The True Story of the ‘Greatest Corporate Failure in American History’

The True Story of the ‘Greatest Corporate Failure in American History’

At the time we were told that it was the “greatest corporate failure in American history”—hat tip to Senator Richard Shelby—because politicians needed to cover up for the actual perpetrators of the crisis. They had us believe that AIG’s “rogue” financial products unit was the assassin of the economy, because they were conveniently placed and relatively unsympathetic bit players who happened to be completely removed from the more sinister machinations of the subprime racketeers. And in stark contrast to the narratives promulgated by former Treasury secretaries Tim Geithner and Henry Paulson and by appointed media mouthpieces like Andrew Ross Sorkin—whose crisis chronicle Too Big To Fail portrays the AIG bailout as the thoughtless design of a group of bankers Geithner summoned to the New York Federal Reserve Bank and exhorted to “Work harder, get smarter!”—the truth is that it was all very deliberate and intentional. Because, as the Fed and Treasury lawyers were acknowledging among themselves at the time, the AIG “bailout” appears to be by far the most illegal thing they did.

Read More @ Vice

Comments

comments

Previous Sony to Officially Name North Korea as Source of Hack Attack
Next Grumpy Cat Has Made Her Owner Almost $100 Million In Just Two Years

About author

Walter Marrero 228 posts

An executive analyst at an elite technology & business focused publication.

View all posts by this author →

You might also like

Real Life

NYPOST: Everything we love to eat is a scam

Fantastic article that covers the state of food in NYC and elsewhere today, it def pays to be a smart consumer when eating out. Think you’re getting Kobe steak when

Products

CopyCat Logos: Stride Health or Stride Gum

In the world of startups appearing up out of nowhere, trying to grab your money at every turn there’s a technique that seems to be used by startups in order to

Business

Hello Little Printer: $260 Dollars?!

Ah yes, in the age of cloud computing, newspapers dying, and both books and textbooks trying to make the switch to the paperless lifestyle there are still a few holdouts.

0 Comments

No Comments Yet!

You can be first to comment this post!