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Lots of good info. I wasn't directly in it but observed (with my head shaking) from the sidelines (was with a Credit Union & we couldn't believe what was going on).
I defer to your detailed knowledge on what caused the cluster**** (& I'm happy to see that you agree with me that there were lots of folks to blame)....& we'll have to agree to disagree on the degree of bailout needed.
I was "in it" during the S&L issues in Texas during the mid 80s (where there was no bailout....until after the fact), so my perspective is influenced by that interesting 3 year period (84-87). BTW....the worst thing that happened during that time period was when the Mets beat the Astros in 86.
Mike Scott has a hell of splitter, just glad they didn't have to face him in game 7!
I was delighted many AIG execs returned bonuses as their families, before they returned it, felt unsafe in their own communities. Was heart-warming hearing one tear up on a Ct station that his 10 year old girl could not attend after school activities and feel safe. Served the entire families right. Benedict Arnold was less treasonous to the nation.
thanks for highlighting how little you know. AIG's main businesses were doing quite well, which is why they have rebounded. One small group within their umbrella was responsible for the problem. They sold protection on any name that they could to anyone that wanted it to generate the income from the coupon attached. Would never had happened if not for deregulation allowing an insurer to enter the CDS market to begin with.
The actuary working on mortality rates or premium tables had nothing to do with it; they guy in the airplane leasing business in Asia was doing his job quite well, but again I'm sure you won't take umbrage with the deregulation that caused the whole mess right? You call AIG employees criminals with no clue as to the matter, but cheer when Trump claims to want to do away with Dodd-Frank.....
Lots of good info. I wasn't directly in it but observed (with my head shaking) from the sidelines (was with a Credit Union & we couldn't believe what was going on).
I defer to your detailed knowledge on what caused the cluster**** (& I'm happy to see that you agree with me that there were lots of folks to blame)....& we'll have to agree to disagree on the degree of bailout needed.
I was "in it" during the S&L issues in Texas during the mid 80s (where there was no bailout....until after the fact), so my perspective is influenced by that interesting 3 year period (84-87). BTW....the worst thing that happened during that time period was when the Mets beat the Astros in 86.
nice to see two people can have opposing views and discuss here somewhat rationally. apologies if I came across a bit rude initially, I've just dealt with too many mouth breathers on here who scream manufacturing good, coasts bad with no concept of finance or credit or the benefits the US enjoys with Wall St as leader of world finance, which, if we can weather the Trump disaster, should only increase thanks to Brexit.
thanks for highlighting how little you know. AIG's main businesses were doing quite well, which is why they have rebounded. One small group within their umbrella was responsible for the problem. They sold protection on any name that they could to anyone that wanted it to generate the income from the coupon attached. Would never had happened if not for deregulation allowing an insurer to enter the CDS market to begin with.
..
The bonuses were immoral, as AIG received a huge bailout. They were properly shamed into returning them.
thanks for highlighting how little you know. AIG's main businesses were doing quite well, which is why they have rebounded. One small group within their umbrella was responsible for the problem. They sold protection on any name that they could to anyone that wanted it to generate the income from the coupon attached. Would never had happened if not for deregulation allowing an insurer to enter the CDS market to begin with.
The actuary working on mortality rates or premium tables had nothing to do with it; they guy in the airplane leasing business in Asia was doing his job quite well, but again I'm sure you won't take umbrage with the deregulation that caused the whole mess right? You call AIG employees criminals with no clue as to the matter, but cheer when Trump claims to want to do away with Dodd-Frank.....
Bill C's action below was IMO treasonous. W/O it, we do not need Dodd-Frank. (Oh I know you can't fault a Democrat for anything)
except that I happen to believe Glass Stegall should be back in place.....do you? does the GOP? Do you know anything about leverage rations and tier 1 capital ratios, level iii assets? And how this all plays into the problem? How you can fault repeal of glass steagall but somehow say regulation isn't needed is quite literally insane!
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