[lbo-talk] AIG crisis could be tip of an insurance iceberg

[Philip Pilkington]

A somewhat similar phenomenon seems to have happened in Ireland. From what
I'm hearing the "Credit Unions" - organisations which were set up to provide
the so-called under-privileged with credit under so-called normal
circumstances - tried, for various reasons, to play the market game.

The whole system, like most public institutions, was corrupt, and they
gladly handed the surplus of funds which they gained during boom time over
to the speculators/stock-brokers in order, presumably, to increase bonuses.
Needless to say, it didn't work out. But it makes you ask the question: how
deep does this go? My guess is: very!