[sotd] AIG Implodes: TheTwo Cows Version [March 6, 2009]

From: "Site of the Day" <amholm@xxxxxxxxxxx>
To: sotd@xxxxxxxxxxxxx
Date: Fri, 06 Mar 2009 10:07:00 -0400
        Site of the Day for Friday, March 6, 2009

        AIG Implodes: The Two Cows Version

Since AIG (American International Group) is still making unfortunate headlines,
today's site, from the online magazine The Business Insider's "Clusterstock"
section, offers its amusing version of the plummeting fortunes of this major
corporation. Gentle Subscribers, who require a few more details, can get a
conventional but eminently lucid report at the New York Times citation below.

"Still confused about how AIG lost its shirt by going into the securities 
lending
business big time? We understand. It's terribly complex and full of words that 
make
your eyes glaze over. ... So we decided to break it down into the simplest terms
Wall Street transactions can be explained: the two cows story." - from the 
website

The site proffers a tidy little tale of how AIG ended up as the poster company 
for
the consequences of unregulated financial creativity in terms that even the most
economics-challenged can appreciate.

Meander over to the site for this inspired explanation of how AIG fortunes 
tanked
at:

http://www.businessinsider.com/2009/2/aig-implodes-the-two-cows-version

For those whose appetite has been whetted by the amusing version at Clusterstock
and would like to cautiously delve a little more into what went on at AIG, the 
New
York Times recently provided a first-rate article by columnist Joe Nocera, 
entitled
"Propping Up a House of Cards."

"... [B]ecause of A.I.G.'s dubious business practices during the housing bubble 
it
pretty much has the world's financial system by the throat." - from the website

Nip over to the NY Times to check out the amazing story of AIG and their
spectacular decline at:

http://www.nytimes.com/2009/02/28/business/28nocera.html?_r=1&pagewanted=1&8dpc

If the above URL wraps in your e-mail client, enter it all on one line in your
browser or use this TinyURL:

http://tinyurl.com/ajr76t

  A.M. Holm
<admin-sotd@xxxxxxxxxxxxxx>
  Manage your subscription and view the List archives on the web at:
<//www.freelists.org/cgi-bin/webpage?webpage_id=sotd> and
 <//www.freelists.org/archives/sotd>


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
UNSUBSCRIBE by sending a blank email to sotd-request@xxxxxxxxxxxxx with 
unsubscribe in the Subject field.
[sotd] AIG Implodes: TheTwo Cows Version [March 6, 2009]

Other related posts:
