Thursday, June 6, 2013

In the Wall Street Journal on June 4, 2013 section C page 1 there was an article which discussed the fact that an entity lyrically titled the "Financial Stability Oversight Council" (FSOC) which is led by the Treasury Department has decided they should designate certain companies as "systematically important" and should therefore "keep an eye" on these companies. 

As a bit of background the voting members of the FSOC are; 
And who did these worthies decide they should keep an eye on? Wait for it -  AIG

AIG are you kidding me? Five years after the financial crisis when the egregious behavior of AIG almost ended western civilization as we know it, and these protectors of the commonweal are just now getting to the point where they believe they should watch AIG to make sure they don't do it again. You can't make this stuff up!! The amount of money the US taxpayer had to pony up to bail out the company and its trading partners (read JP Morgan, Goldman Sachs, Morgan Stanley etc.) was astronomical. The fact that AIG even exists is an artificially created miracle. Is there anyone in DC that understands what happened in 2008? 

I don't want to be too negative but with public servants like the above it might be time to stock up on bottled water and canned goods and head to northern Idaho. I don't like our chances.

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