Blog: benperry.net

Did you hear that BVG is super pissed at AIG about CDO-linked CBLs they signed in the 90s? It's true. BVG lost EUR 247m last year, five times their losses from the year before-and a lot of it has to do with the now-imploding AIG and its fancy collaterized debt obligations. Berlin's public (and deeply in-debt) transport company, the Berliner Verkehrsbetriebe, like hundreds of munipalities in Germany and across Europe, were in 1997 approached by wise guys from Deutsche Bank and Daimler Financial. They were offered a great, one-time-only, hard-to-refuse opportunity: just rent us your subway cars, we (as owners) [...]