Hope you’re enjoying those bailouts. Because that’s where your some of your $160+ billion of AIG bailout money went. As well as to other lucky “counterparties” on this list.
Now, remind us again why AIG bondholders couldn’t have covered these payments? They lent AIG $250+ billion on their own volition, after all. Shouldn’t they maybe be paying for AIG’s idiocy?
Oh, that’s right. If we made the bondholders take responsibility for their decisions, that would be the end of western civilisation.
Well, how about a pre-packaged bankruptcy? One in which bondholders picked up part of the tab and counterparties picked up part of the tab? Wouldn’t that be fair?
Ah, the end of western civilisation again.
Or so they’re telling us.