Wham, lets bail out AIG. I am thoroughly confused by the Paulson Doctrine, but I think Paulson is confused by it as well. No to AIG, Yes to AIG. No to Lehman, Yes to Bear.
Is the end result good or bad. In the short term I am sure it will stabilize the market. But has anybody learned their lesson from this? Lastly who is going to be the villain after the dust settles?
With Enron and Worldcom you had real villains. People lying, cheating and stealing. But in this mess I don’t think any big names are going to roll. Extreme mismanagement is not a crime yet, so CEO’s you are off the hook.
Michael Lewis has put together his blame pie, but it is just so unsatisfying.
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