[Marxism] Matt Taibbi on AIG

nada 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.

David




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