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2016-07-02 11:29:39


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michael kors jet set fuschia The Federal Deposit Insuranmichael kors outlet designer handbags ce Corporation learned this the hard way a week later when it foolishly haircut Washington Mutual’s creditors, instantly triggering a run on the next-weakest bank, Wachovia; its ten-year bonds lost two thirds of their value the day after the haircuts.mes noted, Bank of America had estimated Lehman’s net worth at about negative billion that weekend.Ultimately, AIG would receive an astonishing 2 billion in government financing, and it would pay back every dime with interest.,michael kors wallet clutch for iphone 6s But the critics—who were wrong when they predicted the bailouts would cost trillions, and when they warned that the banking system could not be saved without mass nationalization, and in so many other ways—think the frivolous AIG lawsuit will reveal some dirty backroom deal where michael kors outlet designer handbags Geithner and Lord Voldemort conspired to rip off widows and orphans on behalf of Goldman Sachs.” He thinks the trial underway in Washington will reveal the real reason AIG’s creditors didn’t face haircuts; he doesn’t think the official explanation—that voluntary haircuts were impossible, and involuntary haircuts would have accelerated the panic—makes any sense. The government still lacked the authority tmichael kors outlet designer handbags o inject massive amounts of capital into the financial system—and a Congress that initially refused to grant that authority through the notorious TARP even after Lehman’s failure certainly wouldn’t have granted it before a failure of similar magnitude.michael kors shoes for toddlers girls

michael kors old black leather handbags While Lehman was really nothing more than the sum of its toxic assets and shattered reputation as a venerable brokerage, AIG had solid collateral that the Fed could lend against with a decent expectation of repayment.Ultimately, AIG would receive an astonishing 2 billion in government financing, and it would pay back every dime with interest. The government still lacked the authority tmichael kors outlet designer handbags o inject massive amounts of capital into the financial system—and a Congress that initially refused to grant that authority through the notorious TARP even after Lehman’s failure certainly wouldn’t have granted it before a failure of similar magnitude.,cheap michael kors wallets for women The govmichael kors outlet designer handbags ernment did push for modest haircuts for its creditors that might have saved taxpayers as much as billion, but seven of the eight top creditors flatly refused. Whatever. “Traumatic historical episodes often require a high-profile public reckoning before the country can move on,” Scheiber wrote.michael kors shoulder tote with black leather

michael kors green shoulder bag“Our overall judgment on Lehman is that it was deeply insolvent,” Cline and Gagnon concluded. The short answer is that AIG, despite the awful misjudgments of a subsidiary that insured trillions of dollars worth of mortgagmichael kors outlet designer handbags e securities, had valuable revenue-generating businesses and a plausible claim to solvency.” Yet Scheiber argued that their filet mignon demand “may end up serving a constructive purpose.,michael kors handbags for sale in australia “Traumatic historical episodes often require a high-profile public reckoning before the country can move on,” Scheiber wrote.The perennial question is how, if the Fed lacked authority to rescue Lehman, it somehow found the authority to rescue AIG the next day.”Hmm.location of michael kors outlet stores



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