Bonk - Different Knowledge Bases

  • Derivatives - 2015 1208 - GOV (House) - Oversight of the Financial Stability Oversight Council
    • [PDF-146p, VIDEO-YouTube]
    • (p60-62)
    • Debbie Matz, Chairwoman, National Credit Union Administration
    • David Schweikert - (R-AZ).
    • (p62) - David Schweikert - (R-AZ).  I will give this one to you in writing because we are talking past each other because that makes absolutely no sense.
    • (p62) - David Schweikert - (R-AZ).  I wish I had you in grad school because there would been some fascinating questions.
  • 2008 Financial Crisis - AIG - Securities Lending -
    • 2014 0520 - GOV (House) - Legislative Proposals to Reform Domestic Insurance Policy - [PDF-128p, VIDEO-YouTube]
      • (p4) - Brad Sherman (D-CA) - We saw with AIG an excellent case study.
        • That portion of the enterprise that was subject to State insurance regulation remained healthy even though the top managers in the company were behaving like drunken sailors.
        • Those parts of the company that were not subject to State insurance regulation crashed as if they were being run by drunken sailors.
      • Ed ROYCE  (R-CA) - And just a reminder for my friend from California, that the securities lending operation of AIG was regulated at the State level.  
  • 2008 Financial Crisis - AIG - Securities Lending - 1) Ed Royce (R-CA), Dodd vs Eric Dinallo
  • https://www.govinfo.gov/content/pkg/CHRG-111shrg51303/pdf/CHRG-111shrg51303.pdf
  • 1) Ed Royce (R-CA) - And then came the fall of AIG.
    • And the bets that brought down AIG were made through the firm’s securities lending division as well as the financial products unit.
    • As we consider the events of the past as they relate to regulatory reform, it is worth noting that the securities lending division was facilitated and funded by AIG’s insurance subsidiaries as a vehicle to make unwise bets on the U.S. housing market.
    • At least, that is the way I would put it, since they were leveraged 170 to 1.
  • Using capital from their insurance subsidiaries with the approval of the various State insurance regulators, the securities lending division, in tandem with the financial products unit, put at risk the
    entire company and, to some degree, the broader financial system.

2009 0514 - GOV (House) - How Should the Federal Government Oversee Insurance? - [PDF-194p, VIDEO-YouTube-(Part 1 of 2) - VIDEO-YouTube-(Part 2 of 2)]  ---  [BonkNote]

  • Legal Cases
    • Blumenthal v New York Life
      • Document 82-1 - Defendant Expert Witness - Michael LaBoeuf - Report - 23p
      • Document 85-3 - Plaintiff Expert Witness  - Deposition of David Sanderford - 65p
  • NAIC 
    • 2019 0917 - LIIIWG - Life Insurance Illustrations Issues Working Group - NAIC - Proceedings (Fall, 6-77) - Cost of Insurance - [BonkNote]