Howdy Horace,
Was it my imagination, or did I read early this year that AIG had moved
offshore to Caymans or Bermuda along with their 15 bil in cash. Further,
congress had passed a law last year that allowed big insurance firms to
maintain " cash equivilant" reserves in US banks in lieu of cash which
allowed AIG to legally move this cash offshore?
Why do I get the feeling there is sum'buddy out there .. a whole lot smarter
than me shaving the dice and marking the cards.
Warren Buffett skated on the deal last year that caught some AIG and Gen Re
people playing poker with a pinocle deck and they got a few years at the
desert hilton.. but .. a real look at the history of GenRe can be an
awakening.. Warren Bluffit bought General Reinsurance (GenRe) for 20 bil and
everybody thought him a fool. All he got for it was some 25 trillion in
worthless derivitives.
AIG used GenRe to launder some money and got caught.. makes you wonder for
what and where this 25 trillion is being used.
Not to worry.. if you want a safe haven for money.. it's not gold or
commodities.. it's beer, whiskey and wine.. the stuff is selling in
Galveston for real money while FEMA is giving mre's. water and ice away.
another one of the surest havens for money is guns and ammunition.
Richard
Horace wrote,
Gold is up also because people are bailing out of paper money. The
financial system is in the precollapse stage and the crew is going
overboard.
Ed
On Sep 17, 2008, at 12:08 PM, Horace Heffner wrote:
Leapin' Lizards! The London palladium ETF is up 10% today:
http://finance.yahoo.com/q?s=PHPD.L
