Can someone explain to me the difference between the conduct of AIG and the conduct of Manulife?
The New York Times: “A.I.G. exploited a huge gap in the regulatory system,” Mr. Bernanke said. “There was no oversight of the financial products division. This was a hedge fund, basically, that was attached to a large and stable insurance company.” And this quasi-hedge fund, Mr. Bernanke went on, to nobody’s surprise, made irresponsible bets and took huge losses."
Globe and Mail: “Here's what we know now: That Manulife sold contracts to investors that promised guaranteed investment returns, did not hedge the risk (as other insurers had done), and is thus on the hook - on paper - for a liability that's some $30-billion and gets a little bit bigger every time the market falls again.”
Tuesday, March 3, 2009
The US has AIG. Meanwhile Canada has Manulife:
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2 comments:
Gosh, where was the single National Securities Financial regulator (NSFr)?
Or maybe the job of NSFr will be to level the TSX off the field, eh?
Can`t wait for the big "D" to come a calling on Flaherty for some cash to cover their mismanagement.
It wasn`t bad enough that they tipped the playing field in their favor , but now they want the other teams to pay for their blunders.
As I said before , they can all get stuffed.
Dr Mike.
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