Naked Capitalism: This is the essence of AIG's latest proposal:
Man walks into pawn broker. He says to the person behind the counter, "You know that watch I brought in two weeks ago? I know you lent me $85, but now I need another $50. And I will tell you why you will give it to me. I have a gun with me. I will blow my brains out here, right now. With your nice carpet, I guarantee it will cost you more than $50 to clean up your store. And that's before we get into the cost of keeping your store closed while you clean my grey matter off your walls and what my suicide might do to your store's reputation."Oh, and we forgot to mention that the man in the story above pulled the same trick last week and it worked like a charm.
I just don't get it. Does Paulson have some huge stake in this company? Why is he allowing this to happen?
Remember, when the original bailout package required handing Paulson a blank check with no oversight? He found a loophole.
2 hours ago