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2016-05-30 03:56:29

yeezy 350 boost amazonThe perenugg handbags uk i7boEnial question is how, if the Fed lacked authority to rescue Lehman, it somehow found the authority to rescue AIG the next day.that any one of them defaulting on its obligations could further depress confidence and spark runs on the others. The short answer is that AIG, despite the awful misjudgments of a subsidiary that insured trillions of dollars worth of mortgage securities, had valuable revenue-generating businesses and a plausible claim to solvency.,adidas yeezy boost 750 amazonUltimately, AIG would receive an astonishing 2 billion in government financing, and it would pay back every dime with interest. ugg handbags uk i7boE Its shareholders, who would have received nothing if the government had let the firm collapse, are now complaining in court that they should have gotten more. Times colugg handbags uk i7boEumnist Gretchen Morgenson not only called the lawsuit a “public service,” she actually portrayed AIG as an innocent victim in the financial crisis, “the patsy at the poker table.” Put it this way: Their bosses did not agree, and neither did the market; as the Times noted, Bank of America had estimated Lehman’s net worth at about negative billion that weekend.adidas yeezy zipper

yeezy 350 moonrock pattern That’s why when Bear Stearns was failing in March 2008, the Fed helped engineer a deal for JP Morgan Chase to acquire it and stand behind its obligations, providing an emergency loan backed by some of Bear’s sketchiest mortgage securities. 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.In its carefully hedged, anonymously sourced story, the Times isugg handbags uk i7boE now suggesting some New York Fed officials were “leaning toward the opposite conclusion—that Lehman was narrowly solvent and therefore might qualify for a bailout.,adidas yeezy apparel That left the Fed without options. And the Fed could not impose the haircuts without forcing AIG into default; the creditors logically concluded a government that was spending 2 billion to avoid ugg handbags uk i7boEa default wasn’t going to create a default on purpose to save billion. The government 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.adidas yeezy boost 950 replica

yeezy 3 boost for sale It’s only allowed to lend against plausibly solid collateral, and Lehman looked hopelessly insolvent. Whatever. It’s not a reality-based belief.,yeezy 350 pirate black adidas releasethat any one of them defaulting on its obligations could further depress confidence and spark runs on the others. They would have been thrilled to find a way to save Lehman. Unfortunately, the Fed could not force them to change their minds; several of them weren’t even U.adidas yeezy boost gs

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