1. Download Free Banking in Britain, for free.
3. Felix Salmon and William Cohan, the guy who wrote the new Bear Stearns book, doing Bloggingheads.TV.
4. An Icelander, on Michael Lewis.
5. "Federal Reserve Chairman Ben Bernanke tells lawmakers he wanted to sue
AIG to stop its bonus payments, but was told a lawsuit could end up
awarding the bonus recipients more in punitive damages." –story is here.
6. "A kind of CFTC-regulated Intrade."
“Federal Reserve Chairman Ben Bernanke tells lawmakers he wanted to sue AIG to stop its bonus payments, but was told a lawsuit could end up awarding the bonus recipients more in punitive damages.”
I don’t get why one of the architects of the bailout plans ever got to the point where he wanted to sue. Why wasn’t he on the phone with AIG execs explaining the politics of the bonuses and what the Congressional lynch mob would likely do? “I warned them” is a much stronger position than “I wanted to sue”.
Overall company failure is classic tragedy of the commons. Shouldn’t all executive contracts henceforth have clawback provisions in the event of a bankruptcy or running to mommy?
What’s so complicated about “if we can’t pay you, we can’t pay you?”
Comments on this entry are closed.