What’s that scent you’re wearing (part II)….

Posted on 08/08/2011

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……..because it REEKS of IRONY in here!

AIG – You remember, the scumbags who nearly brought the world to it’s knees a few short years ago by selling Goldman Sachs and every other firm who realized the real estate market couldn’t continue it’s parabolic ascent forever insurance tied to toxic assets that Standard and Poors, Moody’s, etc. all rubber stamped as TRIPLE A, and then received ~$185 BILLION in assistance from Hank Paulson and crew and THEN hosted an elaborate meet and greet at  the St. Regis Monarch Beach Resort (rooms start at $565/night)…….

Well, they filed a lawsuit against Bank of America today seeking some $10 billion for losses related to Countrywide and Merrill Lynch. They may also bring suit against Goldman, JP Morgan, and Deutsche Bank.

You can’t make this stuff up. Is it possible that AIG could be the catalyst for TWO epic meltdowns in less than 3 years? Next we’ll find out Joseph Cassano was selling puts on the Russell 2000 hand over fist about 2 weeks ago.

http://www.nytimes.com/2011/08/08/business/aig-to-sue-bank-of-america-over-mortgage-bonds.html?scp=2&sq=AIG&st=cse

Asian markets are now open and getting clubbed like a baby seal. S&P futures traded as low as 1,100 and are currently down 8.90 at 1,102.40. DAX futures are down 300.

Sleep well.

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