The AIG Scam

Someone really needs to fucking go to jail.

Perhaps the most intriguing info is how the worst of the scamming was run out of LONDON:

To be sure, most of A.I.G. operated the way it always had, like a normal, regulated insurance company. (Its insurance divisions remain profitable today.) But one division, its “financial practices” unit in London, was filled with go-go financial wizards who devised new and clever ways of taking advantage of Wall Street’s insatiable appetite for mortgage-backed securities. Unlike many of the Wall Street investment banks, A.I.G. didn’t specialize in pooling subprime mortgages into securities. Instead, it sold credit-default swaps.

The article notes how integrally AIG was intertwined with the world-wide banking system, particularly in Europe. So some criminals in London basically ruined the world-wide financial system.