• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

What’s Wrong With The Post’s AIG Debate?

Here’s The Washington Post’s idea of debate on AIG:

The leadoff contributor to the op-ed page’s ‘”Topic A” section is former AIG CEO Maurice Greenberg, who was forced out of the firm in 2005 amidst a fraud investigation that (mostly) ended without charges. Greenberg argues “the Obama administration should allow AIG to rebuild itself and earn the money necessary to repay the taxpayers.”

What The Post doesn’t say is that that Greenberg has a hefty financial stake in the issue. According to Bloomberg, Greenberg has filed suit against his former company charging that its “material misrepresentations and omissions” caused him to acquire New York-based AIG shares in his deferred compensation profit-participation plan at an “artificially inflated price.”

Edward Liddy, the current AIG CEO and Capitol Hill flak catcher, told Bloomberg that “Greenberg was at the helm during the formation of AIG’s financial products unit, which sold derivatives that cost the company more than $30 billion in writedowns and prompted a government rescue.”

So Greenberg, identified by The Post only as “a former AIG executive,” is offered as a reliable guide to cleaning up the mess he helped make. And The Post does not disclose his financial stake in his policy advice.

The Post also offers AIG commentary from Douglas Holtz-Eaken, the former Congressional Budget Office official and economic adviser to Sen. John McCain’s 2008 presidential campaign. Holtz-Eaken argues that “no matter how bad you think market capitalism is, the federal government has proved it is worse.”

Is it relevant that in 2006-2007 Holtz-Eakin headed the Maurice Greenberg Center for Geoeconomics at the Council on Foreign Relations, a perch created by the largesse of the former AIG chairman? Yes, it is relevant for two reasons. First, CFR has dropped Greenberg’s name from the Center’s Website (though “Greenberg” lives on, ghost-like, in the URL). Perhaps the establishment talk shop wants to avoid the appearance that Greenberg was buying influence into the foreign policy-making elite. Second, Holtz-Eakin is one of those clueless commentators who didn’t see the crisis coming even though he lived in the orbit of one of its architects.

There was a third point of view in Topic A, that of William Seidman, a former economic adviser to Presidents Ford and Reagan, who headed the government’s savings and loan rescue in the 1980s and now does commentary for CNBC. Seidman says the lesson of AIG is that the government should proceed slowly.

This is the AIG debate in Washington’s paper of record. It covers a small slice of the center-right, ranging from the the self-interested to the clueless to a talking head, all the while excluding the numerous economists and analysts who warned about the dangers of the bubble economy. If this is the way AIG is discussed, is it any wonder Washington seems unable to coherently address the financial meltdown?

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.