Tuesday, May 18, 2010
The ice is creaking….
I have wondered for some time when the first insurance company would go bust. After all they bough a lot of the CDOs and other toxic junk from the banks. The bail out of AIG seems to have been glossed over in favour of more bank bashing, but the $1.2Tn Obama coughed up was spent just the same. Total financial collapse may not be inevitable (one hopes so) but it remains "highly likely".