Revenge of the Black Swan

Tuesday, December 30, 2008 | 07:46 AM

"The models suggested that the risk was so remote that the fees were almost free money. Just put it on your books and enjoy the money."

--Tom Savage, President, AIG's Financial Products


The second part of the 3 part series is now posted, A Crack in The System. This section gets into the details as to how AIG got so buried in the credit default swaps (CDS) business.


Continued here

Tuesday, December 30, 2008 | 07:46 AM | Permalink add to | digg digg this! | technorati add to technorati | email email this post


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