Posted On: October 13, 2008, 2:23 pm CDT

Posted By: Stat Guy

Someone told me that the culture of those running the CDS business was a lot like a boiler room; I wonder what their degrees or designations were? I am glad that someone keeps bringing up that this was not the insurance business which causedn this mess; insurance is the profession I aspire to, for which I work and hold several designations, in addition to my bachelor's degree and for which i am quite proud and worked hard to attain...There was a lot missing in the FINANCIAL group and you'll see the emails and other proof that those in the lead at AIG were not keeping their eye on the insurance side but rather the money-making machine that pumped unsercured/unreserved credit default swaps; had these people engaged in any business education, I would have expected someone to mention that this house of cards could fall any time. I know the smoking gun will be found and it won't be from the insurance sector; someone said it was the board, and I for one believe that.