Sunday, March 15, 2009

Read These Articles in the Sunday New York Times

Appalling - simply appalling. You must read these two articles in today's Sunday New York Times. They work together but if you only have time for one, read the second. It is time that some of the speculators, whose bad bets - and they were bets and not investments - were faced to suffer the consequences of their stupidity and greed.

According to the Times article the reason that many of the credit default swaps were not classified as illegal gambling is that Congress specifically exempted credit default swaps from state gaming laws back in 2000.

". . . some 80 percent of the estimated $62 trillion in credit default swaps outstanding in 2008 were speculative."

More on this later . . .

A.I.G. Planning Huge Bonuses After $170 Billion Bailout
Following the A.I.G. Money

If the New York Times does begin charging for their online paper, these two articles are two fine arguments for spending the money to have access to the paper.

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