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michael kors devon medium Times columnist Gretchen Morgenson not only called the lawsuit a “public service,” she actually portrayed AIG as an innocent victim in the financial crisis, “the patsy at the poker table.But the critics—who were wrong when they predicted the bailouts would cost trillions, and when they warned that the banking system could not be saved without mass nationalization, and in so many other ways—think the frivolous AIG lawsuit will reveal some dirty backroom deal where Geithner and Lord Voldemort conspired to rip off widows and orphans on behalf of Goldman Sachs. AIG was as rapacious and reckless as any bank.,links for michael kors watch bands Its shareholders, who would have received nothing if the government had let the firm collapse, are now complaining in court that they should have gotten more.Ultimately, AIG would receive an astonishing 2 billion in government financing, and it would pay back every dime with interest. The government still lacked the authority t o inject massive amounts of capital into the financial system—and a Congress that initially refused to grant that authority through the notorious TARP even after Lehman’s failure certainly wouldn’t have granted it before a failure of similar magnitude.michael kors women s sunglasses

michael kors handbags satchel small The government still lacked the authority t o inject massive amounts of capital into the financial system—and a Congress that initially refused to grant that authority through the notorious TARP even after Lehman’s failure certainly wouldn’t have granted it before a failure of similar magnitude. In fact, a subsequent study by economists William R. Maybe it’s someone else’s logic that’s weak.,michael kors fulton crossbody ebay AIG was as rapacious and reckless as any bank. And the Fed could not impose the haircuts without forcing AIG into default; the creditors logically concluded a government that was spending 2 billion to avoid a default wasn’t going to create a default on purpose to save billion. And maybe it’s already time for the country to move on.michael kors backpack women blue

michael kors rhea studded shoulder bag The fear that secured debts won’t be repaid in full is the fear that drives panics.The perennial question is how, if the Fed lacked authority to rescue Lehman, it somehow found the authority to rescue AIG the next day. Cline and Joseph E.,michael kors selma dark green AIG was as rapacious and reckless as any bank.“Our overall judgment on Lehman is that it was deeply insolvent,” Cline and Gagnon concluded. The short answer is that AIG, despite the awful misjudgments of a subsidiary that insured trillions of dollars worth of mortgag e securities, had valuable revenue-generating businesses and a plausible claim to solvency.michael kors handbags outlet malaysia



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