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The Collapse of AIG and Poker


September 17, 2008

With the recent $85 BILLION (with a B folks!) dollar tax bailout of insurance giant AIG, one has to wonder why the citizens of the US are being forced to bankroll a degenerate poker player like their CEO. If you’re wondering where the parallel is consider this: Some of the bets they were making on the sub-prime lending market were 20-1 long shot odds. No different than chasing that long shot draw when the other player is pushing you all, it’s a reckless call to make.

When you’re playing with backers money (investors) it’s that much more sickening to watch. I mean if you back your pal in a poker tournament for $500.00 you at least know he’s playing a poker tournament. But you would at least expect to him to not donk off the cash like it’s a free roll or play money.

That’s almost exactly why these morons at AIG did. Against the advice of auditors and even Federal Regulators, who were warning them against this sort of long shot bet, they did it anyway.

And they took one hell of a bad bet doing it. I’m not one for Government poking around in peoples business but this may be one case where a little more Government oversight may have helped prevent the meltdown of a mega-company like AIG.

Written by Markus · Filed Under Online Poker News 

Comments

One Response to “The Collapse of AIG and Poker”

  1. Emile Frendo on October 21st, 2008 3:31 pm

    Appalling. But why did the American people bail him out – that’s the question? If I knew I’d get bankrolled for all my excesses why wouldn’t I take the occasional 20-to-1 shot. I mean, he was insured, so what the hell. But maybe he should have to give over all his $$ and holdings, as drug dealers do. Maybe that would send a nicer message than the one that was sent.

    Read my blog for divergent views on poker.

    Thanks

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