Elizabeth Warren Uncovered What the Govt. Did to 'Rescue' AIG, and It Ain't Pretty (loans, insurance)

[Grandpa Pipes]

Somehow the truth will come out........

"The government’s $182 billion bailout of insurance giant AIG should be seen as the Rosetta Stone for understanding the financial crisis and its costly aftermath. "

Elizabeth Warren Uncovered What the Govt. Did to 'Rescue' AIG, and It Ain't Pretty | Economy | AlterNet

[sundrop]

wow! wow!

[gwynedd1]

Well, duh.

AIG was the fall guy or the patsy. All this BS about Goldman Sachs now showing a profit as "good news" is an Oligarch set up to create profit capitalism and loss socialism. Get a bunch of clowns to insure everything and then the investment banks can launder their grift. This should not be news today but the day AIG was bailed out. Its a scam. The insurance you choose is your responsibility.

[texdav]

They haven't even begun to look at thefederal programs of Fannie and Freddie which is what the banks where hedging thier invest on.Its is a broad and goes from mainstreet to walltreet all looked over by federal reglators working for congress that didn't want anything done that would disturb their wealth sharing thru homeownership encouragement.When the federal governamnt wants and encourages loans to people who can not affors a home ';wall stree will find a way but always hedge their risk. Covering that risk is what brought AIG to its kness.

[Mathguy]

Don't forget that General Electric was also pretty much boned by the same stuff via it's Capital division.

That's why they had to bend over and take it from Warren Buffett to keep them from the govt. teat while their stock tanked big time.

Also, don't forget AIG has been burned for fraudulent activities in their core insurance areas too....not exactly a good culture there. Broker kickbacks and fake reinsurance transactions to cook the books.

GE's insurance operations similar to AIG were also doing shady stuff and got sued for it. They lost many billions on that one but managed to bullshoot it away as just bad luck when it was just fraud. Many of the execs that knew of this are still with GE today....makes you wonder eh?