[Marxism] Matt Taibbi on AIG
dwaltersMIA at gmail.com
Thu Mar 26 15:55:29 MDT 2009
AIG doesn't claim it was a bank. It is an insurance company. It STILL is
an insurance company. The bank I use, a commercial bank, is insured by
them. Of course it's an insurance company. In 1928 there was more
commercial insurance issued than individual life insurance. Part of the
reason the Flint Sitdowners won their strike was because they threatened
to turn off the water to the fire system, would of frozen the pipes
leaving Chevy without firefighting capability and the *insurance*
companies went crazy threatening to cancel GM's insurance.
The problem of course is *how* AIG insured companies, including their
damn debt, over and over again, the so-called 'derivatives'..actually a
very accurate term. A term the WSJ tried to PURGE from it's pages
because of it's parasitic connotations.
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