AIG confidential memo to US Treasury explaining the whole "why we need $30 billion more".
Bastards.
It is interesting reading, but they have $1,600 billion dollar derivatives exposure?!
WTF were those morons thinking?
h/t CR
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h/t CR
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Who cares?
What I'm thinking is that they're bankrupt, and the sooner Bankruptcy Court gets to them the sooner the continuing damage stops.
Its interesting to note the leak, shortly after the list of AIG counterparties were published... Tomorrow could be pretty insane, once the overnight trades start to process, or maybe folks wont put 2+2 together right away. Its sort of odd how little coverage this is getting so far. I figured google search would be all over it, after CR, as well as ABC news posted it.
"Insurance is the oxygen of the free enterprise system"?!
Thanks for the link.
I am in reluctant agreement (as a layperson) that rescue of the company is best for the country. I just wish there was a way to separate that windfall from the bastards in there now. Creating a sense of rewards for a job done crappily is not in our bests interests either. Not knowing even the fundamentals of contract law or financing, I have no solution to offer myself.
Constructive fraudulent conveyance, or the equivalent, might be a good start.
Probably also the way to go after Madoff's assets and other similar.
I Am Not A Lawyer.