I was excited to hear this news this morning. However, I am not fully convinced that even a tiny fraction of their fraud is brought to light. This is a bit late, but a decent start. However, I don’t think this doesn’t make any dent in GS. Furthermore, Obama admin may be playing politics here. […]
Two years of business school education, and decades of experience in dealing with worthless securities is not enough to understand the complexities behind AIG bailout. Bernanke, one of the architects of the bailout, once expressed “outrage” over AIG executives getting bonuses. Today and this week both Bernanke and AIG will be in the news a […]
This event by itself may not unsettle the credit markets like the news of Lehman Brothers bankruptcy filing did. But it epitomizes the symptoms of this country’s corrupt financial system where excessive credit and leverage has pretty much sucked every last penny out of the system – especially from the hardworking middle class.
