Ben Bernanke, Chairman of the Federal Reserve Bank
“AIG exploited a huge gap in the regulatory system. There was no oversight of the financial products division (referred to as “AIG FP” in the text). This was a hedge fund, basically, that was attached to a large and stable insurance company, made huge numbers of irresponsible bets…if there’s a single episode in this entire 18 months that has made me more angry, I can’t think of one, than AIG” (March 3, 2009)
Develop a discussion of these comments in the forum: this may be done by commenting on or interpreting what Bernanke meant in these statements. In your commentary and interpretation select at least one idea and expand on it. For instance:
What does it mean to say that “AIG exploited a huge gap in the regulatory system”?
What does it mean to say that “this was a hedge fund”?
What were the “irresponsible bets”?
Why would AIG make Bernanke “angry”?
There are other ideas that you could comment on: how about the compensation issue? Or, how the irresponsible management of AIG put the government regulators in a horribly difficult position.
The commentary should include specific information and explanation that is accurate and reflects comprehension of concepts studied in the course.
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