AIG

From my friend John Dizard's FT col:

"In fact, the serious errors in management and corporate governance at AIGFP cannot be traced to incentives created by bonuses paid out on short term profits. The mess was created by central banks’ artificially depressing market volatility, AIGFP’s adopting risk management models that projected those false signals into an indefinite future, dependence on corrupted ratings agencies, and the inappropriate use of mark to market accounting."