"I'M SO GLAD WE HAD THIS TIME TOGETHER"
Well, it's not quite a debt-for-equity swap that Morgan Stanley had the Fed do for AIG, but it's close.
Here's the press release.
What's alarming is that no one is able to quantify the systemic risk.
Someone should know *precisely* what the impact of the failure of any one institution will be on every other one ...
Otherwise, everyone could buy "insurance contracts" from the same entity and imagine to themselves that they are 'protected', right?
p.s. you had to get a kick out of "Ace" Greenberg going on national television to call his company a "national treasure". Did your eyes tear up?
Wednesday, September 17, 2008
Sytemically Yours, AIG
