Neither one had a clue what they were doing in the securitized finance or currency business. The Icelandic banks brought down a country. AIG could bring down the world.
Today we read about Iceland via Michael Lewis.
“When you borrow a lot of money to create a false prosperity, you import the future into the present. It isn’t the actual future so much as some grotesque silicon version of it. Leverage buys you a glimpse of a prosperity you haven’t really earned. The striking thing about the future the Icelandic male briefly imported was how much it resembled the past that he celebrates. I’m betting now they’ve seen their false future the Icelandic female will have a great deal more to say about the actual one.”
I’m not sure I can bring myself to touch AIG. Brings such a bad taste to my mouth thinking about those idiots.
What’s your vote? Who was more irresponsible? AIG or Iceland?
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Conor, head straight to Costco and buy as much mouthwash as possible. It seems AIG enjoys bringing a bad taste to taxpayers’ mouths. Will they ever learn?
http://www.nytimes.com/2009/03/15/business/15AIG.html?em
Unreal.