Word: downes
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Dates: during 2000-2009
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The two divisions at AIG that brought down the firm - financial products and stock-lending - didn't understand what they were doing. Financial products wrote credit-default swaps - sorry I'm not pausing to explain them, but most eyes would glaze over if I did - that they thought were riskless...
In the end, the problem isn't really pay; it's competence. The CEOs didn't understand the fine print. These firms collapsed out of ignorance fueled by avarice - a particularly toxic combination. Under the circumstances, Feinberg is doing the best he can. But what he's doing is more...
So when the likes of Goldman Sachs or JPMorgan Chase, which were well capitalized and well run, say they didn't really need TARP money in the first place, that's more or less accurate. However, that doesn't mean that Goldman, JPMorgan and every other bank in the country...
• Accused of orchestrating voter fraud in his brother's favor near Kandahar during the presidential election. Opponents suggested Karzai shut down polling places and stuffed ballot boxes in areas where opposition to Hamid Karzai was heavy.
But before anyone calls for a congressional investigation, let's remind ourselves that Afghanistan isn't Sweden. We had no problem dealing with Afghan Islamic fundamentalists, terrorists, drug dealers and thugs when the Carter and Reagan White Houses waged a proxy war against the Soviet Union in the '80s. The...