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Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

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Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina s congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Myorkas.

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Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Nevada’s Stake in Fed Bailout of Insurance Giant AIG

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Friday, September 19, 2008   

Las Vegas, NV – Nevada already had the dubious honor of being one of the nation's prime states for home foreclosures, but a Reno insurance lawyer says it could have gotten a lot worse if the government hadn't stepped it to save insurance giant AIG, which had heavily invested in sub-prime loans. Attorney Matt Sharp says the takeover likely spared the Nevada housing market and the state's economy from additional pain.

"It would make the housing market worse, it would make the credit markets worse, and I think beyond that, I think it would have an effect on insurance, on the liability insurance that companies are bearing and that could have catastrophic effects."

Sharp says AIG was guilty of Enron-like behavior, like going overboard backing high-risk mortgages. Sharp believes there should be an investigation to see who was asleep at the wheel when such decisions were made.

The national debate over regulation should acknowledge what happened to the regulated and the unregulated portions of AIG's business, Sharp adds.

"The only aspect of AIG that's solvent is the regulated arm. The unregulated arm has effectively succeeded in bringing down this multi-billion dollar corporation. Who would have ever thought of that a year ago? I hope that somebody looks into this, to see who is accountable. Whoever is responsible, should pay."

Late Thursday, lawmakers in Washington, D.C., were at work on a new version of the Resolution Trust Corporation, which would take on bad loans the same way it did in the late 1980s to absorb losses from failed savings and loans.




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