It’s cover alright, but not for politicians. For the payouts to AIG counter-party, Goldman Sachs and others.
If you’re looking to blame assholes in Washington, the REPUBLICAN majority in congress passed Gramm-Leach-Bliley — over Democratic opposition I should add, lesser of two evils. GLB and GOP-backed deregulation loosened the reigns on CDS and derivatives. The CDS losses EXCEED losses in housing and MBS. AIG is the epicenter of CDS.
Phil Gramm, Republican, is responsible, more so than any other politician, for the disaster we find ourselves in. There are a number of other politicians. I’ll single out that ASSHOLE Dodd, toadstool of the AIG lobby, for amending the bailout legislation at the last minute to allow for bonuses. Barney Frank was there too.
You all are listening to too much Rush, ‘home-skooled’ GOP minions, haters. As if the Republicans had no role in what happened…
