"How’s that AIG unwind going?
Are AIG traders dumping their CDS positions at ridiculous prices in order to ingratiate themselves with potential future bosses? It seems not — in fact, it seems that they’re barely making a dent in AIG’s $1.5 trillion CDS portfolio at all, any more. Maybe that’s what happens when you stop paying retention bonuses: your traders stop losing you billions of dollars. Yet another case where going to the beach and doing nothing is vastly more profitable than working very hard."
“Yeah, well, Dealscape saw this was coming just as we saw back in March that Liddy and the goverment had knowledge about the controversial bonuses in advance.”
Good work, considering this:
“October 16, 2008
Cuomo Seeks Recovery of Bonuses at A.I.G.
By JONATHAN D. GLATER and VIKAS BAJAJ
New York’s attorney general demanded on Wednesday that the American International Group recover bonuses and other payments from its former executives, lest he take formal action against the insurer.”
Also, I pointed out in a post here that if AIG paid money to Citi or any other bank that we were shareholders in, shouldn’t someone at least do an analysis of how that really works out for us?
Also, to the extent that I understand this winding down, doesn’t AIG owe the money or potentially owe the money? Haven’t they been receiving premium payments? Is this another case of “we don’t like you, so we hope you don’t get paid back?”. Why don’t we start a new investment, called “Bald Investments”, where we pray that the investors take massive haircuts or don’t get paid back because we find them offensive to our sense of decorum?
Finally, did you say that you went somewhere?
PS AIG has begun suing businesses that they claim gave them false info about what they were insuring. Since I’m a shareholder, I hope it works.- Posted by Don the libertarian Democrat