{"id":1582,"date":"2009-03-28T13:28:59","date_gmt":"2009-03-28T17:28:59","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=1582"},"modified":"2009-04-28T08:27:44","modified_gmt":"2009-04-28T12:27:44","slug":"taibbi-the-big-takeover-on-aig-finl-products","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2009\/03\/28\/taibbi-the-big-takeover-on-aig-finl-products\/","title":{"rendered":"Taibbi &#8211; &#8216;The Big Takeover&#8217; (on AIG-Fin&#8217;l Products)"},"content":{"rendered":"<p>On 19 March 2009, Matt Taibbi (in overly salty prose) wrote <a href=\"http:\/\/www.rollingstone.com\/politics\/story\/26793903\/the_big_takeover\/print\">The Big Takeover<\/a> (provocatively subtitled &#8216;The global economic crisis isn&#8217;t about money &#8211; it&#8217;s about power; how Wall Street insiders are using the bailout to stage a revolution&#8217;) in Rolling Stone Magazine. He describes some of the internal workings at AIG&#8217;s Financial Products subsidiary in London which was responsible for AIG&#8217;s credit default swap (CDS) business. He describes the lax (and, sometimes, non-existent) regulatory oversight of the business, and some of the deregulation history. He bemoans the repeal of the Glass-Steagall Act engineered by Senator Phil Gramm and enacted in the waning days of the Clinton administration. And he expresses concern over whether the Obama administration will be able to assert appropriate control over the financial services industry.<\/p>\n<p>The article is long but intriguing, going into some details of AIG-FP that I had not heard before.<\/p>\n<p>Note: Rolling Stone has now truncated the version of this article on its website. However, <a href=\"http:\/\/www.alternet.org\/workplace\/132859\/the_big_takeover:_how_wall_street_insiders_are_using_the_bailout_to_stage_a_revolution\/\">Alternet<\/a> is mirroring the full article.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 19 March 2009, Matt Taibbi (in overly salty prose) wrote The Big Takeover (provocatively subtitled &#8216;The global economic crisis isn&#8217;t about money &#8211; it&#8217;s about power; how Wall Street insiders are using the bailout to stage a revolution&#8217;) in Rolling Stone Magazine. He describes some of the internal workings at AIG&#8217;s Financial Products subsidiary [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167],"tags":[],"class_list":{"0":"post-1582","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-richardhsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/1582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=1582"}],"version-history":[{"count":6,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/1582\/revisions"}],"predecessor-version":[{"id":1586,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/1582\/revisions\/1586"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=1582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=1582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=1582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}