Derivatives are like candy.

Not to beat a dead horse, but this article from the NYT peels another layer of obfuscation away from the truth that is AIG. If you have just had dinner, you may want to wait awhile before reading.

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commongood

you might want to blockquote a short excerpt from the article that is the reason we should read it. I read this one but felt that it was more of a retread of Joe Nocera's earlier article.

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Eventually the whole truth will be told.

It is so maddening that the officials in the know, those at Treasury, Fed, AIG, etc. are just stonewalling everything. The investigative journalists are really having to work this story hard to flesh out the facts. This article by Gretchen Morgenson actually advances the Joe Nocera article from last weekend, albeit incrementally. The scope and timing of what will no doubt go down in history as a giant fraud are becoming clearer. One could even say that the AIG story is the exemplar for the entire bank bailout fiasco that Paulson/Bernanke/Bush set into motion.

Having said that, I realize that I should put a little more effort into interpreting these posts, rather than just throw up the link. Like I said, I don't want to beat a dead horse but this is such an important story. My bad.

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