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    the poor have had it too easy, the rich have suffered too much..., 2009-03-26 12:01:29 | Main | first world nation seeks third world status, but too stupid to figure out this whole slum thing..., 2009-03-26 13:19:30

    what the fuck kind of racket is this:

    I bet you $234 billion dollars I won't fire myself. As in, the bet is already made, dude. Don't believe me? Look, now I'm going to resign, which under house rules is the same thing as me firing myself. I.O.U. $234 billion. Pretty funny huh? But I don't have $234 billion, so you better go ask Uncle Sam:

    Mauro Gabriele, chief executive of Banque AIG, and Deputy Chief Executive Jim Shephard ... resigned ... [but] they are staying on in their roles and have agreed to "effect an orderly transition."

    ...

    AIG is taking pains to make sure the two executives stick around because their departures could trigger defaults on derivatives contracts written by Banque AIG, including a book of so-called regulatory capital credit default swaps, which had a notional value of $234 billion at the end of 2008.

    In a March 14 letter to Treasury Secretary Timothy Geithner, AIG warned that resignations of senior Banque AIG managers would allow the Commission Bancaire, the French banking regulator, to appoint its own representative to step in and run the business.

    That would constitute an event of default under Banque AIG's derivatives contracts.

    Huh, what happened to "AIG FP did it"? That one little office in London? Now there's a hole the size of Gibraltar in the French subsidiary. Awesome.

    And regulatory capital credit default swaps too! Man, couldn't have somebody given these people some crayons as children, so they wouldn't grow up needing to scribble in the margins of balance sheets?


:: posted by buermann @ 2009-03-26 12:33:27 CST | link





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