It may not LOOK criminal via the smoke and mirrors their lawyers and accountants used, but it’s a pretty safe bet their actions were to make money at the expense of others.
The only party, that clearly should be considered stupid is anyone that believes, what just came out of the AIG Chairman’s mouth.
So AIG’s defense is that stupid people, were able to evade hordes of their top executive management for years, all manner of reports and controls & their world wide auditing staff? Does this really pass the smell test?
V, AIG was a thug company for years prior to the sub prime mess that resulted in the $182 Billion bailout. They were heavily involved with Bid Rigging with Marsh Mc. In concert with the heavy hitters, they manipulated quotes, changed exposures to make themselves look less expensive. I saw some and couldn’t believe my eyes. Audit time was not a pretty picture.
All crimes appear stupid when you get caught. Since when is that a defense? I thought the Masters of the Universe and their friends were smarter than the rest of us. The difference is other people who commit stupid acts that harm others go to jail but financial execs driven by greed who lie and cheat get to walk away and keep their millions. If only we had an independent, fearless Justice Department.
George,
Completely agree. Unfortunately, the “regulators” are on the payroll of all of the too big to fail NY fiancial mafia.
It is no accident that there have been no serious prosecutions.
Stupidity: not criminal, not excluded.
Ignorance and stupidity are no defense.
Sure they are. They might not be a good defense, but they’re a defense.
Didn’t Obama say that the IRS was stupid but there was no criminal intent? Not a smidgeon of corruption, right?
It may not LOOK criminal via the smoke and mirrors their lawyers and accountants used, but it’s a pretty safe bet their actions were to make money at the expense of others.
The only party, that clearly should be considered stupid is anyone that believes, what just came out of the AIG Chairman’s mouth.
So AIG’s defense is that stupid people, were able to evade hordes of their top executive management for years, all manner of reports and controls & their world wide auditing staff? Does this really pass the smell test?
V, AIG was a thug company for years prior to the sub prime mess that resulted in the $182 Billion bailout. They were heavily involved with Bid Rigging with Marsh Mc. In concert with the heavy hitters, they manipulated quotes, changed exposures to make themselves look less expensive. I saw some and couldn’t believe my eyes. Audit time was not a pretty picture.
All crimes appear stupid when you get caught. Since when is that a defense? I thought the Masters of the Universe and their friends were smarter than the rest of us. The difference is other people who commit stupid acts that harm others go to jail but financial execs driven by greed who lie and cheat get to walk away and keep their millions. If only we had an independent, fearless Justice Department.
Amen brother!
George,
Completely agree. Unfortunately, the “regulators” are on the payroll of all of the too big to fail NY fiancial mafia.
It is no accident that there have been no serious prosecutions.