How many times have these congressman expressed their “outrage” over the AIG bonuses.  Where is the outrage over the entire $180 billion that was given to AIG?  The money is gone.  It was given to Goldman Sachs and other banks that were on the other side of AIG’s credit default swaps.  The govenment didn’t bail out AIG – they bailed out the holders of the CDS contracts.  And they bailed them out at 100% of the value – no haircut. Guess who was the biggest recipient of AIG campaign contributions in 2008:  Sen. Chris Dodd with $103,100.  Why doesn’t Sen. (more…)

How can it be a “green” Saint Patrick’s-themed day on my Bloomberg screen when first thing I am watching on the TV is Meredith Whitney on CNBC? I guess Jon Stewart’s criticism of CNBC’s ever positive spin is filtering through to the CNBC producers. Maybe it is a bottom? I was having hope that we had bottomed until American Express yesterday afternoon. Now I guess I am in Missouri show-me mode. If we are bottoming, I want to see some “dow theory” things : 1) 6% yield on the dow with single P/E’s, 2) a dramatic non-confirmation by either the (more…)