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A few months ago, neoconservatives were screaming bloody murder when Hugo Chavez nationalized the phone company. Today a neoconservative U.S. Government nationalized AIG, the largest insurance company in the world, because the collective banks of the world refused to make a bridge loan to the insurer of most of the bonds they hold. AIG was the linch pin to the shadow banking system–the $50 trillion of Credit Default Swaps–that I have be writing about for a long time. By insuring toxic bonds made up of sub prime mortgages, AIG allowed the banks to sell them to pension funds as AAA credits. It was a scam which AIG helped the banks to pull off. And then the whole house of cards collapsed and AIG was left holding the bag, potentially to pay insurance out on $ billions of defaulted bonds. So the banks that needed this insurance to load the crap into pension funds and other fiduciaries, now refuse to keep their insurer alive and win the game of chicken with the Fed. We have been talking... ‎· courant
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