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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (52378)	3/21/2009 3:31:41 AM
From: geode00	Read Replies (2) \| Respond to of 149317

Yes and why are the Masters of the Universe so universally inept? "Joseph Cassano, a tough-talking Brooklyn, N.Y., native who in the past eight years banked $280 million in cash compensation, or exactly $115 million more than the bonuses at the center of the current controversy. Cassano, who helped found the AIG FP unit in 1987, built his money machine not on anything fraudulent but on what's been described as regulatory arbitrage. As Bernanke explained recently, "AIG exploited a huge gap in the regulatory system. There was no oversight of the Financial Products division. This was a hedge fund, basically, that was attached to a large and stable insurance company." time.com Yes, it IS fraud to peddle insurance on the back of a AAA rated company that did not have the money to pay insurance claims you dolt. IT IS FRAUD. What is wrong with these people? On top of everything, they were trying to pay Cassano $1m/month in 'consulting' fees before someone put a stop to that idiocy. Sometimes the sheer stupidity of a smart people is astonishing.