Chris Whalen is back asking impolite questions of the nation’s financial sector, particularly the notion that the Treasury Department is free to pump a hollowed out AIG to the public:
The recent Goldman Sachs fiasco involving FaceBook, where those special masters of the universe did not seem to understand that doing a private placement for a prominent internet company is pretty nigh impossible, the Treasury’s handling of the sale of shares in AIG and other zombie companies seems to confirm that none of these people know their business — or care. In both cases, the elementary legal requirements of executing a public offering of securities in the US seems to have escaped the notice of the responsible adults at the Treasury and GS. Does anyone at the White House know or give a damn?
See, I’d take the GOP Congress somewhat more seriously if it paid attention to this sort of stuff.
