[quote=arraya]That was a fantastic article by Taibbi which proceeds uninterrupted as they continue to ransack the country. Who really thinks this will work it self out in a less than disastrous way? Really?
AIG is now become the feeding trough of taxpayer money for people who should be in gamblers anonymous. Then they threw some low level accountants to the peasantry that were promised millions for paying out bets that went bad to the real criminals. HAHAHA
Anybody got tabs on Paulson? Bet ya he’s on the other end of the AIG money.
For more insight into circus fantasticus check out this one the Bear Stearns collapse. Seems like some more insider trading the SEC turned a blind eye to. Somebody knew it was coming down.
Pitchforks and torches….
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IMHO, the focus on short-sellers is misguided. I had been short Bear Stearns (along with many other stocks that ended up going to zero) for a long time because it was pretty well known that they were going to have problems (also Lehman, WAMU, etc.). BTW, my timing was quite a bit early, and I tend to get out early too, so while I made money, I did not get the BIG dollars. 🙂
Short-sellers had been trying to warn the PTB about problems in the credit markets for many, many years. The PTB refused to listen, and you can’t blame the shorts for taking the short side of that bet.
You can short a stock all you want — though I do NOT agree with naked short selling — and you will lose your a$$ if the company is sound. Short traders were short these companies for many years, and for good reason. They were/are not the problem. The problems were evident for a while, and there were plenty of rumors going around about BS long before they actually imploded.
