2009-04-07 — propublica.org
" Since AIG's bailout, the company has forked over $52 billion [1] to Goldman Sachs, Deutsche Bank and others who bought credit default swaps. The payments have raised a chorus of [2] disapproval [3], with many arguing that AIG's new owners -- that'd be taxpayers [4] -- shouldn't be paying out the full contracts."
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tvsterling at 07:05 2009-04-08 said:
Why not declare all Credit Default Swaps illegal contracts worldwide & null & void. Nobody knows who or what they are, nobody can possibly pay, they are the sword of Damocles hanging over all our heads. I have no idea about the impact of such a move but surely these contracts are tainted enough to justify just ridding ourselves of them. I am sure the financial fallout would be great but allowing them to stand unchallenged until they bring down everything would be the greater evil. Now all governments are united & desperate enough to do it. If they can only find the guts before it's too late. Surely the time will be here if AIG comes back begging for more taxpayer money. These contracts should never have been allowed to begin with. Potentially thirty years of payments by the taxpayers against a quick blow which would serve as a future warning & less debt for us to bear. Could be the difference between reasonable recovery & the dreaded 'L' shaped depression. Permalinkbdc63 at 19:22 2009-04-08 said:
I'm sure all Geithner's friends and all the people in the know got their money as part of that $52B. If they change the rules now, the only people getting hurt will be state governments and pension plans. I suspect that was the plan all along. Permalinkadd a comment | go to forum thread
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