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September 19, 2008



This is a very clear analysis. Thank you for putting this together.


Dave Vital

Saw Hank Greenberg (former CEO of AIG)on Charlie Rose Tuesday. He flat out stated the failure of AIG was a risk management failure. In elaborating, he mentioned counterparty risk from CDS's (credit default swaps) was a major reason AIG needed to be rescued. In researching to understand what a CDS is, I came across this gem which uncovers a much more elaborate scheme. This makes the old ponzi scheme look like childs play.


So in short...

Summary of the summary:

Greed and stupidity caused the banks to collapse.

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