Sunday, March 15, 2009
Trader Mark on AIG
I read Trader Mark's (TM) 1 March 2009 post about Joseph Nocera's (JN) 28 February 2009 NYT article about AIG. TM covered the points I intended to raise. Here's a link: http://fundmymutualfund.com/2009/03/nyt-aig-aig-propping-up-house-of-cards.html. JN's article is here: http://www.nytimes.com/2009/02/28/business/28nocera.html?pagewanted=all.
Goldman Sachs rules! Pay up serfs! $250 billion if necessary. The AIG bailout isn't! One issue, Seamus McMahon, "a banking expert at Booz & Company['s]" comments. He claims "we could have a domino effect" if AIG fails. I agree. So? Let AIG and all its counterparties fail. When I hear the term "expert" I assume I will read a plea to support the "expert's" clients.
What should be done? The CPAs for AIG and its counterparties should all be indicted for securities fraud as should these various companies controllers and CFOs. That may be the only way to end this nonsense. Long prison terms for all responsible parties combined with no more bailouts.