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...turning out to be the most cumbersome and embarrassing of the government's neighborhood improvement projects. Word made it out recently that employees in the division that caused most of AIG's losses would be getting $450 million in bonuses. Some of the media put the number lower than that, but Congress and The White House have already complained loudly that any amount of money paid to an operation that helped undermine AIG's viability should get nothing. Edward Libby, the feckless former head of Allstate (ALL) who was brought in to turn AIG around, apparently did not know about...
...under pressure from Congress and the press, also released the number of the counterparties to many of its credit default swaps. AIG had decided to insure the value of certain paper owned by the likes of Goldman Sachs (GS), Morgan Stanly (MS), and Deustsche Bank (DB). When the value of that paper fell, AIG was on the hook to pay off the "insurance" which kept the likes of Goldman from having to book large write downs. Those write downs might have pushed Goldman into a difficult financial situation. The same holds true for a number of the other companies doing...
...Whichever it is, if the number of institutions involved in swap-trading were limited to those trading with AIG, then AIG is probably not too big to fail. We have to worry about chains of claims. Just because AIG dealt only with banks does not mean those banks did not rewrite similar contracts with hedge funds...
...parlance of the U.S. Army, a hand-grenade explosion is a "significant act." So are small arms fire, improvised explosive device detonation and car bombs. The daily number of "sig acts," as the soldiers call them, is sometimes used as a metric to measure progress or regression in the counter-insurgency effort in Iraq. The definition of a sig act, however, is not fixed. According to some soldiers, some sig acts today (those without fatalities, say) never would have been considered as such a year or two ago. And the value of the metric is a matter of contention, even...
...continue to move lower." It's a "great time to be a buyer," another story reads. If there was something plaintive about those stories, it is because buyers seem to be in hibernation these days. In a report published earlier this month, the country's central bank said the "number of residents willing to buy a home in the next three months is at a record...