A splendid opportunity is in the offing, though it is premature to expect the earth to quake. As background, Hank Greenberg, former chairman of AIG, is suing the United States. The case itself is not the subject here. Starr International Company, in which Greenberg is housing his lawsuit, was the largest shareholder in AIG on September 16, 2008, the day when the U.S. government “seized control of AIG” (quoting from the September 17, 2008, Wall Street Journal).
Everyone should read and understand the implications of these two sentences from the 2011 report of the Financial Crisis Inquiry Commission (FCIC).
“From 2000 to 2007, [appraisers] ultimately delivered to Washington officials a petition; signed by 11,000 appraisers…it charged that lenders were pressuring appraisers to place artificially high prices on properties. According to the petition, lenders were ‘blacklisting honest appraisers’ and instead assigning business only to appraisers who would hit the desired price targets” (FCIC 2011: 18).
From the “So What Else Is New?” department…
January 31, 2010 “Information Clearing House” –- -Maybe “whitewash” is too harsh of a term to apply to the Financial Crisis Inquiry Commission’s (FCIC) report, but it certainly doesn’t brea…
http://www.nytimes.com/2011/01/26/business/economy/26inquiry.html?_r=1
http://www.ritholtz.com/blog/2011/01/fcic-what-caused-the-financial-crisis/
http://www.fcic.gov/
Sorry if I’m a bit behind the curve on this. Work has been busy and I’ve not k…
The Subprime Debacle: Act 2, Part 2
Hundreds of billions of dollars of this junk was sold to European banks and funds. And these guys get together at conferences. So Helmut will be talking to Lars who will talk to Jean Pierre and they will realize th…