Tuesday, December 01, 2009

The Recession: It's Not That Simple

Michael Lewis continues to be our best print journalist on the Wall Street Implosion of 2008.

Remember how AIG decided to continue with their Executive’s Retreat the week after accepting government money? Thie piece on AIG shows how messy and complicated it gets – the AIG traders blamed for their own downfall actually lost about $500m of their own money in the collapse because they were required to reinvest half of their bonuses in the company!

It’s eye-opening and worth your time. (Yes, it’s long. So what? It helps explain our now.)

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