“The system was undermined by asking the American people, under the veil of secrecy, to bail out one company when in fact they wanted to bail out someone else,” said Sylvain R. Raynes, an authority in structured finance and a founder of R & R Consulting, a firm that helps investors gauge debt risks. “The prospectus for the bailout was not delivered to the people. And it was not delivered because if it had been, the deal would not have gone through.”
Read the full article: “AIG Bailout Priorities Are in Critics’ Cross Hairs,” by Gretchen Morgenson, The New York Times, March 18, 2009
