Re-rewriting history
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October 02, 2008
Re-rewriting history
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Well, actually, some more -
We now know that it was French finance minister Christine Lagarde who begged Mr Paulson to save the US insurer AIG last week. AIG had written $300 billion in credit protection for European banks, admitting that it was for "regulatory capital relief rather than risk mitigation". In other words, it was underpinning a disguised extension of credit leverage. Its collapse would have set off a lending crunch across Europe as banking capital sank below water level.
That's just one bit from this -
*Oops - back off from 'Blame America'*
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3118994/Financial-Crisis-So-much-for-tirades-against-American-greed.html
So, we can expect this to be front in the Grey Lady, right? Or WaPo? Maybe LAT?
Posted by: John A | October 02, 2008 at 10:58 AM
Very interesting. This crisis is very international in character, I have no doubt, but characterizing it as such is not good for the politics.
Posted by: Tom Smith | October 02, 2008 at 11:41 AM