Behind Insurer’s Crisis, Blind Eye to a Web of RiskThe general flavor of the article can be summed up by the quote that kicks it off:
“It is hard for us, without being flippant, to even see a scenario within any kind of realm of reason that would see us losing one dollar in any of those transactions.”The same old story - a group of self assured, smart people getting blindsided by things they never bothered to worry about.
— Joseph J. Cassano, a former A.I.G. executive, August 2007
Unfortunately, their failings became our problem.
Late Edit: Had the wrong attribution. POD send this article. Sorry 'bout that.
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