Wednesday, April 1, 2009
Congressional Committee on Financial Services: AIG Paid Full Amount to Foreign CDS Counterparties, But Demanded 70% Haircut of U.S. Counterparties
In a stunning development, Representatives Frank and Bachus are alleging that AIG might have paid the full amount of credit default swap contracts to foreign counterparties, but demanded that U.S. counterparties take a haircut of up to 70%:
AIG Payments
I'm glad that haircuts were given. But if only American companies are taking haircuts - and not foreign companies - that is blatantly unfair, since the money came from American taxpayers.
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All taxpayers do is get angry and post comments (like mine) on the internet, but they don't do anything about it. It's a lost cause. The people of the USA are a lost cause. Do you know what they are most concerned about? American Idol. Go figure that. When I try to mention what's going on to people I know, especially those I know on the internet, they just brush it all off and try to act like I'm being too negative.
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