On Thu, 19 Mar 2009 12:31:29 -0700, Chris Gehlker <[email protected]> wrote:
> In all the furor over the bonuses, what's being lost is the important > issue that the biggest chunk of the AIG money went to Goldman Sachs. > This is important because Giethner testified that Goldman Sachs' > exposure to an AIG default was minimal. There are some interviews out > there that purport to explain how Giethner's testimony was not > technically perjury but they aren't all that convincing. > > This seems like a bigger deal than the bonuses to me. Much bigger deal - both ethically and fiscally. First, at most I would see refunding the premiums paid on these CDS's (if, in practice, they work just like insurance), but not the full value of the policies coverage which is what seems to be happening. If we were being very cautious and generous, perhaps we'd give them 50c on the dollar for the value of the coverage - approximately what our 401k's and home prices have lost. Why should these inbstitutions's risks be fully rewarded by the government? _______________________________________________ OSX-Nutters mailing list | [email protected] http://lists.tit-wank.com/mailman/listinfo/osx-nutters List hosted at http://cat5.org/
