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The New DU. Reply #4: It's arrogant but he might have a case.
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pa28
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Wed Nov-23-11 02:20 PM
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| 4. It's arrogant but he might have a case. |
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He's arguing the New York Fed did not insist on haircuts for the financial instruments AIG sold to Goldman and the big financial institutions. The result was a much bigger bailout and larger loss of equity in the company for Greenberg (nevermind AIG would not exist at absent intervention).
This is what can happen when you allow the conflict of interest at the New York fed to continue. Bankers can bail themselves out with public equity and leave taxpayers on the hook for liabilities with no say from congress.
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