The Mudcat Café TM
Thread #114861   Message #2751605
Posted By: Riginslinger
24-Oct-09 - 07:56 AM
Thread Name: BS: Kucinich on the Bailout - interesting!
Subject: RE: BS: Kucinich on the Bailout - interesting!
So on NPR the other day, they were talking about Goldman Sachs buying "insurance" from AIG on shaky securities they didn't even own. They described it as if you were buying insurance on your neighbor's house, or life insurance on your mailman.
                In other words, they were betting that the system would fail. When it did fail, the taxpayers bailed out AIG, and AIG paid the money directly to Goldman Sachs. So Goldman Sachs ended up with the tax payer's money without having to take any bailout money themselves.
                One only has to open his/her eyes a little wider to wonder if Goldman Sachs did something to cause the system to fail. Something like burning down your neighbor's house or shooting your mailman.