Sat Oct 11, 2008 4:52pm EDT
Credit markets do not function. Why not, because the word credit comes from credibility," AIG Vice Chairman Jacob Frenkel told a group of top global bankers at a lively luncheon where he took a philosophical view of the upheaval in financial markets
"The left side of the balance sheet has nothing right and the right side of the balance sheet has nothing left. But they are equal to each other. So accounting-wise we are fine," he told the Institute of International Finance.
"Transparency is 'what you see is what you get' -- and what you don't see gets you," Frenkel said.