Market Snapshot with Annie Seelaus
The Mid-Term Elections
The voters have spoken. It is for the pundit industry to rehash ad nauseam the who, what, when, where and how but the results are clear.. Republicans solidified their majority in the House and now have a majority in the Senate. What are the potential implications in the financial markets and more specifically in the municipal bond market?
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Far be it for me to say something nice about AIG, but the lawsuit starting today should shed light into one of the dark corners of the financial bailout of 2008. The Federal Reserve and Treasury decided in the bleak, "world's coming to an end" days of Sept / Oct 2008 to pour money into AIG. The announced reason was to prevent insolvency of the insurance company and avoid another body blow to the markets. AIG did need bailing because that old Wall Street toxic recipe of greed, incompetence and lack of risk controls had bought the once proud company to the brink of bankruptcy.