AIG: The Peoples’ Insurance Company

As you might imagine, the AIG story raised the bile of a few bloggers. Yves Smith at Naked Capitalism did the best job analyzing and raging about the move and Felix Salmon at also weighed in.

Contrasting their observations with the white wash that CNBC gave to this story via the appearance of AIG’s chairman, Liddy, I once again thanked the stars for the phenomenon of blogging. Mr. Liddy actually did a bang up job of portraying the move as if it were a normal business transaction while Smith, Salmon and others painted it for what it is. A long term investment in the insurance business on the part of the government. I’m sure glad I’m not competing with Uncle Sam.

The potential for political misuse is enormous.

Tom Lindmark

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