AIG

In a case of "our lawyers can beat up your lawyers," a unit of AIG today sued Countywide Financial (now owned by Bank of America) for allegedly misrepresenting the quality of loans it was making. From the AP story: United Guaranty Mortgage Indemnity Co. filed suit in U.S. District Court, accusing Countrywide of breach of contract, fraud, negligence, and unfair competition and business ... read more

The scarlet letter-like hysteria over AIG continues, this time with the Connecticut state legislature seeking the political limelight by reportedly being ready to ask AIG workers to testify. From the Greenwich Time: The legislature's Banks Committee and Attorney General Richard Blumenthal are issuing subpoenas this afternoon to force state residents who received AIG bonuses to the ... read more

A quick exercise.  Close your eyes and envision the difference between $165 dollars and $180,000 dollars.  One is a nice meal for a family of four, the other may be the value of their house. Or how about this: You may give a panhandler on the street one dollar, but would you casually toss him $1,000 dollars?  How about $1,000,000 bucks?   Big difference, right? Yet this is the same ... read more

We finally get a viewpoint of one of those villified AIG employees.... Former AIG executive Jake DeSantis resigned from the company in a sharply worded email to CEO Ed Liddy that was published by the New York Times.  In the letter he describes how he cannot take the constant attacks by Washington and the lack of support by his own company. In the email he says: After 12 ... read more