Monday, February 23, 2009
AIG to report $60bn loss, file bankruptcy
UPDATE: new terms but perhaps not bankruptcy, it would seem. more from yves smith and cafe americain, linking to this incendiary piece in widely-distributed newsmagazine time. what a complete travesty. there is no better example of the complete cognitive regulatory capture of the panicked united states government than the absolute rape being perpetrated by AIG on the taxpayer. some folks should end up in front of a firing squad for allowing this to happen, and i don't mean that metaphorically.
as jesse suggests, the stink of the credit default swap market is all over the delaying actions being proposed by the government. it would seem that preserving the banks and the financial system from the consequences of their CDS positions has become the order of the day.