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"The Wall Street Journal reports that, according to unnamed 'people familiar with the situation', executives at Citi and Morgan Stanley are now discussing increasing the pay of certain senior empoyees and top revenue earners, as a way of sidestepping the US government's bonus restrictions on firms which have taken TARP funding."

http://www.youtube.com/watch?v=rWbKKydgj_o

"Purchasing $10 billion in CDS (roughly in line with what Viniar claims happened) at a hypothetical average price of 25 bps (and realistically much less than that) and rolling that would imply that at today's AIG 5 yr CDS price of 1,942 bps, the company made roughly $4.7 billion in profit from shorting AIG alone! This would more than make up for the $2.5 billion collateral shortfall (out of $4.4 billion total) GS claims AIG had with Goldman Sachs… If AIG had filed for bankruptcy, and assuming Lehman is any indication, the P&L would have likely hit $6+ billion."

Paulson and Bernanke have a lot of explaining to do.

"Michael Lewis provides an interesting perspective, though he misses the bigger argument. Don't get me wrong, I'm a fan of Austrian theory, but we need better arguments on our side if anyone is to listen.
Posted by: Jon Olmsted | Mar 20, 2009 4:29:08 PM"

Consider this, can anyone make a better argument for free markets and capitalism than Hayek or Freidman? I doubt it. So the excellent arguements are there and I doubt could be improved on, yet the only way anyone has been able to get an understanding of what those two gentlemen said is to make an individual effort to find their words in book, magazines, or now on youtube. The MSM quit giving them free airspace or facetime long ago, about the time that Freidman and his disciples showed the world what freeing up an economy, as they did in Chile, could do.

Socialist know better than to give opponents equal time.

"Sorry.
Posted by: TrUmPiT | Mar 20, 2009 4:01:53 PM"

Michael Lewis, of course, is neither an "Austrian", nor libertarian (at least to my knowledge).

I would not assume that Goldman protected itself from an AIG collapse a long time ago. They might have done it more recently.

and simply because Goldman was allegedly "ok", doesn't make his point.
Goldman would be exposed to JPM, Bank of America, Barclays, etc. etc. etc. etc. And there would be a domino effect. The question is how much, how big, etc?

Meaning, libertarians (much smarter than myself) should be arguing reality, not roses and puppy dogs. In other words, the argument should be that banks would have failed and should have failed. Because surely they would have.

Hint: house makes the rules.

"which is to say that there was really no responsible place to lay off these BETS."

Be sure to tell your students that the economy is really one big hedge fund. Which is a euphemism for casino. You said so yourself.

That "rich minority" has their own set of risks, as we've seen with the AIG derivative desk staffers.

I just wish politicians didn't have such a favorable asymetric risk/reward alignment.

If I were in the mafia, I would be thoroughly insulted. At least the mafia has to generate a profit. The government may use mafia tactics, but it is far from well organized or thorough.