You might take a look at the leading article in the Wall Street Journal today. What it does is to explore in greater detail the point I made yesterday that the real shocker in yesterday's testimony was the revelation that it was the threat of the downgrade of AIG by the rating agencies was the catalyst for the final decision on the payout on the banks.
Loyal reader Mark C. has called me a jerk for my comments of yesterday but I would simply reply that the views of the insurance commissioner of the State of New York, Eric Dinallo seems to be in direct opposition to those of Messrs Paulson/Geithner as to the state of affairs at AIG during the time in question. Mark also claims I'm part of the Geithner/Paulson cabal and are being fed what amounts to lies.
Sorry Marc, but I haven't spoken to Mr. Geithner in a hell of a long time and I have never met Mr. Paulson. As for whose correct as to the state of affairs, my bet would be with the Treasury and the New York Fed a opposed to the political hacks in the insurance commissioner's office. Remember, it was that office that oversaw the firing of Mr. Greenberg on trumped up charges brought by Eliot Spitzer and the hiring of the jerk that replaced him. Mark should also keep in mind that fear is all-controlling. The nicities of corporate attachments don't mean a thing in an environment then-faced. I don't like what happened any more than Marc does but I don't think these guys had any good options. Nice to know I'm loved, wanted and read. Thanks Marc.
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