In 2008 AIG's Bernard Connolly Saw 2015 Greek Crisis With Clarity

It was May 30, 2008 and Bernard Connolly, a senior executive at the re-insurance giant AIG, had witnessed the destructive derivatives implosion that was Bear Sterns.  It was a whisper topic, as derivatives mostly are. As a chief economist at an insurance giant who had issued insurance backing many of these derivatives, Connolly mostly focused on the macroeconomic picture. He has been reported not to have involvement in the AIG derivatives issues, but how could one not talk about it with fellow industry people who knew it to be the real story?

It is against this economic backdrop, nearly five months before Lehman Brothers derivatives would act as a suicide vest on that company, that Connolly delivered a prophetic speech...