We Broke the Game and We Won't Play by the New Rules

AIG is refusing to play ball with the new regulations concerning transparency in financial derivatives.

We fully intend to adhere to the protocol but for technical reasons have decided to do so through bilateral agreements with our counterparties,” AIG said. Company officials added that for simpler transactions, such as CDSs written on individual corporate bonds, AIG FP would adopt a contract similar to the protocol.

AIG FP’s move raised eyebrows, with worries that because AIG is not a signatory to the new credit derivatives regime, it could choose not to abide by a credit event ruling.

How is this even an option for them at this point? The unflappable arrogance that's seems to remain firmly embedded in their corporate culture proves ever more amazing.