In this blog post, A.I.G.: Rage Against the Machine from The Opinionator Blog at the NYTimes.com, I am seeing something I expect to see alot more of. People are moving away from asking, “How did this happen?”, to talking about “fraud”, “scam” and “clawback”. I think this is going to get alot more difficult for people like the head of A.I.G., Bank of America, Citibank, and others. Unless things improve very soon, which I doubt. I would not be surprised to see subpoenas and jail terms.
Recall Michael Milken and Drexel Burnham Lambert. I think we might see things turn in that direction soon.
P.S. I wrote this a few days ago. Sure enough, see this.