This is sick.
We knew we'd be on the hook for Fannie and Freddie, as "government sponsored enterprises". But who knew AIG would also be a GSE? That they'd pay their executives billions and billions in bonuses and options, have the party of the century, and then stick the taxpayers with their losses and risk.
WHERE THE F*CK WHERE THE AUDITORS? AND HOW MANY MORE DAYS UNTIL WE GET MARTIN SULLIVAN AND HIS CREW FROG MARCHED FOR THE WORLD TO SEE?
And how much more do they need? Hell, want a trillion? Maybe two? And everyone is telling us we'll get this money back. Wanna bet? We're just gambling now folks. Pure and simple gambling. Meanwhile AIG's stock still has value and their bondholders haven't been wiped out. Yet the taxpayer takes on all the risk.
I admit, I saw the lawlessness and fraud at IndyMac, Countrywide, First Fed, Fannie, Freddie and WaMu a mile away, but I missed what was going on at AIG. Looks like they were the ones REALLY stinking up the joint and holding the bag (while enriching themselves).
AIG, U.S. May Expand Bailout to $150 Billion, Cut Interest Rate
Nov. 10 (Bloomberg) – American International Group Inc., the insurer bailed out by the U.S., may get an expanded government rescue package valued at more than $150 billion that includes lower interest rates and more time to repay the debt.
The U.S. will cut the original $85 billion loan that saved the New York-based insurer in September to $60 billion, buy $40 billion of preferred shares, and purchase $52.5 billion of mortgage securities owned or backed by AIG, according to a person familiar with the matter. The funds will help AIG retire part of its credit-default swap portfolio and bolster its securities lending operations, said the person, who declined to be identified because the plan hasn't been officially announced.
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It's not 'How can we hold those responsible accountable.' According to Paulson to start with it's 'How much money can we throw at them.' I'm stating the obvious, but it's so infuriating.
King Paulson is above the law, it would appear to me. Just my opine based on my observations.
The last big financial crime convictee - - - Martha!
I am convinced that the guilty will stay free...
I don't know if anyone's counting but isn't this the third bailout in three months? Count em, three bailouts. What's going on?
I'd rather have GM and Ford get the money so some cars could come out of the bailout. If you give it to AIG, it vanishes into the black hole of CDOs, and credit default swaps.
I know we've been over this before, but I think I'm going to make the point again. When did a bond become infallible? When did a home mortgage become guaranteed? Aren't I getting paid for risking my money?
Oh yeah, I forgot. We're living under the magical economic theories of Bush, Paulson, Bercracky, and Schumer. Thanks for nothing you guys. The least you could do is write a college text book containing your theories. That might make a fun read.
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