W always read with great interest the work of David Merkel at The Aleph Blog, a featured source since inception. He has produced a tour de force.
>Everyone is interested in AIG, but no one really understands the issues. Here at "A Dash" we try to recognize the leading experts on any subject. The work on the AIG issue is truly exceptional.
First, it required the vision and determination to request data and to follow through. Somewhat to David's surprise, the company complied with a truckload of documents. No one else thought to seek these data.
Second, it required the skill to analyze all of the underlying company relationships and their holdings. Few have the requisite skill -- certainly not your average financial blogger.
Finally, it necessitated many hours of analysis for each few lines of results. This is hard work.
The Result?
The Merkel Analysis is a fine piece of independent research. It provides conclusions that we can (and should) all understand, with plenty of supporting evidence.
We taxpayers are now all investors in this company. Few of us are qualified to do an independent analysis, but we can all read and understand David's fine work. He clearly identifies which AIG subsidiaries are sound, and which are not. He highlights future issues. Read the report if you wish to be informed.
We also encourage David to develop a list of key questions for the upcoming House hearings.
There may be good answers on the counter-party risk issues. Nonetheless, the questions should be asked, and the questioners should have solid backup information.
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