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March 03, 2009



All Work No Play Makes Hank A Dull Boy:




"If there is a single episode in this entire 18 months that has made me more angry, I can’t think of one other than AIG”

Ben Bernanke

“AIG is a huge, complex, global insurance company attached to a very complicated investment bank, hedge fund that was allowed to build up without any adult supervision,” Geithner said yesterday during testimony to the House Ways and Means Committee.

Timothy Geitner

Here is the Complaint just recently filed by Hank Greenberg against AIG (irony of ironies). It does a fine job of laying out how AIG management recklessly mismanaged its CDS and and CDO portfolio and then made fraudulent and misleading statements regarding the extent of its exposure to derivative losses, what we now know to be the AIG blackhole. (https://www.scribd.com/doc/12965982/Greenberg-vs-AIG)

Forget about "to Bail or not to Bail" for a moment. Why is the US government not acting to prosecute the perpetrators of the mother of all Enrons? What is the SEC doing? With a complaint crafted by Greenberg's fine Wall Street lawyers, who needs whistle blowers?



What everyone needs to focus on is getting the names of the SWAP counter parties disclosed. This has become the Coca Cola formula at AIG. Who exactly are we rescuing?

The situation over at AIG is not very funny when you think about it.

So lets not think too much!

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