Sunday, November 22, 2009

The Big Squander

Paul Krugman wrote this article about the bailout of the banks during the financial crisis of 2008. The government should have insisted that the banks take a haircut on the credit default swaps that were bought from AIG. They did not. The banks obtained 100% payout on the CDS, which were funded by the tax payers. Now the banks can pay multi million dollar bonuses again. What a corrupt world.
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3 comments:

Anonymous said...

In America, the political system allows this to happen. And with no consequences, not even in the future.

Meanwhile the jobless in America will remain high for time to come, regardless of who is President.

There are similar cases of this in other countries too.

November 22, 2009 12:43 PM
Anonymous said...

There is one local insurer squandering on the agents on commission , incentive trips, advertisement etc. I wonder whehter is the money coming from if not from the life fund , the policyholders' money.

November 22, 2009 8:06 PM
Anonymous said...

The money is from your bonus that was cut sometime ago.Use someone else's money to achieve #1. That is all he is interested. At all costs , in other words.

November 23, 2009 9:20 AM

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