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Re: Madness: Bailing Out Greed in Wonderland
From: David Farber <dave () farber net>
Date: Thu, 18 Sep 2008 06:33:31 -0400



Begin forwarded message:

From: Dan Lynch <dan () lynch com>
Date: September 17, 2008 7:53:02 PM EDT
To: Dave Farber <dave () farber net>, Paul Saffo <paul () saffo com>
Subject: Re: [IP] Re:    Madness: Bailing Out Greed in Wonderland

Paul, I agree that AIG was/is too enmeshed in our economy to have it crash. But why do their shareholders or management get any "consideration" in the bailout? 0% left over is still BIG and the "perps" don't deserve a dime in
my view.

Dan

PS. It ought to fall hard on the (non)regulators as well. This may turn
into a huge witch hunt.  Only how large is Salem?


On 9/17/08 2:26 AM, "Dave Farber" <dave () farber net> wrote:



Begin forwarded message:

From: Paul Saffo <paul () saffo com>
Date: September 17, 2008 12:11:24 AM EDT
To: dave () farber net
Subject: Re: [IP] Madness: Bailing Out Greed in Wonderland

hmmm... I am no fan of bailouts, but I think that Paulson and Bernanke
made the right call.  There is nothing inconsistent between blowing
off Lehman and bailing out AIG.  Lehman could fail without upsetting
anyone except Wall Street. AIG is deeply intertwined into our
financial system and if it had failed there would be an unimaginable
series of unintended consequences.  As odious as it may seem to do
anything to help AIG survive it's vast folly, it is in the taxpayer's
self-interest to prop up AIG and bring it in to a soft landing.

best
-p


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