Comments on: How Does One Lose $125 Billion?

By: LD

LD — Tue, 24 Feb 2009 23:18:56 +0000

I honestly believe that interests are so misaligned and taxpayers so underrepresented in the process that they are bound to get the worst part of the trade. This is passed off to the public as in their interests. Now while there are parts of different programs and plans that truly are vitally necessary the people on the inside of the banks are able to adapt and stay ahead of the curve.

I am not a conspiracy theorist although there are clearly some “bad” people in the midst of it but the way that our political system has developed pols are conflicted and generally unaware of the nuances of the banking system/Wall Street.

At the core of all this is way too much greed on a lot of people’s parts with the seeming exception of many decent hard working Americans who play by the rules.

I thank you for the plug and will continue to try to shed some light on all of this so that you and everybody else are more effectively able to navigate the economic landscape.

By: allimom99

allimom99 — Tue, 24 Feb 2009 22:54:24 +0000

Thanks as always for keeping us updated. Yeah, Greenberg’s a real piece of work. A little OT, but have you seen Michael Hudson’s Counterpunch piece (crossposted @ blackagendareport.com. Would be interested in your take.

By: Mercedes

Mercedes — Tue, 24 Feb 2009 22:27:32 +0000

If the taxpayer refuses to shell out more money to cover these CDS, then I assume that some financial institutions would have to declare bankruptcy. If those institutions are backed by just high rollers with more so-called money than they know what to do with, then who cares. Let them go broke. I would care if institutional investors like retirement funds and local governments were affected. But if that is the case, I would think there would be a better way to go about protecting the entities that need protecting without catering to the spoiled, bloated, arrogant Wall St bankers and wheeler dealers who caused this whole mess in the first place. The fact that Mr Greenberg backed John McCain over Barack Obama is one point in Obama’s favor.

By: Linda Anselmi

Linda Anselmi — Tue, 24 Feb 2009 20:53:06 +0000

Thanks for keeping us informed, LD.

Wish it is all so disheartening. Can’t even get some good enjoyment out at the downfall of the corrupt – since their taking us down with them.

By: getfitnow

getfitnow — Tue, 24 Feb 2009 20:42:14 +0000

Didn’t AIG get a second infusion of cash last year around the time it couldn’t make its first loan installment payment to the government?

By: lizzy

lizzy — Tue, 24 Feb 2009 20:28:35 +0000

More criminal lack of oversight! Everything at the taxpayer’s expense. When is our revolution coming?

By: lark

lark — Tue, 24 Feb 2009 20:08:20 +0000

I bet the stock market will react swell to that news.

By: lark

lark — Tue, 24 Feb 2009 20:06:01 +0000

This incrementation of decrementations is a good formula for the introduction of communism. Keep incrementing decrementals until nothing is left.