So I wrote to Marty today. I hope he responds b/c I really would like to know his answers to these questions.
Dear Professor Feldstein,
My name is Esther Jang, and I am currently an Econ major at Wellesley College. Last semester, for my Economics and Politics course, we read your paper on policy reform regarding social security. I thought you made particularly compelling arguments for privatization and I enjoyed the paper very much.
However, my e-mail to you today does not have to do with Social Security reform. Rather, I would like to ask you about your role on the board of AIG. Some may accuse you of failing to elucidate the problems that AIG would face in the event that housing prices plummeted. However, I would like to believe that you are far too intelligent to have missed such potential market failure. So my questions to you are as follows: Did you succumb to group-think at the AIG board meetings? Did you mean to say something, but in your humility, decided that perhaps the others were right about the proliferation of CDSs? As an AIG board member, did you have stock options? Did you exercise those options in like 2006? Do you currently own any AIG stock?
Thank you for your time and thank you for your contribution to the field of economics.
Enjoy the lovely weather today!