Friday, October 2, 2009

On the A.I.G. Collapse

If anyone wants to find out what really happened with A.I.G. and why we're all broke now, you can slog through this article in Vanity Fair (long).

Almost a year after A.I.G.’s collapse, despite a tidal wave of outrage, there still has been no clear explanation of what toppled the insurance giant. The author decides to ask the people involved—the silent, shell-shocked traders of the A.I.G. Financial Products unit—and finds that the story may have a villain, whose reign of terror over 400 employees brought the company, the U.S. economy, and the global financial system to their knees. More

3 comments:

Anonymous said...

If anyone wants the real story, don't rely on the media, in any form. Find someone directly involved & willing to speak honestly.BTW, good luck with that.

Gunnar Berg said...

Anony,
That's why I thought this was interesting - the information was from a man directly involved with no reason to BS.

Justine Nicholas Valinotti said...

What I found interesting is how closely the story paralells Bush the Younger's administration. He, like Joe Cassano, just had to be right. Nothing could convince him otherwise: not Hans Blix's report, not the collapse of a country that had nothing to do with 9/11 and not the intelligence that showed where Osama may have actually been.

Sometimes I feel that the collapse of AIG and other major American companies is part of the bad karma this country is getting for its imperialistic foreign policy. It's too bad that the people who will actually suffer as a result are not the ones who made the decisions that brought us to this point.