Greenberg caused the financial crisis. AIG fabricated collateral default swaps out of thin air, sold them as hedges against the values of securitized mortgage bundles going down in value, and then denied the claims when the securitized mortgage bundles’ values did go down. Thus, all of the buyers who paid AIG premiums for worthless so-called “insurance” (Which was unregulated, since the collateral default swaps were created out of thin air by AIG) lost both their premium monies as well as the values of their securitized mortgage bundles. These buyers/investors included bond funds, municipalities, pension plans, hedge funds, institutional investors, stockholders, mutual funds, bondholders, credit unions, and banks – essentially, the very fabric of who invests in the US & globally today. Hank belongs in a prison.
With the exception of Mr. Howell, everyone knows it was the likes of Barney Frank and cronies at Freddie Mac and Fannie May who advocated providing residential mortgages to people who couldn’t afford them in the first place. That caused the financial crisis. Mr. Howell’s comments are bogus and reflect talking points of the far left financial services haters such as elitist Elizabeth Warren (aka Chief Spreading Bull), the do-nothing Senator from MA who had the Democratic machine “buy” her the election. Anybody who’s been around the insurance business for any amount of time knows that Hank Greenberg was considered an intelligent, polite, hard working, forward-thinking innovator and mentor in the insurance business. The next disaster will be the College Loan fiasco fueled by the Feds and the mostly liberal Secondary Educational College lobby. Just wondering who Mr.Howell will blame for this coming crisis?
There’s enough blame to go around on both sides John Q. And before you blame it all on the left, do some homework.
“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” – President George W. Bush, Oct. 15, 2002
Expect to see more private transactions from C V Starr & Co Inc.
Greenberg caused the financial crisis. AIG fabricated collateral default swaps out of thin air, sold them as hedges against the values of securitized mortgage bundles going down in value, and then denied the claims when the securitized mortgage bundles’ values did go down. Thus, all of the buyers who paid AIG premiums for worthless so-called “insurance” (Which was unregulated, since the collateral default swaps were created out of thin air by AIG) lost both their premium monies as well as the values of their securitized mortgage bundles. These buyers/investors included bond funds, municipalities, pension plans, hedge funds, institutional investors, stockholders, mutual funds, bondholders, credit unions, and banks – essentially, the very fabric of who invests in the US & globally today. Hank belongs in a prison.
With the exception of Mr. Howell, everyone knows it was the likes of Barney Frank and cronies at Freddie Mac and Fannie May who advocated providing residential mortgages to people who couldn’t afford them in the first place. That caused the financial crisis. Mr. Howell’s comments are bogus and reflect talking points of the far left financial services haters such as elitist Elizabeth Warren (aka Chief Spreading Bull), the do-nothing Senator from MA who had the Democratic machine “buy” her the election. Anybody who’s been around the insurance business for any amount of time knows that Hank Greenberg was considered an intelligent, polite, hard working, forward-thinking innovator and mentor in the insurance business. The next disaster will be the College Loan fiasco fueled by the Feds and the mostly liberal Secondary Educational College lobby. Just wondering who Mr.Howell will blame for this coming crisis?
There’s enough blame to go around on both sides John Q. And before you blame it all on the left, do some homework.
“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” – President George W. Bush, Oct. 15, 2002
There are a lot of folks out there that wish they were as sharp as he is.