Florida Freshman Progressive Democratic Congressman Alan Grayson explains why AIG went broke:

[ddeclue]

http://www.youtube.com/watch?v=iF83wwij828

This is great video and shows why we need to support Alan and get more people like him elected to Congress. He explains it to the C-SPAN cameras and the members in the chamber and it will make you mad.

At some point this kind of crap crosses the line from clever accounting into money laundering, mail fraud, wire fraud, and securities fraud in my humble opinion.

Doug D.

[marketcrazy1]

1. ddeclue: have you seen this??

http://www.scribd.com/doc/13116173/AIGs-Report-to-Senate-Banking-Committee .. 21 pages, worth reading...... black mail indeed!!!! if congress believes this AIG will get a blank check......

[ddeclue]

3. Not if it's up to Alan - he said the other day that w.r.t. AIG "it's time to amputate."

He is after these guys with a vengeance the way he previously went after Iraq War profiteers and he's just the guy to do it. He used to be CEO of IDT (a fortune 500 company) in the 1980's and knows how Wall Street works and how to investigate people.

Doug D.

[marketcrazy1]

5. then I say

more power to him!!!!

[acmavm]

2. And your opinion is valid. These people weren't selling anything

tangible. They were gambling. The fraud is where they made the same damn bad bets on the same property. Over and over and over. And apparently in some cases, they didn't even hold the mortgage anymore (and no one to this day knows who holds title to some of these properties).

There are so many criminal acts buried in this pile that if you or I got caught pulling 1/1000th of this shit we'd be behind bars for decades.

[marketcrazy1]

4. acmavm

so true!!!

[ddeclue]

6. If you read the statutes most of these crimes carry 5 years per count.

These people would be going away for thousands perhaps millions of years. (Remember the movie "The Firm"?) And on top of this you could also add conspiracy and RICO.

Doug D.

[acmavm]

7. Now, you just brought up something that I've been wondering about.

Reading the RICO statutes, I would have thought that someone with an ounce of decency and love of the law would have started issuing arrest warrants. Because if this hasn't been a continuing conspiracy, than nothing ever has.

PLUS: the bush** admin knew that the situation was going to blow for at least 8 months before the news got out. They're part of it.

[ddeclue]

8. IDK.... Alan really puts this on short selling that backfired on AIG

from what I understand the video to be saying.