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“I don’t see any managements of companies that have received TARP money up on any criminal charges. They were operating within the law. ”
Sheesh… Man Dave you take Asshating to a new level….
“Obviously the laws were too lax and greeed took over but most of those lawmakers still do not understand the workings of the credit default swap market. If they didn’t understand that huge payments were necessary to settle the outstanding swaps then they were ignorant.”
AIG wrote swaps on 2.7 trillion with 100 billion in capital! That enough to sent them to jail, period!
We have 478 trillion dollars of derivatives in a unregulated market that threatens to take down the whole global financial system…..
Dave don’t bother to respond….
The What
Someday this war is gonna end…
Yes, there probably should be a global equivalent of Galss-Steagal but that’ll be a real can of worms to try and get implemented.
randolph….please feel free to join the conversation at any point.
Economy…blah.
Feel Good Video of the Day…..Yippy!!
THAT WAS GREAT! I haven’t heard that in eons.
Throw your hands in the air, party hearty like you just don’t care….
I don’t see any managements of companies that have received TARP money up on any criminal charges. They were operating within the law. Obviously the laws were too lax and greeed took over but most of those lawmakers still do not understand the workings of the credit default swap market. If they didn’t understand that huge payments were necessary to settle the outstanding swaps then they were ignorant.
sorry DIBS, it was the way I read it so I apologise.
I would imagine that there will be a global equivalent of Glass-Steagal in the coming years.
Obviously the recipients are brilliant, as evidenced by their need to be bailed out by the government.
I think the word you are really looking for is corrupt, perhaps greedy, or even criminal.
If they want to put restrictions on the TARP money then they should do so. To attempt to do it retroatcively when the recipients are smarter than the beauraucrats is just assinine and a waste of eveyone’s time.
I was justing pointing out that the law changed (was repealed) and therefore they were operating within the new law, or lack thereof.
Gramm Leach Bliley changed the rules, maybe it was wrong to do so but, in fact, the rules were changed. If non-US financial institutions are going to be allowed to operate here then everyone should be on an even footing. We can’t close the market to non US financial firms.