The only fallacy I see is the notion that AIG has to survive, as if they're the only choice we have for the securitization of debt. Like I said before, I'm all for shoring up the securitization of debt by the Federal government. After all, the Feds have always been the "lender of last resort," so why not? But I'm just pissed that we're bailing out the same people that were responsible for the mess in the first place. How about we kick these people out and bring in fresh new talent? I'm sure AIG isn't going to crumble if the old guard is gone, especially now that We The People essentially control AIG now. Alternatively, let's let AIG fail and come up with something totally new. (Easier said than done, I know.) Tenchusatsu

To: Road Walker who wrote (464678)	3/18/2009 2:51:41 PM
From: combjelly	Read Replies (1) \| Respond to of 1573683

"You should read this also..." Josh has been looking at AIG. Things don't look very good... In a series of posts last night I looked at various pieces of evidence suggesting fraud and criminal activity at AIG's Financial Products division. We're continuing to dig on that front. But for those of you doing your own sleuthing we want to be looking very closely at what happened to AIG's credit default swap portfolio over the course of 2007 -- what the people at AIGFP knew about its value, what they were telling people at AIG corporate, what they were telling shareholders and what they were telling regulators (of whom, of course, there were very few, given the prevailing regulatory structure). To give a little more background, a mix of congressional testimony, SEC filings and news reports suggest that there were concerns and suspicions going back at least to 2005 that Joe Cassano wasn't letting AIG corporate or anyone else look at his divisions books. Remember, this is the divisions where the CDSs were written, the ones that played substantial role in triggering the global financial crisis. The auditor they installed to find out what was going on was shut out. Their accountancy, PricewaterhouseCoopers, was disturbed by what it saw and felt obliged to note what was happening in SEC filings. Employment and compensation contracts aren't the issue here. That is a distraction. Think more in terms of RICO. Let us know more about the on-going criminal probe. talkingpointsmemo.com