Cassano and his former associates should be wearing stripes and behind bars. Its hard to believe he could make a claim that AIG was not over-leveraged.
As usual, those that took the risks made money when the taxpayers paid them 100%. Seems like Risk should mean Risk, and you take the loss along with the gain, if any.
Holy disingenuousness, Robin; talk about double speak! I bothers me that all through out this article, reference is made to AIG writing “insurance” for CDOs, yet when they look closer, the company and others, went to a long way to make sure they weren’t selling insurance at all; that’s how this all stayed under the regulator’s radar. Instead, these were called “innovative investment vehicles”…yeah, and the emporor’s new clothes were nice too.
With respect to any of these transactions did any Insurance company in the AIG Group obtain reinsurance? Were there any reinsurance recoveries & if so how much and who received the money?
Cassano and his former associates should be wearing stripes and behind bars. Its hard to believe he could make a claim that AIG was not over-leveraged.
Agreed – Cassano should be eating lunch in a buffet line with a lot of guys in stripes and shackles.
Phil Gramm of Texas made it possible with the Commodity Futures Regulation Act.
As usual, those that took the risks made money when the taxpayers paid them 100%. Seems like Risk should mean Risk, and you take the loss along with the gain, if any.
Holy disingenuousness, Robin; talk about double speak! I bothers me that all through out this article, reference is made to AIG writing “insurance” for CDOs, yet when they look closer, the company and others, went to a long way to make sure they weren’t selling insurance at all; that’s how this all stayed under the regulator’s radar. Instead, these were called “innovative investment vehicles”…yeah, and the emporor’s new clothes were nice too.
With respect to any of these transactions did any Insurance company in the AIG Group obtain reinsurance? Were there any reinsurance recoveries & if so how much and who received the money?