Gay Obama on the downlow asked:


http://www.nypost.com/seven/03192009/news/regionalnews/aig_gave_100k_to_ny_dems_160345.htm

ALBANY, N.Y New York campaign finance records show American International Group donated $100,000 to the state Democratic Committee just before Democratic Gov. David Paterson and his insurance superintendent launched marathon sessions to prop up the embattled insurer.

The contribution was made Aug. 29. Insurance Superintendent Eric Dinallo started negotiating with AIG and federal officials within about two weeks.

On Sept. 16, Paterson announced the “great news” that New York officials helped the giant insurer strike a historic loan deal with the Federal Reserve to keep AIG afloat.

There was no immediate comment from Paterson, Dinallo or AIG.

The state’s effort is credited with giving AIG time to survive.

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Water Over Gold asked:


A top economist for the Federal Reserve said they “assumed everyone makes good on the contracts”. They soon learned that wasn’t true…….which makes you wonder what else they’re assuming.

http://news.yahoo.com/s/mcclatchy/20090309/pl_mcclatchy/3184724;_ylt=ApR3Z4EqFe1.aLXG4QDmpTEGw_IE;_ylu=X3oDMTE5MjVkanBvBHBvcwMyBHNlYwN5bi1tb3N0LXZpZXdlZARzbGsDdG9vYmlndG9mYWls

The risks of these below-the-radar insurance policies became abundantly clear last September with the collapse of investment banker Lehman Brothers and global insurer American International Group , both major swap dealers. Their insolvencies threatened to zero out the value of billions of dollars in contracts held by banks and others.

Until then, “we assumed everyone makes good on the contracts,” said Vincent Reinhart , a former top economist for the Federal Reserve Board .

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