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London Banking Center at Core of Financial Crisis
The article, “What cooked the world’s economy? It wasn’t your overdue mortgage” focuses on the legendary banking community of the City of London and the very questionable rise of its derivative market along with the classic cooperation by the British government as being the central avenue through which the U.S. and world’s economic system has been seriously damaged.
Originally posted by Merriman Weir
The Village Voice article appears to be saying that AIG is at the heart of it. An American firm with headquarters in America - where its main office is - as well as offices all over the world, including London.
I think it's very misleading to say that it was 'London bankers after all' which, to me, reads as if it's the fault of 'Teh Evul British' wot dun it. The article claims that AIG (as in the central office) intentionally set-up this unit to evade American regulation. To me, that's saying an American firm exploited the fact that American laws have no jurisdiction in the City of London and went with it as far as they could.
Again, I think the title is a bit misleading.