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Tag Archives: AIG

In August 2008 Goldman Was Willing To Tear Up AIG Derivative Contracts, Offered To Take Haircut

26-Jan-10

Great piece from Zerohedge:
As observant readers will recall, a week ago we pointed out a letter in which the New York Fed’s Steven Manzari instructed AIG to stand down on all discussions with counterparties on “tearing up/unwinding CDS trades on the CDO portfolio.” At the time we focused on the word “stand down” as an [...]

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CDS Cancer Inflicting the Financial System

25-May-09

written by Mike Whitney
In a little more than a decade, Credit Default Swaps (CDS) have ballooned into a multi-billion dollar industry which has changed the fundamental character of the financial system and increased systemic risk by many orders of magnitude. CDS, which were originally created to reduce potential losses from defaulting bonds, has turned into [...]

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Obama’s Joke of the day

26-Apr-09

Yahoo finance (AP):
President Barack Obama on Saturday announced a plan for federal workers to propose ways to improve their agencies’ and departments’ budgets. The president said employees’ ideas would be key as his Cabinet officials cut millions from the federal budget and trim the deficit.

“After all, Americans across the country know that the best ideas [...]

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Reason investment banks failed

14-Apr-09

 
Investment banks and financial giants failed for a simple reason, and it had nothing to do with short-selling.
They failed because their CEOs responded to Wall Street’s demand for smooth, mindless 15% annual earnings growth by jumping on the subprime bandwagon and stuffing their balance sheets with toxic levels of those poisoned assets.

photo by Pickelweasel
It happened [...]

More on this topic (What's this?)
It’s Time to Restructure the Investment Banks (Money Morning, 4/24/09)
HEDGE FUNDS: THE NEXT I-BANKS (THE PRAGMATIC CAPITALIST, 5/9/09)
Plus ca change… (naked capitalism, 12/27/09)
Read more on Investment Banks at Wikinvest
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